| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 9.69 | 84.8% | 13.7% |
| Total Income | 9.69 | 84.8% | 13.7% |
| Expenditure | 58.15 | 13.3% | 23.9% |
| PBT | -56.86 | 393.6% | 16.5% |
| Net Profit | -56.86 | 394.4% | 16.5% |
| OPM | — | ||
| NPM | — | ||
| EPS | -0.67 | 378.6% | 13.6% |
Sutro Biopharma Reports Q3 2025 Financial Results
04 May 2026 · 4 May, 7:47 am
Summary
Sutro Biopharma reported its financial results for the third quarter of 2025. The company's cash, cash equivalents, and marketable securities totaled $167.6 million as of September 30, 2025, with an expected cash runway into at least mid-2027. Revenue for the quarter was $9.7 million, compared to $8.5 million in the same quarter of the previous year. Total R&D and G&A expenses were $48.6 million, down from $76.4 million in the prior year. The company also announced U.S. FDA clearance of its IND application for STRO-004 and remains on track to dose the first patient before year-end.
Key Highlights
- 1
Sutro Biopharma reported cash, cash equivalents, and marketable securities of $167.6 million as of September 30, 2025.
- 2
The company expects its cash runway to extend into at least mid-2027, including certain expected near-term milestone payments.
- 3
Revenue was $9.7 million for the quarter ended September 30, 2025, compared to $8.5 million for the quarter ended September 30, 2024.
- 4
Total R&D and G&A expenses for the quarter ended September 30, 2025 were $48.6 million, as compared to $76.4 million for the quarter ended September 30, 2024.
- 5
The company received U.S. FDA clearance of its IND application for STRO-004, its potential best-in-class Tissue Factor ADC.
- 6
Sutro remains on track to dose the first patient in the first-in-human basket trial with STRO-004 before year-end.
Management Comments
Jane Chung
We’ve made strong progress this quarter as we continue to build momentum across our next-generation ADC portfolio. STRO-004, our Tissue Factor ADC, has received IND clearance ahead of our projections and remains on track to enter the clinic this year, backed by compelling preclinical data that highlight its strong safety profile and potential best-in-class differentiation. In parallel, we’re strengthening our leadership in dual-payload ADCs by showcasing positive new preclinical data from our wholly owned programs and advancing our collaboration with Astellas. This collaboration focuses on developing dual-payload ADCs that combine a cytotoxic payload with a novel immunostimulatory payload, designed to enhance the therapeutic index and overcome tumor resistance. We look forward to sharing updates on each of our next-generation ADC programs at our virtual R&D Day on November 12. Following our recent organizational restructuring, we are well positioned to focus resources on the programs and partnerships that offer the greatest potential for near-term value creation. The resulting operational efficiencies, combined with expected near-term milestone payments, extend our cash runway into at least mid-2027—allowing us to advance key programs through meaningful clinical milestones. With a sharpened strategic focus and a robust scientific foundation, we believe Sutro is poised to deliver differentiated best-in-class ADCs that have the potential to redefine standards of care in oncology.
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