STRO · Sutro Biopharma, Inc.

Sutro Biopharma reported first quarter 2026 financial results, highlighting a strengthened balance sheet and continued pipeline advancement. Revenue decreased to $14.5 million from $17.4 million in the prior year quarter, primarily from the Astellas collaboration. Research and development expenses fell to $36.6 million from $51.6 million, and general and administrative expenses dropped to $7.6 million from $13.3 million, reflecting cost discipline and the restructuring initiated in 2025. Net loss improved to $38.5 million ($2.94 per share) from $76.0 million ($9.08 per share) in the same period last year. Cash, cash equivalents, and marketable securities totaled $202.6 million as of March 31, 2026, up from $141.4 million at year-end 2025, bolstered by a $110.0 million common stock offering in April 2026. Management expects the cash runway to extend into at least the second quarter of 2028, excluding additional milestones. Key pipeline milestones include the ongoing Phase 1 dose-escalation trial of STRO-004, a Tissue Factor ADC, with initial safety, PK, and early activity data expected in mid-2026. IND submissions for STRO-006 (ITGB6 ADC) and STRO-227 (dual-payload PTK7 ADC) are planned for 2026. Under the Astellas collaboration, the first dual-payload iADC targeting TROP2 entered the clinic, triggering a $10 million milestone payment in April 2026. The luvelta program has been closed with no further investment. Management will participate in upcoming investor conferences. Overall, the quarter reflects disciplined execution and a clear focus on advancing the wholly-owned pipeline while leveraging partnerships.