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Sutro Biopharma (STRO) Financials

Sutro Biopharma logo
$30.43 +0.19 (+0.63%)
Closing price 04:00 PM Eastern
Extended Trading
$31.16 +0.73 (+2.42%)
As of 06:27 PM Eastern
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Annual Income Statements for Sutro Biopharma

Annual Income Statements for Sutro Biopharma

This table shows Sutro Biopharma's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1.70 -20 -35 -56 -32 -106 -119 -107 -227 -191
Consolidated Net Income / (Loss)		 1.70 -20 -35 -56 -32 -106 -119 -107 -227 -191
Net Income / (Loss) Continuing Operations		 1.70 -20 -35 -56 -32 -106 -119 -107 -227 -191
Total Pre-Tax Income 		1.62 -20 -35 -56 -32 -106 -117 -89 -225 -191
Total Operating Income		 1.36 -19 -37 -55 -71 -99 -129 -89 -238 -158
Total Gross Profit		 60 52 38 43 43 62 68 154 62 102
Total Revenue		 60 52 38 43 43 62 68 154 62 102
Operating Revenue		 60 52 38 43 43 62 68 154 62 102
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 58 71 76 98 114 160 197 243 300 261
Selling, General & Admin Expense		 15 16 21 33 37 56 60 63 48 41
Research & Development Expense		 44 55 54 66 77 104 137 180 252 166
Restructuring Charge		 - - - - - - - - 0.00 53
Total Other Income / (Expense), net		 0.25 -0.42 1.91 -0.28 39 -7.01 12 0.68 13 -33
Interest Expense		 0.00 0.69 -0.29 4.35 3.97 3.14 3.35 24 5.29 42
Interest & Investment Income		 0.25 0.27 1.62 4.07 1.51 0.58 3.46 15 19 9.25
Income Tax Expense		 - - - - 0.10 0.00 2.50 18 2.36 -0.09
Basic Earnings per Share		 $0.00 ($43.95) ($6.13) ($2.43) ($0.99) ($2.29) ($2.35) ($1.78) ($29.40) ($22.49)
Weighted Average Basic Shares Outstanding		 407.74K 447.95K 5.76M 22.96M 32.57M 46.12M 50.74M 60.16M 7.74M 8.50M
Diluted Earnings per Share		 $0.00 ($43.95) ($6.13) ($2.43) ($0.99) ($2.29) ($2.35) ($1.78) ($29.40) ($22.49)
Weighted Average Diluted Shares Outstanding		 407.74K 447.95K 5.76M 22.96M 32.57M 46.12M 50.74M 60.16M 7.74M 8.50M
Weighted Average Basic & Diluted Shares Outstanding		 407.74K 447.95K 5.76M 22.96M 32.57M 46.12M 60.16M 62.44M 83.78M 16.57M

Quarterly Income Statements for Sutro Biopharma

This table shows Sutro Biopharma's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -49 31 -58 -48 -49 -72 -76 -11 -57 -47 -38
Consolidated Net Income / (Loss)		 -49 31 -58 -48 -49 -72 -76 -11 -57 -47 -38
Net Income / (Loss) Continuing Operations		 -49 31 -58 -48 -49 -72 -76 -11 -57 -47 -38
Total Pre-Tax Income 		-47 47 -58 -48 -49 -70 -76 -12 -57 -47 -38
Total Operating Income		 -44 43 -57 -49 -68 -65 -69 -3.35 -48 -38 -30
Total Gross Profit		 17 114 13 26 8.52 15 17 64 9.69 12 15
Total Revenue		 17 114 13 26 8.52 15 17 64 9.69 12 15
Operating Revenue		 17 114 13 26 8.52 15 17 64 9.69 12 15
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 61 71 70 74 76 80 86 67 58 50 44
Selling, General & Admin Expense		 15 17 13 12 14 9.03 13 10 8.74 8.66 7.58
Research & Development Expense		 46 54 57 62 62 71 52 38 40 37 37
Restructuring Charge		 - - 0.00 0.00 0.00 - 21 18 9.56 4.39 0.04
Total Other Income / (Expense), net		 -3.43 3.72 -1.62 0.68 19 -4.83 -7.45 -8.17 -8.40 -8.79 -8.84
Interest Expense		 8.68 8.73 9.40 9.04 -14 1.10 11 11 10 10 10
Interest & Investment Income		 4.55 4.56 4.10 4.91 4.88 4.76 3.19 2.52 2.01 1.53 1.64
Income Tax Expense		 1.84 16 - 0.01 0.00 2.36 0.01 -0.02 0.00 - -0.02
Basic Earnings per Share		 ($0.81) $0.52 ($0.95) ($0.59) ($0.59) ($0.83) ($9.08) ($0.14) ($0.67) ($5.50) ($2.94)
Weighted Average Basic Shares Outstanding		 60.60M 60.16M 61.46M 81.22M 82.04M 76.83M 8.36M 84.58M 84.87M 8.50M 13.08M
Diluted Earnings per Share		 ($0.81) $0.52 ($0.95) ($0.59) ($0.59) ($0.83) ($9.08) ($0.14) ($0.67) ($5.50) ($2.94)
Weighted Average Diluted Shares Outstanding		 60.60M 60.16M 61.46M 81.22M 82.04M 76.83M 8.36M 84.58M 84.87M 8.50M 13.08M
Weighted Average Basic & Diluted Shares Outstanding		 60.95M 62.44M 81.79M 81.96M 82.46M 83.78M 84.46M 84.77M 85.14M 16.57M 16.57M

