Symbols / STRO $35.53 +3.44% Sutro Biopharma, Inc.

Healthcare • Biotechnology • United States • NGM
STRO Chart
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About

Sutro Biopharma, Inc. operates as an oncology company. The company develops site-specific and novel-format antibody drug conjugates (ADCs) that enables its proprietary integrated cell-free protein synthesis platform, XpressCF; and site-specific conjugation platform, XpressCF+. Its lead product candidate includes STRO-004, a tissue factor (TF) targeting ADC for the treatment of TF-expressing solid tumors, including non-small cell lung cancer, head and neck squamous cell carcinoma, cervical cancer, colorectal cancer, pancreatic ductal adenocarcinoma, endometrial cancer, and bladder cancer. The company also develops VAX-24 and Vax-31 pneumococcal conjugate vaccine candidates that is in Phase II/III clinical trials for the treatment of invasive pneumococcal disease in adults and adults and infants; and STRO-003, an ADC directed against an anti-receptor tyrosine kinase-like orphan receptor 1 (ROR1) for the treatment of solid tumors, such as triple negative breast cancer, non-small cell lung cancer, and ovarian cancer, as well as hematological cancers. Sutro Biopharma, Inc. has collaboration and license agreements with Vaxcyte to discover and develop vaccine candidates for the treatment or prophylaxis of infectious diseases; Tasly Biopharmaceuticals Co., Ltd. to develop and commercialize STRO-002 in Greater China; Ipsen to develop and commercialize STRO-003, an ADC targeting ROR1; and Astellas Pharma Inc. to develop immunostimulatory ADC. The company was formerly known as Fundamental Applied Biology, Inc. Sutro Biopharma, Inc. was incorporated in 2003 and is headquartered in South San Francisco, California.

Fundamentals
Scroll to Statements
Market Cap 588.63M Enterprise Value 462.88M Income -191.09M Sales 102.48M Book/sh -15.43 Cash/sh 8.54
Dividend Yield — Payout 0.00% Employees 137 IPO — P/E — Forward P/E -14.33
PEG — P/S 5.74 P/B -2.30 P/C — EV/EBITDA -4.74 EV/Sales 4.52
Quick Ratio 1.94 Current Ratio 2.01 Debt/Eq — LT Debt/Eq — EPS (ttm) -22.49 EPS next Y -2.48
EPS Growth — Revenue Growth -21.40% Earnings 2026-03-23 ROA -23.38% ROE — ROIC —
Gross Margin -62.38% Oper. Margin -288.98% Profit Margin -186.45% Shs Outstand 16.57M Shs Float 15.15M Short Float 3.87%
Short Ratio 3.14 Short Interest — 52W High 35.66 52W Low 6.70 Beta 1.31 Avg Volume 179.95K
Volume 216.73K Target Price $31.44 Recom Buy Prev Close $34.35 Price $35.53 Change 3.44%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$31.44
Mean price target
2. Current target
$35.53
Latest analyst target
3. DCF / Fair value
$-122.11
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$35.53
Low
$9.00
High
$55.00
Mean
$31.44

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-17 main Citizens Market Outperform → Market Outperform $35
2026-04-07 init Leerink Partners — → Outperform $38
2026-03-25 main Deutsche Bank Buy → Buy $55
2026-03-24 up Wells Fargo Equal-Weight → Overweight $27
2026-03-24 up HC Wainwright & Co. Neutral → Buy $28
2026-01-20 up Citizens Market Perform → Market Outperform $23
2025-12-22 main HC Wainwright & Co. Neutral → Neutral $10
2025-08-12 main Wells Fargo Equal-Weight → Equal-Weight $3
2025-06-16 up Piper Sandler Neutral → Overweight $2
2025-05-19 main B of A Securities Underperform → Underperform $1
