0001193125-26-119873
SEC filingSutro 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.
Sutro Biopharma, Inc. recorded FY 2025 revenue of $102.5 million. Total operating expenses were $260.9 million, including research and development expenses of $166.4 million, general and administrative expenses of $41.0 million, and restructuring and related costs of $53.4 million. This resulted in a loss from operations of -$158.4 million. Other items included interest income of $9.3 million, non-cash interest expense related to the sale of future royalties of $38.2 million, and interest and other income (expense), net of -$3.9 million, leading to a loss before provision for income taxes of -$191.2 million. Provision for income taxes was -$93K, yielding a net loss of -$191.1 million, or -$22 per basic and diluted share based on 8.5 million weighted-average shares. Balance sheet highlights include total assets of $173.8 million, total liabilities of $306.3 million, and total stockholders' equity (deficit) of -$132.5 million.
Revenue for FY 2025 was $102.5 million, derived from collaborations such as those with Astellas for immunostimulatory ADCs, Vaxcyte for vaccines, and historical agreements with Merck, BMS, EMD Serono, and others. Through December 31, 2025, aggregate payments from all collaborations totaled approximately $1.016 billion, including $79 million in stock investments. No detailed segment or geographic breakdown is provided in the filing. Deferred revenue was $10.6 million current and $2.0 million non-current.
No gross profit or gross margin disclosed, as no cost of goods sold is reported. Operating loss of -$158.4 million on $102.5 million revenue reflects high R&D intensity at $166.4 million and restructuring charges of $53.4 million. Net loss of -$191.1 million includes significant non-cash interest expense of $38.2 million on deferred royalty obligation. Stock-based compensation was $14.0 million within operating expenses.
Net cash used in operating activities was -$177.2 million, adjusted from net loss by items including depreciation $7.3 million, stock-based compensation $14.0 million, non-cash interest $38.2 million, and deferred revenue change of -$69.7 million. Investing activities provided $45.0 million, driven by marketable securities maturities $253.8 million and sales $57.9 million offsetting purchases of $264.9 million, minus equipment purchases of $1.7 million. Financing provided $44K from stock options and ESPP. Cash, equivalents, and restricted cash ended at $70.1 million after -$132.2 million net change. Current assets totaled $150.9 million; current liabilities $75.1 million. Deferred royalty obligation $219.5 million contributes to $306.3 million total liabilities.
Management prioritizes STRO-004 Phase 1 trial, with initial safety, PK, and anti-tumor data expected mid-2026; dose escalation ongoing. IND-enabling for STRO-006 potentially in 2026; IND for STRO-227 late 2026 or early 2027. Astellas collaboration iADC entered clinic Q1 2026. Transitioned extract/reagents production to CMOs after ceasing in-house GMP operations. Pursuing additional collaborations and retaining rights where possible. Risks include clinical trial outcomes, competition in ADCs, manufacturing reliance on CMOs, and cash burn amid equity deficit.