Sutro Biopharma (STRO) , a clinical-stage company, is focused on developing novel antibody drug conjugates or ADC candidates using its proprietary drug development platforms to treat several oncology indications. The company's pipeline comprises only one candidate, luveltamab tazevibulin or luvelta (formerly known as STRO002), which is being developed for various FRα-expressing cancers. Sutro Biopharma's shares gained 8.9% in the past week after the company announced that it has begun enrollment in its glob ...

Sutro Biopharma, Inc. (STRO) came out with a quarterly loss of $0.59 per share versus the Zacks Consensus Estimate of a loss of $0.76. This compares to loss of $0.64 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 22.37%. A quarter ago, it was expected that this company would post a loss of $0.92 per share when it actually produced a loss of $0.95, delivering a surprise of -3.26%. Over the last four quarters, the company has ...

- Sutro will present updated data from the ongoing Phase 1b study of luvelta in combination with bevacizumab in a poster presentation at ESMO 2024; expansion study is ongoing with data expected in the first half of 2025 - - REFRαME-O1 Part 2 (randomized portion) of the Phase 3 trial of luvelta for treatment of platinum-resistant ovarian cancer (PROC) is underway - - REFRαME-P1, a registration-enabling trial of luvelta for pediatric patients with CBFA2T3::GLIS2 (CBF/GLIS; RAM phenotype) AML, is expected to b ...

Company Overview - Sutro Biopharma, Inc. is a clinical-stage oncology company focused on the discovery and development of precisely designed cancer therapeutics, utilizing its proprietary cell-free technology, XpressCF® [3][4] - The company is advancing its lead candidate, luveltamab tazevibulin (luvelta), which is a registrational-stage antibody-drug conjugate (ADC) targeting folate receptor alpha (FolRα) in clinical studies [3][4] Leadership Appointment - Dr. Barbara Leyman has been appointed as Chief Business Development Officer, effective July 8, 2024, bringing 20 years of experience in life sciences business development and corporate strategy [4][5] - Dr. Leyman previously held senior positions at GenEdit, Lyell Immunopharma, and Calico Life Sciences, and has a strong background in venture capital and biotechnology [5] Compensation and Inducement Grants - In connection with Dr. Leyman's appointment, the Compensation Committee granted her options to purchase 125,000 shares of Sutro common stock and 100,000 restricted stock units (RSUs) [10] - The RSUs will vest over four years, with one-fourth vesting on the one-year anniversary of her hire date, and the stock options will have a term of ten years [6][10] Strategic Vision - Dr. Leyman expressed excitement about joining Sutro and highlighted the company's unique approach to developing ADCs and other therapies that can significantly improve patient care [9] - The company aims to leverage its innovative technology to expand the potential of its medicines and continue building value with luvelta [9]

CONROE, Texas, June 3, 2024 /PRNewswire/ -- VGXI, Inc., a leading contract developer and manufacturer (CDMO) specializing in nucleic acid biopharmaceuticals, including gene therapies, DNA vaccines, and RNA medicines, has entered into a strategic partnership with Sutro Biopharma, Inc. (Sutro) to support clinical production of luveltamab tazevibulin, abbreviated as "luvelta", a novel Folate Receptor-α (FRα)-targeting antibody-drug conjugate (ADC) with the potential to address the unmet need in several FRα-exp ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ☐ 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. FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR (Exact Name of Registrant as Specified in its Charter) Delaware 47-0926186 (State ...

Exhibit 99.1 Sutro Biopharma Reports First Quarter 2024 Financial Results, Business Highlights and Select Anticipated Milestones - Investigational New Drug application for non-small cell lung cancer trial with luvelta cleared by U.S. Food and Drug Administration; Phase 2 on track to begin dosing in the second half of 2024 - - Patient expansion phase well underway in Phase 2 study of luvelta in combination with bevacizumab; enrollment is expected to complete in the first half of 2024 - - The randomized porti ...