2025-04-29 reit HC Wainwright & Co. Neutral → Neutral $2
2025-03-17 down HC Wainwright & Co. Buy → Neutral $2
2025-03-14 down Citizens Capital Markets Market Outperform → Market Perform —
2025-03-14 down Wedbush Outperform → Neutral $2
2025-03-14 down B of A Securities Buy → Underperform $1
2024-12-11 main Wells Fargo Equal-Weight → Equal-Weight $4
2024-12-11 reit JMP Securities Market Outperform → Market Outperform $17
2024-11-18 reit HC Wainwright & Co. Buy → Buy $12
2024-10-11 reit Piper Sandler Overweight → Overweight $11
2024-10-11 reit HC Wainwright & Co. Buy → Buy $12
News
RSS: Latest STRO news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-04 CHUNG JANE Chief Executive Officer — 788 — —
2026-03-04 PAULING DAVID J.D. General Counsel — 675 — —
2026-03-02 CHUNG JANE Chief Executive Officer — 10,938 — —
2026-03-02 GERBER HANS-PETER PH.D. Officer — 3,968 — —
2026-03-02 PAULING DAVID J.D. General Counsel — 3,698 — —
2025-12-12 CHUNG JANE Chief Executive Officer — 2,500 — —
2025-10-15 MATSUI CONNIE L Director — 50,000 $0.80 $39,950
2025-10-15 CHOW GREGORY KWOK LEE Chief Financial Officer — 19,750 $0.81 $15,998
2025-10-15 CHUNG JANE Chief Executive Officer — 12,500 $0.80 $10,011
2025-10-15 GERBER HANS-PETER PH.D. Officer — 17,000 $0.80 $13,607
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
102.48
+65.18%
62.04
-59.64%
153.73
+126.84%
67.77
Operating Revenue
102.48
+65.18%
62.04
-59.64%
153.73
+126.84%
67.77
Operating Expense
207.44
-30.97%
300.50
+23.66%
243.01
+23.53%
196.72
Research And Development
166.42
-33.97%
252.04
+39.69%
180.43
+31.53%
137.17
Selling General And Administration
41.02
-15.34%
48.45
-22.58%
62.58
+5.11%
59.54
General And Administrative Expense
41.02
-15.34%
48.45
-22.58%
62.58
+5.11%
59.54
Other Gand A
41.02
-15.34%
48.45
-22.58%
62.58
+5.11%
59.54
Total Expenses
207.44
-30.97%
300.50
+23.66%
243.01
+23.53%
196.72
Operating Income
-104.95
+55.99%
-238.45
-167.09%
-89.28
+30.76%
-128.94
Total Operating Income As Reported
-158.37
+33.59%
-238.45
-167.09%
-89.28
+30.76%
-128.94
EBITDA
-141.79
+24.10%
-186.81
-221.89%
-58.03
+46.10%
-107.67
Normalized EBITDA
-88.38
+52.69%
-186.81
-174.91%
-67.95
+43.28%
-119.80
Reconciled Depreciation
7.32
+1.47%
7.22
+5.90%
6.82
+19.79%
5.69
EBIT
-149.12
+23.15%
-194.03
-199.19%
-64.85
+42.79%
-113.36
Total Unusual Items
-53.41
0.00
-100.00%
9.92
-18.24%
12.13
Total Unusual Items Excluding Goodwill
-53.41
0.00
-100.00%
9.92
-18.24%
12.13
Special Income Charges
-53.41
0.00
—
—
Restructuring And Mergern Acquisition
53.41
0.00
—
—
Net Income
-191.09
+15.99%
-227.46
-112.99%
-106.79
+10.41%
-119.20
Pretax Income
-191.18
+15.07%
-225.10
-154.06%
-88.60
+24.08%
-116.70
Net Non Operating Interest Income Expense
-32.81
-345.69%
13.36
+244.53%
-9.24
-8577.06%
0.11
Interest Expense Non Operating
42.06
+35.38%
31.07
+30.82%
23.75
+609.80%
3.35
Net Interest Income
-32.81
-345.69%
13.36
+244.53%
-9.24
-8577.06%
0.11
Interest Expense
42.06
+35.38%
31.07
+30.82%
23.75
+609.80%
3.35
Interest Income Non Operating
9.25
-79.18%
44.42
+206.17%
14.51
+319.97%
3.46
Interest Income
9.25
-79.18%
44.42
+206.17%
14.51
+319.97%
3.46
Other Income Expense
-53.41
—
9.92
-18.24%
12.13
Gain On Sale Of Security
—
—
9.92
-18.24%
12.13
Tax Provision
-0.09
-103.94%
2.36
-87.01%
18.19
+627.68%
2.50
Tax Rate For Calcs
0.00
-99.52%
0.00
+0.00%
0.00
+0.00%
0.00
Tax Effect Of Unusual Items