Annual Cash Flow Statements for Sutro Biopharma

This table details how cash moves in and out of Sutro Biopharma's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -3.39 10 103 -120 202 -176 17 22 121 -132
Net Cash From Operating Activities		 -13 -37 13 -65 -68 -82 3.55 -112 -192 -177
Net Cash From Continuing Operating Activities		 -13 -37 13 -65 -69 -82 3.55 -112 -192 -177
Net Income / (Loss) Continuing Operations		 1.70 -20 -35 -56 -32 -106 -119 -107 -227 -191
Consolidated Net Income / (Loss)		 1.70 -20 -35 -56 -32 -106 -119 -107 -227 -191
Depreciation Expense		 5.66 4.99 4.54 4.78 4.30 4.84 5.69 6.82 7.22 7.32
Amortization Expense		 0.17 0.11 -0.53 -1.46 -0.49 2.78 -0.36 -9.08 -9.72 -3.44
Non-Cash Adjustments To Reconcile Net Income		 0.98 4.42 1.38 11 -29 34 13 32 30 60
Changes in Operating Assets and Liabilities, net		 -22 -27 43 -23 -11 -18 104 -34 8.90 -50
Net Cash From Investing Activities		 9.59 33 -80 -51 0.60 -97 -35 -3.92 219 45
Net Cash From Continuing Investing Activities		 9.59 33 -80 -51 0.60 -97 -35 -3.92 219 45
Purchase of Property, Plant & Equipment		 -4.39 -3.32 -1.56 -3.48 -7.13 -15 -7.86 -4.32 -3.10 -1.70
Purchase of Investments		 -52 -14 -81 -196 -131 -249 -217 -460 -462 -265
Sale and/or Maturity of Investments		 66 50 2.75 149 138 167 189 461 683 312
Other Investing Activities, net		 0.00 0.08 0.08 0.00 0.09 0.01 0.01 0.00 0.00 0.00
Net Cash From Financing Activities		 0.18 15 171 -4.18 269 3.26 48 138 94 0.04
Net Cash From Continuing Financing Activities		 0.18 15 171 -4.18 269 3.26 48 138 94 0.04
Repayment of Debt		 0.00 -0.17 0.00 -5.00 -10 0.00 -9.38 -13 -4.08 0.00
Repurchase of Common Equity		 - - - 0.00 0.00 -0.01 0.00 0.00 0.00 0.00
Issuance of Debt		 0.00 15 0.00 0.00 25 0.00 0.00 0.00 0.00 0.00
Issuance of Common Equity		 0.18 0.10 84 0.93 253 1.77 58 14 98 0.37
Other Financing Activities, net		 -0.01 -0.29 1.34 -0.12 1.55 1.50 -0.20 136 -0.24 -0.33
Cash Interest Paid		 0.00 0.48 1.28 1.05 1.68 2.05 1.87 1.13 0.31 0.00
Cash Income Taxes Paid		 - - - 0.00 0.00 0.10 0.00 0.38 18 0.08