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, 2023 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) (State or other jurisdiction of (I.R.S. Employer i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 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 (S ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=2&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company's interim financials show increased assets and liabilities due to a royalty sale, alongside a wider net loss [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) Total assets grew to $464.9 million while liabilities rose to $310.2 million, driven by a new deferred royalty obligation Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $235,095 | $47,254 | | Marketable securities | $123,198 | $255,090 | | Total current assets | $411,985 | $353,153 | | Total assets | $464,899 | $406,944 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $67,125 | $66,547 | | Deferred royalty obligation | $136,653 | $0 | | Total liabilities | $310,184 | $189,896 | | Total stockholders' equity | $154,715 | $217,048 | [Condensed Statements of Operations](index=4&type=section&id=Condensed%20Statements%20of%20Operations) Revenues decreased while R&D expenses increased, resulting in a higher net loss of $88.6 million for the first half of 2023 Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $10,412 | $28,096 | $23,086 | $33,993 | | Research and development | $41,592 | $32,332 | $80,991 | $62,322 | | General and administrative | $14,999 | $15,143 | $30,511 | $30,182 | | Loss from operations | ($46,179) | ($19,379) | ($88,416) | ($58,511) | | Net loss | ($38,524) | ($26,012) | ($88,574) | ($65,122) | | Net loss per share | ($0.64) | ($0.55) | ($1.49) | ($1.39) | [Condensed Statements of Comprehensive Loss](index=5&type=section&id=Condensed%20Statements%20of%20Comprehensive%20Loss) The company reported a comprehensive loss of $87.9 million for the first six months of 2023, including the net loss and unrealized gains Comprehensive Loss Summary (in thousands) | Metric | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | | Net loss | $(88,574) | $(65,122) | | Net unrealized income (loss) on securities | $634 | $(1,042) | | **Comprehensive loss** | **$(87,940)** | **$(66,164)** | [Condensed Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity decreased to $154.7 million by June 30, 2023, primarily due to the period's net loss - Stockholders' equity declined to **$154.7 million** at June 30, 2023, from **$217.0 million** at the end of 2022, mainly due to the net loss incurred during the first half of the year[16](index=16&type=chunk) - During the first six months of 2023, the company issued 1,857,410 shares through its At-The-Market (ATM) facility, raising net proceeds of approximately **$12.0 million**[16](index=16&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Financing activities, led by a $139.7 million royalty sale, drove a net cash increase despite negative operating cash flow Cash Flow Summary (in thousands) | Activity | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(92,186) | $(38,441) | | Net cash provided by investing activities | $133,608 | $80,897 | | Net cash provided by financing activities | $146,419 | $6,245 | | **Net increase in cash** | **$187,841** | **$48,701** | - The primary source of financing cash flow was **$139.7 million** in net proceeds from the sale of future royalties to Blackstone[19](index=19&type=chunk) [Notes to Unaudited Interim Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Interim%20Condensed%20Financial%20Statements) Key notes detail a $140.0 million royalty sale to Blackstone, revenue shifts between collaborators, and the termination of the BMS deal - In June 2023, the company sold its 4% royalty interest in future net sales of Vaxcyte products to Blackstone for an upfront payment of **$140.0 million**, recorded as a deferred royalty obligation[31](index=31&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk) - The company believes its unrestricted cash, cash equivalents, and marketable securities of **$358.3 million** as of June 30, 2023, will fund operations for at least the next 12 months[25](index=25&type=chunk)[26](index=26&type=chunk) - BMS provided a notice of termination for the development of CC-99712, effective October 7, 2023, after which Sutro will regain sole worldwide rights[67](index=67&type=chunk) Revenue by Collaborator (Six Months Ended June 30, in thousands) | Collaborator | 2023 | 2022 | | :--- | :--- | :--- | | Astellas Pharma Inc. | $13,605 | $0 | | Bristol Myers Squibb (BMS) | $5,402 | $4,431 | | Merck Sharp & Dohme (Merck) | $2,693 | $1,210 | | Tasly Biopharmaceuticals | $0 | $25,000 | | EMD Serono | $8 | $2,034 | | Vaxcyte | $1,378 | $1,318 | | **Total Revenue** | **$23,086** | **$33,993** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses its ADC pipeline focus, decreased revenue, increased R&D costs, and improved liquidity from a royalty sale [Overview](index=26&type=section&id=Overview) Sutro Biopharma is advancing its lead ADC candidate, luvelta, into a registration-directed trial for ovarian cancer - The company's most advanced product candidate, luvelta, has entered a registration-directed Phase 2/3 trial (REFRaME) for patients with platinum-resistant ovarian cancer, with the first patient enrolled in July 2023[135](index=135&type=chunk)[138](index=138&type=chunk) - The company's second candidate, STRO-001, has completed dose escalation in its Phase 1 trial, with future development decisions to be informed by data from BioNova's trial in Greater China[140](index=140&type=chunk)[141](index=141&type=chunk) - In