Sutro Biopharma, Inc.

Sutro Biopharma, Inc. (STRO) reported FY 2025 revenue of $102.5 million, driven by collaboration agreements including Astellas, Vaxcyte, and others, with cumulative payments received totaling approximately $1.016 billion through December 31, 2025. Operating expenses reached $260.9 million, comprising $166.4 million in research and development, $41.0 million in general and administrative, and $53.4 million in restructuring and related costs, resulting in a loss from operations of -$158.4 million. After interest income of $9.3 million, non-cash interest expense of $38.2 million related to sale of future royalties, and other net expense of -$3.9 million, the net loss was -$191.1 million, or -$22 per basic and diluted share on 8.5 million weighted-average shares. Total assets stood at $173.8 million, including $58.1 million in cash equivalents and $83.3 million in marketable securities. Total liabilities were $306.3 million, including a $219.5 million deferred royalty obligation, yielding a stockholders' equity deficit of -$132.5 million. Net cash used in operating activities was -$177.2 million, with net cash provided by investing activities of $45.0 million, leading to a $132.2 million decrease in cash, cash equivalents, and restricted cash, ending at $70.1 million. The company advanced STRO-004 into Phase 1 trials, with initial data expected mid-2026, and continues preclinical development of STRO-006 and STRO-227, while transitioning manufacturing to CMOs following restructuring.

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