Sutro Biopharma, Inc. reported a net loss of $191.1 million for the year ended December 31, 2025, compared to a net loss of $227.5 million for the previous year. The company's revenue increased to $102.5 million from $62.0 million in 2024, primarily driven by a $55.8 million increase from Ipsen, which included the derecognition of $53.2 million in deferred revenue resulting from Ipsen's strategic decision not to advance the STRO-003 program under its partnership with Sutro, and a $2.6 million increase in manufacturing activities supporting clinical trial supply. Research and development expenses decreased to $166.4 million from $252.0 million in 2024, while general and administrative expenses also decreased to $41.0 million from $48.5 million.
The company's strategic shift included a reduction in workforce and the deprioritization of luveltamab tazevibulin (STRO-002), leading to restructuring costs of $53.4 million. These costs encompassed clinical trial expenses, severance payments, contract terminations, and asset write-downs. Sutro Biopharma is now focusing on advancing its clinical and preclinical pipeline, including STRO-004, STRO-006, and STRO-227. The company completed technology transfers to contract manufacturing organizations (CMOs) and ceased operations at its San Carlos manufacturing facility.
Key operational developments include the ongoing Phase 1 trial for STRO-004, with initial data expected in mid-2026, and IND-enabling activities for STRO-006, potentially supporting an IND filing in 2026. Sutro Biopharma also anticipates filing an IND for STRO-227 in late 2026 or early 2027. The company's collaborations with Astellas and Vaxcyte remain active, with the first iADC in the Astellas collaboration entering clinical development in the first quarter of 2026.
As of December 31, 2025, Sutro Biopharma had 137 full-time employees, with a focus on attracting and retaining talent through competitive compensation and professional development opportunities. The company's cash, cash equivalents, and marketable securities totaled $141.4 million. Management believes that these resources, along with proceeds from the February 2026 offering, will be sufficient to fund operations for at least the next 12 months. The company may seek additional funding through equity offerings, debt financings, collaborations, or other sources.
About SUTRO BIOPHARMA, INC.
Sutro Biopharma is an oncology-focused biopharmaceutical company developing site-specific antibody drug conjugates (ADCs) and next-generation protein therapeutics using its proprietary cell-free XpressCF platform. Its core activities include designing targeted cancer therapies, advancing clinical and preclinical ADC candidates, and forming strategic collaborations with leading pharma companies. The company aims to create safer, more effective biologics for unmet cancer treatment needs through innovative protein synthesis and conjugation technologies.
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