On November 12, 2026 Sutro Biopharma, Inc. (Sutro or the Company) (NASDAQ: STRO), a clinical-stage oncology company pioneering site-specific and novel-format antibody drug conjugates (ADCs), reported its financial results for the third quarter ended September 30, 2026 and recent business highlights.
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"Over the past year, we have delivered on our commitment to advance our next-generation ADCs with two programs, STRO-004 and STRO-006, entering the clinic in less than a year, and our dual-payload ADC, STRO-227, expected to follow in early 2027," said Jane Chung, Chief Executive Officer of Sutro. "Early data from STRO-004 give us confidence in its potential to deliver meaningful clinical benefit with our proprietary ADC platform. In addition, our collaboration partner Astellas has initiated patient dosing with a second dual-payload immunostimulatory ADC, further highlighting our strong execution and ability to deliver differentiated, novel dual-payload ADCs. Together these advances reflect our proficiency in translating platform innovation into a growing pipeline of therapies designed to improve patient outcomes and create long-term value."
Sutro Pipeline
STRO-004: Sutro’s potential best-in-class Tissue Factor (TF)-targeting DAR8 exatecan ADC is being evaluated in the ongoing Phase 1 STRIVE-01 study in patients with advanced solid tumors. As previously reported in August 2026, initial dose escalation in 49 heavily pretreated patients demonstrated encouraging early clinical activity, including confirmed and ongoing unconfirmed partial responses across three tumor types in RECIST-evaluable patients, alongside favorable tolerability and a differentiated pharmacokinetic profile. Dose optimization continues in backfill cohorts of selected indications. The Company plans to provide its next STRIVE-01 study update and initiate expansion cohorts in select indications in the first half of 2027.
STRO-006: Sutro’s next-generation, highly selective integrin β6 (ITGB6)-targeting ADC with a DAR8 exatecan payload, is designed for the treatment of multiple solid tumors. In October 2026, the Company announced the first patient dosed in a Phase 1, open-label, multicenter study evaluating the safety, tolerability, pharmacokinetics and preliminary antitumor activity of STRO-006 as a monotherapy in adults with advanced or metastatic solid tumors. The dose-escalation portion will enroll patients with ITGB6-expressing tumor types, including head and neck cancer, non-small cell lung cancer, esophageal/gastric cancer, colorectal cancer, endometrial cancer, urothelial cancer and breast cancer, with dosing beginning at 1.5 mg/kg. The Company anticipates an initial Phase 1 data update in the second half of 2027.
STRO-227: Sutro’s DAR10 dual-payload ADC targeting PTK7, consists of MMAE (DAR2) and exatecan (DAR8) payloads to enable complementary mechanisms of action within a single molecule. The program is advancing toward initiation of a Phase 1 clinical trial in early 2027 and is a key component of Sutro’s strategy to expand its portfolio of ADCs designed for the potential to widen the therapeutic index and overcome resistance.
Next-Generation ADC Collaborations
Astellas: Two programs are advancing in the clinic under Sutro’s collaboration with Astellas focused on dual-payload immunostimulatory ADCs (iADCs). The first program, which targets TROP2, continues to actively dose patients.
The second program, targeting B7-H3, began dosing patients, resulting in a $10 million milestone payment received by Sutro in October 2026.
Recent Scientific Presentations
At the 17th Annual World ADC Conference held October 12–15, 2026, Sutro presented initial STRO-004 clinical safety and pharmacokinetic findings in a plenary session, along with new preclinical updates on STRO-006, STRO-227 and novel payload mechanisms, demonstrating the potential of the Company’s platform to deliver next-generation ADCs with a wider therapeutic index and the potential to overcome resistance to single-payload ADCs. The presentations are available in the Scientific Publications section of Sutro Biopharma’s website at www.sutrobio.com.
Investor Conferences
Management will participate in the following upcoming healthcare investor conferences. Where available, live webcasts of the presentations can be accessed on the Events & Presentations page in the Investor Relations section of the Company’s website at www.sutrobio.com. Archived replays will remain available for at least 30 days following each event.
UBS Global Biopharma Conference
Fireside Chat Date/Time: November 17 at 10:40 AM GMT
Location: London, UK
Jefferies Global Healthcare Conference
Fireside Chat Date/Time: November 18 at 1:30 PM GMT
Location: London, UK
Piper Sandler 38th Annual Healthcare Conference
Fireside Chat Date/Time: December 2 at 1:30 PM EST
Location: New York, NY
Corporate Updates
In September, Sutro appointed Lucas Donigian as Senior Vice President, Business Development, bringing more than 20 years of biotechnology industry experience, with a background in business development, corporate strategy, and alliance management.
Third Quarter 2026 Financial Highlights
Cash, Cash Equivalents and Marketable Securities
As of September 30, 2026, Sutro had cash, cash equivalents and marketable securities of $142.2 million, as compared to $164.3 million as of June 30, 2026. Based on its current operating plan, the Company expects its cash runway to support operations into the first half of 2028.
Revenue
Revenue was $9.1 million for the quarter ended September 30, 2026, as compared to $9.7 million for the quarter ended September 30, 2025, with the 2026 amount related principally to the Astellas collaboration.
Research & Development (R&D) and General & Administrative (G&A) Expenses
Total R&D and G&A expenses for the quarter ended September 30, 2026 were $31.0 million, as compared to $48.6 million for the quarter ended September 30, 2025.
(Press release, Sutro Biopharma, NOV 12, 2026, View Source [SID1234674687])