Revenue: As of FY2026 Q2, the actual value is USD 9.839 M, missing the estimate of USD 11.04 M.

EPS: As of FY2026 Q2, the actual value is USD -2.33.

EBIT: As of FY2026 Q2, the actual value is USD -28.17 M.

Financial Highlights (Second Quarter 2026)

Cash, Cash Equivalents and Marketable Securities

Sutro Biopharma, Inc. reported cash, cash equivalents, and marketable securities of $164.3 million as of June 30, 2026, a decrease from $202.6 million as of March 31, 2026. On the balance sheet, cash, cash equivalents and marketable securities were $164,346 thousand as of June 30, 2026, compared to $141,428 thousand as of December 31, 2025.

Revenue

Revenue for the quarter ended June 30, 2026, was $9.8 million, a decrease from $63.7 million for the quarter ended June 30, 2025. The 2026 amount was principally related to the Astellas collaboration.

Operating Expenses

Total operating expenses for the quarter ended June 30, 2026, were $39,727 thousand, down from $67,090 thousand for the same period in 2025. Research and development (R&D) expenses were $31,695 thousand for Q2 2026, compared to $38,325 thousand for Q2 2025. General and administrative (G&A) expenses were $7,831 thousand for Q2 2026, compared to $10,343 thousand for Q2 2025. Restructuring and related costs were $201 thousand for Q2 2026, significantly lower than $18,422 thousand for Q2 2025.

Loss from Operations

Loss from operations increased to - $29,888 thousand for the quarter ended June 30, 2026, from - $3,345 thousand for the quarter ended June 30, 2025.

Net Loss

Net loss for the quarter ended June 30, 2026, was - $38,533 thousand, compared to - $11,499 thousand for the quarter ended June 30, 2025.

Other Financial Data

• Interest income was $1,723 thousand for Q2 2026, compared to $2,519 thousand for Q2 2025.
• Non-cash interest expense related to the sale of future royalties was - $9,862 thousand for Q2 2026, compared to - $9,647 thousand for Q2 2025.
• Interest and other income (expense), net, was - $505 thousand for Q2 2026, compared to - $1,044 thousand for Q2 2025.
• Loss before provision for income taxes was - $38,532 thousand for Q2 2026, compared to - $11,517 thousand for Q2 2025.
• Provision for income taxes was $1 thousand for Q2 2026, compared to - $18 thousand for Q2 2025.
• Total stockholders’ deficit was - $103,317 thousand as of June 30, 2026, an improvement from - $132,452 thousand as of December 31, 2025.

Operational Highlights

Sutro Biopharma, Inc. reported encouraging early clinical activity for its STRO-004 Phase 1 study, with dose escalation continuing and multiple responses observed across various cancers. The company received a $10 million milestone payment in April 2026 from its Astellas collaboration, with two R&D programs progressing.

Outlook / Guidance

Sutro Biopharma, Inc. expects its cash, cash equivalents, and marketable securities of $164.3 million as of June 30, 2026, to fund operations into at least the second quarter of 2028. The company plans to initiate expansion cohorts for the STRO-004 study and provide a data update in the first half of 2027. Additionally, Sutro Biopharma, Inc. anticipates initiating a Phase 1 clinical trial for STRO-006 in the third quarter of 2026 and submitting an IND for STRO-227 in 2026, with a second partnered iADC program expected to enter the clinic in the second half of 2026.