Sutro Biopharma (STRO)
Market Price (10/6/2026): $14.74 | Market Cap: $244.3 MilSector: Health Care | Industry: Biotechnology
Sutro Biopharma (STRO)
Market Price (10/6/2026): $14.74Market Cap: $244.3 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -61% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -91%, 3Y Excs Rtn is -138% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -132 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -289% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -56%, Rev Chg QQuarterly Revenue Change % is -85% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -318%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -319% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 68% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -76% Key risksSTRO key risks include [1] its dependence on an early-stage pipeline following the discontinuation of its previous lead program and [2] financial pressures highlighted by recent corporate restructuring and workforce reductions. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -61% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -91%, 3Y Excs Rtn is -138% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -132 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -289% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -56%, Rev Chg QQuarterly Revenue Change % is -85% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -318%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -319% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 68% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -76% |
| Key risksSTRO key risks include [1] its dependence on an early-stage pipeline following the discontinuation of its previous lead program and [2] financial pressures highlighted by recent corporate restructuring and workforce reductions. |
Qualitative Assessment
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Sutro Biopharma (STRO) stock has lost about 55% since 6/30/2026 because of the following key factors:
1. Sutro Biopharma reported disappointing financial results for fiscal Q2 2026, which ended June 30, 2026, leading to a significant stock decline. The company announced on August 12, 2026, an Earnings Per Share (EPS) of -$2.33, missing the consensus estimate of -$2.19 by $0.14. Quarterly revenue was reported at $9.84 million, falling short of the consensus estimate of $11.96 million and representing a substantial decrease from $63.7 million in the prior year's fiscal Q2 2025. Following this announcement, STRO shares declined by 14.9% on August 12, 2026.
2. The company experienced a continued cash burn and a notable decrease in its cash position during fiscal Q2 2026. Sutro Biopharma's cash, cash equivalents, and marketable securities decreased from $202.6 million as of March 31, 2026 (fiscal Q1 2026) to $164.3 million as of June 30, 2026 (fiscal Q2 2026). This reduction of $38.3 million in a single quarter indicated significant operational expenses and ongoing capital consumption, which can raise investor concerns for clinical-stage biotechnology companies despite a projected cash runway into at least fiscal Q2 2028.
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Sutro Biopharma (STRO) stock has lost about 55% since 6/30/2026 because of the following key factors:
1. Sutro Biopharma reported disappointing financial results for fiscal Q2 2026, which ended June 30, 2026, leading to a significant stock decline. The company announced on August 12, 2026, an Earnings Per Share (EPS) of -$2.33, missing the consensus estimate of -$2.19 by $0.14. Quarterly revenue was reported at $9.84 million, falling short of the consensus estimate of $11.96 million and representing a substantial decrease from $63.7 million in the prior year's fiscal Q2 2025. Following this announcement, STRO shares declined by 14.9% on August 12, 2026.
2. The company experienced a continued cash burn and a notable decrease in its cash position during fiscal Q2 2026. Sutro Biopharma's cash, cash equivalents, and marketable securities decreased from $202.6 million as of March 31, 2026 (fiscal Q1 2026) to $164.3 million as of June 30, 2026 (fiscal Q2 2026). This reduction of $38.3 million in a single quarter indicated significant operational expenses and ongoing capital consumption, which can raise investor concerns for clinical-stage biotechnology companies despite a projected cash runway into at least fiscal Q2 2028.
3. Positive early clinical data for STRO-004 was overshadowed by the negative financial performance. On August 12, 2026, alongside the financial results, Sutro Biopharma provided an early update from its STRO-004 Phase 1 study, highlighting "encouraging early clinical activity," including confirmed and ongoing unconfirmed partial responses across three tumor types (pancreatic cancer, head and neck cancer, and non-small cell lung cancer) at specific dose levels. The company also noted a favorable tolerability profile with a low 6% adverse event-related discontinuation rate. However, these positive early clinical signals were not sufficient to mitigate the impact of the financial misses, as evidenced by the immediate post-earnings stock drop.
