Quarterly ResultMay 14, 2026, 04:20 PM
Sutro Biopharma Q1 Net Loss $38.48M; Cash $202.6M; Runway into Q2 2028
AI Summary
Sutro Biopharma reported a net loss of $38.48 million for Q1 2026, an improvement from $75.97 million in Q1 2025, with revenue at $14.5 million. The company strengthened its balance sheet through a $110.0 million capital raise, boosting cash, cash equivalents, and marketable securities to $202.6 million, extending its cash runway into at least Q2 2028. Key pipeline programs, including STRO-004, STRO-006, and STRO-227, are progressing, with initial STRO-004 data expected mid-2026 and IND submissions for STRO-006 and STRO-227 planned for 2026.
Key Highlights
- Cash, cash equivalents, and marketable securities totaled $202.6 million as of March 31, 2026.
- Capital raise generated $110.0 million in gross proceeds, extending cash runway into Q2 2028.
- Q1 2026 net loss was $38.48 million, an improvement from $75.97 million in Q1 2025.
- Q1 2026 revenue was $14.5 million, primarily from the Astellas collaboration.
- Total R&D and G&A expenses decreased to $44.1 million in Q1 2026 from $64.9 million in Q1 2025.
- Received a $10 million milestone payment from Astellas in April 2026 for a dual-payload iADC entering the clinic.
- Initial safety, PK, and early activity data for STRO-004 Phase 1 trial expected mid-2026.
- IND submissions for STRO-006 and STRO-227 are anticipated in 2026.