Sutro Biopharma Financials
This page shows Sutro Biopharma (STRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).
External cash sources rather than core operations sustained liquidity, and the balance sheet weakened quickly once those inflows faded.
FY2024's cash peak was not operatingly earned: operating cash flow was-$191.5M , while financing and investing together supplied$312.6M . When those outside inflows largely disappeared in FY2025, cash fell to$58.1M and equity flipped negative at-$132.5M , showing that the prior year's liquidity was temporary rather than a sign the business had begun funding itself.
FY2025's narrower operating loss reflects an expense reset more than a durable scale breakthrough: operating margin improved from
R&D still sits above revenue, with FY2025 research spending of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Sutro Biopharma's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Sutro Biopharma scores -8.80, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($496.9M) relative to total liabilities ($306.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Sutro Biopharma passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Sutro Biopharma generates $0.93 in operating cash flow (-$177.2M OCF vs -$191.0M 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
Earnings & Revenue
Sutro Biopharma generated $102.5M in revenue in fiscal year 2025. This represents an increase of 65.2% from the prior year.
Sutro Biopharma's EBITDA was -$151.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 34.7% from the prior year.
Sutro Biopharma reported -$191.0M in net income in fiscal year 2025. This represents an increase of 15.9% from the prior year.
Sutro Biopharma earned $-22.49 per diluted share (EPS) in fiscal year 2025. This represents an increase of 23.5% from the prior year.
Cash & Balance Sheet
Sutro Biopharma held $58.1M in cash against $0 in long-term debt as of fiscal year 2025.
Sutro Biopharma had 9M shares outstanding in fiscal year 2025. This represents an increase of 3.3% from the prior year.
Margins & Returns
Sutro Biopharma's operating margin was -154.5% in fiscal year 2025, reflecting core business profitability. This is up 229.8 percentage points from the prior year.
Sutro Biopharma's net profit margin was -186.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 179.5 percentage points from the prior year.
Capital Allocation
Sutro Biopharma invested $166.4M in research and development in fiscal year 2025. This represents a decrease of 34.0% from the prior year.
STRO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $14.5M+24.7% | $11.6M+20.2% | $9.7M-84.8% | $63.7M+266.4% | $17.4M+17.5% | $14.8M+73.8% | $8.5M-66.9% | $25.7M |
| 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 | $36.6M-0.2% | $36.6M-8.1% | $39.9M+4.0% | $38.3M-25.7% | $51.6M-27.4% | $71.0M+14.4% | $62.1M+0.1% | $62.0M |
| SG&A Expenses | $7.6M-12.4% | $8.7M-0.9% | $8.7M-15.5% | $10.3M-22.1% | $13.3M+47.0% | $9.0M-37.0% | $14.3M+15.8% | $12.4M |
| Operating Income | -$29.7M+22.1% | -$38.0M+21.5% | -$48.5M-1348.7% | -$3.3M+95.1% | -$68.5M-5.0% | -$65.3M+3.9% | -$67.9M-39.5% | -$48.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$15K+81.7% | -$82K | $0+100.0% | -$18K-357.1% | $7K | N/A | $0-100.0% | $8K |
| Net Income | -$38.5M+17.6% | -$46.7M+17.9% | -$56.9M-394.5% | -$11.5M+84.9% | -$76.0M-5.5% | -$72.0M-47.5% | -$48.8M-1.6% | -$48.0M |
| EPS (Diluted) | $-2.94 | N/A | $-0.67-378.6% | $-0.14+98.5% | $-9.08 | N/A | $-0.590.0% | $-0.59 |
STRO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $242.0M+39.2% | $173.8M-17.1% | $209.7M-20.1% | $262.4M-18.4% | $321.4M-17.0% | $387.2M-14.3% | $451.8M-7.6% | $489.0M |
| Current Assets | $221.0M+46.4% | $150.9M-17.1% | $182.1M-21.4% | $231.6M-19.4% | $287.4M-16.3% | $343.3M-15.4% | $405.8M-8.5% | $443.5M |
| Cash & Equivalents | $73.7M+26.8% | $58.1M-11.8% | $65.9M+3.0% | $64.0M-39.7% | $106.2M-44.2% | $190.3M+9.0% | $174.6M+92.3% | $90.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $12.5M+213.9% | $4.0M+1.4% | $3.9M-51.0% | $8.0M-41.0% | $13.6M+57.4% | $8.6M+29.5% | $6.7M-4.2% | $7.0M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $308.9M+0.8% | $306.3M+3.2% | $296.9M+0.8% | $294.5M-15.2% | $347.2M+1.4% | $342.6M+0.6% | $340.6M+1.1% | $336.9M |