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Stock Movement Drivers
Fundamental Drivers
The -54.4% change in STRO stock from 6/30/2026 to 10/5/2026 was primarily driven by a -54.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302026 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.20 | 15.13 | -54.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 100 | 46 | -54.1% |
| P/S Multiple | 4.4 | 5.5 | 25.8% |
| Shares Outstanding (Mil) | 13 | 17 | -21.1% |
| Cumulative Contribution | -54.4% |
Market Drivers
6/30/2026 to 10/5/2026| Return | Correlation | |
|---|---|---|
| STRO | -54.4% | |
| Market (SPY) | 3.8% | 24.9% |
| Sector (XLV) | 5.5% | 9.1% |
Fundamental Drivers
The -39.3% change in STRO stock from 3/31/2026 to 10/5/2026 was primarily driven by a -55.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.91 | 15.13 | -39.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 102 | 46 | -55.4% |
| P/S Multiple | 2.1 | 5.5 | 158.4% |
| Shares Outstanding (Mil) | 9 | 17 | -47.3% |
| Cumulative Contribution | -39.3% |
Market Drivers
3/31/2026 to 10/5/2026| Return | Correlation | |
|---|---|---|
| STRO | -39.3% | |
| Market (SPY) | 19.4% | 26.3% |
| Sector (XLV) | 14.7% | 9.5% |
Fundamental Drivers
The 74.2% change in STRO stock from 9/30/2025 to 10/5/2026 was primarily driven by a 675.4% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.68 | 15.13 | 74.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 104 | 46 | -56.3% |
| P/S Multiple | 0.7 | 5.5 | 675.4% |
| Shares Outstanding (Mil) | 9 | 17 | -48.6% |
| Cumulative Contribution | 74.2% |
Market Drivers
9/30/2025 to 10/5/2026| Return | Correlation | |
|---|---|---|
| STRO | 74.2% | |
| Market (SPY) | 17.3% | 17.7% |
| Sector (XLV) | 21.8% | 15.9% |
Fundamental Drivers
The -56.4% change in STRO stock from 9/30/2023 to 10/5/2026 was primarily driven by a -63.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302023 | 10052026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.70 | 15.13 | -56.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57 | 46 | -19.6% |
| P/S Multiple | 3.7 | 5.5 | 49.0% |
| Shares Outstanding (Mil) | 6 | 17 | -63.6% |
| Cumulative Contribution | -56.4% |
Market Drivers
9/30/2023 to 10/5/2026| Return | Correlation | |
|---|---|---|
| STRO | -56.4% | |
| Market (SPY) | 87.5% | 23.7% |
| Sector (XLV) | 36.1% | 24.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| STRO Return | -31% | -46% | -47% | -57% | -37% | 33% | -93% |
| Peers Return | 29% | 11% | -3% | -3% | 24% | 16% | 94% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| STRO Win Rate | 42% | 42% | 33% | 50% | 58% | 50% | |
| Peers Win Rate | 62% | 55% | 47% | 48% | 58% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| STRO Max Drawdown | -48% | -78% | -76% | -68% | -75% | -63% | |
| Peers Max Drawdown | -17% | -20% | -24% | -23% | -22% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PFE, JNJ, ABBV, AMGN, REGN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/5/2026 (YTD)
How Low Can It Go
| Event | STRO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -71.9% | -18.8% |
| % Gain to Breakeven | 256.5% | 23.1% |
| Time to Breakeven | 308 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.3% | -7.8% |
| % Gain to Breakeven | 15.4% | 8.5% |
| Time to Breakeven | 6 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -52.8% | -9.5% |
| % Gain to Breakeven | 112.1% | 10.5% |
| Time to Breakeven | 44 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.7% | -33.7% |
| % Gain to Breakeven | 84.2% | 50.9% |
| Time to Breakeven | 171 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.2% | -19.2% |
| % Gain to Breakeven | 70.0% | 23.8% |
| Time to Breakeven | 679 days | 105 days |
In The Past
Sutro Biopharma's stock fell -71.9% during the 2025 US Tariff Shock. Such a loss loss requires a 256.5% gain to breakeven.
