- 4.3 mg/kg of luveltamab tazevibulin (luvelta) in combination with standard dose of bevacizumab (15 mg/kg) every 3 weeks resulted in a 56% objective response rate in patients with late-stage ovarian cancer and was selected to be the recommended phase 2 dose (RP2D) - - Luvelta in combination with bevacizumab demonstrated encouraging preliminary antitumor activity (35% response rate) across all explored dose ranges - - Expansion at RP2D is ongoing with an additional 23 patients enrolled to date; expansion da ...

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 ...

[Business Highlights and Outlook](index=1&type=section&id=Business%20Highlights%20and%20Outlook) Sutro Biopharma advanced its luvelta clinical program, secured a major Ipsen licensing deal, and strengthened its financial position in Q1 2024, positioning for key data readouts - The company advanced its luvelta clinical program, progressed its pipeline, and established a new licensing relationship with Ipsen, augmenting its cash position[2](index=2&type=chunk) - Key catalysts for 2024 include expanded patient data for luvelta with bevacizumab, a registrational trial for pediatric AML, and a Phase 2 trial in NSCLC[2](index=2&type=chunk) [Luveltamab Tazevibulin (luvelta) Program Updates](index=1&type=section&id=Luveltamab%20Tazevibulin%20%28luvelta%29%20Program%20Updates) The luvelta program is advancing with active enrollment in REFRαME-O1, planned initiation of REFRαME-P1 for pediatric AML, and an FDA-cleared IND for NSCLC - The randomized portion (Part 2) of the REFRαME-O1 registration-enabling study for platinum-resistant ovarian cancer is actively enrolling[1](index=1&type=chunk)[3](index=3&type=chunk) - An IND for a Phase 2 trial of luvelta in non-small cell lung cancer (NSCLC) has been cleared by the FDA, with patient dosing expected in H2 2024[1](index=1&type=chunk)[3](index=3&type=chunk) - Enrollment for REFRαME-P1, a registration-enabling trial for pediatric AML, is expected to be initiated in H2 2024[2](index=2&type=chunk)[3](index=3&type=chunk) - The Phase 2 expansion study of luvelta in combination with bevacizumab is nearing completion, with enrollment expected to conclude in H1 2024[1](index=1&type=chunk)[3](index=3&type=chunk) [Pipeline and Collaboration Updates](index=2&type=section&id=Pipeline%20and%20Collaboration%20Updates) Sutro secured a global licensing agreement for STRO-003, plans an IND for STRO-004 in 2025, and generated **$864 million** from collaborations - A global licensing agreement for STRO-003 with Ipsen could yield up to **$899 million** in payments plus tiered royalties, with **$75 million** upfront received in April[1](index=1&type=chunk)[9](index=9&type=chunk) - Sutro plans to submit an IND for STRO-004, a tissue factor-targeting ADC, in 2025[9](index=9&type=chunk) - The company has generated approximately **$864 million** in aggregate payments from collaborators through March 31, 2024, leveraging its proprietary cell-free platform[9](index=9&type=chunk) [Corporate Updates and Events](index=2&type=section&id=Corporate%20Updates%20and%20Events) Sutro strengthened its cash position by raising **$75 million** through an equity offering in April and will participate in two investor conferences - Strengthened cash position with an underwritten common stock offering, generating **$75.0 million** in gross proceeds[1](index=1&type=chunk)[5](index=5&type=chunk) - Sutro will participate in the Citizens JMP Life Sciences Conference (May 13-14, 2024) and the Jefferies Healthcare Conference (June 5-6, 2024)[10](index=10&type=chunk) [First Quarter 2024 Financial Performance](index=2&type=section&id=First%20Quarter%202024%20Financial%20Performance) Sutro reported Q1 2024 revenues of **$13.0 million**, a net loss of **$58.2 million**, and increased operating expenses, with a **$267.6 million** cash position bolstered post-quarter - As of March 31, 2024, Sutro held **$267.6 million** in cash and investments, plus **$45.6 million** in Vaxcyte common stock[1](index=1&type=chunk)[6](index=6&type=chunk) - Post-quarter, Sutro's cash position was bolstered by **$75 million** from the Ipsen licensing deal and **$75 million** from an underwritten stock offering in April[1](index=1&type=chunk) Q1 2024 Key Financial Results | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $13.0M | $12.7M | | Total Operating Expenses | $69.6M | $54.9M | | Net Loss | ($58.2M) | ($50.1M) | | Net Loss Per Share | ($0.95) | ($0.85) | [Financial Position](index=2&type=section&id=Financial%20Position) As of March 31, 2024, Sutro held **$267.6 million** in cash and equivalents, **$45.6 million** in Vaxcyte stock, with total assets of **$403.4 million** - As of March 31, 2024, Sutro held **$267.6 million** in cash, cash equivalents, and marketable securities[6](index=6&type=chunk) - The company held Vaxcyte common stock valued at **$45.6 million**, resulting in a **$3.7 million** non-operating, unrealized gain for the quarter[6](index=6&type=chunk)[7](index=7&type=chunk) Balance Sheet Summary (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $403,402 | $470,736 | | Total Liabilities | $305,378 | $321,087 | | Total Stockholders' Equity | $98,024 | $149,649 | [Operating Results](index=2&type=section&id=Operating%20Results) Q1 2024 revenue was **$13.0 million**, total operating expenses increased to **$69.6 million** due to R&D, resulting in a net loss of **$58.2 million** - Revenue for Q1 2024 was **$13.0 million**, a slight increase from **$12.7 million** in Q1 2023, primarily from collaborations[8](index=8&type=chunk) Operating Expenses Comparison (in thousands) | Expense Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Research and development | $56,878 | $39,399 | | General and administrative | $12,721 | $15,512 | | **Total operating expenses** | **$69,599** | **$54,911** | - Net loss for Q1 2024 was **$58.2 million**, or **($0.95)** per share, compared to **$50.1 million**, or **($0.85)** per share, in Q1 2023[16](index=16&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) The unaudited Q1 2024 financial statements detail a net loss of **$58.2 million**, total assets of **$403.4 million**, and stockholders' equity of **$98.0 million** [Selected Statements of Operations](index=4&type=section&id=Selected%20Statements%20of%20Operations) Sutro Biopharma reported Q1 2024 revenues of **$13.0 million**, total operating expenses of **$69.6 million**, and a net loss of **$58.2 million** or **($0.95)** per share Q1 2024 vs Q1 2023 Statement of Operations (in thousands, except per share data) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | **2024** | **2023** | | Revenue | $13,008 | $12,674 | | Total operating expenses | $69,599 | $54,911 | | Loss from operations | ($56,591) | ($42,237) | | Net loss | ($58,213) | ($50,050) | | Net loss per share, basic and diluted | ($0.95) | ($0.85) | [Selected Balance Sheets](index=4&type=section&id=Selected%20Balance%20Sheets) As of March 31, 2024, the balance sheet showed **$267.6 million** in cash and equivalents, total assets of **$403.4 million**, and stockholders' equity of **$98.0 million** Balance Sheet as of March 31, 2024 vs December 31, 2023 (in thousands) | | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash, cash equivalents and marketable securities | $267,602 | $333,681 | | Investment in equity securities | $45,616 | $41,937 | | **Total Assets** | **$403,402** | **$470,736** | | **Liabilities and Stockholders' Equity** | | | | Total liabilities | $305,378 | $321,087 | | Total stockholders' equity | $98,024 | $149,649 | | **Total Liabilities and Stockholders' Equity** | **$403,402** | **$470,736** |

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 ...