Sutro Biopharma, Inc.
STROHealthcare|Biotechnology|US
$9.62
+0.42 (+4.57%)
Cash / Share
$9.92
Financials
Financial Snapshot
Market Cap
$159.5M
Enterprise Value
$116.0M
Revenue (TTM)
$45.7M
Net Income (TTM)
-$180.6M
Cash & Investments
$164.3M
Net Cash
$153.6M
Free Cash Flow (TTM)
-$145.6M
Operating CF (TTM)
-$145.2M
Debt/Equity
-0.10
Cash Runway & Burn Rate
Cash on Hand
$164.3M
Quarterly Burn
$36.3M
Monthly Burn
$12.1M
Est. Runway
~4.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $47.5M | $22.0M | $204.5M | $117.9M | $368.1M | $197.9M | $334.4M | $375.6M | $316.9M | $141.4M | $164.3M | |
| Operating Cash Flow | -$13.2M | -$37.1M | $12.7M | -$65.0M | -$67.8M | -$81.7M | $3.5M | -$111.6M | -$191.5M | -$177.2M | -$145.2M | |
| Free Cash Flow | -$17.5M | -$40.4M | $11.1M | -$68.5M | -$74.9M | -$97.0M | -$4.3M | -$115.9M | -$194.6M | -$178.9M | -$145.6M | |
| Capital Expenditure | -$4.4M | -$3.3M | -$1.6M | -$3.5M | -$7.1M | -$15.3M | -$7.9M | -$4.3M | -$3.1M | -$1.7M | -$446.0K | |
| Financing Cash Flow | $177.0K | $14.6M | $170.8M | -$4.2M | $269.2M | $3.3M | $48.3M | $137.6M | $94.1M | $44.0K | $102.7M |
R&D Spending
R&D (TTM)
$144.7M
R&D Intensity
316.7%
R&D Growth vs Prior
-13.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.7M | $51.7M | $38.4M | $42.7M | $42.7M | $61.9M | $67.8M | $153.7M | $62.0M | $102.5M | $45.7M | |
| R&D Expense | $43.5M | $54.6M | $54.3M | $65.6M | $77.0M | $104.4M | $137.2M | $180.4M | $252.0M | $166.4M | $144.7M | |
| R&D % of Revenue | 72.9% | 105.6% | 141.2% | 153.5% | 180.1% | 168.7% | 202.4% | 117.4% | 406.2% | 162.4% | 316.7% | |
| SG&A | $14.8M | $16.4M | $21.4M | $32.6M | $36.8M | $56.0M | $59.5M | $62.6M | $48.5M | $41.0M | $32.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.7M | $51.7M | $38.4M | $42.7M | $42.7M | $61.9M | $67.8M | $153.7M | $62.0M | $102.5M | $45.7M | |
| Cost of Revenue | $43.5M | $51.9M | $54.3M | $0.00 | $77.0M | $9.8M | $8.3M | $6.8M | $7.2M | $7.3M | $1.3M | |
| Gross Profit | $16.2M | -$156.0K | -$15.8M | $42.7M | -$34.2M | $52.1M | $59.5M | $146.9M | $54.8M | $95.2M | $44.4M | |
| R&D | $43.5M | $54.6M | $54.3M | $65.6M | $77.0M | $104.4M | $137.2M | $180.4M | $252.0M | $166.4M | $144.7M | |
| SG&A | $14.8M | $16.4M | $21.4M | $32.6M | $36.8M | $56.0M | $59.5M | $62.6M | $48.5M | $41.0M | $32.8M | |
| Operating Income | $1.4M | -$19.3M | -$37.2M | -$55.5M | -$71.1M | -$98.5M | -$128.9M | -$89.3M | -$238.5M | -$105.0M | -$141.6M | |
| Interest Expense | $0.00 | $689.0K | $1.6M | $4.3M | $4.0M | $3.1M | $3.3M | $23.8M | $31.1M | $38.2M | $40.1M | |
