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.
Sutro Biopharma Reports First Quarter 2026 Financial Results and Business Highlights
Sutro Biopharma reported Q1 2026 revenue of $14.5 million and a net loss of $38.5 million, significantly improved from a $76.0 million net loss in Q1 2025.
The improvement was driven by a 49% year-over-year reduction in operating expenses, largely due to the closure of the luvelta program and associated restructuring costs, alongside disciplined R&D execution.
The company completed a $110 million public offering at $13.98 per share, bringing its cash position to $202.6 million and extending its runway into at least the second quarter of 2028.
Clinically, the lead asset STRO-004 is on track for initial safety and activity data readouts in mid-2026, while the partnered dual-payload iADC with Astellas has entered the clinic.