SUTRO BIOPHARMA, INC. (STRO)
Sutro Biopharma, Inc. is a clinical-stage biotechnology company focused on the discovery, development, and manufacturing of innovative therapeutic products. Its primary objective is to create protein-based treatments for challenging conditions like cancer and autoimmune disorders. The company achieves this through its proprietary XpressCF+ platform, a unique technology that integrates cell-free protein synthesis with precise, site-specific drug conjugation. Currently, Sutro's pipeline features two lead antibody-drug conjugate (ADC) candidates, both undergoing Phase 1 clinical evaluation. STRO-001 targets the CD74 protein, designed for individuals with multiple myeloma and non-Hodgkin lymphoma. The second candidate, STRO-002, is engineered to bind to folate receptor-alpha, intended for the treatment of ovarian and endometrial cancers. Strategic alliances are also a key part of its strategy, including collaborations and licensing agreements. A partnership with Merck aims to advance research programs involving cytokine derivatives for both oncological and autoimmune applications. Additionally, an agreement with Celgene Corporation focuses on identifying and developing bispecific antibodies and/or ADCs specifically within the immuno-oncology domain. Founded in 2003, the company initially operated under the name Fundamental Applied Biology, Inc. Its corporate headquarters are located in South San Francisco, California.
Sector: Biological Products, (No Diagnostic Substances)
Industry: Biotechnology
Sutro Biopharma, Inc.
NASDAQ:STROHealthcare · Biotechnology
-9.33%$9.33
AH Close$9.33+0.00%vs close
AH Close$9.33+0.00%vs close
Mkt Cap$154.7M
Float16.29M
O/S16.58M
Inst Own99.3%
SI11.3%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$102.48M
Net Income-$191.09M
Total Assets$173.83M
Free Cash Flow-$178.93M
Debt & Equity
Total Debt$15.67M
Total Equity-$132.45M
Shares Outstanding
Short Interest
Split History1 split · 1 reverse
2-year cumulative
1:10
Nasdaq bars a compliance period at 1:250
- 1:10Reverse splitDec 3, 202510 shares → 1
Balance Sheet Details
Assets$173.83M
Liabilities$306.28M
Accounts Receivable$3.98M
Accounts Payable$7.57M
Inventory$0
PP&E (Net)$21.55M
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Revenue | $102.48M | $62.04M | $153.73M | $67.77M | $61.88M | $42.72M | $42.74M | $38.42M | $51.74M | $59.73M |
| YoY Growth | 65.2% | -59.6% | 126.8% | 9.5% | 44.8% | -0.0% | 11.2% | -25.7% | -13.4% | - |
| Cost of Revenue | $7.32M | $7.22M | $6.82M | $8.29M | $9.77M | $76.96M | $0 | $54.26M | $51.9M | $43.55M |
| Gross Profit | $95.16M | $54.83M | $146.91M | $59.48M | $52.11M | -$34.24M | $42.74M | -$15.84M | -$156K | $16.18M |
| Gross Margin | 92.9% | 88.4% | 95.6% | 87.8% | 84.2% | -80.1% | 100.0% | -41.2% | -0.3% | 27.1% |
| Research and Development | $166.42M | $252.04M | $180.43M | $137.17M | $104.4M | $76.96M | $65.61M | $54.26M | $54.64M | $43.55M |
| Selling, General, and Administrative | $41.02M | $48.45M | $62.58M | $59.54M | $56M | $36.82M | $32.59M | $21.38M | $16.37M | $14.82M |
| Other | -$7.32M | -$7.22M | -$6.82M | -$8.29M | -$9.77M | -$76.96M | $0 | $1.91M | -$77K | $87K |
