Cambridge biotech tracker · Charlestown
Solid Biosciences
Listed on Nasdaq as SLDB, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $349M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $49.7M
- avg. operating cash flow, 4 qtrs
- Runway
- 21 mo
- 12 to 24 months
- Net loss
- $53.9M
- Q3 '26
- R&D expense
- $43.6M
- 76% of opex
- Raised, last 4 qtrs
- +$309M
- net financing cash flow
- Next readout
- Nov 2026
- Phase 1/2 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
21 months
Cash at Q3 '26 divided by the average burn of the last four quarters, $16.6M a month.
Management’s own date
Into H1 2028
Jan–Jun 2028
That implies $16.6M to $23.2M a month, 1.0–1.4× the recent pace.
In line with the last year“We believe that our cash, cash equivalents, and available-for-sale securities as of September 30, 2026 will enable us to fund our operating expenses and capital expenditure requirements into the first half of 2028.”
Cash against the calendar
What the runway has to reach.
Nov 2026estimated
Microdystrophin Gene Transfer Study in Adolescents and Children With DMD
Duchenne Muscular Dystrophy
NCT03368742 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 21 months
- Time to the date
- 3 weeks
It is about 3 weeks out. At the current burn there is roughly 20 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Nov 2026Phase 1/2Microdystrophin Gene Transfer Study in Adolescents and Children With DMD
- May 2027Phase 1/2A Study of SGT-003 Gene Therapy in Duchenne Muscular Dystrophy (INSPIRE DUCHENNE)
- Jun 2027Phase 1A Study of SGT-501 Gene Therapy in Catecholaminergic Polymorphic Ventricular Tachycardia (CPVT)
- Mar 2028Phase 1A Study of SGT-212 Gene Therapy in Friedreich's Ataxia
- Jan 2029Phase 3A Study of SGT-003 Gene Therapy in Ambulant Males With Duchenne Muscular Dystrophy (IMPACT DUCHENNE)
Pipeline
5 active trials, through phase 3.
Phase 1 · 2Phase 1/2 · 2Phase 3 · 1
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Study of SGT-003 Gene Therapy in Ambulant Males With Duchenne Muscular Dystrophy (IMPACT DUCHENNE)NCT07160634 · Duchenne Muscular DystrophyPhase 3Jan 2029est. | Phase 3 | Recruiting | ||
| Microdystrophin Gene Transfer Study in Adolescents and Children With DMDNCT03368742 · Duchenne Muscular DystrophyPhase 1/2Nov 2026est. | Phase 1/2 | Active, not recruiting | ||
| A Study of SGT-003 Gene Therapy in Duchenne Muscular Dystrophy (INSPIRE DUCHENNE)NCT06138639 · Duchenne Muscular DystrophyPhase 1/2May 2027est. | Phase 1/2 | Recruiting | ||
| A Study of SGT-501 Gene Therapy in Catecholaminergic Polymorphic Ventricular Tachycardia (CPVT)NCT07148089 · Catecholaminergic Polymorphic Ventricular TachycardiaPhase 1Jun 2027est. | Phase 1 | Recruiting | ||
| A Study of SGT-212 Gene Therapy in Friedreich's AtaxiaNCT07180355 · Friedreich's Ataxia (FA)Phase 1Mar 2028est. | Phase 1 | Recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 1/2 readout in Nov 2026, about 3 weeks out. That leaves roughly 20 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 21 months of runway
Cash and investments of $349M at Q3 '26 against an average operating cash burn of $49.7M per quarter over the last four reported quarters runs out around June 2028. Between one and two years is the window where the next raise gets planned; the terms depend on what the data does before the cash does.
Cash position up $200M since Q4 '24
Net financing inflows of $309M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $8.4M above cash burn
The Q3 '26 net loss of $53.9M includes non-cash charges, including $6.1M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 76% of operating expenses
$43.6M of R&D against $57.7M of total operating expenses in Q3 '26, with G&A at $14.1M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Accumulated deficit of $1.12B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $149M | −$29.6M | −$42.6M | $30.8M | $9.1M | — | $3.8M | $6.9M |
| Q1 '25 · Mar 31, 25 | $307M | −$31.9M | −$39.3M | $30.9M | $9.1M | — | $3.3M | $190M |
| Q2 '25 · Jun 30, 25 | $268M | −$37.4M | −$39.5M | $32.4M | $9.3M | — | $3.1M | −$1.6M |
| Q3 '25 · Sep 30, 25 | $236M | −$33.5M | −$45.8M | $38.9M | $9.2M | — | $3.9M | $1.2M |
| Q4 '25 · Dec 31, 25 | $188M | −$53.6M | −$49.8M | $38.1M | $11.3M | — | $6.5M | $5.1M |
| Q1 '26 · Mar 31, 26 | $381M | −$47.2M | −$56.7M | $46.1M | $11.2M | — | $5.2M | $239M |
| Q2 '26 · Jun 30, 26 | $378M | −$52.6M | −$54.8M | $44.3M | $13.1M | — | $5.6M | $48.5M |
| Q3 '26 · Sep 30, 26 | $349M | −$45.5M | −$53.9M | $43.6M | $14.1M | — | $6.1M | $15.9M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.