$STRO

SUTRO BIOPHARMA, INC.

CIK:0001382101|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 9,839	$ 63,745	$ 24,362	$ 81,144
Operating expenses
Research and development	31,695	38,325	68,248	89,922
General and administrative	7,831	10,343	15,415	23,616
Restructuring and related costs	201	18,422	243	39,465
Total operating expenses	39,727	67,090	83,906	153,003
Loss from operations	(29,888)	(3,345)	(59,544)	(71,859)
Interest income	1,723	2,519	3,358	5,708
Non-cash interest expense related to the sale of future royalties	(9,862)	(9,647)	(19,329)	(18,991)
Interest and other income (expense), net	(505)	(1,044)	(1,516)	(2,336)
Loss before provision for income taxes	(38,532)	(11,517)	(77,031)	(87,478)
Provision for / (benefit) from income taxes	1	(18)	(14)	(11)
Net loss	$ (38,533)	$ (11,499)	$ (77,017)	$ (87,467)
Net loss per share, basic	$ (2.33)	$ (1.35)	$ (5.19)	$ (10.31)
Net loss per share, diluted	$ (2.33)	$ (1.35)	$ (5.19)	$ (10.31)
Weighted-average shares used in computing basic net loss per share	16,571,602	8,511,985	14,836,617	8,482,434
Weighted-average shares used in computing diluted net loss per share	16,571,602	8,511,985	14,836,617	8,482,434

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (77,017)	$ (87,467)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,540	3,800
Accretion of discount on marketable securities	(898)	(2,149)
Stock-based compensation	3,572	10,801
Non-cash lease expenses	2,436	2,841
Non-cash interest expense on deferred royalty obligation	19,329	18,991
Other	206	303
Changes in operating assets and liabilities:
Accounts receivable	(1,820)	617
Prepaid expenses and other assets	(621)	6,421
Accounts payable	(4,232)	(5,726)
Accrued compensation	(8,457)	(1,141)
Accrued expenses and other liabilities	(4,562)	7,112
Deferred revenue	(6,134)	(63,449)
Operating lease liability	(4,891)	(3,561)
Net cash used in operating activities	(80,549)	(112,607)
Investing activities
Purchases of marketable securities	(152,551)	(170,973)
Maturities of marketable securities	108,236	135,750
Sales of marketable securities	18,423	22,805
Purchases of equipment and leasehold improvements	(11)	(1,260)
Net cash used in investing activities	(25,903)	(13,678)
Financing activities
Proceeds from sales of common stock, net of issuance costs	102,658	0
Proceeds from exercise of common stock options	78	0
Taxes paid related to net shares settlement of restricted stock units	(160)	(240)
Proceeds from employee stock purchase plan	81	246
Net cash provided by financing activities	102,657	6
Net decrease in cash, cash equivalents and restricted cash	(3,795)	(126,279)
Cash, cash equivalents and restricted cash at beginning of period	58,988	191,162
Cash, cash equivalents and restricted cash at end of period	55,193	64,883
Supplemental disclosure of cash flow information:
Income tax paid (refunds received)	(14)	11
Supplemental disclosure of non-cash investing and financing information:
Purchases of equipment included in accounts payable and accrued expense	256	23
Financing component associated with program fees	$ 1,427	$ 2,008

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 54,335	$ 58,130
Marketable securities	110,011	83,298
Accounts receivable	5,797	3,977
Prepaid expenses and other current assets	5,504	5,521
Total current assets	175,647	150,926
Property and equipment, net	8,357	10,648
Operating lease right-of-use assets	8,467	10,903
Other non-current assets	1,133	495
Restricted cash	858	858
Total assets	194,462	173,830
Current liabilities:
Accounts payable	3,356	7,565
Accrued compensation	6,185	14,642
Deferred revenue - current	6,456	10,562
Operating lease liability - current	6,660	7,783
Accrued expenses and other current liabilities	30,241	34,581
Total current liabilities	52,898	75,133
Deferred revenue - non-current	0	2,028
Operating lease liability - non-current	4,123	7,891
Deferred royalty obligation related to the sale of future royalties	239,064	219,536
Other non-current liabilities	1,694	1,694
Total liabilities	297,779	306,282
Commitments and contingencies (Note 6)
Stockholders' deficit :
Preferred stock, $0.001 par value - 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025
Common stock, $0.001 par value - 300,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 16,576,205 and 8,584,309 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	17	9
Additional paid-in-capital	951,696	845,475
Accumulated other comprehensive (loss) income	(58)	19
Accumulated deficit	(1,054,972)	(977,955)
Total stockholders' deficit	(103,317)	(132,452)
Total Liabilities and Stockholders' Deficit	$ 194,462	$ 173,830