Sutro Biopharma(US:STRO)2025-11-06 21:45Financial Performance - Sutro Biopharma reported revenue of $9.7 million for Q3 2025, an increase from $8.5 million in Q3 2024, primarily driven by the Astellas collaboration[14]. - Total operating expenses for Q3 2025 were $58.2 million, a decrease from $76.4 million in Q3 2024, reflecting cost reductions from recent restructuring efforts[15][22]. - The net loss for Q3 2025 was $56.9 million, compared to a net loss of $48.8 million in Q3 2024, with a net loss per share of $0.67[22]. Cash and Liquidity - The company had cash, cash equivalents, and marketable securities of $167.6 million as of September 30, 2025, down from $388.3 million a year earlier, with a cash runway extended into at least mid-2027[4][13]. - Sutro's total liabilities as of September 30, 2025, were $296.9 million, with total stockholders' equity showing a deficit of $87.3 million[23]. Research and Development - Sutro received U.S. FDA clearance for its IND application for STRO-004, a potential best-in-class Tissue Factor ADC, and plans to dose the first patient before year-end[3][4]. - The company is advancing its dual-payload ADC program, with an IND submission targeted for 2027[5]. - Sutro's dual-payload ADC collaboration with Astellas includes two R&D programs, with one entering IND-enabling toxicology studies in Q1 2025[6]. - The company will host a virtual R&D Day on November 12, 2025, to provide updates on its ADC programs[4][11]. Restructuring Efforts - Sutro's restructuring is expected to incur costs of approximately $4.1 million to $4.3 million, primarily in Q4 2025[16].