Sutro Biopharma (STRO) Q4 2025 earnings summary

Executive summary

• Completed dosing of three cohorts in Phase 1 trial of STRO-004, with initial clinical data expected mid-2026.

• Advanced STRO-006 toward clinical development and accelerated STRO-227 IND submission to 2026.

• Initiated patient dosing in Astellas-partnered dual-payload iADC program, triggering milestone payments.

• Strengthened cash position with $110M capital raise, extending runway into at least Q2 2028.

Financial highlights

• Revenue for 2025 was $102.5M, up from $62.0M in 2024, mainly from Astellas and Ipsen collaborations.

• R&D and G&A expenses totaled $207.4M in 2025, down from $300.5M in 2024.

• Net loss for 2025 was $191.1M, compared to $225.1M in 2024.

• Cash, cash equivalents, and marketable securities were $141.4M as of Dec 31, 2025, excluding $110M from recent financing.

Outlook and guidance

• Initial clinical data for STRO-004 expected mid-2026; STRO-006 to enter clinical development in 2026.

• IND submission for STRO-227 targeted for 2026.

• Cash runway projected into at least Q2 2028, excluding future milestones.