Quarterly Cash Flow Statements for Sutro Biopharma

This table details how cash moves in and out of Sutro Biopharma's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -153 -13 -4.07 26 84 16 -84 -42 1.90 -7.80 16
Net Cash From Operating Activities		 -34 14 -65 9.46 -65 -72 -68 -45 -38 -26 -42
Net Cash From Continuing Operating Activities		 -34 14 -65 9.46 -65 -72 -68 -45 -38 -26 -42
Net Income / (Loss) Continuing Operations		 -49 31 -58 -48 -49 -72 -76 -11 -57 -47 -38
Consolidated Net Income / (Loss)		 -49 31 -58 -48 -49 -72 -76 -11 -57 -47 -38
Depreciation Expense		 1.74 1.73 1.76 1.79 1.80 1.87 1.90 1.90 1.90 1.62 1.28
Amortization Expense		 -2.39 -3.05 -2.66 -2.83 -2.70 -1.54 -1.12 -1.03 -0.76 -0.53 -0.45
Non-Cash Adjustments To Reconcile Net Income		 13 5.91 11 10 -7.71 16 16 16 13 15 10
Changes in Operating Assets and Liabilities, net		 3.74 -22 -17 48 -7.12 -16 -9.15 -51 4.65 4.68 -15
Net Cash From Investing Activities		 -114 -24 64 -80 147 87 -16 2.58 40 19 -45
Net Cash From Continuing Investing Activities		 -114 -24 64 -80 147 87 -16 2.58 40 19 -45
Purchase of Property, Plant & Equipment		 -0.33 -1.44 -0.45 -0.76 -0.83 -1.07 -1.17 -0.09 -0.25 -0.18 -0.01
Purchase of Investments		 -238 -81 -135 -157 -43 -126 -142 -29 -90 -4.04 -125
Sale and/or Maturity of Investments		 125 59 200 78 191 215 127 31 130 23 79
Net Cash From Financing Activities		 -5.74 -3.13 -3.43 96 1.02 -0.02 0.07 -0.06 0.10 -0.06 103
Net Cash From Continuing Financing Activities		 -5.74 -3.13 -3.43 96 1.02 -0.02 0.07 -0.06 0.10 -0.06 103
Repayment of Debt		 -3.13 -3.13 -4.08 - - - 0.00 - - - 0.00
Issuance of Common Equity		 0.95 - 0.91 97 0.94 - 0.25 - 0.13 - 103
Other Financing Activities, net		 -0.03 136 -0.26 -0.04 0.08 -0.02 -0.18 -0.06 -0.02 -0.06 -0.13
Cash Income Taxes Paid		 - 0.38 0.01 15 0.00 2.35 0.01 0.00 - 0.06 -0.02

Annual Balance Sheets for Sutro Biopharma

This table presents Sutro Biopharma's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 41 223 156 394 341 407 471 387 174
Total Current Assets		 26 210 129 378 219 353 422 343 151
Cash & Equivalents		 22 125 4.96 206 30 47 69 190 58
Short-Term Investments		 - 79 113 162 168 287 306 127 83
Accounts Receivable		 1.62 2.49 6.30 5.56 12 7.12 36 8.62 3.98
Prepaid Expenses		 1.99 2.97 4.41 4.49 8.12 12 9.85 18 5.52
Plant, Property, & Equipment, net		 14 11 9.63 13 23 25 22 18 11
Total Noncurrent Assets		 1.14 2.26 18 2.99 100 29 27 26 12
Long-Term Investments		 - 0.00 16 0.00 69 - - - 0.00
Other Noncurrent Operating Assets		 1.14 2.26 2.56 2.99 32 29 27 26 12
Total Liabilities & Shareholders' Equity		 41 223 156 394 341 407 471 387 174
Total Liabilities		 47 92 59 62 89 190 321 343 306
Total Current Liabilities		 32 36 33 30 42 67 94 132 75
Accounts Payable		 2.90 3.06 5.58 5.54 6.01 4.80 9.44 10 7.57
Accrued Expenses		 3.64 6.22 6.02 8.82 20 28 53 44 49
Current Deferred Revenue		 11 22 19 15 5.50 17 21 70 11
Other Current Liabilities		 0.14 0.85 0.90 0.63 1.04 4.59 6.42 7.48 7.78
Total Noncurrent Liabilities		 15 55 26 32 47 123 227 211 231
Noncurrent Deferred Revenue		 14 45 17 7.44 0.00 90 53 13 2.03
Other Noncurrent Operating Liabilities		 1.72 0.10 0.13 0.48 31 30 174 198 229
Commitments & Contingencies		 0.00 - - 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -109 132 98 332 253 217 150 45 -132
Total Preferred & Common Equity		 -109 132 98 332 253 217 150 45 -132
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -109 132 98 332 253 217 150 45 -132
Common Stock		 6.22 282 293 560 586 670 709 831 845
Retained Earnings		 -115 -150 -196 -228 -333 -453 -559 -787 -978
Accumulated Other Comprehensive Income / (Loss)		 - -0.05 0.17 0.13 -0.31 -0.62 0.02 0.04 0.02

