Sutro Biopharma Financials
Sutro Biopharma (STRO) reported $45.7M in revenue over the twelve months to Jun 30, 2026, down 56.3% from the prior twelve months. This page shows its 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).
Sutro's dominant mechanic is development spending that continues to consume cash despite partial revenue and loss recovery.
Revenue recovery moved from$62.0M in FY2024 to$102.5M in FY2025, yet operating cash flow remained negative. The operating loss narrowed to-$158.4M while operating cash flow was-$177.2M , showing that accounting improvement still did not produce cash.
R&D fell from
At FY2025, total liabilities 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 -9.11, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($339.1M) 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 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Sutro Biopharma reported a net loss of $191.0M while operations used $177.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
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.
Cash & Balance Sheet
Sutro Biopharma held $58.1M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
STRO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.8M-32.3% | $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 |
| R&D Expenses | $31.7M-13.3% | $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 |
| SG&A Expenses | $7.8M+3.3% | $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 |
| Operating Income | -$29.9M-0.8% | -$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 |
| Income Tax | $1K+106.7% | -$15K+81.7% | -$82K | $0+100.0% | -$18K-357.1% | $7K | N/A | $0 |
| Net Income | -$38.5M-0.1% | -$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 |
| EPS (Diluted) | -$2.33+20.7% | -$2.94 | -$20.78 | -$0.67 | -$1.35+85.1% | -$9.08 | -$0.89-50.8% | -$0.59 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
STRO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $194.5M-19.6% | $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 |
| Current Assets | $175.6M-20.5% | $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 |
| Cash & Equivalents | $54.3M-26.3% | $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 |
| Accounts Receivable | $5.8M-53.6% | $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 |
| Total Liabilities | $297.8M-3.6% | $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 |
| Current Liabilities | $52.9M-25.3% | $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 |
| Total Equity | -$103.3M-54.5% | -$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 |
| Retained Earnings | -$1.1B-3.8% | -$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 |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
STRO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$38.3M+9.4% | -$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 |
| Investing Cash Flow | $19.4M+142.8% | -$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 |
| Financing Cash Flow | -$418K-100.4% | $103.1M+161154.7% | -$64K-162.7% | $102K+270.0% | -$60K-190.9% | $66K+375.0% | -$24K-102.4% | $1.0M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
STRO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -303.8% | -204.2% | -326.7% | -499.9% | -5.3% | -393.8% | -440.7% | -797.2% |
| Net Margin | -391.6% | -265.0% | -400.8% | -586.6% | -18.0% | -436.6% | -486.1% | -572.6% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | -161.4%-117.5pp | -43.9% |
| Return on Assets | -19.8%-3.9pp | -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% |
| Current Ratio | 3.32+0.2x | 3.12+1.1x | 2.01-0.5x | 2.53-0.6x | 3.12+1.0x | 2.16-0.4x | 2.60-0.5x | 3.09 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | 7.68+4.6x | 3.06 |
Not reported in any period shown, so not listed: Gross Margin, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
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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Where Sutro Biopharma Ranks
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.
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 cash flow?
Sutro Biopharma (STRO) recorded an outflow of $177.2M in operating cash flow during fiscal year 2025, representing cash used by 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 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.
How does Sutro Biopharma's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Sutro Biopharma (STRO) held $141.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $177.2M over that year. Dividing the one by the other, the reported balance equals about 10 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is Sutro Biopharma's debt-to-equity ratio negative or not reported?
Sutro Biopharma (STRO) has negative shareholder equity of -$132.5M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 -9.11, 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 3 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) reported a net loss of $191.0M while operations used $177.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 48 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.