| Pretax Income | $1.7M | -$19.7M | -$35.3M | -$55.7M | -$32.1M | -$105.5M | -$116.7M | -$88.6M | -$225.1M | -$191.2M | -$180.7M | |
| Net Income | $1.7M | -$19.7M | -$35.3M | -$55.7M | -$32.1M | -$105.5M | -$119.2M | -$106.8M | -$227.5M | -$191.1M | -$180.6M | |
| EPS (Diluted) | 38.60 | -28.10 | -15.40 | -24.30 | -9.90 | -22.90 | -23.50 | -17.80 | -29.60 | -22.49 | -17.42 | |
| EBITDA | $7.4M | -$14.1M | -$32.8M | -$46.6M | -$23.8M | -$97.6M | -$107.7M | -$67.9M | -$180.5M | -$145.6M | -$134.6M | |
| Shares Out. (M) | 0.04 | 0.70 | 2.29 | 2.30 | 3.26 | 4.61 | 5.07 | 6.02 | 7.68 | 8.50 | 16.57 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.6M | $22.0M | $125.3M | $5.0M | $206.2M | $30.4M | $47.3M | $69.3M | $190.3M | $58.1M | $54.3M | |
| Short-Term Investments | $35.9M | $0.00 | $79.2M | $112.9M | $162.0M | $167.5M | $287.1M | $306.4M | $126.6M | $83.3M | $110.0M | |
| Total Current Assets | $49.7M | $25.6M | $209.9M | $128.6M | $378.2M | $218.5M | $353.2M | $421.5M | $343.3M | $150.9M | $175.6M | |
| Total Assets | $69.3M | $40.8M | $223.1M | $156.4M | $394.1M | $341.4M | $406.9M | $470.7M | $387.2M | $173.8M | $194.5M | |
| Total Current Liabilities | $50.2M | $32.0M | $36.4M | $33.0M | $29.6M | $41.7M | $66.5M | $93.7M | $131.9M | $75.1M | $52.9M | |
| Long-Term Debt | $0.00 | $0.00 | $10.0M | $8.9M | $24.5M | $15.7M | $3.8M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $160.2M | $149.8M | $91.6M | $58.6M | $62.1M | $88.8M | $189.9M | $321.1M | $342.6M | $306.3M | $297.8M | |
| Stockholders' Equity | -$90.9M | -$109.0M | $131.5M | $97.8M | $332.0M | $252.6M | $217.0M | $149.6M | $44.6M | -$132.5M | -$103.3M | |
| Retained Earnings | -$95.3M | -$115.0M | -$150.3M | -$195.7M | -$227.9M | -$333.4M | -$452.6M | -$559.4M | -$786.9M | -$978.0M | -$1.05B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.2M | -$37.1M | $12.7M | -$65.0M | -$67.8M | -$81.7M | $3.5M | -$111.6M | -$191.5M | -$177.2M | -$145.2M | |
| Capital Expenditure | -$4.4M | -$3.3M | -$1.6M | -$3.5M | -$7.1M | -$15.3M | -$7.9M | -$4.3M | -$3.1M | -$1.7M | -$446.0K | |
| Free Cash Flow | -$17.5M | -$40.4M | $11.1M | -$68.5M | -$74.9M | -$97.0M | -$4.3M | -$115.9M | -$194.6M | -$178.9M | -$145.6M | |
| Investing Cash Flow | $9.6M | $32.6M | -$80.2M | -$51.1M | $604.0K | -$97.3M | -$35.0M | -$3.9M | $218.5M | $45.0M | $32.8M | |
| Financing Cash Flow | $177.0K | $14.6M | $170.8M | -$4.2M | $269.2M | $3.3M | $48.3M | $137.6M | $94.1M | $44.0K | $102.7M | |