Quarterly Balance Sheets for Sutro Biopharma

This table presents Sutro Biopharma's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 432 403 489 452 321 262 210 242
Total Current Assets		 381 355 443 406 287 232 182 221
Cash & Equivalents		 82 65 91 175 106 64 66 74
Short-Term Investments		 273 248 335 214 143 141 102 129
Accounts Receivable		 17 31 6.95 6.66 14 8.00 3.92 12
Prepaid Expenses		 9.48 10 11 11 25 19 11 5.93
Plant, Property, & Equipment, net		 22 21 19 19 17 15 13 9.36
Total Noncurrent Assets		 28 28 26 27 17 16 14 12
Long-Term Investments		 0.00 0.00 - - - - - 0.00
Other Noncurrent Operating Assets		 28 28 26 27 17 16 14 12
Total Liabilities & Shareholders' Equity		 432 403 489 452 321 262 210 242
Total Liabilities		 319 305 337 341 347 294 297 309
Total Current Liabilities		 74 80 130 131 133 74 72 71
Accounts Payable		 5.53 7.51 6.09 6.22 8.18 4.31 7.03 5.49
Accrued Expenses		 31 45 43 45 48 50 48 48
Current Deferred Revenue		 24 21 74 73 69 12 8.98 9.40
Other Current Liabilities		 6.17 6.67 6.93 7.20 7.77 8.06 7.96 7.60
Total Noncurrent Liabilities		 246 226 207 209 214 220 225 238
Noncurrent Deferred Revenue		 78 46 22 18 8.57 6.91 3.76 1.23
Other Noncurrent Operating Liabilities		 168 180 185 191 206 213 221 237
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 112 98 152 111 -26 -32 -87 -67
Total Preferred & Common Equity		 112 98 152 111 -26 -32 -87 -67
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 112 98 152 111 -26 -32 -87 -67
Common Stock		 703 716 818 826 837 842 844 950
Retained Earnings		 -590 -618 -666 -714 -863 -874 -931 -1,016
Accumulated Other Comprehensive Income / (Loss)		 0.01 -0.11 -0.16 0.11 -0.01 -0.01 0.03 -0.10