| Current Liabilities | $70.8M-5.8% | $75.1M+4.5% | $71.9M-3.2% | $74.2M-44.2% | $133.0M+0.9% | $131.9M+0.5% | $131.3M+1.0% | $130.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$66.9M+49.5% | -$132.5M-51.8% | -$87.3M-171.8% | -$32.1M-24.4% | -$25.8M-157.9% | $44.6M-59.9% | $111.2M-26.9% | $152.2M |
| Retained Earnings | -$1.0B-3.9% | -$978.0M-5.0% | -$931.2M-6.5% | -$874.3M-1.3% | -$862.8M-9.7% | -$786.9M-10.1% | -$714.4M-7.3% | -$665.6M |
STRO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$42.3M-59.9% | -$26.4M+30.8% | -$38.2M+14.6% | -$44.7M+34.1% | -$67.9M+5.4% | -$71.7M-11.2% | -$64.5M-782.3% | $9.5M |
| 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 | -$45.3M-342.0% | $18.7M-53.2% | $40.0M+1450.0% | $2.6M+115.9% | -$16.3M-118.6% | $87.5M-40.6% | $147.3M+283.3% | -$80.4M |
| Financing Cash Flow | $103.1M+161154.7% | -$64K-162.7% | $102K+270.0% | -$60K-190.9% | $66K+375.0% | -$24K-102.4% | $1.0M-98.9% | $96.5M |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -204.2%+122.5pp | -326.7%+173.3pp | -499.9%-494.7pp | -5.3%+388.5pp | -393.8%+46.9pp | -440.7%+356.5pp | -797.2%-607.8pp | -189.4% |
| Net Margin | -265.0%+135.8pp | -400.8%+185.8pp | -586.6%-568.5pp | -18.0%+418.6pp | -436.6%+49.4pp | -486.1%+86.6pp | -572.6%-385.8pp | -186.8% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | -161.4%-117.5pp | -43.9%-12.3pp | -31.6% |
| Return on Assets | -15.9%+11.0pp | -26.9%+0.3pp | -27.1%-22.7pp | -4.4%+19.3pp | -23.6%-5.0pp | -18.6%-7.8pp | -10.8%-1.0pp | -9.8% |
| Current Ratio | 3.12+1.1 | 2.01-0.5 | 2.53-0.6 | 3.12+1.0 | 2.16-0.4 | 2.60-0.5 | 3.09-0.3 | 3.41 |
| Debt-to-Equity | -4.62-2.3 | -2.31+1.1 | -3.40+5.8 | -9.17+4.3 | -13.45-21.1 | 7.68+4.6 | 3.06+0.8 | 2.21 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$132.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is Sutro Biopharma's annual revenue?
Sutro Biopharma (STRO) reported $102.5M in total revenue for fiscal year 2025. This represents a 65.2% 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 grew by 65.2% year-over-year, from $62.0M to $102.5M in fiscal year 2025.
Is Sutro Biopharma profitable?
No, Sutro Biopharma (STRO) reported a net income of -$191.0M in fiscal year 2025, with a net profit margin of -186.4%.
What is Sutro Biopharma's EBITDA?
Sutro Biopharma (STRO) had EBITDA of -$151.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Sutro Biopharma's operating margin?
Sutro Biopharma (STRO) had an operating margin of -154.5% in fiscal year 2025, 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 -186.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sutro Biopharma's operating cash flow?
Sutro Biopharma (STRO) generated -$177.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sutro Biopharma's total assets?
Sutro Biopharma (STRO) had $173.8M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Sutro Biopharma spend on research and development?
Sutro Biopharma (STRO) invested $166.4M in research and development during fiscal year 2025.
What is Sutro Biopharma's current ratio?
Sutro Biopharma (STRO) had a current ratio of 2.01 as of fiscal year 2025, which is generally considered healthy.
What is Sutro Biopharma's debt-to-equity ratio?
Sutro Biopharma (STRO) had a debt-to-equity ratio of -2.31 as of fiscal year 2025, 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 -109.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Sutro Biopharma's cash runway?
Based on fiscal year 2025 data, Sutro Biopharma (STRO) had $58.1M in cash against an annual operating cash burn of $177.2M. This gives an estimated cash runway of approximately 4 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.
Why is Sutro Biopharma's debt-to-equity ratio negative or unusual?
Sutro Biopharma (STRO) has negative shareholder equity of -$132.5M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Sutro Biopharma's Altman Z-Score?
Sutro Biopharma (STRO) has an Altman Z-Score of -8.80, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Sutro Biopharma's Piotroski F-Score?
Sutro Biopharma (STRO) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 0.93x, 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 47 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.