-0.05
0.00
-100.00%
2.08
-18.24%
2.55
Net Income Including Noncontrolling Interests
-191.09
+15.99%
-227.46
-112.99%
-106.79
+10.41%
-119.20
Net Income From Continuing Operation Net Minority Interest
-191.09
+15.99%
-227.46
-112.99%
-106.79
+10.41%
-119.20
Net Income From Continuing And Discontinued Operation
-191.09
+15.99%
-227.46
-112.99%
-106.79
+10.41%
-119.20
Net Income Continuous Operations
-191.09
+15.99%
-227.46
-112.99%
-106.79
+10.41%
-119.20
Normalized Income
-137.72
+39.45%
-227.46
-98.44%
-114.63
+10.99%
-128.79
Net Income Common Stockholders
-191.09
+15.99%
-227.46
-112.99%
-106.79
+10.41%
-119.20
Diluted EPS
-22.49
+23.50%
-29.40
-65.17%
-17.80
+24.26%
-23.50
Basic EPS
-22.49
+23.50%
-29.40
-65.17%
-17.80
+24.26%
-23.50
Basic Average Shares
8.50
+9.84%
7.74
+28.60%
6.02
+18.57%
5.07
Diluted Average Shares
8.50
+9.84%
7.74
+28.60%
6.02
+18.57%
5.07
Diluted NI Availto Com Stockholders
-191.09
+15.99%
-227.46
-112.99%
-106.79
+10.41%
-119.20
Line Item Trend 2023-12-31
Total Assets
470.74
Current Assets
421.54
Cash Cash Equivalents And Short Term Investments
375.62
Cash And Cash Equivalents
69.27
Cash Equivalents
—
Cash Financial
—
Other Short Term Investments
306.35
Receivables
36.08
Accounts Receivable
36.08
Prepaid Assets
—
Other Current Assets
9.85
Total Non Current Assets
49.19
Net PPE
44.76
Gross PPE
86.92
Accumulated Depreciation
-42.16
Properties
0.00
Machinery Furniture Equipment
1.99
Construction In Progress
0.50
Other Properties
60.82
Leases
23.61
Investments And Advances
—
Other Non Current Assets
4.44
Total Liabilities Net Minority Interest
321.09
Current Liabilities
93.75
Payables And Accrued Expenses
44.02
Payables
24.61
Accounts Payable
9.44
Current Accrued Expenses
19.41
Pensionand Other Post Retirement Benefit Plans Current
14.69
Total Tax Payable
15.16
Current Debt And Capital Lease Obligation
10.48
Current Debt
4.06
Other Current Borrowings
4.06
Current Capital Lease Obligation
6.42
Current Deferred Liabilities
20.67
Current Deferred Revenue
20.67
Other Current Liabilities
3.90
Total Non Current Liabilities Net Minority Interest
227.34
Long Term Debt And Capital Lease Obligation
23.15
Long Term Debt
—
Long Term Capital Lease Obligation
23.15
Non Current Deferred Liabilities
202.49
Non Current Deferred Revenue
202.49
Other Non Current Liabilities
1.69
Stockholders Equity
149.65
Common Stock Equity
149.65
Capital Stock
0.06
Common Stock
0.06
Preferred Stock
0.00
Share Issued
6.10
Ordinary Shares Number
6.10
Treasury Shares Number
0.00
Additional Paid In Capital
708.98
Retained Earnings
-559.41
Gains Losses Not Affecting Retained Earnings
0.02
Other Equity Adjustments
0.02
Total Equity Gross Minority Interest
149.65
Total Capitalization
149.65
Working Capital
327.80
Invested Capital
153.71
Total Debt
33.63
Capital Lease Obligations
29.57
Net Tangible Assets
149.65
Tangible Book Value
149.65
Available For Sale Securities
—
Investmentin Financial Assets
—
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-177.23
+7.47%
-191.54
-71.61%
-111.62
-3245.00%
3.55
Cash Flow From Continuing Operating Activities
-177.23
+7.47%
-191.54
-71.61%
-111.62
-3245.00%
3.55
Net Income From Continuing Operations
-191.09
+15.99%
-227.46
-112.99%
-106.79
+10.41%
-119.20
Depreciation Amortization Depletion
7.32
+1.47%
7.22
+5.90%
6.82
+19.79%
5.69
Depreciation And Amortization
7.32
+1.47%
7.22
+5.90%
6.82