Annual Metrics And Ratios for Sutro Biopharma

This table displays calculated financial ratios and metrics derived from Sutro Biopharma's official financial filings.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 22,848,184.00 23,090,150.00 38,604,176.00 46,270,347.00 57,475,466.00 60,953,204.00 - 85,135,290.00
DEI Adjusted Shares Outstanding		 0.00 0.00 2,284,818.00 2,309,015.00 3,860,418.00 4,627,035.00 5,747,547.00 6,095,320.00 - 8,513,529.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 -15.46 -24.14 -8.32 -22.81 -20.74 -17.52 - -22.45
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% -13.38% -25.75% 11.24% -0.03% 44.84% 9.52% 126.84% -59.64% 65.18%
EBITDA Growth		 0.00% -297.05% -134.28% -57.02% 50.62% -270.27% -16.92% 26.79% -195.21% 35.89%
EBIT Growth		 0.00% -1,512.90% -93.15% -49.02% 46.71% -248.38% -13.43% 32.06% -200.47% 33.59%
NOPAT Growth		 0.00% -1,089.03% -93.15% -49.02% -28.10% -38.65% -30.87% 30.76% -167.09% 33.59%
Net Income Growth		 0.00% -1,256.76% -79.38% -57.84% 42.37% -228.49% -12.95% 10.41% -112.99% 15.99%
EPS Growth		 0.00% 0.00% 86.05% 60.36% 59.26% -131.31% -2.62% 24.26% -66.29% 23.50%
Operating Cash Flow Growth		 0.00% -181.86% 134.21% -612.68% -4.27% -20.47% 104.35% -3,245.00% -71.61% 7.47%
Free Cash Flow Firm Growth		 0.00% 0.00% 3,838.59% -491.05% 10.17% -42.92% 123.78% 168.37% -299.65% 6.23%
Invested Capital Growth		 0.00% 0.00% -317.32% 55.68% 55.27% 194.98% -1,021.61% -119.61% -22.71% -0.58%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% -15.40% -6.62% 3.99% -2.90% 216.05% -61.45% -2.99%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% -27.33% 54.41% 21.49% -1.42% 51.53% -104.52% 15.33%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -26.18% 51.54% 19.14% 0.17% 52.71% -109.79% 14.66%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -26.18% 18.45% -11.54% -12.36% 50.85% -83.36% 14.66%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -31.32% -354.44% 16.87% 2.88% 38.07% -83.51% 11.85%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -103.84% -890.00% 2.14% 27.69% 38.41% -83.85% -781.96%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -7.95% -12.49% -9.22% -3.42% -39.16% 25.37% -81.16% 20.36%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 17.34% -2.67% 129.59% 75.43% -134.64% 28.15%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 11.43% 9.12% -24.72% -34.30% 5.84% 1.71% -7.46%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 12.04% -27.40% -86.44% -122.02% -60.28% -154.09% -164.50% -53.09% -388.37% -150.73%
Operating Margin		 2.28% -37.25% -96.89% -129.79% -166.32% -159.22% -190.26% -58.07% -384.34% -154.53%
EBIT Margin		 2.28% -37.25% -96.89% -129.79% -69.19% -166.42% -172.36% -51.62% -384.34% -154.53%
Profit (Net Income) Margin		 2.85% -38.05% -91.93% -130.44% -75.20% -170.55% -175.89% -69.47% -366.62% -186.45%
Tax Burden Percent		 105.39% 100.00% 100.00% 100.00% 100.32% 100.00% 102.14% 120.53% 101.05% 99.95%
Interest Burden Percent		 118.40% 102.16% 94.88% 100.50% 108.34% 102.49% 99.91% 111.64% 94.40% 120.72%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 0.00% 303.08% -56.49% -48.62% -14.95% -36.11% -50.77% -58.25% -234.19% 435.02%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% -834.32% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -47.27% -28.21% -29.23% -10.74% -28.00% -31.22% -18.08% -55.59% -56.46%
Return on Assets (ROA)		 0.00% -48.29% -26.76% -29.38% -11.67% -28.70% -31.86% -24.34% -53.02% -68.12%
Return on Common Equity (ROCE)		 0.00% 5,085.57% -10.18% -48.62% -14.95% -36.11% -50.77% -58.25% -234.19% 435.02%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 18.06% -26.85% -57.00% -9.68% -41.79% -54.92% -71.36% -509.99% 0.00%