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Asset Allocation
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| Event | STRO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -71.9% | -18.8% |
| % Gain to Breakeven | 256.5% | 23.1% |
| Time to Breakeven | 308 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -52.8% | -9.5% |
| % Gain to Breakeven | 112.1% | 10.5% |
| Time to Breakeven | 44 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.7% | -33.7% |
| % Gain to Breakeven | 84.2% | 50.9% |
| Time to Breakeven | 171 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.2% | -19.2% |
| % Gain to Breakeven | 70.0% | 23.8% |
| Time to Breakeven | 679 days | 105 days |
In The Past
Sutro Biopharma's stock fell -71.9% during the 2025 US Tariff Shock. Such a loss loss requires a 256.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Sutro Biopharma (STRO)
Sutro Biopharma, Inc. (STRO) is a clinical-stage biopharmaceutical company focused on discovering, developing, and manufacturing protein therapeutics. Leveraging its proprietary XpressCF+ platform, which integrates cell-free protein synthesis with site-specific conjugation, Sutro aims to create advanced drugs for challenging diseases. The company's primary focus areas are oncology, targeting various cancers, and autoimmune disorders.
Sutro's main product candidates are Antibody-Drug Conjugates (ADCs) currently in Phase 1 clinical trials. STRO-001 is designed to target CD74 for patients battling multiple myeloma and non-Hodgkin lymphoma. Another key candidate, STRO-002, is directed against folate receptor-alpha, intended for patients with ovarian and endometrial cancers. These ADCs represent the company's internal pipeline for specific patient populations.
Beyond its internal drug development, Sutro Biopharma also strategically partners with larger pharmaceutical companies to expand its reach and validate its technology. It holds collaboration and license agreements with Merck, focusing on cytokine derivatives for cancer and autoimmune conditions, and with Celgene Corporation, for the discovery and development of bispecific antibodies and/or ADCs within the immuno-oncology field. These partnerships broaden Sutro's potential impact across diverse therapeutic areas and patient markets.
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Here are 1-3 brief analogies for Sutro Biopharma (STRO):
It's like an early-stage Moderna, but focused on creating novel protein therapeutics for cancer and autoimmune disorders using its proprietary cell-free synthesis platform, rather than mRNA.
It's like an early-stage Seagen (a pioneer in antibody-drug conjugates), but building its next-generation ADC and protein drug pipeline with its unique cell-free synthesis platform.
It's like an innovative biotech company, similar to an early-stage Genentech or Amgen, but leveraging its unique cell-free protein synthesis platform to develop advanced protein-based medicines.
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- STRO-001: An antibody-drug conjugate (ADC) directed against the cancer target CD74 for patients with multiple myeloma and non-Hodgkin lymphoma.
- STRO-002: An antibody-drug conjugate (ADC) directed against folate receptor-alpha for patients with ovarian and endometrial cancers.
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Sutro Biopharma (STRO) sells primarily to other companies. Its major customers, based on collaboration and license agreements, include:
- Merck (MRK)
- Celgene Corporation (now part of Bristol Myers Squibb, BMY)
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Jane Chung, R.Ph. Chief Executive Officer
Jane Chung was appointed Chief Executive Officer of Sutro Biopharma in March 2025. She brings over 20 years of leadership experience in the pharmaceutical and biotechnology sectors. Prior to her CEO role, she served as Sutro's President and Chief Operating Officer from December 2023, and as Chief Commercial Officer starting in August 2021. Before joining Sutro, Ms. Chung held several leadership positions at AstraZeneca, including President and General Manager of AstraZeneca Canada, and Vice President of Sales and Marketing of U.S. Immuno-Oncology. Her earlier career included commercial roles at Onyx Pharmaceuticals Inc. and Genentech, Inc. Ms. Chung also serves on the Board of Directors of Viracta Therapeutics, Inc.
Greg Chow, M.B.A. Chief Financial Officer
Greg Chow was appointed Chief Financial Officer of Sutro Biopharma effective June 2, 2025. He has over 25 years of experience encompassing corporate finance, capital markets, investment banking, financial accounting, and drug development operations. Mr. Chow's previous roles include Chief Financial Officer and Chief Business Officer at NodThera, Chief Financial Officer at Freenome Holdings, Inc., Chief Financial Officer at Frontier Medicines Corp., and Executive Vice President and Chief Financial Officer at Aptose Biosciences, Inc. He was instrumental in financing efforts at these companies, supporting a Series F funding round for Freenome Holdings, guiding Frontier Medicines through Series B and C financings, and leading Aptose Biosciences' dual listing on Nasdaq and the Toronto Stock Exchange while helping raise over $225 million in capital. Earlier in his career, he spent fourteen years in investment banking, holding leadership positions at Wedbush Securities, RBC Capital Markets, and Wells Fargo Securities.