| Issuance of Stock | $184.0K | -$191.0K | $84.4M | $0.00 | $251.4M | $0.00 | $56.3M | $12.0M | $96.5M | $376.0K | $102.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | -$327.0K | $0.00 | -$7.0K | $0.00 | $0.00 | $0.00 | $0.00 | $160.0K | |
| Net Debt Issuance | $0.00 | $15.0M | $0.00 | -$5.0M | $15.0M | $0.00 | -$9.4M | -$12.5M | -$4.1M | $0.00 | $0.00 | |
| Stock Based Comp. | $968.0K | $1.4M | $2.9M | $10.3M | $11.9M | $23.2M | $26.3M | $24.9M | $24.7M | $14.0M | $6.8M | |
| Net Change in Cash | -$3.4M | $10.2M | $103.3M | -$120.3M | $202.0M | -$175.7M | $16.8M | $22.0M | $121.0M | -$132.2M | -$9.7M |
Dilution Tracker
Shares outstanding grew 160.9% over 5 years — significant dilution
Shares Outstanding
17M
5-Year Share Growth
+160.9%
Stock Issuance (TTM)
$102.9M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.04 | 0.70 | 2.29 | 2.30 | 3.26 | 4.61 | 5.07 | 6.02 | 7.68 | 8.50 | 16.57 | |
| Change vs Prior % | — | 1486.0% | 226.8% | 0.4% | 41.9% | 41.6% | 10.0% | 18.6% | 27.7% | 10.6% | 95.0% | |
| Stock Issuance | $184.0K | -$191.0K | $84.4M | $0.00 | $251.4M | $0.00 | $56.3M | $12.0M | $96.5M | $376.0K | $102.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | -$327.0K | $0.00 | -$7.0K | $0.00 | $0.00 | $0.00 | $0.00 | $160.0K | |
| Stock Based Comp. | $968.0K | $1.4M | $2.9M | $10.3M | $11.9M | $23.2M | $26.3M | $24.9M | $24.7M | $14.0M | $6.8M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 27.1% | -0.3% | -41.2% | 100.0% | -80.1% | 84.2% | 87.8% | 95.6% | 88.4% | 92.9% | 97.2% | |
| Operating Margin % | 2.3% | -37.2% | -96.9% | -129.8% | -166.3% | -159.2% | -190.3% | -58.1% | -384.3% | -102.4% | -309.9% | |
| Net Margin % | 2.8% | -38.1% | -91.9% | -130.4% | -75.2% | -170.6% | -175.9% | -69.5% | -366.6% | -186.5% | -395.2% | |
| EBITDA Margin % | 12.3% | -27.2% | -85.4% | -109.1% | -55.6% | -157.7% | -158.9% | -44.2% | -290.9% | -142.1% | -294.5% | |
| FCF Margin % | -29.4% | -78.1% | 29.0% | -160.3% | -175.4% | -156.8% | -6.4% | -75.4% | -313.7% | -174.6% | -318.6% | |
| ROE % | -1.9% | 18.1% | -26.8% | -57.0% | -9.7% | -41.8% | -54.9% | -71.4% | -510.0% | 144.3% | 185.3% | |
| ROA % | 2.5% | -48.3% | -15.8% | -35.6% | -8.2% | -30.9% | -29.3% | -22.7% | -58.7% | -109.9% | -92.9% | |
| ROIC % | 7.1% | -82.4% | -19.4% | -44.6% | -19.5% | -31.8% | -35.6% | -23.0% | -90.7% | -98.5% | -95.5% | |
| R&D / Revenue % | 72.9% | 105.6% | 141.2% | 153.5% | 180.1% | 168.7% | 202.4% | 117.4% | 406.2% | 162.4% | 316.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -13.4% | -25.7% | 11.2% | -0.0% | 44.8% | 9.5% | 126.8% | -59.6% | 65.2% | |
