Seaport Therapeutics, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsSeaport Therapeutics is a clinical-stage biopharmaceutical company developing oral prodrugs for neuropsychiatric disorders, including major depressive disorder and generalized anxiety disorder.
What they do
Seaport Therapeutics uses its proprietary Glyph platform to create oral prodrugs of clinically validated molecules that were previously limited by poor bioavailability or side effects. Its lead candidate, GlyphAllo, is a prodrug of allopregnanolone in a Phase 2b trial for major depressive disorder (MDD). Its second candidate, GlyphAgo, a prodrug of agomelatine, has completed Phase 1 trials and is advancing toward Phase 2 for generalized anxiety disorder (GAD). The company also has a preclinical candidate, Glyph2BLSD, targeting neuropsychiatric and headache disorders.
Revenue drivers
- GlyphAllo (SPT-300) — Lead product candidate; no revenue yet, but potential registration-enabling Phase 2b BUOY-1 trial in MDD is ongoing, with topline data expected in 1H 2027.
- GlyphAgo (SPT-320) — Second product candidate; Phase 1 proof-of-concept showed 6.8-fold increase in bioavailability and lower variability; Phase 2a and Phase 2b trials planned in GAD.
- Glyph2BLSD — Preclinical candidate, a non-hallucinogenic LSD analog; first-in-human-enabling studies expected to complete by end of 2027.
Recent performance
In Q2 2026, Seaport completed its IPO, selling 14,446,658 shares at $18.00 per share, generating gross proceeds of $260.0 million and net proceeds of approximately $238.4 million. As of June 30, 2026, the company reported total assets of $441.7 million, total liabilities of $19.1 million, and cash, cash equivalents, and investments of $427.3 million. The company had no revenue; operating losses continue, funded by prior preferred stock financings ($100.1 million Series A-2 and $226.0 million Series B) and the IPO proceeds.
Strategy
Seaport is focused on advancing its two lead clinical programs: GlyphAllo for MDD and GlyphAgo for GAD and sleep disturbance. Management plans to initiate a Phase 2a trial for GlyphAgo in GAD and sleep disturbance in 2H 2026, and a Phase 2b trial in GAD in 1H 2027. The company is also advancing Glyph2BLSD through preclinical development. With a cash runway into 2029, Seaport aims to reach key clinical data readouts and potentially registration-enabling trials.
Risks
- Clinical trial failure — No approved products; GlyphAllo and GlyphAgo are in Phase 2 development, and failure of either trial could materially harm the company.
- Regulatory uncertainty — Although GlyphAgo's Phase 1 data suggested reduced liver liability, the FDA may still require liver function monitoring or additional safety studies.
- Competition — The neuropsychiatric market includes existing and pipeline treatments for MDD and GAD that could compete with GlyphAllo and GlyphAgo.
- Cash burn and dilution — The company has no revenue and expects significant operating losses; future capital needs may require additional equity financing, diluting existing shareholders.
Outlook
Management expects to report topline data from the Phase 1 driving simulation trial of GlyphAllo in 2H 2026, and topline data from the Phase 2b BUOY-1 trial in MDD in 1H 2027. For GlyphAgo, the company plans to initiate a Phase 2a trial in GAD with sleep disturbance in 2H 2026 and a Phase 2b trial in GAD in 1H 2027, with topline data expected by end of 2028. Cash and investments of $427.3 million are expected to fund operations into 2029.