Key Highlights

  • Biohaven reported a third quarter 2026 net loss of $129.3 million, the largest of the three clinical-stage names, against $95.8 million of cash and equivalents at September 30, 2026.
  • Stoke Therapeutics reported a $73.6 million loss and $358.8 million of cash and marketable securities, which it expects to fund operations into early 2028.
  • Immuneering reported a $24.2 million loss and $166.1 million of cash and marketable securities, with a runway guided into the fourth quarter of 2028.
  • BridgeBio Pharma and PTC Therapeutics are commercial-stage, with Revenue of $353.2 million and $357.8 million.
  • Calculated, cash covers about 1.2 quarters of Biohaven's loss, against 6.9 quarters for Immuneering.

What did clinical-stage biotech companies report on losses and cash?

Five biotech companies reported third quarter 2026 losses and cash positions, and three of them are clinical-stage. Biohaven (NYSE:BHVN) reported a net loss of $129.3 million, or $0.86 per share, while Immuneering (NASDAQ:IMRX) reported a $24.2 million loss, or $0.37 per share. Stoke Therapeutics (NASDAQ:STOK) reported a $73.6 million loss, or $1.08 per share, on $11.3 million of collaboration revenue.

Two commercial-stage companies are included as contrast. BridgeBio Pharma (NASDAQ:BBIO) reported revenue of $353.2 million and a net loss of $60.5 million, while PTC Therapeutics (NASDAQ:PTCT) reported revenue of $357.8 million and a net loss of $51.7 million. Cash at September 30, 2026 ranged from $95.8 million at Biohaven to $2.13 billion at PTC Therapeutics. The sections below take each company in turn.

Biohaven: How Large Is the Cash Gap Before Licensing Payments?

Biohaven's net loss narrowed to $129.3 million from $173.4 million, about 25% lower on a calculated basis. Research and Development expense fell to $101.9 million from $141.2 million after a reprioritization toward three late-stage programs.

Cash and cash equivalents were $95.8 million, with marketable securities of $65.4 million. Notes payable were $264.3 million and the shareholders' Deficit was $98.2 million. The company also noted that a Going Concern qualification in its audited 2026 financial statements could put it in breach of a reporting covenant under its $250.0 million note agreement.

Two licensing deals sit against that balance sheet. Ono paid $80.0 million upfront in October 2026, and SKBP will pay $400.0 million upfront for the Kv7 platform, with $350.0 million due at closing. The Ono agreement also carries a further $20.0 million milestone and royalties of approximately 20%, and the SKBP agreement adds up to $150.0 million in milestones.

Immuneering: Does the Cash Reach the Phase 3 Readout?

Immuneering reported a $24.2 million net loss against $15.0 million a year earlier, as research and development expense rose 90.7% to $20.7 million. The company said $8.5 million of the increase came from running the MAPKeeper 301 trial in first-line pancreatic cancer.

Cash, cash equivalents and marketable securities were $166.1 million. The company now expects that to fund operations into the fourth quarter of 2028, shortened from 2029, while topline data are planned for mid-2028. The filing states that additional Capital will be needed beyond the runway and cannot be assured. Immuneering issued no shares through its at-the-market programs in the first nine months of 2026. In October 2026 it raised the trial enrollment target from 510 to approximately 570 patients and said enrollment was ahead of schedule.

Stoke Therapeutics: What Is Behind a 92% Larger Loss?

Stoke's loss of $73.6 million compares with $38.3 million a year earlier, an increase of about 92% on a calculated basis. Research and development expense rose to $59.8 million from $37.7 million, and selling, general and administrative expense rose to $28.7 million from $16.0 million on personnel and launch readiness costs.

Cash, cash equivalents and marketable securities were $358.8 million, expected to fund operations into early 2028. Enrollment in the Phase 3 EMPEROR study of zorevunersen in Dravet syndrome is complete, with 162 patients in the primary analysis population.

BridgeBio Pharma: How Did Revenue Reach $353.2 Million?

BridgeBio's revenue of $353.2 million compares with $120.7 million a year earlier. Net product revenue was $253.3 million, and license and services revenue included a $75.0 million sales milestone under the Bayer license agreement.

Loss from operations narrowed to $11.6 million from $145.2 million, and net loss fell to $60.5 million from $184.9 million. After preferred dividends and accretion, the net loss attributable to common stockholders was $83.0 million, or $0.42 per share. Cash, cash equivalents and marketable securities reached $1.54 billion, up from $587.5 million at December 31, 2025, helped by a $933.9 million preferred stock issuance on July 1, 2026.

PTC Therapeutics: Why Did a Charge Create a Net Loss?

PTC's revenue rose to $357.8 million from $211.0 million, with Sephience net sales of $181.9 million. It then expensed a $111.0 million acquired in-process research and development charge for ST-920, a Fabry disease gene therapy candidate.

Income from operations was $25.1 million, so Operating Income before the charge was about $136.1 million on a calculated basis. After $45.9 million of net interest expense, a $19.3 million loss on Debt extinguishment and $10.6 million of tax expense, net loss was $51.7 million, or $0.62 per share. Cash and marketable securities were $2.13 billion, with a stockholders' deficit of $191.2 million.

How do losses and cash compare across the five?

Dividing cash by one quarter of net loss gives a rough cushion. These ratios are calculated from reported figures, are not forecasts, and differ from each company's own runway statement.

  • Biohaven: cash and marketable securities of $161.2 million cover about 1.2 quarters of its $129.3 million loss (calculated).
  • Immuneering: $166.1 million covers about 6.9 quarters (calculated).
  • Stoke Therapeutics: $358.8 million covers about 4.9 quarters (calculated).
  • BridgeBio Pharma: about 25 quarters of its net loss, and PTC Therapeutics about 41 quarters (calculated).

Biohaven's two upfront payments total $480.0 million, about 3.0 times its cash and securities balance on a calculated basis.

What to Watch Next: Closings, Readouts and FDA Dates

Biohaven's SKBP closing is the nearest cash event, with the antitrust Waiting Period expired on October 28, 2026 and other conditions remaining. Its troriluzole application has a user fee goal date in the first quarter of 2027.

BridgeBio's BBP-418 has a PDUFA date of November 27, 2026, followed by infigratinib on February 4, 2027 and encaleret on May 8, 2027. PTC expects to complete a rolling application for ST-920 in the fourth quarter of 2026.

Stoke expects initial STK-002 data in the first half of 2027 and the EMPEROR readout in the third quarter of 2027. Immuneering's topline data are planned for mid-2028.