| Total Operating Expenses | $200.11M | $293.28M | $236.19M | $188.43M | $150.63M | $36.82M | $98.2M | $75.64M | $71.01M | $58.37M |
| Operating Income (EBIT) | -$104.95M | -$238.45M | -$89.28M | -$128.94M | -$98.52M | -$71.06M | -$55.47M | -$37.22M | -$19.27M | $1.36M |
| Operating Margin | -102.4% | -384.3% | -58.1% | -190.3% | -159.2% | -166.3% | -129.8% | -96.9% | -37.2% | 2.3% |
| Interest Expense | $38.21M | $31.07M | $23.75M | $3.35M | $3.14M | $3.97M | $4.35M | $1.6M | $689K | $0 |
| Interest Income | $9.25M | $44.42M | $14.51M | $3.46M | $577K | $1.51M | $4.07M | $1.62M | $273K | $251K |
| Other Income (Expense) | -$86.23M | $13.36M | $677K | $12.24M | -$7.01M | $38.93M | -$276K | $1.91M | -$416K | $338K |
| Income Before Tax (EBT) | -$191.18M | -$225.1M | -$88.6M | -$116.7M | -$105.54M | -$32.13M | -$55.74M | -$35.32M | -$19.69M | $1.7M |
| Income Tax Expense | -$93K | $2.36M | $18.19M | $2.5M | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$191.09M | -$227.46M | -$106.79M | -$119.2M | -$105.54M | -$32.13M | -$55.74M | -$35.32M | -$19.69M | $1.7M |
| Net Income Margin | -186.5% | -366.6% | -69.5% | -175.9% | -170.6% | -75.2% | -130.4% | -91.9% | -38.1% | 2.8% |
| Supplementary Data | ||||||||||
| EPS | -22.49 | -29.60 | -17.80 | -23.50 | -22.90 | -9.90 | -24.30 | -15.50 | -28.10 | 38.60 |
| Diluted EPS | -22.49 | -29.60 | -17.80 | -23.50 | -22.90 | -9.90 | -24.30 | -15.40 | -28.10 | 38.60 |
| Weighted Average OS | 8.50M | 7.68M | 6.02M | 5.07M | 4.61M | 3.26M | 2.30M | 2.29M | 699,739 | 44,120 |
| EBITDA | -$145.65M | -$180.45M | -$67.92M | -$107.67M | -$97.56M | -$23.75M | -$46.62M | -$32.82M | -$14.09M | $7.36M |
| EBITDA Margin | -142.1% | -290.9% | -44.2% | -158.9% | -157.7% | -55.6% | -109.1% | -85.4% | -27.2% | 12.3% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Assets | ||||||||||
| Current Assets | ||||||||||
| Cash and Cash Equivalents | $58.13M | $190.3M | $69.27M | $47.25M | $30.41M | $206.15M | $4.96M | $125.3M | $22.02M | $11.59M |
| Short-Term Investments | $83.3M | $126.59M | $306.35M | $287.11M | $167.52M | $161.99M | $112.9M | $79.19M | $0 | $35.93M |
| Cash and Short-Term Investments | $141.43M | $316.89M | $375.62M | $334.36M | $197.94M | $368.14M | $117.86M | $204.49M | $22.02M | $47.52M |
| Accounts Receivable | $3.98M | $8.62M | $36.08M | $7.12M | $12.45M | $5.56M | $6.3M | $2.49M | $1.62M | $577K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $5.52M | $17.8M | $9.85M | $11.67M | $0 | $0 | $4.41M | $2.96M | $0 | $0 |
| Total Current Assets | $150.93M | $343.31M | $421.54M | $353.15M | $218.51M | $378.18M | $128.57M | $209.95M | $25.63M | $49.69M |
| Long-Term Assets | ||||||||||
| Property, Plant & Equipment Net | $21.55M | $35.87M | $44.76M | $51.06M | $51.59M | $12.94M | $9.63M | $10.93M | $14M | $18.69M |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | -$32.02M | $68.78M | $0 | $15.62M | $15K | $223K | $482K |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $1.35M | $8.03M | $4.44M | $34.75M | $2.53M | $2.99M | $2.54M | $2.24M | $920K | $417K |
