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STRO

Sutro Biopharma, Inc.

STRO

Sutro Biopharma, Inc. • NASDAQ
$0.92 ▲ 3.73% (+0.03)
Market Cap $78.26 M
52w High $3.01
52w Low $0.52
Dividend Yield 0%
P/E -0.35
Volume 223.75K
Outstanding Shares 85.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.693M ▼ $58.152M ▼ $-56.857M ▼ -586.578% ▼ $-0.67 ▼ $-44.55M ▼
Q2-2025 $63.745M ▲ $67.09M ▼ $-11.499M ▲ -18.039% ▲ $-0.14 ▲ $1.074M ▲
Q1-2025 $17.399M ▲ $85.913M ▲ $-75.968M ▼ -436.623% ▲ $-0.91 ▼ $-45.571M ▲
Q4-2024 $14.809M ▲ $80.067M ▲ $-72.443M ▼ -489.182% ▲ $-0.88 ▼ $-59.53M ▼
Q3-2024 $8.52M $76.439M $-48.787M -572.617% $-0.59 $-39.078M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $167.594M ▼ $209.658M ▼ $296.926M ▲ $-87.268M ▼
Q2-2025 $205.131M ▼ $262.355M ▼ $294.466M ▼ $-32.111M ▼
Q1-2025 $248.972M ▼ $321.43M ▼ $347.241M ▲ $-25.811M ▼
Q4-2024 $316.895M ▼ $387.207M ▼ $342.606M ▲ $44.601M ▼
Q3-2024 $388.254M $451.832M $340.612M $111.22M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-56.857M ▼ $-38.189M ▲ $39.989M ▲ $102K ▲ $1.902M ▲ $-38.44M ▲
Q2-2025 $-11.499M ▲ $-44.724M ▲ $2.58M ▲ $-60K ▼ $-42.204M ▲ $-44.81M ▲
Q1-2025 $-75.968M ▼ $-67.883M ▲ $-16.258M ▼ $66K ▲ $-84.075M ▼ $-69.057M ▲
Q4-2024 $-72.443M ▼ $-71.738M ▼ $87.488M ▼ $-24K ▼ $15.726M ▼ $-72.806M ▼
Q3-2024 $-48.787M $-64.516M $147.29M $1.017M $83.791M $-65.344M

Revenue by Products

Product Q3-2018Q4-2018Q2-2025Q3-2025
Operating Segments
Operating Segments
 $0 ▲$0 ▲$60.00M ▲$10.00M ▼
Collaboration Revenue
Collaboration Revenue
 $0 ▲$20.00M ▲$0 ▼$0 ▲
Other Revenue
Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Sutro looks like a classic clinical‑stage biotech: very small and uneven revenue, mainly from partnerships, and consistent losses. Revenue jumped for a period and then dropped back, showing how dependent it is on deal timing rather than product sales. Gross profit has generally been positive, which means collaboration work is not being done at a loss, but operating and net results remain deeply negative. Losses widened in the most recent year, and per‑share losses moved further away from breakeven, underscoring that the business is still firmly in the investment and development phase, not in a profit‑generating phase.

Balance Sheet

Balance Sheet The balance sheet shows a company that has refreshed its cash but has been steadily drawing down its equity base over time. Total assets rose and then slipped back, but cash has recently increased sharply, likely from financing or milestone payments, giving the company more short‑term breathing room. Debt remains relatively small and has been drifting down, which limits financial leverage risk. The flip side is that shareholder equity has been shrinking each year, reflecting accumulated losses and some balance‑sheet strain. Overall, Sutro has a cash cushion today, but the underlying capital base is much thinner than a few years ago.

Cash Flow

Cash Flow Cash flow patterns highlight ongoing cash burn to fund research and development. Operating cash flow has been negative in most years, with only a brief break‑even period, and recently the outflow has grown again. Free cash flow tracks this closely, since capital spending needs are modest, so the story is mainly about funding operations rather than heavy investment in physical assets. This means Sutro remains reliant on external funding and partnership income to sustain its programs, and managing the pace of spending versus available cash is critical.

Competitive Edge

Competitive Edge Sutro competes in a very crowded and well‑funded oncology and antibody‑drug conjugate (ADC) space but brings a clearly differentiated technology angle. Its cell‑free XpressCF platforms allow faster design and more precise construction of ADCs compared with traditional methods, potentially enabling more potent and predictable drugs. Partnerships with large pharma groups validate that the technology is taken seriously externally and provide both know‑how and resources. However, Sutro is still small relative to dominant players, has no approved products, and faces intense competition from companies with deeper pipelines, larger commercial footprints, and more capital. Its moat today is more about unique technology and know‑how than about market share or brand power.

Innovation and R&D

Innovation and R&D Innovation is Sutro’s core strength. The company is using its cell‑free protein synthesis platforms to build highly controlled and sometimes dual‑payload ADCs, aiming to hit tumors harder while reducing side effects and resistance. The lead internal programs target well‑known cancer markers, with early‑stage trials planned or underway over the next few years. Sutro is also leveraging its platform through collaborations, including next‑generation immunostimulatory ADCs with Astellas, which helps spread development risk. At the same time, there have been setbacks, such as a partner choosing not to advance a program and the deprioritization of a more mature asset while a partner is sought. In short, the R&D engine is innovative and versatile, but the pipeline is still early and outcomes remain uncertain, as is typical for this stage.

Summary

Sutro Biopharma is an early‑stage oncology company built around a distinctive protein‑engineering and ADC platform rather than around existing product sales. Financials show minimal, lumpy revenue, sizable and growing losses, and persistent negative cash flow—signs of a business still firmly in development mode. The balance sheet currently benefits from a stronger cash position and low debt, but years of losses have eroded equity and highlight the need for careful capital management. Strategically, Sutro’s strengths lie in its cell‑free platform, its ability to design precise and complex ADCs, and validation from notable partners. Its risks center on typical biotech uncertainties: clinical outcomes, regulatory paths, partner decisions, and the need to secure future funding in a competitive, fast‑moving ADC landscape. Over the next several years, the value of the company will be shaped largely by clinical readouts from its lead ADC candidates, the success of its dual‑payload programs, and its ability to convert platform promise into durable, externally funded partnerships and, eventually, commercial products.

NEWS

November 6, 2025 · 4:30 PM UTC

Sutro Biopharma Reports Third Quarter 2025 Financial Results and Business Highlights

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November 5, 2025 · 4:05 PM UTC

Sutro Biopharma to Host Virtual Research & Development Day on November 12, 2025

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November 3, 2025 · 8:00 AM UTC

Sutro Biopharma Announces Participation at the 16th Annual World ADC Conference

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September 29, 2025 · 5:05 PM UTC

Sutro Biopharma Announces Operational Restructuring Intended to Extend Cash Runway through Key Milestones

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