Sutro Biopharma ( (STRO) ) has released its Q4 earnings. Here is a breakdown of the information Sutro Biopharma presented to its investors.
Sutro Biopharma, Inc. is an oncology-focused company based in South San Francisco, specializing in the development of site-specific and novel-format antibody drug conjugates (ADCs) using its proprietary XpressCF® technology.
In its latest earnings report for the year 2024, Sutro Biopharma announced a strategic portfolio review, prioritizing its next-generation ADC programs. The company also revealed key management changes as part of this transition.
Financially, Sutro reported cash, cash equivalents, and marketable securities totaling $316.9 million as of December 31, 2024, with a cash runway expected to last into at least the fourth quarter of 2026. The company’s revenue for 2024 was $62.0 million, a significant decrease from $153.7 million in 2023, primarily due to collaborations with Astellas and Tasly. Operating expenses rose to $300.5 million in 2024 from $243.0 million in the previous year, driven by increased research and development costs.
The strategic restructuring is expected to incur cash payments between $40 to $45 million, but it is anticipated to enhance the company’s financial stability by extending its cash runway. Sutro’s focus on refining its clinical development priorities aims to optimize its resources and strengthen its position in the oncology sector.
Looking ahead, Sutro Biopharma remains committed to advancing its innovative ADC pipeline and leveraging its strategic collaborations to drive future growth, despite the challenges faced in 2024. The company is poised to navigate the evolving market landscape with a focus on delivering transformative cancer therapeutics.