STRO

MKT CAP:$279M

Sutro Biopharma, Inc.

Market Cap

$279M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$34.35+$23.39 (+213.41%)

Apr 21, 2026

Company Details

Sutro Biopharma, Inc. operates as clinical stage drug discovery, development, and manufacturing company. It focuses on creating protein therapeutics for cancer and autoimmune disorders through integrated cell-free protein synthesis and site...

CEO

Jane Chung

IPO Date

Sep 27, 2018

Website

www.sutrobio.com

Key Metrics TTM

Revenue

$102M

+65.2% YoY

Net Income

-$191M

EPS (Diluted)

-$22.65

Free Cash Flow

-$179M

Revenue / Share

$11.94

Gross Margin

98.4%

Operating Margin

-150.2%

Net Margin

-186.5%

FCF Margin

-174.6%

P/S

2.7x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 23, 2026

$102M+65.2%EPS -$22.49

Q4 2025

Mar 23, 2026

$12M-21.4%EPS -$5.45

Q3 2025

Nov 6, 2025

$10M+13.8%EPS -$6.70

Q2 2025

Aug 7, 2025

$64M+148.0%EPS -$1.40

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$6M	-$24M	-$39M
Q2 22	$28M	$28M	-$19M
Q3 22	$25M	$25M	-$21M
Q4 22	$9M	-$35M	-$49M
Q1 23	$13M	$13M	-$42M
Q2 23	$10M	-$31M	-$46M
Q3 23	$17M	$17M	-$44M
Q4 23	$114M	$114M	$43M
Q1 24	$13M	$11M	-$57M
Q2 24	$26M	$24M	-$49M
Q3 24	$9M	$9M	-$68M
Q4 24	$15M	$15M	-$65M
Q1 25	$17M	$17M	-$69M
Q2 25	$64M	$64M	-$3M
Q3 25	$10M	$10M	-$48M
Q4 25	$12M	$10M	-$34M

Valuation

Quarter	P/S	P/E
Q1 22	72.6x	—
Q2 22	38.2x	—
Q3 22	47.1x	—
Q4 22	71.8x	—
Q1 23	38.2x	—
Q2 23	49.9x	—
Q3 23	43.9x	—
Q4 23	14.0x	—
Q1 24	28.1x	—
Q2 24	14.8x	—
Q3 24	17.7x	—
Q4 24	24.6x	—
Q1 25	8.3x	—
Q2 25	5.8x	—
Q3 25	7.0x	—
Q4 25	9.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$35M	-$37M
Q2 22	-$3M	-$5M
Q3 22	$66M	$65M
Q4 22	-$24M	-$27M
Q1 23	-$61M	-$62M
Q2 23	-$31M	-$33M
Q3 23	-$34M	-$34M
Q4 23	$14M	$13M
Q1 24	-$65M	-$65M
Q2 24	$9M	$9M
Q3 24	-$65M	-$65M
Q4 24	-$72M	-$73M
Q1 25	-$68M	-$69M
Q2 25	-$45M	-$45M
Q3 25	-$38M	-$38M
Q4 25	-$26M	-$27M

Capital Expenditures

Quarter	CapEx
Q1 22	$2M
Q2 22	$2M
Q3 22	$738.0K
Q4 22	$3M
Q1 23	$942.0K
Q2 23	$2M
Q3 23	$328.0K
Q4 23	$1M
Q1 24	$446.0K
Q2 24	$756.0K
Q3 24	$828.0K
Q4 24	$1M
Q1 25	$1M
Q2 25	$86.0K
Q3 25	$251.0K
Q4 25	$184.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-59.8%	+33.7%
Q2 22	+0.2%	+25.4%
Q3 22	+195.3%	+7.3%
Q4 22	-19.0%	+26.6%
Q1 23	+114.9%	+21.9%
Q2 23	-62.9%	+19.2%
Q3 23	-32.7%	+31.5%
Q4 23	+1217.4%	+22.0%
Q1 24	+2.6%	+26.7%
Q2 24	+146.9%	+31.5%
Q3 24	-49.7%	+25.4%
Q4 24	-87.0%	+13.5%
Q1 25	+33.8%	+23.4%
Q2 25	+148.0%	-9.8%
Q3 25	+13.8%	-23.9%
Q4 25	-21.4%	-43.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$7M	23.8%
Q3 22	$7M	27.0%
Q4 22	$6M	67.8%
Q1 23	$6M	47.5%
Q2 23	$7M	64.0%
Q3 23	$0	0.0%
Q4 23	$6M	5.5%
Q1 24	$6M	46.6%
Q2 24	$6M	24.0%
Q3 24	$7M	76.8%
Q4 24	$6M	39.9%
Q1 25	$6M	31.8%
Q2 25	$5M	8.3%
Q3 25	$2M	16.0%
Q4 25	$2M	14.2%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$30M	$15M	—
Q2 22	$32M	$15M	—
Q3 22	$32M	$15M	—
Q4 22	$43M	$15M	—
Q1 23	$39M	$16M	—
Q2 23	$42M	$15M	—
Q3 23	$46M	$15M	—
Q4 23	$54M	$17M	—
Q1 24	$57M	$13M	—
Q2 24	$62M	$12M	—
Q3 24	$62M	$14M	—
Q4 24	$71M	$9M	—
Q1 25	$52M	$13M	—
Q2 25	$38M	$10M	—
Q3 25	$40M	$9M	—
Q4 25	$37M	—	$7M

Revenue Segments

Quarter	Operating Segments
Q2 25	$64M
Q3 25	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$29M	$180M	$209M
Q2 22	$79M	$147M	$226M
Q3 22	$97M	$227M	$324M
Q4 22	$47M	$287M	$334M
Q1 23	$62M	$214M	$276M
Q2 23	$235M	$157M	$392M
Q3 23	$82M	$273M	$355M
Q4 23	$69M	$306M	$376M
Q1 24	$65M	$248M	$313M
Q2 24	$91M	$335M	$426M
Q3 24	$175M	$214M	$388M
Q4 24	$190M	$127M	$317M
Q1 25	$106M	$143M	$249M
Q2 25	$64M	$141M	$205M
Q3 25	$66M	$102M	$168M
Q4 25	$58M	$83M	$141M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	5M	+0.7%	+1.3%
Q2 22	5M	+1.0%	+1.8%
Q3 22	5M	+11.5%	+13.4%
Q4 22	6M	+8.5%	+23.0%
Q1 23	6M	+3.4%	+26.3%
Q2 23	6M	+2.8%	+28.5%
Q3 23	6M	+0.4%	+15.8%
Q4 23	6M	+0.7%	+7.4%
Q1 24	6M	+0.7%	+4.7%
Q2 24	8M	+32.2%	+34.6%
Q3 24	8M	+1.0%	+35.4%
Q4 24	8M	+0.6%	+35.3%
Q1 25	8M	+0.7%	+35.2%
Q2 25	8M	+1.8%	+4.1%
Q3 25	8M	+0.3%	+3.4%
Q4 25	9M	+1.1%	+4.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$26.3K	224
Q2 22	$125.4K	224
Q3 22	$112.3K	224
Q4 22	$31.1K	278
Q1 23	$45.6K	278
Q2 23	$37.5K	278
Q3 23	$60.9K	278
Q4 23	$376.6K	302
Q1 24	$43.1K	302
Q2 24	$85.1K	302
Q3 24	$28.2K	302
Q4 24	$47.8K	310
Q1 25	$56.1K	310
Q2 25	$205.6K	310
Q3 25	$31.3K	310
Q4 25	$19	626K

Revenue / Employee