The primary catalyst timeline is the GlyphAllo driving simulation trial data in 2H 2026, which could de-risk the Phase 2b BUOY-1 readout in 1H 2027. The post-quarter $260M IPO cash infusion removes near-term financing risk. Phase 2a GlyphAgo sleep trial initiation in 2H 2026 provides another catalyst. The stock's clinical-stage profile means binary risk remains on all pipeline readouts.
Price Chart
Executive Summary
Seaport Therapeutics reported Q1 2026 earnings with a net loss of $25.4M ($10.34/share), widening from $13.1M ($5.65/share) in the year-ago period as R&D spending doubled to $21.4M. The clinical-stage biotech highlighted new Phase 1 data for GlyphAgo and on-track enrollment in the Phase 2b BUOY-1 trial for GlyphAllo, but the key near-term catalyst is the end of the year driving simulation trial. The recent upsized IPO raising $260M in May 2026 extends the cash runway into 2029, meaningfully de-risking the pipeline through multiple data readouts.
Key Financial Metrics
Key Facts
- Net loss widened to $25.4M in Q1 2026 from $13.1M in Q1 2025, with EPS of -$10.34 vs -$5.65
- R&D expenses doubled to $21.4M from $10.5M as GlyphAllo and GlyphAgo programs advanced
- Cash, equivalents, and investments were $212.6M at March 31, 2026; subsequent upsized IPO raised $260M in gross proceeds, extending runway into 2029
- Multiple ascending dose data for GlyphAgo showed therapeutic agomelatine exposures at doses projected to avoid liver enzyme elevations
- Phase 2b BUOY-1 trial of GlyphAllo in MDD enrollment on track with topline data expected 1H 2027
- First participant dosed in Phase 1 driving simulation trial for GlyphAllo with data expected 2H 2026
Financial Impact
Net loss of $25.4M in Q1 2026, R&D spend of $21.4M, cash position $212.6M pre-IPO, $260M IPO gross proceeds added post-quarter
Risk Factors
- Phase 2b BUOY-1 trial failure would significantly impair pipeline value
- Competition from existing MDD/GAD treatments including J&J's Spravato
- R&D spend is accelerating (doubled YoY) with no revenue until potential approval, creating dilution risk
- Shares outstanding will grow post-IPO, increasing dilution for existing holders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-260671 |
| Document: sptx-20260608.htm | 0001193125-26-260671 |
| Document: 0001193125-26-260671-index-headers.html | 0001193125-26-260671 |
| Document: 0001193125-26-260671-index.html | 0001193125-26-260671 |
| Document: 0001193125-26-260671.txt | 0001193125-26-260671 |
| 8-K Data (Synthetic) | 0001193125-26-260671 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 3, 2026 12w ago | 8-K | $20.65 | awaiting T+60 | — | $21.76 (+5.40%) |
Jun 8, 2026 20w ago | 8-K | $16.20 $23.61 | ▲ +45.74% | ▲ +42.69% | $21.76 (+34.35%) |
May 6, 2026 24w ago | 3 | $15.50 $20.65 | ▲ +33.23% | ▲ +29.39% | $21.76 (+40.42%) |
May 1, 2026 25w ago | 424B4 | $17.00 $19.74 | ▲ +16.12% | ▲ +14.26% | $21.76 (+28.03%) |
Apr 30, 2026 25w ago | 3 | $19.84 $19.90 | ▲ +0.30% | ▼ −2.77% | $21.76 (+9.70%) |
Apr 30, 2026 25w ago | 3 | $19.84 $19.90 | ▲ +0.30% | ▼ −2.77% | $21.76 (+9.70%) |
Apr 30, 2026 25w ago | 3 | $19.84 $19.90 | ▲ +0.30% | ▼ −2.77% | $21.76 (+9.70%) |
Apr 30, 2026 25w ago | 3 | $19.84 $19.90 | ▲ +0.30% | ▼ −2.77% | $21.76 (+9.70%) |
Apr 30, 2026 25w ago | 3 | $19.84 $19.90 | ▲ +0.30% | ▼ −2.77% | $21.76 (+9.70%) |
Apr 27, 2026 26w ago | S-1/A | — | awaiting T+60 | — | — |
US Market Status
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