David Pauling, J.D., M.A. Chief Administrative Officer and General Counsel
David Pauling has served as Chief Administrative Officer and General Counsel of Sutro Biopharma since April 2025. He joined Sutro in 2011 and has held positions of increasing responsibility within the company, including Intellectual Property Counsel, Associate General Counsel, Senior Intellectual Property Counsel, and Executive Director of Legal Affairs. In his current role, he is responsible for all aspects of Sutro's legal operations, including governance, compliance, disclosure, intellectual property, and agreements. Before joining Sutro, Mr. Pauling practiced law at Jones Day and Pennie & Edmonds, LLP. He holds a J.D. from Santa Clara University School of Law, and an M.A. in Molecular Biology and a B.S. in Biochemistry and Molecular Biology from the University of California, Santa Cruz.
Hans-Peter Gerber, Ph.D. Chief Scientific Officer
Hans-Peter Gerber has served as Chief Scientific Officer of Sutro Biopharma since September 2023. He brings over three decades of research and development experience in oncology drug development, with deep expertise in antibody-drug conjugates (ADCs), redirected T-cell engagers, and cell-based immunotherapies. Dr. Gerber co-founded Codeable Therapeutics in 2022 and previously served as Chief Scientific Officer and Senior Vice President at 3T Biosciences. He built the R&D organization at Maverick Therapeutics, which was acquired by Takeda in 2021, and also served as an independent director at NBE Therapeutics, acquired by Boehringer Ingelheim in 2021. Earlier in his career, he held scientific leadership roles at Genentech, Seattle Genetics, and Pfizer, contributing to numerous IND filings and three Biologics License Applications (BLAs), including Avastin®, Mylotarg®, and Besponsa®. Dr. Gerber has contributed to the development of six of the 15 FDA-approved ADCs. He received his M.S. in Biochemistry and Ph.D. in Molecular Biology from the University of Zurich, Switzerland.
Devendra Luhar Senior Vice President, Technical Operations
Devendra Luhar currently serves as Senior Vice President, Technical Operations at Sutro Biopharma. He joined Sutro in 2016 as Senior Director of Manufacturing and was promoted to Executive Director in 2018, and later to Vice President of Manufacturing & Plant Operations in August 2020. Mr. Luhar has over 30 years of experience in biotech operations, covering manufacturing, manufacturing science and technology, engineering, and logistics. At Sutro, he has been instrumental in establishing the company's manufacturing organization and GMP compliant operations, and he is responsible for Sutro's cGMP manufacturing facility. Prior to joining Sutro, he held senior leadership positions at companies such as Boehringer-Ingelheim, Novartis, Genzyme, Arbor Vita Corporation, and Baxter BioScience. Mr. Luhar holds a B.A. in Biology from San Jose State University.
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The key risks to Sutro Biopharma's business are primarily associated with the inherent challenges of drug development, intense market competition, and ongoing funding requirements.
- Clinical Trial Failure and Regulatory Hurdles: As a clinical-stage biopharmaceutical company, Sutro Biopharma's success is highly dependent on its product candidates proving safe and effective in clinical trials and subsequently gaining regulatory approval. All of Sutro's internal product candidates are currently in early-stage development, with STRO-001 in Phase 1 clinical trials and the company shifting focus to earlier-stage candidates like STRO-004, which is in preclinical development. There is a significant risk that positive preclinical data will not translate into clinical success in humans, and many companies in the biotechnology industry have experienced setbacks in late-stage trials despite promising early results. The process of obtaining regulatory approval is complex, time-consuming, and uncertain, and the failure of any product candidate in trials or to secure approval would materially harm the business. The effective discontinuation of luveltamab tazevibulin (formerly STRO-002) further highlights the significant challenges and high failure rates in drug development.
- Intense Competition and Market Position: Sutro Biopharma operates within the highly competitive oncology sector, specifically in the rapidly evolving field of Antibody-Drug Conjugates (ADCs). The market includes numerous established pharmaceutical companies and new entrants developing similar therapies. This crowded landscape makes it challenging for Sutro to differentiate its product candidates, especially given their early stage of development. For example, the folate receptor-alpha (FRα) targeting ADC market, which included Sutro's deprioritized luveltamab (STRO-002), is increasingly competitive with other approved products and those under development. The company's ability to successfully advance its pipeline and secure partnerships is crucial for its long-term prospects in this dynamic environment.
