Sutro Biopharma Financials

STRO

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Sutro Biopharma (STRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 21/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Sutro Biopharma has an operating margin of -384.3%, meaning the company retains $-384 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -58.1% the prior year.

Growth

Sutro Biopharma's revenue declined 59.6% year-over-year, from $153.7M to $62.0M. This contraction results in a growth score of 0/100.

Leverage

Sutro Biopharma has elevated debt relative to equity (D/E of 7.68), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

With a current ratio of 2.60, Sutro Biopharma holds $2.60 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 84/100.

Piotroski F-Score Weak

1/9

Sutro Biopharma passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.84x

For every $1 of reported earnings, Sutro Biopharma generates $0.84 in operating cash flow (-$191.5M OCF vs -$227.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Revenue

$62.0M

YoY-59.6%

5Y CAGR+7.7%

Sutro Biopharma generated $62.0M in revenue in fiscal year 2024. This represents a decrease of 59.6% from the prior year.

EBITDA

-$231.2M

YoY-180.4%

Sutro Biopharma's EBITDA was -$231.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 180.4% from the prior year.

Free Cash Flow

N/A

Net Income

-$227.5M

YoY-113.0%

Sutro Biopharma reported -$227.5M in net income in fiscal year 2024. This represents a decrease of 113.0% from the prior year.

EPS (Diluted)

$-2.96

YoY-66.3%

Sutro Biopharma earned $-2.96 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 66.3% from the prior year.

Cash & Debt

$190.3M

YoY+174.7%

5Y CAGR+107.4%

Sutro Biopharma held $190.3M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

83M

YoY+35.3%

5Y CAGR+29.0%

Sutro Biopharma had 83M shares outstanding in fiscal year 2024. This represents an increase of 35.3% from the prior year.

Gross Margin

N/A

Operating Margin

-384.3%

YoY-326.3pp

5Y CAGR-254.5pp

Sutro Biopharma's operating margin was -384.3% in fiscal year 2024, reflecting core business profitability. This is down 326.3 percentage points from the prior year.

Net Margin

-366.6%

YoY-297.1pp

5Y CAGR-87.7pp

Sutro Biopharma's net profit margin was -366.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 297.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$252.0M

YoY+39.7%

5Y CAGR+30.9%

Sutro Biopharma invested $252.0M in research and development in fiscal year 2024. This represents an increase of 39.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

STRO Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$62.0M-59.6%	$153.7M+126.8%	$67.8M+9.5%	$61.9M+44.8%	$42.7M0.0%	$42.7M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$252.0M+39.7%	$180.4M+31.5%	$137.2M+31.4%	$104.4M+35.7%	$77.0M+17.3%	$65.6M
SG&A Expenses	$48.5M-22.6%	$62.6M+5.1%	$59.5M+6.3%	$56.0M+52.1%	$36.8M+13.0%	$32.6M
Operating Income	-$238.5M-167.1%	-$89.3M+30.8%	-$128.9M-30.9%	-$98.5M-38.7%	-$71.1M-28.1%	-$55.5M
Interest Expense	N/A	$1.3M-45.8%	$2.4M-7.7%	$2.6M+13.0%	$2.3M+109.1%	$1.1M
Income Tax	$2.4M-87.0%	$18.2M+627.7%	$2.5M	$0-100.0%	$103K	$0
Net Income	-$227.5M-113.0%	-$106.8M+10.4%	-$119.2M-12.9%	-$105.5M-228.5%	-$32.1M+73.0%	-$119.2M
EPS (Diluted)	$-2.96-66.3%	$-1.78+24.3%	$-2.35-2.6%	$-2.29-131.3%	$-0.99	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$9.7M-84.8%	$63.7M+266.4%	$17.4M+17.5%	$14.8M-42.4%	$25.7M+97.6%	$13.0M-88.6%	$113.7M+572.0%	$16.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$39.9M+4.0%	$38.3M-25.7%	$51.6M-27.4%	$71.0M+14.5%	$62.0M+9.0%	$56.9M+5.8%	$53.8M+17.7%	$45.7M
SG&A Expenses	$8.7M-15.5%	$10.3M-22.1%	$13.3M+47.0%	$9.0M-27.0%	$12.4M-2.8%	$12.7M-24.3%	$16.8M+10.1%	$15.3M
Operating Income	-$48.5M-1348.7%	-$3.3M+95.1%	-$68.5M-5.0%	-$65.3M-34.0%	-$48.7M+14.0%	-$56.6M-231.1%	$43.2M+198.0%	-$44.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	$100K-66.7%	$300K
Income Tax	$0+100.0%	-$18K	N/A	$0-100.0%	$8K	N/A	$15.8M+759.5%	$1.8M
Net Income	-$56.9M-394.5%	-$11.5M+84.9%	-$76.0M-4.9%	-$72.4M-50.9%	-$48.0M+17.5%	-$58.2M-287.4%	$31.1M+163.0%	-$49.3M
EPS (Diluted)	$-0.67-378.6%	$-0.14+84.6%	$-0.91+23.5%	$-1.19-101.7%	$-0.590.0%	$-0.59-213.5%	$0.52+164.2%	$-0.81

