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MARKETS / NASDAQ / STRO
NASDAQ · BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES) · SMALL CAP

Sutro Biopharma, Inc. STRO

10 fiscal years on record · USD · FY2025 reported · SEC filings only
$102.5M
▲ 65.2% YoY
$-191.1M
In brief

What this company does

Enabled through its XpressCF and XpressCF+ platforms, it has entered into multitarget, product-focused collaborations with pharmaceutical and biotechnology companies in the field of oncology, including an immunostimulatory ADC collaboration with Astellas Pharma Inc., a cytokine derivatives collaboration with Merck Sharp & Dohme Corp., a B Cell Maturation Antigen ADC collaboration with Celgene Corporation, and a MUC1-EGFR ADC collaboration with Merck KGaA. In 2022, it entered into a License and Collaboration Agreement with Astellas for the development of immunostimulatory ADCs for up to three biological targets. Its XpressCF and XpressCF+ platforms have also supported Vaxcyte, Inc., a company focused on the discovery and development of vaccines for the treatment and prophylaxis of infectious disease. It was incorporated under the laws of the State of Delaware in April 2003 under the name Fundamental Applied Biology, Inc., and subsequently changed its name to Sutro Biopharma, Inc.

Written from the business description in SUTRO BIOPHARMA, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 23 March 2026. Every sentence was checked against that document before publication.

Growth
USD 102.5M
Revenue, FY2025 · full 10-year series below
Revenue $M Net income $M
FY2025 · Revenue 102.5 · Net income -191.1
80M-80M-160M2016201720182019202020212022202320242025
Compound annual growth
+14.8%
+19.1%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +19.1% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−186 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -154.5% · Net -186.5%
-100%-200%-300%2016201720182019202020212022202320242025
ROE
FY2024 · ROE -234.2%
-100%-200%-300%2016201720182019202020212022202320242025

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2018 · FCF 11.1
4M8M-20M-40M2016201720182019202020212022202320242025
Net buybacks $M Dividends $M
FY2021 · Dividends — · Net buybacks -2.5
-1M-2M2021

Total assetsUSD 173.8M
EquityUSD -132.5M
CashUSD 58.1M
Current ratio2.01×

Equity funds -76% of total assets.

The 10-year record
10 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019201820172016
Revenue $B0.10.10.20.10.10.00.00.00.10.1
Operating income $B−0.2−0.2−0.1−0.1−0.1−0.1−0.1−0.0−0.00.0
EBITDA $B−0.2−0.2−0.1−0.1−0.1−0.1−0.1−0.0−0.00.0
Income tax $B−0.00.00.00.00.00.00.00.00.0·
Net income $B−0.2−0.2−0.1−0.1−0.1−0.0−0.1−0.0−0.00.0
Free cash flow $B·······0.0−0.0−0.0
EPS, diluted $−22.49−29.40−1.78−2.35−2.29−0.99−2.43−6.13−43.950.00
Dividend / sh $··········
Payout %··········
ROE %·−234.2−58.2−50.8−36.1−14.9−104.0−313.4··
Shares out B0.010.010.060.060.050.050.020.020.00·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 37 reconciliationsAUDITED

Reconciled in 10 of 19 fiscal years. 39 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityBiological Products, (No Diagnostic Substances)
Listed onNASDAQ
Incorporated innot stated in the filings
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2016

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