SHARPE
Reported results
- Total revenue was $18.6 million for the third quarter of 2026, compared to $5.2 million for the third quarter of 2025.
- GAAP net loss was $119.0 million for the third quarter of 2026, compared to $162.3 million for the third quarter of 2025.
- GAAP basic and diluted net loss per share was $0.22 for the third quarter of 2026, compared to $0.36 for the third quarter of 2025.
- GAAP research and development expenses were $99.1 million for the third quarter of 2026, compared to $121.1 million for the third quarter of 2025.
- GAAP net cash used in operating activities was $77.4 million for the third quarter of 2026, compared to $117.4 million for the third quarter of 2025.
- Non-GAAP cash operating expense was $271.5 million for the nine months ended September 30, 2026, compared to $323.2 million for the nine months ended September 30, 2025.
Guidance
- Reiterated 2026 cash operating expense guidance at less than $375 million.
- Provided 2027 cash operating expense guidance of less than $360 million.
- Expects cash runway to extend into 2029.
Price and volatility reaction
The stock moved -3.9% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -1.4 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 3.83 | 2026-11-02 |
| Close after release | 3.68 | 2026-11-03 |
| Realised move | -3.9% | close to close |
| 30d ATM IV change | -1.4 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-11-02 (8-K, Item 2.02). Read the original filing on sec.gov.