{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-25-038879","form_type":"8-K","ticker":"STRO","cik":"0001382101","company_name":"SUTRO BIOPHARMA, INC.","filed_at":"2025-03-13T23:59:59+00:00","discovered_at":"2026-05-14T18:03:03.484016+00:00","generated_at":"2026-05-24T20:39:25.476727+00:00","sec_items":["2.02","2.05","5.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Sutro restructures with 50% layoffs, deprioritizes luvelta; CEO Newell steps down, Jane Chung appointed","bullets":["Jane Chung appointed CEO, replaces Bill Newell effective March 13, 2025; CFO and CMO also transitioning.","Workforce reduced ~50%; luvelta (STRO-002) development halted; out-licensing sought.","Cash, cash equivalents & marketable securities $316.9M as of Dec 31, 2024; cash runway into at least Q4 2026.","Restructuring costs estimated $40-$45 million, largely in 2025; revenue $62M in FY2024 vs $153.7M in 2023.","Three IND filings planned over next 3 years: STRO-004 (Tissue Factor ADC) expected 2H 2025, STRO-006 in 2026, dual-payload ADC in 2027."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-25-038879","json":"https://secwatch.observer/filing/0000950170-25-038879.json","markdown":"https://secwatch.observer/filing/0000950170-25-038879.md","text":"https://secwatch.observer/filing/0000950170-25-038879.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1382101/000095017025038879/0000950170-25-038879-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1382101/000095017025038879/stro-20250313.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-24T20:39:25.476727+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"00d45bcfc9","claim":"William J. Newell resigned as Director at SUTRO BIOPHARMA, INC..","evidence_excerpt":"resigned as a director of the Board, effective as of the Newell Separation Date","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1382101/000095017025038879/0000950170-25-038879-index.htm","confidence":1.0,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"87056b342b","claim":"William J. Newell resigned as President and Chief Executive Officer at SUTRO BIOPHARMA, INC..","evidence_excerpt":"Mr. Newell ceased his role as the Company’s President and CEO, effective March 13, 2025","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1382101/000095017025038879/0000950170-25-038879-index.htm","confidence":1.0,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"President and Chief Executive Officer"}],"fact_type":"executive_change"},{"claim_id":"bc7be10884","claim":"Jane Chung was appointed as Class II Director at SUTRO BIOPHARMA, INC..","evidence_excerpt":"The Board also appointed Ms. Chung as a Class II Director of the Company, effective as of the Newell Separation Date.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1382101/000095017025038879/0000950170-25-038879-index.htm","confidence":1.0,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Class II Director"}],"fact_type":"executive_change"},{"claim_id":"e270a82861","claim":"Jane Chung was appointed as Chief Executive Officer at SUTRO BIOPHARMA, INC..","evidence_excerpt":"Effective as of the Newell Separation Date, the Board appointed Jane Chung, the Company’s President and Chief Operating Officer, to succeed Mr. Newell as Chief Executive Officer.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1382101/000095017025038879/0000950170-25-038879-index.htm","confidence":1.0,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Chief Executive Officer"}],"fact_type":"executive_change"},{"claim_id":"5f8d9655f2dcf56c02ce5894aa5a919fcd76cde8","claim":"SUTRO BIOPHARMA, INC. announced a restructuring with charges of approximately $40 million to $45 million affecting luveltamab tazevibulin (luvelta) activities and internal GMP manufacturing facility (approximately 50%).","evidence_excerpt":"The total cash payments and costs related to deprioritizing luvelta-related activities and reducing the workforce are estimated to be approximately $40 million to $45 million, with a significant majority of these amounts expected to be paid in 2025.","evidence_source":"SEC 8-K Item 2.05/2.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1382101/000095017025038879/0000950170-25-038879-index.htm","confidence":0.9,"family_label":"Restructurings & Charges","details":[{"label":"Type","value":"restructuring"},{"label":"Charge","value":"approximately $40 million to $45 million"},{"label":"Affected area","value":"luveltamab tazevibulin (luvelta) activities and internal GMP manufacturing facility"},{"label":"Headcount","value":"approximately 50%"}],"fact_type":"restructuring_charge"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}