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Sutro Biopharma Inc. (STRO-7.44%) has submitted its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $227.5 million for the year, compared to a net loss of $106.8 million in the previous year. The increase in net loss is attributed to higher research and development expenses, which rose by 40% to $252 million.
Revenue for the year was $62 million, a 60% decrease from $153.7 million in 2023. The decline in revenue is primarily due to reduced payments from collaborations, including a significant decrease in revenue from Vaxcyte.
Sutro's highest priority preclinical product candidate is STRO-004, an antibody-drug conjugate (ADC) targeting tissue factor for the treatment of solid tumors. The company plans to submit an Investigational New Drug Application (IND) for STRO-004 in the second half of 2025.
The company has several collaborations with pharmaceutical and biotechnology companies, including ongoing relationships with Ipsen and Astellas. Sutro received a $50 million upfront payment from Ipsen in 2024 as part of an exclusive license agreement for STRO-003.
Sutro plans to transition its manufacturing strategy to an outsourced model and intends to wind down its manufacturing activities in San Carlos by the end of 2025.
The company ended the year with $316.9 million in cash, cash equivalents, and marketable securities. Sutro anticipates that its existing capital resources will fund operations through at least the next 12 months.
Sutro's strategy includes advancing STRO-004 through clinical development, pursuing strategic partnerships, and developing a diverse pipeline of novel product candidates with optimized therapeutic profiles.
The filing also details various financial agreements and collaborations, including a purchase and sale agreement with Blackstone and an underwritten offering with BofA Securities, Inc., which together contributed to the company's financial position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sutro Biopharma Inc. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.