- Funding Requirements and Potential Dilution: As a company with no products currently on the market, Sutro Biopharma generates minimal revenue, primarily relying on collaborations, and incurs significant losses due to substantial research and development costs. Advancing its product candidates through various clinical development stages requires considerable financial resources. While the company has secured funding, there is an ongoing need for additional capital, which may be obtained through equity offerings, potentially leading to shareholder dilution. The discontinuation of a late-stage asset, such as luveltamab-T, could also impact investor confidence and make it more challenging to secure future funding or partnerships.
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Sutro Biopharma (NASDAQ: STRO) develops protein therapeutics for cancer and autoimmune disorders. The addressable markets for its main product candidates are substantial and global.
STRO-001 (Antibody-Drug Conjugate targeting CD74)
- Multiple Myeloma: The global multiple myeloma market was estimated at $27.75 billion in 2024, with projections to reach approximately $49.89 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 6.04% from 2025 to 2034. Another source indicates the global market size was valued at $29.24 billion in 2025, and is projected to grow to $49.79 billion by 2034, exhibiting a CAGR of 6.10% during the forecast period. The 7 Major Markets (7MM) for multiple myeloma reached a value of $16.4 billion in 2023 and are projected to reach $38.1 billion by 2034, with an 8% CAGR.
- Non-Hodgkin Lymphoma (NHL): The global non-Hodgkin lymphoma therapeutics market is valued at $10.99 billion in 2025 and is predicted to increase to approximately $20.94 billion by 2034, expanding at a CAGR of 7.43% from 2025 to 2034. The global non-Hodgkin lymphoma treatment market size was valued at $11.59 billion in 2025 and is projected to reach $19.44 billion by 2034, exhibiting a CAGR of 6.25%.
STRO-002 (Antibody-Drug Conjugate targeting Folate Receptor-Alpha)
- Ovarian Cancer: The global ovarian cancer market was estimated at $3.83 billion in 2024 and is forecast to grow from $4.08 billion in 2025 to $6.81 billion by 2033, at a CAGR of 6.70%. Another report estimates the global market size at $3.5 billion in 2023, with a projected CAGR of 7.2% from 2024 to 2032, reaching approximately $6.5 billion by 2032. Specifically for ovarian cancer, the market is projected to reach $5.1 billion by 2032.
- Endometrial Cancers: The 7 Major Markets (7MM) for endometrial cancer reached a value of $21.4 billion in 2024 and are expected to reach $31.2 billion by 2035, exhibiting a growth rate (CAGR) of 3.52% during 2025-2035. The global endometrial cancer market is valued at $19.52 billion in 2024 and is projected to reach a value of $29.44 billion by 2035 at a CAGR of 3.80% between 2025 and 2035. Another source indicates the global endometrial cancer market size is calculated at $31.09 billion in 2025 and is expected to reach around $51.15 billion by 2034, expanding at a CAGR of 5.69% from 2025 to 2034.
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Sutro Biopharma (STRO) is expected to drive future revenue growth over the next 2-3 years primarily through a combination of strategic collaborations and the advancement of its proprietary clinical pipeline. Given its status as a clinical-stage biopharmaceutical company, significant product sales within this timeframe are unlikely; instead, revenue will largely be generated from partnership activities and milestone achievements.
The key drivers of future revenue growth for Sutro Biopharma are:
- Achievement of Milestones from Existing Strategic Partnerships: Sutro Biopharma has established collaborations, notably with Astellas, that are anticipated to yield milestone payments as partnered candidates progress through development. The Astellas partnership, for instance, has a first candidate expected to enter the clinic in 2026. Additionally, the company's existing agreements with Merck and Bristol-Myers Squibb (formerly Celgene) also present opportunities for milestone payments based on research and development achievements.
- Entry into New Collaboration and Licensing Agreements: The company is actively pursuing new partnership opportunities to enhance its competitive position. New collaborations typically involve upfront payments and potential future development and regulatory milestones, which would contribute to revenue growth within the specified timeframe.