Net Operating Profit after Tax (NOPAT)		 1.36 -13 -26 -39 -50 -69 -90 -62 -167 -111
NOPAT Margin		 2.28% -26.07% -67.82% -90.85% -116.43% -111.45% -133.18% -40.65% -269.03% -108.17%
Net Nonoperating Expense Percent (NNEP)		 0.00% -166.22% -9.39% -10.80% 7.54% -12.50% -10.34% -12.85% -17.59% -35.01%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - -38.69% -40.66% -374.25% 83.70%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 24.81% 31.65% 55.65% 76.26% 86.18% 90.50% 87.86% 40.71% 78.10% 40.02%
R&D to Revenue		 72.91% 105.60% 141.24% 153.53% 180.14% 168.71% 202.40% 117.36% 406.24% 162.38%
Operating Expenses to Revenue		 97.72% 137.25% 196.89% 229.79% 266.32% 259.22% 290.26% 158.07% 484.34% 254.53%
Earnings before Interest and Taxes (EBIT)		 1.36 -19 -37 -55 -30 -103 -117 -79 -238 -158
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 7.19 -14 -33 -52 -26 -95 -111 -82 -241 -154
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 1.57 2.60 2.52 2.73 2.14 1.75 3.40 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 1.57 2.60 2.52 2.73 2.14 1.75 3.40 0.00
Price to Revenue (P/Rev)		 1.42 1.64 5.36 5.94 19.62 11.13 6.85 1.70 2.45 0.96
Price to Earnings (P/E)		 49.94 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 2.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 40.76 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 3.48 0.42 3.05 11.57 7.22 2.16 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 1.29 0.00 0.00 0.00 41.23 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 389.22 0.90 0.00 0.00 0.00 6.73 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 -2.24 0.11 0.10 0.07 0.10 0.08 0.03 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.08 0.09 0.07 0.06 0.02 0.00 0.00 0.00
Financial Leverage		 0.00 1.15 -1.58 -1.37 -1.09 -1.00 -1.19 -1.88 -3.54 5.22
Leverage Ratio		 0.00 -6.28 2.11 1.65 1.28 1.26 1.59 2.39 4.42 -6.39
Compound Leverage Factor		 0.00 -6.41 2.00 1.66 1.39 1.29 1.59 2.67 4.17 -7.71
Debt to Total Capital		 0.00% 180.53% 10.07% 9.17% 6.88% 9.04% 6.97% 2.64% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 180.53% 3.23% 0.93% 0.00% 3.38% 5.36% 2.64% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 6.84% 8.24% 6.88% 5.67% 1.62% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 1,270.67% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% -1,351.20% 89.93% 90.83% 93.12% 90.96% 93.03% 97.36% 100.00% 100.00%
Debt to EBITDA		 0.00 -1.03 -0.44 -0.19 -0.95 -0.26 -0.15 -0.05 0.00 0.00
Net Debt to EBITDA		 0.00 0.53 5.71 2.37 13.34 2.53 2.85 4.55 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 -0.30 -0.17 -0.95 -0.17 -0.03 0.00 0.00 0.00
Debt to NOPAT		 0.00 -1.08 -0.57 -0.25 -0.49 -0.36 -0.18 -0.07 0.00 0.00
Net Debt to NOPAT		 0.00 0.55 7.28 3.18 6.91 3.50 3.52 5.95 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 -0.38 -0.23 -0.49 -0.23 -0.04 0.00 0.00 0.00
Altman Z-Score		 0.00 -3.35 0.96 0.69 8.22 3.09 -0.03 -0.57 -3.80 -9.58
Noncontrolling Interest Sharing Ratio		 0.00% -1,577.97% 81.98% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.00 0.80 5.76 3.90 12.78 5.24 5.31 4.50 2.60 2.01
Quick Ratio		 0.00 0.74 5.68 3.77 12.63 5.04 5.13 4.39 2.47 1.94
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.46 18 -71 -64 -91 22 58 -117 -109
Operating Cash Flow to CapEx		 -300.43% -1,118.00% 814.58% -1,867.94% -951.07% -533.05% 45.16% -2,586.70% -6,182.70% -10,456.11%
Free Cash Flow to Firm to Interest Expense		 0.00 0.67 0.00 -16.38 -16.11 -29.16 6.50 2.46 -22.04 -2.60
Operating Cash Flow to Interest Expense		 0.00 -53.81 0.00 -14.95 -17.06 -26.04 1.06 -4.70 -36.22 -4.21
Operating Cash Flow Less CapEx to Interest Expense		 0.00 -58.62 0.00 -15.75 -18.86 -30.92 -1.29 -4.88 -36.81 -4.25
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 1.27 0.29 0.23 0.16 0.17 0.18 0.35 0.14 0.37
