Third Quarter 2026
Filed Nov 2, 2026Seaport Therapeutics Reports Third Quarter 2026 Financial Results and Highlights Recent Corporate and Clinical Progress
Seaport advanced two Phase 2 programs, reported positive Phase 1 driving-simulation data for GlyphAllo, maintained BUOY-1 enrollment and a 1H 2027 topline-data timeline, and reported cash, cash equivalents and investments expected to fund current operating plans into 2029. Quarterly R&D, G&A and net loss increased year over year as development activity and public-company costs rose.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expenses, three months ended September 30, 2026GAAP | $23.89M | – | increase of $3.4 million |
| Research and development non-cash stock-based compensation expense, three months ended September 30, 2026GAAP | $1M | – | – |
| General and administrative expenses, three months ended September 30, 2026GAAP | $6.45M | – | increase of $1.5 million |
| General and administrative non-cash stock-based compensation expense, three months ended September 30, 2026GAAP | $1.5M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $30.34M | – | – |
| Loss from operations, three months ended September 30, 2026GAAP | −$30.34M | – | – |
| Total other income (expense), net, three months ended September 30, 2026GAAP | $4.08M | – | – |
| Loss before income taxes, three months ended September 30, 2026GAAP | −$26.27M | – | – |
| Income tax provision, three months ended September 30, 2026GAAP | $127K | – | – |
| Net loss, three months ended September 30, 2026GAAP | −$26.39M | – | – |
| Net loss per share, basic and diluted, three months ended September 30, 2026GAAP | $ (0.49 ) | – | – |
| Weighted-average common shares outstanding, basic and diluted, three months ended September 30, 2026GAAP | 53,530,550 | – | – |
| Research and development expenses, nine months ended September 30, 2026GAAP | $69.94M | – | – |
| Research and development non-cash stock-based compensation expense, nine months ended September 30, 2026GAAP | $2.7M | – | – |
| General and administrative expenses, nine months ended September 30, 2026GAAP | $53.76M | – | – |
| General and administrative non-cash stock-based compensation expense, nine months ended September 30, 2026GAAP | $39.1M | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $123.7M | – | – |
| Loss from operations, nine months ended September 30, 2026GAAP | −$123.7M | – | – |
| Total other income (expense), net, nine months ended September 30, 2026GAAP | $10.19M | – | – |
| Loss before income taxes, nine months ended September 30, 2026GAAP | −$113.5M | – | – |
| Income tax provision, nine months ended September 30, 2026GAAP | $898K | – | – |
| Net loss, nine months ended September 30, 2026GAAP | −$114.4M | – | – |
| Net loss per share, basic and diluted, nine months ended September 30, 2026GAAP | $ (3.72 ) | – | – |
| Weighted-average common shares outstanding, basic and diluted, nine months ended September 30, 2026GAAP | 30,714,936 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Into 2029 and upcoming clinical milestones outlook
- NoteCash, cash equivalents, and investments are expected to support current operating plans into 2029.
- NoteTopline data from the GlyphAllo Phase 2b BUOY-1 trial are expected in the first half of 2027.
- NoteThe Company plans to initiate the GlyphAgo Phase 2/3 trial in the first half of 2027.
- NoteTopline data from the GlyphAgo Phase 2a trial are expected in early 2028.
- NoteTopline data from the GlyphAgo Phase 2/3 trial are expected by year-end 2028.
- NoteCompletion of first-in-human-enabling studies for Glyph2BLSD is expected by year-end 2027.
What drove it
- R&D expenses increased primarily due to increases in clinical development expenses related to advancement of the Phase 2b BUOY-1 trial of GlyphAllo.
- G&A expenses increased primarily due to increased costs related to operating as a public company.
- The Phase 1 driving simulation trial met its primary endpoint: evening dosing of GlyphAllo at 375 mg did not impair next-morning driving performance compared to placebo on Day 5 following multiple-day dosing.
- The key secondary endpoint was met: a single evening dose of 250 mg GlyphAllo did not impair next-morning driving performance compared to placebo on Day 2.
- GlyphAgo Phase 1 pharmacokinetic data showed a statistically significant 6.8-fold increase in agomelatine bioavailability and substantially lower (10-fold) PK variability compared to unmodified agomelatine.
Concerns
- Net loss was $ (26,394 ) (In thousands) for the three months ended September 30, 2026, compared with $ (22,544 ) (In thousands) for the three months ended September 30, 2025.
- R&D expenses were $ 23,891 (In thousands) for the three months ended September 30, 2026, compared with $ 20,453 (In thousands) for the three months ended September 30, 2025.
- G&A expenses were $ 6,454 (In thousands) for the three months ended September 30, 2026, compared with $ 4,988 (In thousands) for the three months ended September 30, 2025.