- Progress of Wholly-Owned Pipeline Candidates Through Clinical Development: While direct product sales from Sutro's wholly-owned pipeline are not expected in the near term, successful advancement of its lead programs through clinical trials can trigger significant milestone payments from existing or future partners. Specifically, STRO-004, a lead oncology candidate, is in Phase 1 with key data expected in mid-2026. Another candidate, STRO-006, an ITGB6-targeting exatecan ADC for lung cancer, is projected to have an Investigational New Drug (IND) submission in 2026. Positive clinical validation of these programs could attract new collaborations or expand existing ones, leading to revenue generation.
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Share Issuance
- In February 2026, Sutro Biopharma priced an underwritten public offering of 7,868,383 shares of common stock at $13.98 per share, expecting to generate approximately $110.0 million in gross proceeds.
- In December 2025, the company implemented a 1-for-10 reverse stock split.
- In April 2024, Sutro Biopharma raised $75 million through an underwritten offering of common stock.
Inbound Investments
- Sutro Biopharma received $75 million in upfront payments and an equity investment from Ipsen in April 2024, for licensing exclusive global rights to STRO-003.
- Revenue for the year ended December 31, 2024, was $62.0 million, primarily derived from collaborations with Astellas and the Tasly agreement.
- For the year ended December 31, 2023, the company reported revenues of $153.7 million.
Outbound Investments
- In 2024, the company realized a gain of $32.1 million from the sale of Vaxcyte common stock.
Capital Expenditures
- Sutro Biopharma plans to decommission its internal GMP manufacturing facility by year-end 2025, transitioning to an external manufacturing strategy.
- Cash payments estimated to be between $40 million and $45 million are expected to result from a strategic portfolio review and related restructuring in 2025, which includes the manufacturing facility transition.
- Proceeds from the February 2026 underwritten offering are intended for general corporate purposes, including funding capital expenditures.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 14.7% | 44.5% | 95.9% | CAH 430% · MCK 373% · COR 184% |
| Health Care Services | 20 | 20.9% | 37.4% | 12.4% | HIMS 303% · RDNT 151% · DGX 78% |
| Managed Health Care | 8 | 29.4% | -8.1% | 6.6% | OSCR 97% · HQY 44% · ELV 15% |
| Health Care Facilities | 24 | -1.3% | 5.7% | 0.6% | THC 310% · NHC 282% · ENSG 137% |
| Health Care Equipment | 50 | -7.3% | -0.8% | -15.1% | POCI 11050% · UFPT 393% · GKOS 259% |
| Pharmaceuticals | 62 | -8.2% | -7.2% | -31.0% | INDV 1108% · ETON 1073% · LQDA 920% |
| Health Care Supplies | 12 | 22.1% | -5.5% | -37.0% | LNTH 304% · HAE 57% · MMSI 21% |
| Life Sciences Tools & Services | 108 | -0.4% | -11.1% | -65.3% | SNWV 1818% · NTRA 283% · MEDP 222% |
| Health Care Technology | 21 | -31.5% | -57.4% | -78.2% | SPOK 80% · HSTM 14% · VEEV 0% |
| Biotechnology ← | 362 | -15.2% | -23.6% | -78.9% | CELZ 1214% · DNTH 1126% · ELVN 1113% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Sutro Biopharma Stock Pre-Market (+6.9%): Momentum From Analyst EPS Upgrade | 12/27/2025 | |
| Sutro Biopharma Earnings Notes | 12/16/2025 | |
| Is Sutro Biopharma Stock Built to Withstand a Pullback? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 258.45 |
| Mkt Cap | 186.1 |
| Rev LTM | 50,895 |
| Op Inc LTM | 14,222 |
| FCF LTM | 10,580 |
| FCF 3Y Avg | 9,082 |
| CFO LTM | 12,940 |
| CFO 3Y Avg | 11,255 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.6% |
| Rev Chg 3Y Avg | 6.5% |