Accounts Receivable Turnover		 0.00 31.86 18.68 9.73 7.21 6.87 6.92 7.12 2.78 16.28
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 3.70 3.08 4.16 3.79 3.49 2.87 6.60 3.09 7.11
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 11.46 19.54 37.52 50.65 53.13 52.72 51.28 131.47 22.43
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 11.46 19.54 37.52 50.65 53.13 52.72 51.28 131.47 22.43
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 -14 -58 -26 -12 11 -101 -222 -272 -274
Invested Capital Turnover		 0.00 -7.42 -1.06 -1.02 -2.29 -213.38 -1.50 -0.95 -0.25 -0.38
Increase / (Decrease) in Invested Capital		 0.00 -14 -44 32 14 23 -112 -121 -50 -1.59
Enterprise Value (EV)		 0.00 180 16 130 495 447 146 -110 -165 -43
Market Capitalization		 85 85 206 254 838 689 464 261 152 99
Book Value per Share		 $0.00 ($243.34) $5.76 $4.24 $8.60 $5.46 $3.78 $2.46 $0.54 ($1.56)
Tangible Book Value per Share		 $0.00 ($243.34) $5.76 $4.24 $8.60 $5.46 $3.78 $2.46 $0.54 ($1.56)
Total Capital		 0.00 8.07 146 108 357 278 233 154 45 -132
Total Debt		 0.00 15 15 9.88 25 25 16 4.06 0.00 0.00
Total Long-Term Debt		 0.00 0.00 10 8.88 25 16 3.77 0.00 0.00 0.00
Net Debt		 0.00 -7.46 -190 -124 -344 -242 -318 -372 -317 -141
Capital Expenditures (CapEx)		 4.38 3.32 1.56 3.48 7.13 15 7.86 4.32 3.10 1.70
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -14 -26 -21 -20 -12 -35 -44 -105 -66
Debt-free Net Working Capital (DFNWC)		 0.00 8.24 178 97 349 186 299 332 211 76
Net Working Capital (NWC)		 0.00 -6.33 174 96 349 177 287 328 211 76
Net Nonoperating Expense (NNE)		 -0.34 6.20 9.26 17 -18 37 29 44 61 80
Net Nonoperating Obligations (NNO)		 0.00 -7.46 -190 -124 -344 -242 -318 -372 -317 -141
Total Depreciation and Amortization (D&A)		 5.83 5.10 4.01 3.32 3.81 7.63 5.33 -2.26 -2.50 3.89
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -26.64% -68.31% -49.75% -45.77% -19.04% -52.02% -28.47% -170.01% -64.04%
Debt-free Net Working Capital to Revenue		 0.00% 15.92% 463.96% 226.04% 815.94% 300.83% 441.34% 215.87% 340.76% 73.96%
Net Working Capital to Revenue		 0.00% -12.23% 451.66% 223.70% 815.94% 285.68% 422.90% 213.23% 340.76% 73.96%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($43.95) ($6.13) ($2.43) ($0.99) ($2.29) ($2.35) ($1.78) ($2.96) ($22.49)
Adjusted Weighted Average Basic Shares Outstanding		 407.74K 447.95K 22.93M 23.10M 45.89M 46.38M 50.74M 60.16M 76.83M 8.50M
Adjusted Diluted Earnings per Share		 $0.00 ($43.95) ($6.13) ($2.43) ($0.99) ($2.29) ($2.35) ($1.78) ($2.96) ($22.49)
Adjusted Weighted Average Diluted Shares Outstanding		 407.74K 447.95K 22.93M 23.10M 45.89M 46.38M 50.74M 60.16M 76.83M 8.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($43.95) ($6.13) ($2.43) ($0.99) ($2.29) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 407.74K 447.95K 5.76M 22.96M 32.57M 46.12M 60.16M 62.44M 83.78M 16.57M
Normalized Net Operating Profit after Tax (NOPAT)		 0.95 -13 -26 -39 -50 -69 -90 -62 -167 -73
Normalized NOPAT Margin		 1.60% -26.07% -67.82% -90.85% -116.43% -111.45% -133.18% -40.65% -269.03% -71.69%
Pre Tax Income Margin		 2.70% -38.05% -91.93% -130.44% -74.96% -170.55% -172.20% -57.63% -362.81% -186.55%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 -27.97 0.00 -12.75 -7.44 -32.83 -34.91 -3.34 -45.09 -3.77
NOPAT to Interest Expense		 0.00 -19.58 0.00 -8.93 -12.52 -21.99 -26.98 -2.63 -31.57 -2.64
EBIT Less CapEx to Interest Expense		 0.00 -32.78 0.00 -13.55 -9.23 -37.71 -37.26 -3.52 -45.68 -3.81
NOPAT Less CapEx to Interest Expense		 0.00 -24.39 0.00 -9.73 -14.31 -26.87 -29.32 -2.81 -32.15 -2.68
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -0.01% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Sutro Biopharma

