UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38662 SUTRO BIOPHARMA, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 47-0926186 (State or other jurisdiction o ...

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– Dosed three cohorts in Phase 1 trial of STRO-004, potential best-in-class Tissue Factor (TF) ADC; on track to report initial clinical data in mid-2026 – – Company announced first wholly owned dual-payload program targeting PTK7, STRO-227, accelerating IND submission to 2026 – – Astellas-partnered iADC dual-payload program enters the clinic; patient dosing underway – – Cash, cash equivalents and marketable securities as of December 31, 2025 of $141.4 million, excluding proceeds from the recent capital rais ...

Forward-Looking Statements This presentation and the accompanying oral presentation contain "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our future financial performance; business plans and objectives; anticipated preclinical and clinical development activiti ...

If you are interested in keeping up to date with stocks making moves within the biotech, pharma and healthcare industries, and understanding the key trends and catalysts driving valuations ahead of the market, why not subscribe to my weekly newsletter via my Investing Group, Haggerston BioHealth ?Edmund Ingham is a biotech consultant. He has been covering biotech, healthcare, and pharma for over 5 years, and has put together detailed reports of over 1,000 companies. He leads the investing group Haggerston B ...

Sutro Biopharma Conference Summary Company Overview - **Company**: Sutro Biopharma (NasdaqGM:STRO) - **Industry**: Oncology, specifically focusing on Antibody-Drug Conjugates (ADCs) - **CEO**: Jane Chung - **Recent Changes**: The company has undergone a significant transformation since March 2025, with a new strategy aimed at advancing its early pipeline using cell-free ADC technology [2][3] Core Points and Arguments Unique Technology - Sutro Biopharma utilizes a **cell-free system** for the production of ADCs, allowing for optimization of every component, including antibodies, linkers, and payloads [7] - The technology reportedly increases ADC exposure by **2-3 times** compared to conventional CHO-based manufacturing processes [7] Pipeline Development - The company has three programs entering clinical trials, with a focus on validating their technology and science [8] - **STRO-004**: A tissue factor ADC with a DAR of **8** and an exatecan payload, designed to be less damaging to normal tissues compared to existing therapies [17][18] - **STRO-006**: Targets integrin beta-6, already validated in non-small cell lung cancer, with plans to enter the clinic soon [29][39] - **STRO-227**: A dual payload ADC program aimed at overcoming resistance seen in single payload therapies [59] Competitive Differentiation - STRO-004 has a higher maximum tolerated dose (HNSTD) of **50 mg/kg**, compared to **3 mg/kg** for Tivdak, which is currently approved for cervical cancer [20] - The company aims to target a broader range of tumors beyond cervical cancer, including pancreatic and head and neck cancers [21] Clinical Strategy - Initial top-line data for STRO-004 is expected by mid-2026, focusing on safety and early signs of activity across multiple tumor types [24][25] - The company is committed to validating safety profiles, especially given the high HNSTD [24] Manufacturing and Cost Management - Sutro has externalized much of its manufacturing capabilities to reduce costs, maintaining only specialized cell-free technology in-house [66] - The company aims to achieve competitive cost structures compared to conventional ADCs, with improved yields expected as they scale [67] Financial Position - Sutro currently has cash reserves projected to last until **Q2 2028**, excluding potential collaboration milestones that could extend this runway [71] - The financial position supports the validation of all programs in the pipeline [72] Important but Overlooked Content - The dual payload ADC program is positioned as a response to resistance seen in single payload therapies, with a focus on safety and efficacy [47] - Sutro's strategy includes leveraging partnerships, such as with Astellas, to enhance their dual payload offerings [51] - The company has a disciplined approach to execution and validation of science in the clinic, which is crucial for their rapid advancement [23] Future Milestones - 2026 is highlighted as a pivotal year for Sutro, with expectations for data from STRO-004 and the initiation of two additional programs [74] - The company is focused on showcasing its capabilities and advancing its pipeline significantly within the next 6 to 12 months [73]