| Rev Chg Q | 8.1% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 20.9% |
| Op Inc Chg 3Y Avg | 8.9% |
| Op Mgn LTM | 26.8% |
| Op Mgn 3Y Avg | 25.1% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 29.2% |
| CFO/Rev 3Y Avg | 28.3% |
| FCF/Rev LTM | 22.9% |
| FCF/Rev 3Y Avg | 22.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Focuses on developing site-specific and novel-format Antibody-Drug Conjugates (ADCs) | 102 | 62 | 154 | 68 | |
| Bristol Myers Squibb Company (BMS) | 11 | ||||
| Merck KGaA, Darmstadt, Germany (operating in the United States and Canada under the name EMD Serono) | 5 | ||||
| Merck Sharp & Dohme Corporation (Merck) | 43 | ||||
| Vaxcyte, Inc. (Vaxcyte) | 3 | ||||
| Total | 102 | 62 | 154 | 68 | 62 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Focuses on developing site-specific and novel-format Antibody-Drug Conjugates (ADCs) | -158 | -238 | -89 | -129 |
| Total | -158 | -238 | -89 | -129 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Focuses on developing site-specific and novel-format Antibody-Drug Conjugates (ADCs) | -191 | -227 | -107 | -119 |
| Total | -191 | -227 | -107 | -119 |
Price Behavior
| Market Price | $15.13 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 09/27/2018 | |
| Distance from 52W High | -63.0% | |
| 50 Days | 200 Days | |
| DMA Price | $20.03 | $23.00 |
| DMA Trend | up | down |
| Distance from DMA | -24.5% | -34.2% |
| 3M | 1YR | |
| Volatility | 60.4% | 89.0% |
| Downside Capture | 338.44 | 26.52 |
| Upside Capture | -83.60 | 80.55 |
| Correlation (SPY) | 24.5% | 17.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.58 | 1.72 | 1.51 | 1.69 | 1.23 | 1.58 |
| Up Beta | 5.46 | 3.77 | 3.49 | 4.19 | 3.66 | 1.48 |
| Down Beta | 1.14 | -0.10 | -0.30 | 1.86 | 0.63 | 1.89 |
| Up Capture | 6% | -16% | -43% | 5% | 89% | 134% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 8 | 15 | 23 | 57 | 121 | 341 |
| Down Capture | 346% | 341% | 312% | 142% | 33% | 111% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 27 | 41 | 69 | 129 | 399 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STRO | |
|---|---|---|---|---|
| STRO | 68.0% | 88.8% | 0.97 | - |
| Sector ETF (XLV) | 18.5% | 15.7% | 0.88 | 15.4% |
| Equity (SPY) | 16.8% | 13.0% | 0.92 | 17.6% |
| Gold (GLD) | 7.0% | 29.6% | 0.23 | 8.0% |
| Commodities (DBC) | 45.9% | 20.9% | 1.71 | -2.8% |
| Real Estate (VNQ) | 1.6% | 13.6% | -0.14 | 5.6% |
| Bitcoin (BTCUSD) | -30.1% | 44.3% | -0.68 | 15.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STRO | |
|---|---|---|---|---|
| STRO | -39.9% | 89.0% | -0.17 | - |
| Sector ETF (XLV) | 6.8% | 15.2% | 0.26 | 26.3% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 25.4% |
| Gold (GLD) | 18.3% | 18.9% | 0.78 | 2.0% |
| Commodities (DBC) | 10.0% | 19.6% | 0.39 | -1.6% |
| Real Estate (VNQ) | 0.9% | 18.8% | -0.06 | 20.2% |
| Bitcoin (BTCUSD) | 14.9% | 52.2% | 0.45 | 15.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with STRO | |
|---|---|---|---|---|
| STRO | -20.6% | 84.8% | 0.05 | - |
| Sector ETF (XLV) | 10.5% | 16.7% | 0.51 | 31.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 33.4% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 1.9% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 6.7% |
| Real Estate (VNQ) | 4.1% | 20.7% | 0.16 | 27.1% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 14.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/14/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -14.9% | -12.0% | -28.8% |
| 5/14/2026 | 1.4% | -20.3% | -21.4% |
| 3/23/2026 | 10.5% | 13.0% | 66.6% |
| 11/6/2025 | -13.4% | -1.4% | -9.9% |
| 8/7/2025 | 0.3% | -2.5% | 22.8% |
| 5/8/2025 | -9.1% | -8.3% | -13.7% |
| 3/13/2025 | -35.2% | -36.3% | -51.8% |
