| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 14.52 | 16.6% |
| Total Income | 14.52 | 16.6% |
| Expenditure | 44.18 | 48.6% |
| PBT | -38.50 | |
| Net Profit | -38.48 | 49.4% |
| OPM | — | |
| NPM | — | |
| EPS | -2.94 | 223.1% |
Sutro Biopharma Reports Q1 2026 Financial Results
15 May 2026 · 15 May, 1:50 am
Summary
Sutro Biopharma reported its financial results for the first quarter of 2026. The company's cash, cash equivalents, and marketable securities totaled $202.6 million as of March 31, 2026. Revenue for the quarter was $14.5 million, compared to $17.4 million in the same quarter of the previous year. Total R&D and G&A expenses were $44.1 million, down from $64.9 million year-over-year. The company is advancing its clinical and preclinical portfolio, with key data readouts expected later in the year and IND submissions planned for STRO-006 and STRO-227 in 2026.
Key Highlights
- 1
Sutro Biopharma reported a strong balance sheet with $202.6 million in cash, cash equivalents, and marketable securities as of March 31, 2026.
- 2
The company is on track to report initial safety, PK, and early activity from the Phase 1 dose-escalation trial of STRO-004 in mid-2026.
- 3
Sutro continues to advance its wholly-owned pipeline, including ITGB6 ADC STRO-006 and dual-payload PTK7 program STRO-227, with IND submissions planned in 2026.
- 4
The first dual-payload iADC from Sutro’s platform entered the clinic under the Astellas collaboration, and patient dosing is underway.
- 5
Revenue was $14.5 million for the quarter ended March 31, 2026, compared to $17.4 million for the quarter ended March 31, 2025.
- 6
Total R&D and G&A expenses for the quarter ended March 31, 2026 were $44.1 million, compared to $64.9 million for the quarter ended March 31, 2025.
- 7
Sutro strengthened its cash position with gross proceeds of $110.0 million from a recent capital raise, supporting operations into at least the second quarter of 2028.
Management Comments
Jane Chung
During the first quarter, we continued to execute across our clinical and preclinical portfolio, positioning Sutro for key data readouts later this year. Dose escalation is rapidly progressing in our Phase 1 trial of STRO-004, and we remain on track to report initial safety, pharmacokinetic and early activity data in mid-2026, which we believe will provide important insights into its clinical profile and our platform as a whole. This clinical momentum is reinforced by preclinical data we presented at the recent AACR Annual Meeting, which highlighted the robust and consistent antitumor activity of STRO-004, as well as continued progress across our broader ADC pipeline. In parallel, we are advancing our next-generation ADC candidates, STRO-006, targeting ITGB6, and STRO-227, our first wholly-owned dual-payload ADC targeting PTK7, as we work toward IND submissions this year. We are also pleased to see our first partnered dual-payload iADC with Astellas entering the clinic, marking an important validation of our platform’s ability to generate differentiated multi-payload ADCs. With a strengthened balance sheet and continued disciplined execution, we believe we are well positioned to deliver meaningful progress across our programs in 2026.
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