Sutro Biopharma(STRO) - 2024 Q4 - Annual Results

Financial Performance - Revenue for the year ended December 31, 2024, was $62.0 million, a decrease of 59.6$153.7 million for the year ended December 31, 2023, primarily due to changes in collaboration agreements[4] - The net loss for the year ended December 31, 2024, was $227.5 million, compared to a net loss of$106.8 million in 2023, reflecting a significant increase in operational costs[12] - Total operating expenses for the year ended December 31, 2024, were $300.5 million, an increase of 23.7$243.0 million in 2023, with research and development expenses accounting for $252.0 million[5] - The company reported interest income of$18.6 million for the year ended December 31, 2024, compared to $14.5 million in 2023, indicating improved financial management[12] Cash and Assets - As of December 31, 2024, Sutro Biopharma had cash, cash equivalents, and marketable securities of$316.9 million, down from $388.3 million as of September 30, 2024, with a cash runway expected into at least Q4 2026[3] - Sutro Biopharma's total assets decreased to$387.2 million as of December 31, 2024, from $470.7 million in 2023, reflecting a decline in cash and marketable securities[14] Liabilities and Expenses - Sutro Biopharma's total liabilities increased to$342.6 million as of December 31, 2024, compared to $321.1 million in 2023, primarily due to deferred royalty obligations[14] - General and administrative expenses for the year ended December 31, 2024, were$48.5 million, down from $62.6 million in 2023, showing efforts to streamline operations[12] - Restructuring expenditures related to the strategic portfolio review are estimated to be between$40 million and $45 million, aimed at achieving cost reductions and refocusing clinical development priorities[6] Strategic Focus - The company has prioritized its next-generation ADC pipeline following a strategic portfolio review, indicating a shift in focus towards more promising therapeutic areas[2]