+19.79%
5.69
Other Non Cash Items
44.66
+20.80%
36.97
+119.82%
16.82
+475.63%
2.92
Stock Based Compensation
14.01
-43.26%
24.69
-0.89%
24.91
-5.31%
26.30
Asset Impairment Charge
1.69
0.00
—
—
Operating Gains Losses
—
-32.14
—
-4.07
Gain Loss On Investment Securities
—
-32.14
—
-4.07
Unrealized Gain Loss On Investment Securities
0.00
0.00
+100.00%
-9.92
+18.24%
-12.13
Change In Working Capital
-50.40
-666.28%
8.90
+125.89%
-34.38
-132.92%
104.41
Change In Receivables
4.64
-83.11%
27.46
+194.84%
-28.96
-642.15%
5.34
Changes In Account Receivables
4.64
-83.11%
27.46
+194.84%
-28.96
-642.15%
5.34
Change In Prepaid Assets
19.35
+267.42%
-11.56
-10703.67%
0.11
+103.08%
-3.54
Change In Payables And Accrued Expense
1.08
+116.31%
-6.65
-122.08%
30.11
+464.21%
5.34
Change In Accrued Expense
3.55
+148.30%
-7.35
-129.07%
25.30
+285.55%
6.56
Change In Payable
-2.47
-449.58%
0.71
-85.33%
4.81
+492.82%
-1.23
Change In Account Payable
-2.47
-449.58%
0.71
-85.33%
4.81
+492.82%
-1.23
Change In Other Working Capital
-67.99
-1221.24%
6.06
+119.53%
-31.05
-132.56%
95.37
Change In Other Current Liabilities
-7.48
-16.51%
-6.42
-40.02%
-4.58
-341.57%
1.90
Investing Cash Flow
45.01
-79.40%
218.51
+5668.50%
-3.92
+88.80%
-35.02
Cash Flow From Continuing Investing Activities
45.01
-79.40%
218.51
+5668.50%
-3.92
+88.80%
-35.02
Net PPE Purchase And Sale
-1.70
+45.29%
-3.10
+28.20%
-4.32
+45.09%
-7.86
Purchase Of PPE
-1.70
+45.29%
-3.10
+28.20%
-4.32
+45.09%
-7.86
Capital Expenditure
-1.70
+45.29%
-3.10
+28.20%
-4.32
+45.09%
-7.86
Net Investment Purchase And Sale
46.71
-78.92%
221.61
+56576.73%
0.39
+101.44%
-27.17
Purchase Of Investment
-264.95
+42.59%
-461.52
-0.27%
-460.30
-112.44%
-216.67
Sale Of Investment
311.66
-54.38%
683.13
+48.28%
460.69
+143.11%
189.50
Net Other Investing Changes
—
—
—
0.01
Financing Cash Flow
0.04
-99.95%
94.05
-31.62%
137.55
+184.71%
48.31
Cash Flow From Continuing Financing Activities
0.04
-99.95%
94.05
-31.62%
137.55
+184.71%
48.31
Net Issuance Payments Of Debt
0.00
+100.00%
-4.08
+67.34%
-12.50
-33.33%
-9.38
Issuance Of Debt
—
—
—
0.00
Repayment Of Debt
0.00
+100.00%
-4.08
+67.34%
-12.50
-33.33%
-9.38
Long Term Debt Issuance
—
—
—
0.00
Long Term Debt Payments
0.00
+100.00%
-4.08
+67.34%
-12.50
-33.33%
-9.38
Net Long Term Debt Issuance
0.00
+100.00%
-4.08
+67.34%
-12.50
-33.33%
-9.38
Net Common Stock Issuance
0.00
-100.00%
96.53
+706.34%
11.97
-78.73%
56.27
Common Stock Payments
—
—
0.00
0.00
Repurchase Of Capital Stock
—
—
0.00
0.00
Proceeds From Stock Option Exercised
0.38
-82.26%
2.12
-10.40%
2.37
+25.73%
1.88
Net Other Financing Charges
-0.33
+34.77%
-0.51
-100.38%
135.72
+29412.74%
-0.46
Changes In Cash
-132.17
-209.21%
121.02
+449.75%
22.01
+30.72%
16.84
Beginning Cash Position
191.16
+172.54%
70.14
+45.74%
48.13
+53.83%
31.29
End Cash Position
58.99
-69.14%
191.16
+172.54%
70.14
+45.74%
48.13
Free Cash Flow
-178.93
+8.07%
-194.64
-67.89%
-115.93
-2590.44%
-4.31
Interest Paid Supplemental Data
0.00
-100.00%
0.31
-72.47%
1.13
-39.75%
1.87
Income Tax Paid Supplemental Data
—
17.52
+4522.69%
0.38
0.00
Amortization Of Securities
-3.44
+64.66%
-9.72
-7.10%
-9.07
-2393.13%
-0.36
Common Stock Issuance
0.00
-100.00%
96.53
+706.34%
11.97
-78.73%
56.27
Issuance Of Capital Stock
0.00
-100.00%
96.53
+706.34%
11.97
-78.73%
56.27
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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