| Total Long-Term Assets | $22.9M | $43.9M | $49.19M | $53.79M | $122.89M | $15.93M | $27.8M | $13.19M | $15.14M | $19.59M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $173.83M | $387.21M | $470.74M | $406.94M | $341.41M | $394.11M | $156.37M | $223.14M | $40.77M | $69.28M |
| Liabilities | ||||||||||
| Current Liabilities | ||||||||||
| Accounts Payable | $7.57M | $10.47M | $9.44M | $4.8M | $6.01M | $5.54M | $5.58M | $3.06M | $2.9M | $3.39M |
| Short-Term Debt | $0 | $0 | $4.06M | $17.09M | $9.38M | $0 | $1M | $4.72M | $14.56M | $0 |
| Current Income Tax Payable | $0 | $18K | $15.16M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $10.56M | $69.78M | $20.67M | $16.76M | $5.5M | $14.6M | $19.46M | $21.57M | $10.71M | $43.58M |
| Other Current Liabilities | $17.55M | $16.91M | $18.58M | $11.64M | $11.42M | $627K | $901K | $7.06M | $143K | $22K |
| Total Current Liabilities | $75.13M | $131.89M | $93.75M | $66.55M | $41.74M | $29.6M | $32.97M | $36.42M | $31.96M | $50.18M |
| Long-Term Liabilities | ||||||||||
| Long-Term Debt | $0 | $0 | $0 | $3.77M | $15.74M | $24.55M | $8.88M | $10M | $0 | $0 |
| Long-Term Unearned Revenue | $221.56M | $193.34M | $202.49M | $89.89M | $0 | $6.1M | $16.2M | $44.6M | $13.16M | $5.86M |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $476K | $0 | -$1.19M |
| Other Long-Term Liabilities | $1.69M | $1.69M | $1.69M | $119K | $146K | $1.82M | $543K | $578K | $104.66M | $104.14M |
| Total Long-Term Liabilities | $231.15M | $210.71M | $227.34M | $123.35M | $47.11M | $32.47M | $25.61M | $55.18M | $117.81M | $110M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $306.28M | $342.61M | $321.09M | $189.9M | $88.84M | $62.06M | $58.58M | $91.6M | $149.77M | $160.18M |
| Stockholders' Equity | ||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $102.5M | $102.5M |
| Common Stock | $9K | $83K | $61K | $58K | $46K | $46K | $23K | $23K | $0 | $16K |
| Retained Earnings | -$977.96M | -$786.87M | -$559.41M | -$452.62M | -$333.41M | -$227.87M | -$195.75M | -$150.33M | -$115.01M | -$95.32M |
| Comprehensive Income & Other | $19K | $39K | $21K | -$618K | -$314K | $129K | $165K | -$47K | -$208K | -$17K |
| Other Stockholders' Equity | $845.49M | $831.39M | $709M | $669.61M | $585.93M | $559.88M | $293.51M | $281.84M | $6.01M | $4.41M |
| Total Equity | -$132.45M | $44.6M | $149.65M | $217.05M | $252.56M | $332.05M | $97.79M | $131.54M | -$109M | -$90.9M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $173.83M | $387.21M | $470.74M | $406.94M | $341.41M | $394.11M | $156.37M | $223.14M | $40.77M | $69.28M |
| Supplementary Data | ||||||||||
| Total Debt | $15.67M | $23.15M | $33.63M | $55.02M | $57.37M | $24.55M | $9.88M | $14.72M | $14.63M | $1.19M |
| Net Debt | -$42.46M | -$167.15M | -$35.63M | $7.76M | $26.96M | -$181.61M | $4.92M | -$110.57M | -$7.39M | -$10.4M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
| Operating Activities | ||||||||||
| Net Income | -$191.09M | -$227.46M | -$106.79M | -$119.2M | -$105.54M | -$32.13M | -$55.74M | -$35.32M | -$19.69M | $1.7M |
| Depreciation & Amortization | $7.32M | $7.22M | $6.82M | $5.69M | $4.84M | $4.3M | $4.78M | $4.54M | $4.99M | $5.66M |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $7.24M | -$41.01M | -$1.3M | -$1.5M | $3M | $80K |