June 2023, Sutro entered into an agreement with Blackstone, selling its **4% revenue interest** in Vaxcyte's future products for a significant upfront payment[143](index=143&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Revenue for the first half of 2023 fell 32% due to a non-recurring prior-year payment, while R&D expenses rose 30% Comparison of Six Months Ended June 30, 2023 and 2022 (in thousands) | Metric | 6 Months 2023 | 6 Months 2022 | Change | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenues | $23,086 | $33,993 | $(10,907) | (32)% | | Research and development | $80,991 | $62,322 | $18,669 | 30% | | General and administrative | $30,511 | $30,182 | $329 | 1% | | Loss from operations | $(88,416) | $(58,511) | $(29,905) | 51% | | Net loss | $(88,574) | $(65,122) | $(23,452) | 36% | - The decrease in revenue was primarily due to a **$25.0 million** upfront payment from Tasly recognized in 2022, partially offset by **$13.6 million** in new revenue from the Astellas collaboration[172](index=172&type=chunk) - The **30% increase in R&D expenses** was mainly due to an **$8.9 million** increase in personnel-related costs and a **$5.7 million** increase in lab and clinical development expenses[173](index=173&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company's capital of $358.3 million, bolstered by a $140.0 million royalty sale, is sufficient for the next twelve months - In June 2023, the company received a **$140.0 million** upfront payment from Blackstone for the sale of its 4% royalty interest in potential future net sales of Vaxcyte products[181](index=181&type=chunk)[182](index=182&type=chunk) - During the six months ended June 30, 2023, the company raised net proceeds of approximately **$12.0 million** from the sale of common stock through its At-the-Market (ATM) facility[183](index=183&type=chunk) - The company believes its existing capital resources are sufficient to fund operating expenses and capital expenditure requirements for **at least the next twelve months** from the filing date[194](index=194&type=chunk) [Critical Accounting Policies and Estimates](index=37&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) A new policy was adopted to account for the deferred royalty obligation from the Blackstone transaction as imputed debt - A new critical accounting policy was established for the deferred royalty obligation related to the sale of future Vaxcyte royalties to Blackstone[208](index=208&type=chunk) - The proceeds from the Blackstone transaction are recorded as a liability and will be amortized to interest expense using the effective interest rate method based on estimated future royalties[208](index=208&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to equity price risk from its Vaxcyte stock holdings and minor interest rate risk - The company is exposed to equity price risk from its holdings of Vaxcyte common stock, valued at **$33.3 million** as of June 30, 2023, where a 10% price decrease would result in a $3.3 million loss in fair value[212](index=212&type=chunk)[213](index=213&type=chunk) - The company's debt of **$10.2 million** bears a floating interest rate, but management states that a 100 basis point change in rates would not have a material impact on interest expense[215](index=215&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - Management concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2023[218](index=218&type=chunk) - **No material changes** to the company's internal control over financial reporting occurred during the quarter ended June 30, 2023[219](index=219&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - Sutro Biopharma is not presently a party to any **material legal proceedings**[222](index=222&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from its history of losses, dependence on early-stage candidates, and reliance on third parties - The company has a history of significant losses (**$541.2 million accumulated deficit**) and will need substantial additional funds to advance its product candidates[225](index=225&type=chunk)[227](index=227&type=chunk) - The business is dependent on the success of its early-stage product candidates, particularly luvelta, which are based on **novel and unproven** XpressCF® and XpressCF+® platforms[225](index=225&type=chunk)[239](index=239&type=chunk) - The company relies on third-party collaborations (like Astellas and Merck) and contract manufacturers, and the failure of these partners could **materially harm the business**[226](index=226&type=chunk)[265](index=265&type=chunk)[283](index=283&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=96&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - None[463](index=463&type=chunk) [Defaults Upon Senior Securities](index=96&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the period - None[463](index=463&type=chunk) [Mine Safety Disclosures](index=96&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[464](index=464&type=chunk) [Other Information](index=96&type=section&id=Item%205.%20Other%20Information) There was no other information to report for the period - None[465](index=465&type=chunk) [Exhibits](index=97&type=section&id=Item%206.%20Exhibits) Key exhibits include the Blackstone royalty purchase agreement and an amendment to the Oxford Finance loan agreement - Exhibit 10.1 is the Purchase Agreement with an affiliate of Blackstone Life Sciences, related to the sale of future royalties[467](index=467&type=chunk) - Exhibit 10.2 is the Fifth Amendment to the Loan and Security Agreement with Oxford Finance LLC[467](index=467&type=chunk) [Signatures](index=98&type=section&id=Signatures)