Earnings Releases·Nov 12, 2026, 4:45 PM ET

Sutro Biopharma — Third Quarter 2026 Earnings Summary

Revenue declined 6% year-over-year to $9.1 million, while total operating expenses decreased to $31.1 million from $48.6 million, resulting in a net loss of $31.5 million compared to $56.9 million in the prior year period.
Cash and marketable securities stood at $142.2 million as of September 30, 2026, providing a runway to support operations into the first half of 2028.
The company received a $10 million milestone payment in October 2026 from its Astellas collaboration and reported a non-cash interest expense of $10.2 million related to the sale of future royalties.
Clinical progress includes encouraging Phase 1 data for STRO-004, the initiation of Phase 1 dosing for STRO-006 in October 2026, and plans to advance STRO-227 into Phase 1 in early 2027.
Management appointed Lucas Donigian as Senior Vice President, Business Development, and outlined a pipeline strategy focused on next-generation single- and dual-payload ADCs targeting large oncology markets.