| 11/13/2024 | -12.9% | -32.6% | -46.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 12 | 12 |
| # Negative | 10 | 13 | 13 |
| Median Positive | 4.2% | 13.8% | 18.5% |
| Median Negative | -6.0% | -8.3% | -13.7% |
| Max Positive | 27.8% | 55.7% | 89.9% |
| Max Negative | -35.2% | -36.3% | -51.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | -14.9% | -12.0% | -28.8% |
| 5/14/2026 | 1.4% | -20.3% | -21.4% |
| 3/23/2026 | 10.5% | 13.0% | 66.6% |
| 11/6/2025 | -13.4% | -1.4% | -9.9% |
| 8/7/2025 | 0.3% | -2.5% | 22.8% |
| 5/8/2025 | -9.1% | -8.3% | -13.7% |
| 3/13/2025 | -35.2% | -36.3% | -51.8% |
| 11/13/2024 | -12.9% | -32.6% | -46.5% |
| 8/13/2024 | 11.5% | 48.1% | 38.2% |
| 5/13/2024 | 2.6% | 10.6% | -7.8% |
| 3/25/2024 | 27.8% | 55.7% | 6.1% |
| 1/8/2024 | 0.3% | 14.6% | 37.8% |
| 11/13/2023 | 14.5% | 33.8% | 89.9% |
| 8/10/2023 | -1.8% | -3.0% | 6.0% |
| 5/15/2023 | 4.3% | -4.1% | -1.6% |
| 3/30/2023 | 3.1% | 2.5% | 2.2% |
| 11/8/2022 | 2.7% | 2.5% | 10.2% |
| 8/8/2022 | 6.6% | 14.9% | -9.2% |
| 5/9/2022 | 6.0% | -5.8% | -8.2% |
| 2/28/2022 | -2.9% | -11.0% | -5.6% |
| 11/10/2021 | -0.0% | -11.9% | -31.5% |
| 8/9/2021 | -0.5% | 2.3% | 14.2% |
| 5/7/2021 | 4.2% | 1.7% | 2.5% |
| 3/18/2021 | -0.1% | -6.1% | -16.5% |
| 11/5/2020 | 3.5% | 18.6% | 62.7% |
| SUMMARY STATS | |||
| # Positive | 15 | 12 | 12 |
| # Negative | 10 | 13 | 13 |
| Median Positive | 4.2% | 13.8% | 18.5% |
| Median Negative | -6.0% | -8.3% | -13.7% |
| Max Positive | 27.8% | 55.7% | 89.9% |
| Max Negative | -35.2% | -36.3% | -51.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/23/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/25/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/23/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/25/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 03/18/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/16/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 8/12/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2028 Cash Runway | Reported | |||||||
Prior: Q1 2026 Earnings Reported 5/14/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | Reported | 2028.5 | ||||||
Q4 2025 Earnings Reported 3/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Milestone Payment | Reported | 10.00 Mil | ||||||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Restructuring Costs | Reported | 4.10 Mil | 4.20 Mil | 4.30 Mil | ||||
Insider Activity
Updated 9/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gerber, Hans-Peter | CHIEF SCIENTIFIC OFFICER | Direct | Buy | 10162025 | 0.80 | 17,000 | 13,607 | 57,494 | Form |
| 2 | Chow, Gregory K | CFO | Direct | Buy | 10162025 | 0.81 | 19,750 | 15,998 | 15,998 | Form |
| 3 | Chung, Jane | Chief Executive Officer | Direct | Buy | 10162025 | 0.80 | 12,500 | 10,011 | 98,391 | Form |
| 4 | Matsui, Connie | Direct | Buy | 10162025 | 0.80 | 50,000 | 39,950 | 39,950 | Form | |
| 5 | Pauling, David | Chief Admin. Ofcr. & GC | Direct | Buy | 10162025 | 0.80 | 12,504 | 9,993 | 57,332 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gerber, Hans-Peter | CHIEF SCIENTIFIC OFFICER | Direct | Buy | 10162025 | 0.80 | 17,000 | 13,607 | 57,494 | Form |
| 2 | Chow, Gregory K | CFO | Direct | Buy | 10162025 | 0.81 | 19,750 | 15,998 | 15,998 | Form |
| 3 | Chung, Jane | Chief Executive Officer | Direct | Buy | 10162025 | 0.80 | 12,500 | 10,011 | 98,391 | Form |
| 4 | Matsui, Connie | Direct | Buy | 10162025 | 0.80 | 50,000 | 39,950 | 39,950 | Form | |
| 5 | Pauling, David | Chief Admin. Ofcr. & GC | Direct | Buy | 10162025 | 0.80 | 12,504 | 9,993 | 57,332 | Form |
Investor Activity (13F)
Updated Oct 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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