STRO Stock — Sutro Biopharma Inc.: Cash, EV, Pipeline

What they do

We are a clinical stage oncology company developing site-specific and novel-format antibody drug conjugates, or ADCs, enabled by our proprietary integrated cell-free protein synthesis platform, XpressCF ® , and our site-specific conjugation platform, XpressCF+ ® .

Source: 10-K FY2025 via SEC EDGAR

Share price

$9.73

Market cap

$160.9M

Cash

$142.2M

Enterprise value

$257.8M

Balance sheet

Cash	$142.2M
Debt	$0.0M
Royalty-sale liability	$239.1M
Net cash	$142.2M
Enterprise value	$257.8M
Basic shares	16.6M shares
Fully diluted shares	18.5M shares
Fully diluted market cap	$179.5M
Cash per share	$8.57
Quarterly burn	$38.3M
Cash runway	4.3 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-13.

Royalty-sale liability as of 2026-06-30 (10-Q); included in enterprise value.

Share structure

Common

16.6M

Pre-funded warrants

0.0M

Options

1.4M

RSUs

0.4M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

18.5M

Cap table as of 2026-08-07.

Price history

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Next catalyst

STRO-004 · Jan 12 - Feb 23 in 14 mo · Phase 1 · Head and Neck Squamous Cell Carcinoma HNSCC; Non-Small Cell Lung Cancer NSCLC; Esophageal Cancer

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Jan 12 - Feb 23 in 14 mo	STRO-004	Phase 1	Head and Neck Squamous Cell Carcinoma HNSCC; Non-Small Cell Lung Cancer NSCLC; Esophageal Cancer	—
Mar 14 - Apr 25 in 16 mo	STRO-006	Phase 1	Head & Neck Squamous Cell Carcinoma; Non-Small Cell Lung Cancer; Esophageal Cancer	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

STRO-004

Phase 1 · Active Modality: exatecan antibody-drug conjugate

Target Tissue Factor (TF)

Indications

TF-expressing solid tumors (NSCLC, HNSCC, cervical, colorectal, pancreatic, endometrial, bladder) (Phase 1)

Catalysts

— mid-2026

Status note IND cleared October 2025; Phase 1 initiated November 2025; initial data expected mid-2026 per filing.

STRO-006

Preclinical · Active Modality: antibody-drug conjugate

Target integrin alpha v beta 6 (ITG-beta-6)

Indications

solid tumors (Preclinical)

Catalysts

— 2026

Status note IND-enabling activities underway.

STRO-227

Preclinical · Active Modality: dual-payload antibody-drug conjugate

Target PTK7

Indications

solid tumors (Preclinical)

Catalysts

— late 2026 or early 2027

Status note First wholly-owned dual-payload ADC; CMC activities initiated.

STRO-003

Stage not disclosed · Terminated Modality: antibody-drug conjugate

Target ROR1

Partnerships Ipsen (exclusive license; Ipsen declined to advance, agreement terminated August 2025)

Indications

not disclosed (Stage not disclosed)

Status note Ipsen made a strategic decision not to advance the program; no further activities after June 30, 2025.

Luveltamab tazevibulin

Stage not disclosed · Terminated Modality: antibody-drug conjugate

Aliases STRO-002, luvelta

Partnerships Tasly (Greater China license)

Indications

not disclosed (Stage not disclosed)

Status note Development terminated following the March 2025 strategic portfolio review; workforce reduced by two-thirds under the restructuring plans.

Per-asset detail extracted from the 10-Q filed 2026-08-12. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	STRO-004
Lead indication	Head and Neck Squamous Cell Carcinoma HNSCC
Lead phase	Phase 1
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07227168	Phase 1	Recruiting	Sponsor	STRO	—	Head and Neck Squamous Cell Carcinoma HNSCC; Non-Small Cell Lung Cancer NSCLC; Esophageal Cancer	—
NCT07807345	Phase 1	Not yet recruiting	Sponsor	STRO	—	Head & Neck Squamous Cell Carcinoma; Non-Small Cell Lung Cancer; Esophageal Cancer	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for Sutro Biopharma, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Perceptive Advisors	1,304,846	+589,539	0.67%	2026-08-14
BVF Partners	1,251,788	no change	1.06%	2026-08-14
OrbiMed Advisors	743,944	-57,200	0.47%	2026-08-14
ADAR1 Capital Management	404,014	-120,427	0.63%	2026-08-14
RA Capital Management	0	-715,307	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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STRO — Sutro Biopharma Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

STRO — Sutro Biopharma Inc.