STRO Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$387.2M-17.7%	$470.7M+15.7%	$406.9M+19.2%	$341.4M-13.4%	$394.1M+152.0%	$156.4M
Current Assets	$343.3M-18.6%	$421.5M+19.4%	$353.2M+61.6%	$218.5M-42.2%	$378.2M+194.1%	$128.6M
Cash & Equivalents	$190.3M+174.7%	$69.3M+46.6%	$47.3M+55.4%	$30.4M-85.2%	$206.2M+4056.3%	$5.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$8.6M-76.1%	$36.1M+406.6%	$7.1M-42.8%	$12.5M+124.0%	$5.6M-11.7%	$6.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$342.6M+6.7%	$321.1M+69.1%	$189.9M+113.7%	$88.8M+43.2%	$62.1M+5.9%	$58.6M
Current Liabilities	$131.9M+40.7%	$93.7M+40.9%	$66.5M+59.4%	$41.7M+41.0%	$29.6M-10.2%	$33.0M
Long-Term Debt	N/A	$0-100.0%	$3.8M-76.0%	$15.7M-35.9%	$24.5M+176.5%	$8.9M
Total Equity	$44.6M-70.2%	$149.6M-31.1%	$217.0M-14.1%	$252.6M-23.9%	$332.0M+239.6%	$97.8M
Retained Earnings	-$786.9M-40.7%	-$559.4M-23.6%	-$452.6M-35.8%	-$333.4M-46.3%	-$227.9M-16.4%	-$195.7M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$209.7M-20.1%	$262.4M-18.4%	$321.4M-17.0%	$387.2M-20.8%	$489.0M+21.2%	$403.4M-14.3%	$470.7M+9.0%	$431.7M
Current Assets	$182.1M-21.4%	$231.6M-19.4%	$287.4M-16.3%	$343.3M-22.6%	$443.5M+25.1%	$354.6M-15.9%	$421.5M+10.6%	$381.3M
Cash & Equivalents	$65.9M+3.0%	$64.0M-39.7%	$106.2M-44.2%	$190.3M+109.6%	$90.8M+39.2%	$65.2M-5.8%	$69.3M-15.4%	$81.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$3.9M-51.0%	$8.0M-41.0%	$13.6M+57.4%	$8.6M+24.0%	$7.0M-77.8%	$31.3M-13.2%	$36.1M+117.0%	$16.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$296.9M+0.8%	$294.5M-15.2%	$347.2M+1.4%	$342.6M+1.7%	$336.9M+10.3%	$305.4M-4.9%	$321.1M+0.5%	$319.4M
Current Liabilities	$71.9M-3.2%	$74.2M-44.2%	$133.0M+0.9%	$131.9M+1.5%	$130.0M+63.5%	$79.5M-15.2%	$93.7M+27.4%	$73.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	$0	N/A
Total Equity	-$87.3M-171.8%	-$32.1M-24.4%	-$25.8M-157.9%	$44.6M-70.7%	$152.2M+55.2%	$98.0M-34.5%	$149.6M+33.1%	$112.4M
Retained Earnings	-$931.2M-6.5%	-$874.3M-1.3%	-$862.8M-9.7%	-$786.9M-18.2%	-$665.6M-7.8%	-$617.6M-10.4%	-$559.4M+5.3%	-$590.5M

STRO Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$191.5M-71.6%	-$111.6M-3245.0%	$3.5M+104.3%	-$81.7M-20.5%	-$67.8M-4.3%	-$65.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$218.5M+5668.5%	-$3.9M+88.8%	-$35.0M+64.0%	-$97.3M-16211.8%	$604K+101.2%	-$51.1M
Financing Cash Flow	$94.1M-31.6%	$137.6M+184.7%	$48.3M+1383.8%	$3.3M-98.8%	$269.2M+6535.2%	-$4.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	$7K	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$38.2M+14.6%	-$44.7M+34.1%	-$67.9M+5.4%	-$71.7M-858.7%	$9.5M+114.6%	-$64.7M-560.1%	$14.1M+142.0%	-$33.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$40.0M+1450.0%	$2.6M+115.9%	-$16.3M-118.6%	$87.5M+208.8%	-$80.4M-225.4%	$64.1M+372.6%	-$23.5M+79.4%	-$114.0M
Financing Cash Flow	$102K+270.0%	-$60K-190.9%	$66K+375.0%	-$24K-100.0%	$96.5M+2913.9%	-$3.4M-9.7%	-$3.1M+45.6%	-$5.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