- The filing states that results from earlier trials, including Phase 1 trials, may not be predictive of future results and that interim results may not be predictive of final clinical-trial results.
What to watch
- Topline data from the GlyphAllo Phase 2b BUOY-1 trial in the first half of 2027.
- Initiation of the potentially registration-enabling GlyphAgo Phase 2/3 trial in the first half of 2027.
- Topline data from the GlyphAgo Phase 2a proof-of-pharmacology trial in early 2028.
- Topline data from the GlyphAgo Phase 2/3 trial by year-end 2028.
- Completion of first-in-human-enabling studies for Glyph2BLSD by year-end 2027.
- The FDA's review of the GlyphAllo Phase 1 driving simulation trial results.
Balance sheet and cash flow
- Cash, cash equivalents and investments: $ 403,799 (In thousands) as of September 30, 2026, compared with $ 233,653 (In thousands) as of December 31, 2025.
- Working capital: $ 281,956 (In thousands) as of September 30, 2026, compared with $ 210,448 (In thousands) as of December 31, 2025.
- Total assets: $ 417,624 (In thousands) as of September 30, 2026, compared with $ 249,009 (In thousands) as of December 31, 2025.
- Total stockholders' equity (deficit): $ 397,455 (In thousands) as of September 30, 2026, compared with $ (92,545 ) (In thousands) as of December 31, 2025.
Analysis
Seaport remains a clinical-stage company and did not report revenue. Its quarter centered on execution across its two Phase 2 programs. The company reported positive Phase 1 driving-simulation data for GlyphAllo, with the 375 mg multiple-dose primary endpoint and 250 mg single-dose key secondary endpoint showing no next-morning driving impairment versus placebo. It also dosed the first patient in the GlyphAgo Phase 2a proof-of-pharmacology trial.
The GlyphAllo program's key near-term event is topline data from the Phase 2b BUOY-1 trial in MDD, expected in the first half of 2027. Management stated that enrollment is on track. For GlyphAgo, Seaport plans to initiate a potentially registration-enabling Phase 2/3 GAD trial in the first half of 2027, while Phase 2a data are expected in early 2028 and Phase 2/3 data are expected by year-end 2028.
Quarterly operating costs rose alongside pipeline activity. R&D expenses were $ 23,891 (In thousands), versus $ 20,453 (In thousands), with the company attributing the increase primarily to clinical-development expenses for BUOY-1. G&A expenses were $ 6,454 (In thousands), versus $ 4,988 (In thousands), primarily reflecting public-company operating costs. Total operating expenses were $ 30,345 (In thousands), and net loss was $ (26,394 ) (In thousands), compared with $ (22,544 ) (In thousands) in the prior-year quarter.
Liquidity is the principal financial support for the stated development plan. Cash, cash equivalents and investments were $ 403,799 (In thousands) as of September 30, 2026, compared with $ 233,653 (In thousands) as of December 31, 2025. The company expects these resources to support its current operating plans into 2029, through three upcoming mid-to-late-stage clinical data readouts. No operating cash flow, free cash flow, debt balance, repurchases, dividends, revenue, or financial revenue guidance was reported.
The most consequential milestones are BUOY-1 topline data in the first half of 2027 and the planned start of the GlyphAgo Phase 2/3 trial in the first half of 2027. The filing also identifies FDA review of the submitted GlyphAllo driving-study results, later GlyphAgo readouts in 2028, and completion of Glyph2BLSD first-in-human-enabling studies by year-end 2027 as additional program milestones. The company notes that earlier-trial results may not predict future outcomes and that clinical, regulatory, funding and execution risks remain.
Management, verbatim
Over the last few months, Seaport met two key clinical milestones – we dosed the first patient in the Phase 2a proof-of-pharmacology trial of GlyphAgo in patients with GAD and sleep disturbance, and demonstrated that GlyphAllo did not impair next-morning driving performance in a Phase 1 driving trial.
Daphne Zohar, Co-Founder and Chief Executive Officer at Seaport Therapeutics
Seaport is well-capitalized, with cash runway through all three of our upcoming mid-to-late-stage clinical data readouts.
Daphne Zohar, Co-Founder and Chief Executive Officer at Seaport Therapeutics
Not in the filing
stated, not guessed- Revenue and revenue growth were not reported.
- Segment revenue and segment profitability were not reported.
- Gross profit, gross margin, operating margin and net margin were not reported.
- Non-GAAP financial measures were not reported.
- Operating cash flow, capital expenditures and free cash flow were not reported.
- Debt and other liability balances were not reported.
- Share repurchases, dividends and other capital-return activity were not reported.
- A prior-quarter comparison for reported financial metrics was not reported.
- Financial revenue, gross-margin, operating-expense or tax-rate guidance was not reported.
- Previous-release outlook was not provided, so comparison with prior guidance is unavailable.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.