Sutro Biopharma FY Conference Summary Company Overview - **Company**: Sutro Biopharma (NasdaqGM:STRO) - **Event**: FY Conference at J.P. Morgan Healthcare Conference - **Date**: January 15, 2026 - **Key Speakers**: Jane Chung (CEO), Jonathan Fossett (Head of Clinical Development) Core Industry and Company Insights Strategic Transformation - Sutro Biopharma has undergone a strategic pivot since March 2025, focusing on redefining its strategy, right-sizing its team, and accelerating its pipeline [2][3] - The company aims to deliver next-generation antibody-drug conjugates (ADCs) and has extended its cash runway to mid-2027, allowing for further development and clinical trials [3][39] ADC Technology and Pipeline - Sutro's ADC technology allows for the optimization of every component, including antibodies, linkers, and payloads, leading to differentiated medicines [3][9] - The company plans to deliver three Investigational New Drug (IND) applications over the next three years, with multiple programs in parallel [3][4] Clinical Programs - **Stro4**: A Tissue Factor ADC currently in clinical trials, showing a high safety window with a highest non-severely toxic dose (HNSTD) of 50 mg/kg [5][6] - **Stro6**: An integrin beta-6 targeting ADC, expected to enter IND later this year [6][14] - **Dual Payload ADCs**: The first dual payload program targeting PTK7 is anticipated to enter the clinic by late 2026 or early 2027, with a focus on overcoming resistance and improving safety and efficacy [7][19] Safety and Efficacy - Sutro's ADCs are designed to minimize toxicity while maximizing therapeutic exposure, with preclinical data showing a 50-fold higher exposure than existing ADCs [11][36] - The dual payload approach aims to deliver combination therapies in a targeted manner, addressing the unmet needs in cancer treatment [15][16] Financial and Operational Highlights Cash Runway and Cost Management - Sutro has reduced its team and expenses by two-thirds to streamline operations while maintaining a focus on clinical validation [39] - The current cash runway does not include collaboration milestones from partners like Astellas, which could further extend operational capacity [40] Market Opportunities - The company is exploring multiple tumor types for its Tissue Factor ADC, including lung, colorectal, and pancreatic cancers, which present larger clinical unmet needs compared to cervical cancer [42][43] - Sutro is also considering partnerships to enhance its development capabilities and resource management [41] Additional Considerations Competitive Landscape - Sutro's ability to fine-tune payload ratios in dual payload ADCs sets it apart from competitors, which often use simpler one-to-one ratios [32][33] - The company is aware of the challenges posed by overlapping toxicities in combination therapies and is actively working to mitigate these risks [35] Future Directions - Sutro is committed to advancing its ADC pipeline and exploring innovative combinations to enhance treatment efficacy while ensuring patient safety [23][37] - The company is optimistic about its collaborations and the potential for its next-generation ADCs to significantly impact cancer treatment [22][23] This summary encapsulates the key points from Sutro Biopharma's FY Conference, highlighting the company's strategic direction, technological advancements, clinical programs, and financial management.

Financial Data and Key Metrics Changes - The company is on track with the IND filing in the second half of the year, indicating progress in its clinical pipeline [16] - The company has guided that it is fully funded for three INDs in three years, with cash expected to last into early 2027 [42][43] Business Line Data and Key Metrics Changes - Sutro Biopharma is transitioning from a phase III asset to an early-stage clinical pipeline, focusing on differentiating its early pipeline to drive shareholder value [3] - The STRO-four program has shown a 50-fold increase in exposure with a high dose of 50 mg/kg in non-human primate models, significantly higher than the approved tissue factor program [10][19] Market Data and Key Metrics Changes - The company sees significant clinical opportunities in multiple tumors expressing tissue factor, including lung, head and neck, pancreatic, and esophageal cancers [12][34] - Sutro Biopharma's STRO-six program targets integrin beta-six, a validated target in lung cancer, with competition primarily from Pfizer's program [27][28] Company Strategy and Development Direction - The company aims to redefine the tissue factor program and expand its applications beyond cervical cancer [12] - Sutro is focusing on dual payload strategies to overcome resistance in ADCs, positioning itself as a leader in this emerging area [35][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the differentiation of their ADC platform, particularly in safety and efficacy compared to existing therapies [19][22] - The company plans to share interim top-line results as soon as possible to maintain transparency with investors [20] Other Important Information - Sutro Biopharma has a collaboration with Astellas that is expected to yield milestone payments in the next nine to twelve months [44] - An R&D day is planned for later this year to provide more specifics on the tissue factor program and its development strategy [47][48] Q&A Session Summary Question: What is the company's strategy regarding partnerships? - The company is open to discussions about partnerships but aims to retain value for its programs while being flexible in exploring opportunities [29] Question: How is the company addressing funding needs for clinical trials? - The company is fully funded for its INDs and is looking at operational efficiencies to extend its runway [43] Question: What milestones should investors expect in the near future? - Investors can expect interim results from the STRO-four program and updates on the dosing strategy during the upcoming R&D day [46][48]