Seaport Therapeutics, Inc. (SPTX), reported a wider net loss for its first financial quarter ended March 31, 2026, and provided near term milestone update.
Company Profile
Seaport Therapeutics is a clinical-stage therapeutics company focused on development of new medicines to address patients with depression, anxiety, and other neuropsychiatric disorders.
The company's lead investigational assets are GlyphAgo (SPT-320 or Glyph Agomelatine) an oral prodrug of Agomelatine, a clinically validated anti-anxiety and antidepressant approved in European Union and Australia and GlyphAllo, an oral prodrug of Allopregnanolone.
First Quarter Results
Seaport's net loss for March 31, 2026, totalled $25.41 million, or $10.34 per share, from a net loss of $13.13 million, or $5.65 per share from last year.
The research and development (R&D) expenses were $21.43 million for the 2026 quarter compared with $10.5 million for the same quarter ended previous year. The increase in R&D expenses was attributed to the advancement of GlypAllo and GlyphAgo into later stage of development.
As of the quarter ended on March 31, 2026, cash, cash equivalents, and investments totalled $212.6 million. The company expects this to be sufficient to support operations into 2029.
Milestones Ahead
-For the Phase 1 simulation trial of GlyphAllo, the data is anticipated in the second half of 2026.
- The company is actively enrolling patients for BUOY-1 Phase 2b trial of GlyphAllo in patients with Major depressive disorder (MDD) and expects to release its topline data in the first half of 2027.
-In addition, the company expects to initiate a Phase 2b Trial of GlyphAgo in Generalized Anxiety Disorder in the first half of 2027 and plans to present topline data in early 2028. Seaport has traded between $14.85 and $23 over the last year. Seaport shares closed Monday at $ 16.20, down 1.46%.
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