STRO Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-384.3%-326.3pp	-58.1%+132.2pp	-190.3%-31.0pp	-159.2%+7.1pp	-166.3%-36.5pp	-129.8%
Net Margin	-366.6%-297.1pp	-69.5%+106.4pp	-175.9%-5.3pp	-170.6%-95.3pp	-75.2%+203.7pp	-278.9%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-58.7%-36.1pp	-22.7%+6.6pp	-29.3%+1.6pp	-30.9%-22.8pp	-8.2%+68.1pp	-76.2%
Current Ratio	2.60-1.9	4.50-0.8	5.31+0.1	5.24-7.5	12.78+8.9	3.90
Debt-to-Equity	7.68+7.7	0.00-0.0	0.02-0.0	0.06-0.0	0.07-0.0	0.09
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-499.9%-494.7pp	-5.3%+388.5pp	-393.8%+46.9pp	-440.7%-251.3pp	-189.4%+245.7pp	-435.1%-473.0pp	38.0%+298.0pp	-260.1%
Net Margin	-586.6%-568.5pp	-18.0%+418.6pp	-436.6%+52.6pp	-489.2%-302.4pp	-186.8%+260.7pp	-447.5%-474.8pp	27.3%+318.5pp	-291.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	20.8%	N/A
Return on Assets	-27.1%-22.7pp	-4.4%+19.3pp	-23.6%-4.9pp	-18.7%-8.9pp	-9.8%+4.6pp	-14.4%-21.0pp	6.6%+18.0pp	-11.4%
Current Ratio	2.53-0.6	3.12+1.0	2.16-0.4	2.60-0.8	3.41-1.0	4.46-0.0	4.50-0.7	5.18
Debt-to-Equity	-3.40+5.8	-9.17+4.3	-13.45-21.1	7.68+5.5	2.21-0.9	3.12+3.1	0.00-2.8	2.84
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Sutro Biopharma's annual revenue?

Sutro Biopharma (STRO) reported $62.0M in total revenue for fiscal year 2024. This represents a -59.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Sutro Biopharma's revenue growing?

Sutro Biopharma (STRO) revenue declined by 59.6% year-over-year, from $153.7M to $62.0M in fiscal year 2024.

Is Sutro Biopharma profitable?

No, Sutro Biopharma (STRO) reported a net income of -$227.5M in fiscal year 2024, with a net profit margin of -366.6%.

What is Sutro Biopharma's earnings per share (EPS)?

Sutro Biopharma (STRO) reported diluted earnings per share of $-2.96 for fiscal year 2024. This represents a -66.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Sutro Biopharma's EBITDA?

Sutro Biopharma (STRO) had EBITDA of -$231.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Sutro Biopharma's operating margin?

Sutro Biopharma (STRO) had an operating margin of -384.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Sutro Biopharma's net profit margin?

Sutro Biopharma (STRO) had a net profit margin of -366.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Sutro Biopharma's operating cash flow?

Sutro Biopharma (STRO) generated -$191.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Sutro Biopharma's total assets?

Sutro Biopharma (STRO) had $387.2M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Sutro Biopharma spend on research and development?

Sutro Biopharma (STRO) invested $252.0M in research and development during fiscal year 2024.

How many shares does Sutro Biopharma have outstanding?

Sutro Biopharma (STRO) had 83M shares outstanding as of fiscal year 2024.

What is Sutro Biopharma's current ratio?

Sutro Biopharma (STRO) had a current ratio of 2.60 as of fiscal year 2024, which is generally considered healthy.

What is Sutro Biopharma's debt-to-equity ratio?

Sutro Biopharma (STRO) had a debt-to-equity ratio of 7.68 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sutro Biopharma's return on assets (ROA)?

Sutro Biopharma (STRO) had a return on assets of -58.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Sutro Biopharma's cash runway?

Based on fiscal year 2024 data, Sutro Biopharma (STRO) had $190.3M in cash against an annual operating cash burn of $191.5M. This gives an estimated cash runway of approximately 12 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Sutro Biopharma's Piotroski F-Score?

Sutro Biopharma (STRO) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sutro Biopharma's earnings high quality?

Sutro Biopharma (STRO) has an earnings quality ratio of 0.84x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Sutro Biopharma?

Sutro Biopharma (STRO) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.