Sutro Biopharma Reports Full Year 2024 Financial Results and Business Highlights

Core Insights - Sutro Biopharma has completed a strategic portfolio review, prioritizing its next-generation antibody-drug conjugate (ADC) programs and announcing key management changes as part of the transition [1][7] Financial Highlights - As of December 31, 2024, Sutro reported cash, cash equivalents, and marketable securities totaling $316.9 million, down from$388.3 million as of September 30, 2024, with a cash runway expected into at least Q4 2026, excluding anticipated milestones from existing collaborations [2] - Revenue for the year ended December 31, 2024, was $62.0 million, a significant decrease from$153.7 million in 2023, primarily due to the Astellas collaboration and the Tasly agreement [3] - Total operating expenses for 2024 were $300.5 million, compared to$243.0 million in 2023, with research and development expenses accounting for $252.0 million and general and administrative expenses at$48.5 million [4][11] Restructuring and Cost Management - The strategic portfolio review and related restructuring are expected to incur cash payments estimated between $40 million and$45 million, with anticipated cost reductions contributing to the cash runway extending into at least Q4 2026 [5] Conference Call - A conference call is scheduled for today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the pipeline reprioritization, team restructuring, and next steps [1][6]