Sutro Biopharma FY Conference Summary Company Overview - **Company**: Sutro Biopharma (NasdaqGM:STRO) - **Event**: FY Conference held on March 04, 2026 - **CEO**: Jane Chung Key Points Strategic Transformation - Sutro has undergone significant transformation over the past year, including right-sizing the team and extending its operational runway multiple times, now projected into Q2 2028 [4][5][6] - The company is focused on delivering next-generation antibody-drug conjugates (ADCs) and has accelerated its clinical programs, with plans to file three Investigational New Drug (IND) applications over the next two years [5][6] Unique Technology and Pipeline - Sutro's ADC technology is differentiated by its ability to optimize all components of an ADC, including antibody, linker, and payload, which enhances both safety and efficacy [6][7] - The company has developed a pipeline that includes both single and dual payload ADCs, with a focus on overcoming resistance seen in conventional ADCs [8][12] Clinical Programs - **STRO-004**: A tissue factor ADC program currently in clinical trials, with a high safety window at a dose of 50 mg/kg, significantly higher than competitors [9][18] - **STRO-006**: An integrin beta-6 program targeting lung cancer, showing promising safety profiles [10] - **PTK7 Dual Payload Program**: Accelerated from late 2027 to later this year, with a DAR 10 design [10] Efficacy and Safety - Sutro's ADCs have shown to increase drug exposure by 2-3 times compared to conventional ADCs, potentially leading to better safety and efficacy profiles [8] - The company aims to maintain low toxicity levels, particularly concerning interstitial lung disease (ILD) and bleeding risks, with a target of low single-digit ILD rates for STRO-004 [24][25] Competitive Landscape - Sutro's technology is positioned to be competitive due to its advanced payload modalities and the ability to control payload ratios, which is crucial for safety in dual payload ADCs [12][13][40] - The company is addressing the limitations of existing ADCs, such as TIVDAK, by improving tolerability and safety profiles [20][21] Future Outlook - Sutro is optimistic about the potential of its ADCs to become a standard of care in oncology, with ongoing efforts to enhance the therapeutic safety window and efficacy [36][38] - The company emphasizes the importance of flexibility in its platform technology, allowing for rapid development and adaptation of new ADC constructs [46] Management and Execution - The new management team is focused on execution and operational discipline, aiming to connect discovery, process development, and clinical development efficiently [44][45] - The transformation under CEO Jane Chung is recognized as a significant turnaround for the company, with a renewed focus on its technology and market strategy [44][45] Additional Insights - Sutro's ability to generate new ADC constructs quickly is highlighted as a competitive advantage, potentially leading to faster clinical readiness [46] - The company acknowledges the historical challenges faced by ADCs regarding toxicity and aims to address these through innovative design and technology [34][35]

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Core Insights - Sutro Biopharma, Inc. is participating in the 16th World ADC London Summit from February 23-26, 2026, showcasing its advancements in antibody drug conjugates (ADCs) [1] Company Overview - Sutro Biopharma is a clinical-stage oncology company focused on developing next-generation ADCs that aim to improve drug exposure, reduce side effects, and expand treatable tumor types [4] - The company utilizes a cell-free platform to produce single- and dual-payload ADCs, targeting large oncology markets with limited treatment options [4] Event Participation - Sutro's participation includes several panel discussions featuring Hans-Peter Gerber, Ph.D., covering topics such as ADC licensing, innovation in ADC differentiation, and the efficacy and safety profiles of dual payload ADCs [6]

Company Overview - Sutro Biopharma, Inc. (STRO) shares increased by 11.9% to $15.64 in the last trading session, with a notable trading volume, and have gained 23.4% over the past four weeks [1][2] Financial Position - The stock price surge is attributed to a major underwritten offering of shares, which enhances the company's financial position and extends its cash runway for ongoing clinical studies and pipeline advancement [2] - The company is advancing multiple candidates with best-in-class potential targeting complex tumor types where competition is limited [2] Earnings Expectations - Sutro Biopharma is expected to report a quarterly loss of $4.66 per share, reflecting a year-over-year increase of 47.6%, while revenues are projected to be $9.08 million, down 35.2% from the previous year [3] - The consensus EPS estimate for the quarter has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] Industry Context - Sutro Biopharma operates within the Zacks Medical - Biomedical and Genetics industry, which includes other companies like TScan Therapeutics, Inc. (TCRX), that closed 1.4% higher at $1, but has seen a return of -16% over the past month [5] - TScan Therapeutics has a consensus EPS estimate of -$0.27 for the upcoming report, representing a year-over-year change of +6.9%, and also holds a Zacks Rank of 3 (Hold) [6]