Sutro Biopharma ( (STRO) ) has provided an announcement.
On March 13, 2025, Sutro Biopharma announced a strategic portfolio review, prioritizing its next-generation ADC pipeline and deprioritizing the development of luveltamab tazevibulin. The company plans to exit its internal GMP manufacturing facility and reduce its workforce by 50%, with estimated restructuring costs of $40 to $45 million. Additionally, key management changes were announced, including the transition of CEO William J. Newell and the appointment of Jane Chung as the new CEO. These changes aim to streamline operations and extend the company’s cash runway into the fourth quarter of 2026.
More about Sutro Biopharma
Sutro Biopharma, Inc. is an oncology company focused on the discovery and development of novel-format antibody drug conjugates (ADCs) for cancer treatment. The company utilizes its cell-free XpressCF® technology to advance a pipeline of exatecan and dual-payload ADCs, supported by collaborations and partnerships.
YTD Price Performance: -30.57%
Average Trading Volume: 979,485
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $105.5M
Learn more about STRO stock on TipRanks’ Stock Analysis page.