Sutro Q1 revenue $17.4M, cash $249M; restructures to focus on next-gen ADCs, headcount cut ~50%

SUTRO BIOPHARMA, INC.

2025-Q1 EPS reported -$0.91 revenue$17,399,000

Revenue of $17.4M vs $13.0M Q1 2024; cash $249M down from $316.9M Dec 2024; runway into early 2027.
Restructuring: headcount reduced ~50%, manufacturing facility decommissioned by year-end 2025; luvelta deprioritized.
Lead candidate STRO-004 (Tissue Factor ADC) IND expected 2H 2025; STRO-006 IND 2026; dual-payload ADC IND 2027.
Astellas collaboration triggers $7.5M milestone from IND-enabling tox study for iADC program.
Restructuring cost $21M in Q1; expects further significant costs in 2025 for wind-down of luvelta trials.

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