| Stock-Based Compensation | $14.01M | $24.69M | $24.91M | $26.3M | $23.24M | $11.92M | $10.31M | $2.87M | $1.39M | $968K |
| Changes in Working Capital: | ||||||||||
| Accounts Receivable | $4.64M | $27.46M | -$28.96M | $5.34M | -$6.89M | $739K | -$3.81M | -$865K | -$1.05M | -$171K |
| Inventory | $0 | $0 | $0 | $0 | -$4.54M | -$58K | -$1.25M | -$1.67M | -$354K | -$389K |
| Accounts Payable | -$2.47M | $706K | $4.81M | -$1.23M | $6.43M | -$947K | $2.25M | $209K | -$473K | $874K |
| Other Working Capital | -$52.57M | -$19.27M | -$10.23M | $100.29M | -$12.61M | -$11.22M | -$20.45M | $44.93M | -$25.03M | -$21.98M |
| Total Working Capital Change | -$50.4M | $8.9M | -$34.38M | $104.41M | -$17.62M | -$11.49M | -$23.26M | $42.61M | -$26.9M | -$21.66M |
| Other Non-Cash Items | $42.92M | -$4.88M | -$2.17M | -$13.65M | $6.16M | $606K | $193K | -$517K | $132K | $98K |
| Net Cash from Operating | -$177.23M | -$191.54M | -$111.62M | $3.55M | -$81.68M | -$67.8M | -$65.02M | $12.68M | -$37.07M | -$13.15M |
| Investing Activities | ||||||||||
| Capital Expenditures | -$1.7M | -$3.1M | -$4.32M | -$7.86M | -$15.32M | -$7.13M | -$3.48M | -$1.56M | -$3.32M | -$4.39M |
| Acquisitions | $0 | $0 | $0 | $28.74M | $0 | $0 | $47.65M | $0 | $0 | $16K |
| Purchases of Investments | -$264.95M | -$461.52M | -$460.3M | -$216.67M | -$248.73M | -$130.74M | -$196.23M | -$81.46M | -$14.22M | -$52.3M |
| Sales of Investments | $311.66M | $683.13M | $460.69M | $189.5M | $166.73M | $138.38M | $148.58M | $2.75M | $50.06M | $66.27M |
| Other Investing Activities | $0 | $0 | $0 | -$28.73M | $9K | $89K | -$47.65M | $80K | $80K | $16K |
| Net Cash from Investing | $45.01M | $218.51M | -$3.92M | -$35.02M | -$97.31M | $604K | -$51.13M | -$80.19M | $32.6M | $9.59M |
| Financing Activities | ||||||||||
| Debt Repaid | - | $4.08M | $12.5M | $9.38M | - | -$15M | $5M | - | -$15M | - |
| Common Stock Issuance | $376K | $96.53M | $11.97M | $56.27M | $0 | $251.41M | $0 | $84.44M | -$191K | $184K |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | -$7K | $0 | -$327K | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$332K | $1.61M | $138.08M | $1.42M | $4.25M | $2.83M | -$297K | $1.61M | -$362K | $177K |
| Net Cash from Financing | $44K | $94.05M | $137.55M | $48.31M | $3.26M | $269.25M | -$4.18M | $170.78M | $14.64M | $177K |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$132.17M | $121.02M | $22.01M | $16.84M | -$175.74M | $202.05M | -$120.34M | $103.28M | $10.17M | -$3.38M |
| Supplementary Data | ||||||||||
| Operating Cash Flow | -$177.23M | -$191.54M | -$111.62M | $3.55M | -$81.68M | -$67.8M | -$65.02M | $12.68M | -$37.07M | -$13.15M |
| Capital Expenditure | -$1.7M | -$3.1M | -$4.32M | -$7.86M | -$15.32M | -$7.13M | -$3.48M | -$1.56M | -$3.32M | -$4.39M |
| Free Cash Flow | -$178.93M | -$194.64M | -$115.93M | -$4.31M | -$97M | -$74.93M | -$68.5M | $11.13M | -$40.39M | -$17.55M |
| Cash at Beginning | $191.16M | $70.14M | $48.13M | $31.29M | $207.02M | $4.97M | $125.31M | $22.04M | $11.87M | $15.25M |
| Cash at End | $58.99M | $191.16M | $70.14M | $48.13M | $31.29M | $207.02M | $4.97M | $125.31M | $22.04M | $11.87M |