| Gross Profit | 0.0% | -101.0% | -10055.8% | 369.7% | -180.1% | 252.2% | 14.2% | 147.0% | -62.7% | 73.6% | |
| Operating Income | 0.0% | -1512.9% | -93.1% | -49.0% | -28.1% | -38.7% | -30.9% | 30.8% | -167.1% | 56.0% | |
| Net Income | 0.0% | -1256.8% | -79.4% | -57.8% | 42.4% | -228.5% | -12.9% | 10.4% | -113.0% | 16.0% | |
| EPS (Diluted) | 0.0% | -172.8% | 45.2% | -57.8% | 59.3% | -131.3% | -2.6% | 24.3% | -66.3% | 24.0% | |
| Operating Cash Flow | 0.0% | -181.9% | 134.2% | -612.7% | -4.3% | -20.5% | 104.3% | -3245.0% | -71.6% | 7.5% | |
| Free Cash Flow | 0.0% | -130.2% | 127.5% | -715.7% | -9.4% | -29.5% | 95.6% | -2590.4% | -67.9% | 8.1% | |
| R&D Expense | 0.0% | 25.5% | -0.7% | 20.9% | 17.3% | 35.7% | 31.4% | 31.5% | 39.7% | -34.0% | |
| SG&A Expense | 0.0% | 10.5% | 30.6% | 52.4% | 13.0% | 52.1% | 6.3% | 5.1% | -22.6% | -15.3% | |
| Total Assets | 0.0% | -41.2% | 447.3% | -29.9% | 152.0% | -13.4% | 19.2% | 15.7% | -17.7% | -55.1% | |
| Book Value / Share | 0.0% | 92.4% | 136.9% | -26.0% | 139.3% | -46.3% | -21.9% | -41.9% | -76.7% | -368.5% | |
| Debt | 0.0% | 1126.7% | 0.6% | -32.9% | 148.5% | 133.8% | -4.1% | -38.9% | -31.2% | -32.3% | |
| Diluted Shares | 0.0% | 1486.0% | 226.8% | 0.4% | 41.9% | 41.6% | 10.0% | 18.6% | 27.7% | 10.6% |
Valuation
P/E (TTM)At Loss
P/S3.49
10Y Low / Med / High0.11 / 5.37 / 16.55
P/B-1.54
10Y Low / Med / High1.57 / 2.13 / 3.17
EV/EBITDAAt Loss
EV/Revenue2.54
10Y Low / Med / High0.55 / 6.02 / 12.30
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$9.92
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 3.94 | -5.41 | -5.82 | -4.53 | -21.93 | -6.50 | -3.44 | -2.41 | -0.62 | -0.51 | -0.55 | |
| P/S Ratio | 0.11 | 2.06 | 5.37 | 5.91 | 16.55 | 11.09 | 6.05 | 1.68 | 2.28 | 0.96 | 3.49 | |
| P/B Ratio | -0.07 | -0.98 | 1.57 | 2.58 | 2.13 | 2.72 | 1.89 | 1.72 | 3.17 | -0.74 | -1.54 | |
| EV/EBITDA | -0.50 | -7.03 | -2.91 | -5.52 | -22.13 | -7.31 | -3.88 | -3.28 | 0.14 | -0.38 | -0.86 | |
| EV/Revenue | -0.06 | 1.91 | 2.49 | 6.02 | 12.30 | 11.53 | 6.16 | 1.45 | -0.42 | 0.55 | 2.54 |
Analyst Estimates & Quality
Altman Z-Score
-8.67
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $51.0M | $34.2M | $38.2M |
| Net Income | -$65.3M | -$57.4M | -$62.0M |
| EPS | $-7.90 | $-6.39 | $-6.50 |
| # Analysts (EPS) | 7 | 8 | 9 |
Revenue Segments
By Product
| Segment | 2018 | 2024 | 2025 |
|---|---|---|---|
| Collaboration Revenue | $13.5M | — | — |
| Other Revenue | $5.4M | — | — |
| Research and Development Services | — | $174.0K | $71.0K |