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.
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