SUTRO BIOPHARMA, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $102.5M | $62.0M | $153.7M | $67.8M | $61.9M |
| Research and development | $166.4M | $252.0M | $180.4M | $137.2M | $104.4M |
| Operating expenses | $260.9M | $300.5M | $243.0M | $196.7M | $160.4M |
| Operating income | -$158.4M | -$238.5M | -$89.3M | -$128.9M | -$98.5M |
| Pretax income | -$191.2M | -$225.1M | -$88.6M | -$116.7M | -$105.5M |
| Income tax expense | -$93,000 | $2.4M | $18.2M | $2.5M | $0 |
| Net income | -$191.1M | -$227.5M | -$106.8M | -$119.2M | -$105.5M |
| Balance Sheet | |||||
| Cash and equivalents | $58.1M | $190.3M | $69.3M | $47.3M | $30.4M |
| Current assets | $150.9M | $343.3M | $421.5M | $353.2M | $218.5M |
| Total assets | $173.8M | $387.2M | $470.7M | $406.9M | $341.4M |
| Current liabilities | $75.1M | $131.9M | $93.7M | $66.5M | $41.7M |
| Total liabilities | $306.3M | $342.6M | $321.1M | $189.9M | $88.8M |
| Total debt | — | — | $3.1M | $15.6M | $25.0M |
| Stockholders' equity | -$132.5M | $44.6M | $149.6M | $217.0M | $252.6M |
| Cash Flow Statement | |||||
| Cash from operations | -$177.2M | -$191.5M | -$111.6M | $3.5M | -$81.7M |
| Depreciation and amortization | $7.3M | $7.2M | $6.8M | $5.7M | $4.8M |
| Stock-based compensation | $14.0M | $24.7M | $24.9M | $26.3M | $23.2M |
| Capital expenditure | $11,000 | $673,000 | $214,000 | $280,000 | $370,000 |
| Free cash flow | -$177.2M | -$192.2M | -$111.8M | $3.3M | -$82.0M |
| Share repurchases | — | — | — | — | $7,000 |
| Impairments | $1.7M | $0 | — | — | — |
Shares outstanding 16.6M · Free float 60.7%
Annual filing data through FY ended December 31, 2025; float as of July 13, 2026.