| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 9.84 | 32.2% | 84.6% |
| Total Income | 9.84 | 32.2% | 84.6% |
| Expenditure | 39.73 | 10.1% | 40.8% |
| PBT | -38.53 | 0.1% | 234.5% |
| Net Profit | -38.53 | 0.1% | 235.0% |
| OPM | — | ||
| NPM | — | ||
| EPS | -2.33 | 20.8% | 1564.3% |
Sutro Biopharma Reports Q2 2026 Financial Results and Provides Update on STRO-004 Phase 1 Study
12 Aug 2026 · 12 Aug, 4:51 pm
Summary
Sutro Biopharma reported its financial results for the second quarter ended June 30, 2026, highlighting a strong balance sheet with $164.3 million in cash, expected to fund operations into at least Q2 2028. Revenue for the quarter was $9.8 million, primarily from the Astellas collaboration, a decrease from $63.7 million in the prior year's quarter. Total R&D and G&A expenses were $39.5 million, down from $48.7 million year-over-year. The company also provided an update on its STRO-004 Phase 1 study, noting encouraging early clinical activity and favorable tolerability, with dose optimization ongoing. Pipeline advancements include STRO-006 expected to enter the clinic in Q3 2026 and a second Astellas collaboration program slated for the second half of 2026.
Key Highlights
- 1
Sutro Biopharma reported financial results for the second quarter ended June 30, 2026.
- 2
The company had $164.3 million in cash, cash equivalents and marketable securities as of June 30, 2026, expected to support operations into at least the second quarter of 2028.
- 3
Revenue for the quarter ended June 30, 2026, was $9.8 million, compared to $63.7 million for the quarter ended June 30, 2025, with the 2026 amount principally related to the Astellas collaboration.
- 4
Total R&D and G&A expenses for the quarter ended June 30, 2026, were $39.5 million, compared to $48.7 million for the quarter ended June 30, 2025.
- 5
The STRO-004 Phase 1 study is optimizing between doses of 4 and 5 mg/kg, with dose escalation enrolling faster than expected.
- 6
Multiple responses, including confirmed and ongoing unconfirmed partial responses, have been observed in STRO-004 Phase 1 study patients across three tumor types.
- 7
Sutro is on track to enter the clinic with STRO-006, its next-generation integrin β6 (ITGB6)-targeting ADC, in the third quarter of 2026.
- 8
A second dual-payload iADC program from Sutro’s platform under Astellas collaboration is expected to enter the clinic in the second half of 2026.
Management Comments
Jane Chung
During the second quarter, we continued to execute swiftly across our next-generation ADC portfolio, highlighted by encouraging early clinical data from our ongoing Phase 1 study of STRO-004, having rapidly enrolled our initial dose escalation cohorts in just seven months and now optimizing our go-forward dose. We have observed early clinical responses alongside favorable safety, tolerability, and a differentiated pharmacokinetic (PK) profile in patients with few remaining treatment options. The favorable tolerability profile and wider therapeutic index of our DAR8 exatecan ADC allows us to dose higher than other TF-targeting ADCs. These findings strengthen our confidence in STRO-004’s potential to deliver meaningful clinical benefit and provide the opportunity to safely combine with other therapies, while further validating our proprietary ADC platform. Additionally, we are excited to enter the clinic with STRO-006 in the near future, our second clinical program in less than a year, reflecting the continued acceleration of our pipeline strategy. We also look forward to advancing STRO-227, our first wholly-owned dual-payload ADC, toward IND submission later this year, joining our partner Astellas’ dual-payload iADC programs in the clinic. Our progress this quarter underscores the continued advancement of our portfolio and our commitment to delivering differentiated therapies for patients while creating long-term value for shareholders.
Hans-Peter Gerber
We are encouraged by the emerging STRO-004 clinical PK profile, which demonstrate the stability of our ADC construct and validate the design principles of our platform. Compared with conventional DAR8 exatecan ADCs, STRO-004 delivered 25-50% more ADC exposure with at least 50% less circulating payload concentration, allowing us to dose at the highest end of the dosing range for the class. We observed comparable PK with STRO-006 (Topo1i) and our dual payload ADC STRO-227 (Topo1i x MMAE) in preclinical experiments, which gives us confidence in the potential of our advanced design capabilities to widen the therapeutic index across our ADC pipeline.
Informational and educational content only. Not investment advice.