Seaport Therapeutics (SPTX) Q3 2026 earnings summary

Executive summary

• GlyphAllo Phase 2b BUOY-1 is ongoing; GlyphAgo entered Phase 2a in October, with Phase 2/3 planned for H1 2027; Glyph2BLSD remains in nonclinical development.

• Cash, cash equivalents and investments totaled $403.8 million at September 30, 2026, and are expected to fund operations into 2029, through three mid-to-late-stage readouts.

• No product revenue has been generated.

Financial highlights

• Q3 2026 net loss was $26.4 million versus $22.5 million in Q3 2025; basic and diluted loss per share was $0.49 versus $9.43.

• Q3 operating expenses were $30.3 million; R&D was $23.9 million versus $20.5 million, and G&A was $6.5 million versus $5.0 million year over year.

• 9M 2026 net loss was $114.4 million versus $50.7 million; operating expenses were $123.7 million versus $60.1 million, including R&D of $69.9 million and G&A of $53.8 million.

• 9M G&A included $39.1 million of non-cash stock-based compensation, primarily fully vested and IPO-accelerated awards; excluding this item, the reported expense increase was substantially smaller.

Outlook and guidance

• BUOY-1 GlyphAllo MDD topline data are expected in H1 2027; GlyphAgo Phase 2a data are expected in early 2028, with Phase 2/3 GAD topline data expected by year-end 2028.

• GlyphAgo Phase 2/3 GAD trial initiation is planned for H1 2027; the trial is described as potentially registration-enabling.

• First-in-human-enabling studies for Glyph2BLSD are targeted for completion by year-end 2027.

• R&D and G&A expenses are expected to increase as programs advance and public-company costs continue; substantial additional funding will be needed over time.