SUTRO BIOPHARMA, INC. STRO
We are a clinical stage oncology company developing site-specific and novel-format antibody drug conjugates, or ADCs, enabled by our proprietary integrated cell-free protein synthesis platform, XpressCF®, and our site-specific conjugation platform, XpressCF+®. We aim to design and develop therapeutics using the most relevant and potent modalities, including ADCs, bispecific ADCs, immunostimulatory ADCs, or iADCs, and dual-payload ADCs, or dpADCs. Our molecules are directed primarily against clinically validated targets where the current standard of care is suboptimal. We believe that our platform allows us to accelerate the discovery and development of potential first-in-class and/or best-in-class molecules by enabling the rapid and systematic evaluation of protein structure-activity relationships to create optimized homogeneous product candidates. Our mission is to transform the lives of patients by creating medicines with improved therapeutic profiles for areas of unmet need.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $102.5M | $62.0M | $153.7M | $67.8M | $61.9M | $42.7M | $42.7M | $38.4M | $51.7M | $59.7M |
| R&D | $166.4M | $252.0M | $180.4M | $137.2M | $104.4M | $77.0M | $65.6M | $54.3M | $54.6M | $43.5M |
| SG&A | $41.0M | $48.5M | $62.6M | $59.5M | $56.0M | $36.8M | $32.6M | $21.4M | $16.4M | $14.8M |
| Total operating expenses | $260.9M | $300.5M | $243.0M | $196.7M | $160.4M | $113.8M | $98.2M | $75.6M | $71.0M | $58.4M |
| Operating income | -$158.4M | -$238.5M | -$89.3M | -$128.9M | -$98.5M | -$71.1M | -$55.5M | -$37.2M | -$19.3M | $1.4M |
| Interest expense | — | — | — | — | — | — | $4.3M | $1.6M | $612.0K | $0 |
| Pre-tax income | -$191.2M | -$225.1M | -$88.6M | -$116.7M | -$105.5M | -$32.0M | -$119.2M | -$35.3M | -$19.7M | — |
| Income tax | $93.0K | $2.4M | $18.2M | $2.5M | $0 | $103.0K | $0 | $0 | $0 | — |
| Net income | -$191.0M | -$227.0M | -$107.0M | -$119.2M | -$105.5M | -$32.1M | -$119.2M | -$35.3M | -$19.7M | $1.7M |
| EPS, basic | -22.49 | -29.40 | -1.78 | -2.35 | -2.29 | -0.99 | — | — | — | — |
| EPS, diluted | -22.49 | -29.40 | -1.78 | -2.35 | -2.29 | -0.99 | -2.43 | -6.13 | -43.95 | 0.00 |
| Shares, diluted (wtd. avg.) | 8.5M | 7.7M | 60.2M | 50.7M | 46.1M | 32.6M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $58.1M | $190.3M | $69.3M | $47.3M | $30.4M | $206.2M | $5.0M | $125.3M | $22.0M | $11.6M |
| Short-term investments | $83.3M | $126.6M | $264.4M | $255.1M | $130.3M | $120.3M | $112.9M | $79.2M | — | — |
| Receivables | $4.0M | $8.6M | $36.1M | $7.1M | $12.5M | $5.6M | $6.3M | $2.5M | $1.6M | — |
| Total current assets | $150.9M | $343.3M | $421.5M | $353.2M | $218.5M | $378.2M | $128.6M | $209.9M | $25.6M | — |
| Property, plant and equipment | $10.6M | $18.2M | $21.9M | $24.6M | $22.6M | $12.9M | $9.6M | $10.9M | $14.0M | — |
| Total assets | $173.8M | $387.2M | $470.7M | $406.9M | $341.4M | $394.1M | $156.4M | $223.1M | $40.8M | — |
| Accounts payable | $7.6M | $10.5M | $9.4M | $4.8M | $6.0M | $5.5M | $5.6M | $3.1M | $2.9M | — |
| Short-term debt | — | — | $4.1M | $12.5M | $9.4M | — | $1.0M | $4.7M | $14.6M | — |
| Total current liabilities | $75.1M | $131.9M | $93.7M | $66.5M | $41.7M | $29.6M | $33.0M | $36.4M | $32.0M | — |
| Long-term debt | — | — | $0 | $3.8M | $15.7M | $24.5M | $8.9M | $10.0M | — | — |
| Total liabilities | $306.3M | $342.6M | $321.1M | $189.9M | $88.8M | $62.1M | $58.6M | $91.6M | $47.3M | — |
| Retained earnings | -$978.0M | -$786.9M | -$559.4M | -$452.6M | -$333.4M | -$227.9M | -$195.7M | -$150.3M | -$115.0M | — |
| Total equity | -$132.5M | $44.6M | $149.6M | $217.0M | $252.6M | $332.0M | $97.8M | $131.5M | -$109.0M | -$90.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$177.2M | -$191.5M | -$111.6M | $3.5M | -$81.7M | -$67.8M | -$65.0M | $12.7M | -$37.1M | -$13.2M |
| Depreciation and amortisation | $7.3M | $7.2M | $6.8M | $5.7M | $4.8M | $4.3M | $4.8M | $4.5M | $5.0M | $5.7M |
| Stock-based compensation | $14.0M | $24.7M | $24.9M | $26.3M | $23.2M | $11.9M | $10.3M | $2.9M | $1.4M | $968.0K |
| Capital expenditure | — | — | — | — | — | — | — | $1.6M | $3.3M | $4.4M |
| Investing cash flow | $45.0M | $218.5M | -$3.9M | -$35.0M | -$97.3M | $604.0K | -$51.1M | -$80.2M | $32.6M | $9.6M |
| Financing cash flow | $44.0K | $94.1M | $137.6M | $48.3M | $3.3M | $269.2M | -$4.2M | $170.8M | $14.6M | $177.0K |
| Buybacks | — | — | — | — | $7.0K | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-170354.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.7M | $51.7M | $38.4M | $42.7M | $42.7M | $61.9M | $67.8M | $153.7M | $62.0M | $102.5M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $1.7M | -$19.7M | -$35.3M | -$119.2M | -$32.1M | -$105.5M | -$119.2M | -$107.0M | -$227.0M | -$191.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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