---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-035948"
form_type: "8-K"
ticker: "STRO"
cik: "0001382101"
company_name: "SUTRO BIOPHARMA, INC."
filed_at: "2024-03-25T23:59:59+00:00"
generated_at: "2026-06-04T08:23:10.059097+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Sutro Biopharma reports FY2023 revenue of $153.7M and $333.7M cash, runway into H2 2025

## Summary
- Revenue $153.7M in FY2023 vs $67.8M in FY2022, driven by Vaxcyte option exercise and collaborations.
- Cash and investments $333.7M plus Vaxcyte stock valued at $41.9M, providing runway into H2 2025.
- Total operating expenses $243.0M; R&D $180.4M, G&A $62.6M; includes stock-based comp $24.9M, D&A $6.8M.
- Jane Chung promoted to President and COO; enrollment in REFRαME-O1 for PROC ongoing, Part 1 expected complete H1 2024.
- Vaxcyte paid $50M for manufacturing rights option, with additional $25M due within six months and up to $60M milestones.

## SEC filing metadata
- accession: 0000950170-24-035948
- form_type: 8-K
- ticker: STRO
- cik: 0001382101
- company_name: SUTRO BIOPHARMA, INC.
- filed_at: 2024-03-25T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1382101/000095017024035948/0000950170-24-035948-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1382101/000095017024035948/stro-20240325.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-035948
- JSON: https://secwatch.observer/filing/0000950170-24-035948.json
- Plain text: https://secwatch.observer/filing/0000950170-24-035948.txt

## Key facts
- Earnings Releases
  SUTRO BIOPHARMA, INC. reported the year ended December 31, 2023 results: revenue $153.7 million.
  - Period: the year ended December 31, 2023
  - Revenue: $153.7 million
  - Result: reported results
  source text: stock on the last trading day of each reporting period, with any non-operating, unrealized gains and losses recorded in Sutro’s statements of operations. Revenue Revenue was $153.7 million for the year ended December 31, 2023, as compared to $67.8 million for the same period in 2022, with the 2023 amount related principally to the Vaxcyte manufacturing rights
  evidence_url: https://www.sec.gov/Archives/edgar/data/1382101/000095017024035948/0000950170-24-035948-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.