This table displays calculated financial ratios and metrics derived from Sutro Biopharma's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 60,527,043.00 60,953,204.00 62,441,963.00 81,794,334.00 81,963,659.00 - 83,775,336.00 84,461,365.00 84,774,177.00 85,135,290.00 16,567,238.00
DEI Adjusted Shares Outstanding		 6,052,704.00 6,095,320.00 6,244,196.00 8,179,433.00 8,196,366.00 - 8,377,534.00 8,446,136.00 8,477,418.00 8,513,529.00 16,567,238.00
DEI Earnings Per Adjusted Shares Outstanding		 -8.14 5.10 -9.32 -5.87 -5.95 - -9.07 -1.36 -6.71 -5.49 -2.32
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -32.70% 1,217.44% 2.64% 146.89% -49.66% -86.98% 33.76% 147.98% 13.77% -21.35% -16.53%
EBITDA Growth		 -168.48% 234.17% -8.92% -18.29% -56.49% -247.65% -25.88% 94.48% 31.25% 43.08% 57.44%
EBIT Growth		 -144.55% 236.43% -7.48% -15.90% -56.78% -244.47% -29.49% 92.38% 28.65% 41.69% 56.72%
NOPAT Growth		 -107.52% 183.00% -33.98% -5.43% -54.31% -259.73% -21.07% 93.13% 28.65% 41.69% 56.72%
Net Income Growth		 -152.89% 189.80% -16.31% -24.64% 1.01% -333.20% -30.50% 76.05% -16.54% 35.45% 49.34%
EPS Growth		 -118.92% 188.14% -11.76% 7.81% 27.16% -259.62% -30.50% 76.27% -13.56% 41.24% 67.62%
Operating Cash Flow Growth		 -150.87% 158.97% -6.15% 130.31% -92.57% -609.79% -4.85% -573.02% 40.81% 63.15% 37.75%
Free Cash Flow Firm Growth		 72.93% 92.72% 52.57% -93.50% -104.77% -96.85% -88.10% -399.20% -808.20% -632.33% -324.41%
Invested Capital Growth		 -213.22% -119.61% -176.46% -20.77% -17.55% -22.71% -27.69% 13.36% 8.00% -0.58% 1.94%
Revenue Q/Q Growth		 62.54% 571.95% -88.56% 97.62% -66.86% 73.81% 17.49% 266.37% -84.79% 20.16% 24.69%
EBITDA Q/Q Growth		 -15.82% 213.07% -208.21% 16.53% -53.22% -6.68% -4.31% 96.34% -1,809.36% 21.89% 22.01%
EBIT Q/Q Growth		 -14.43% 217.83% -203.66% 17.08% -54.79% -8.58% -4.99% 95.12% -1,348.70% 21.48% 22.06%
NOPAT Q/Q Growth		 4.69% 192.83% -238.51% 13.97% -39.51% 3.92% -4.99% 95.12% -1,348.70% 21.48% 22.06%
Net Income Q/Q Growth		 -27.93% 163.03% -287.39% 17.51% -1.60% -48.49% -4.87% 84.86% -394.45% 17.76% 17.70%
EPS Q/Q Growth		 -26.56% 164.20% -282.69% 37.89% 0.00% -40.68% -4.87% 84.62% -378.57% -720.90% 46.55%
Operating Cash Flow Q/Q Growth		 -7.40% 142.00% -560.07% 114.60% -782.35% -11.19% 5.37% 34.12% 14.61% 30.78% -59.86%
Free Cash Flow Firm Q/Q Growth		 -35.23% 15.31% -34.60% -86.69% -147.49% 176.18% 147.15% -434.64% -44.14% 55.35% -4.19%
Invested Capital Q/Q Growth		 -3.94% 5.84% 3.03% -27.24% -1.18% 1.71% -0.91% 13.66% -7.43% -7.46% 1.62%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -259.84% 43.72% -413.65% -174.72% -807.71% -495.75% -389.28% -3.89% -488.13% -317.30% -198.46%
Operating Margin		 -260.07% 37.95% -435.05% -189.39% -797.17% -440.66% -393.78% -5.25% -499.94% -326.69% -204.20%
EBIT Margin		 -255.97% 44.89% -406.77% -170.69% -797.17% -497.97% -393.78% -5.25% -499.94% -326.69% -204.20%
Profit (Net Income) Margin		 -291.21% 27.32% -447.52% -186.80% -572.62% -489.18% -436.62% -18.04% -586.58% -401.49% -264.99%
Tax Burden Percent		 103.88% 66.28% 100.00% 100.02% 100.00% 103.36% 100.01% 99.84% 100.00% 99.84% 99.96%
Interest Burden Percent		 109.52% 91.82% 110.02% 109.42% 71.83% 95.04% 110.87% 344.30% 117.33% 123.10% 129.82%
Effective Tax Rate		 0.00% 33.72% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -100.83% -58.25% -81.12% -81.10% -110.89% -234.19% -679.15% -347.64% -1,810.01% 435.02% 331.40%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -29.91% 15.72% -164.61% -60.61% -290.43% -72.02% -72.18% -1.46% -159.69% -119.35% -72.20%
Return on Assets (ROA)		 -34.03% 9.57% -181.10% -66.33% -208.62% -70.75% -80.04% -5.02% -187.36% -146.68% -93.70%
Return on Common Equity (ROCE)		 -100.83% -58.25% -81.12% -81.10% -110.89% -234.19% -679.15% -347.64% -1,810.01% 435.02% 331.40%
Return on Equity Simple (ROE_SIMPLE)		 -153.50% 0.00% -117.27% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -31 29 -40 -34 -48 -46 -48 -2.34 -34 -27 -21
NOPAT Margin		 -182.05% 25.15% -304.53% -132.57% -558.02% -308.47% -275.65% -3.67% -349.96% -228.68% -142.94%
Net Nonoperating Expense Percent (NNEP)		 -5.66% 0.72% -6.45% -3.45% -0.34% -7.77% -9.96% -2.90% -8.25% -8.78% -7.85%
Return On Investment Capital (ROIC_SIMPLE)		 - 18.61% -40.41% -22.39% -42.75% -102.42% 185.81% 7.29% 38.87% 20.11% 31.04%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 90.22% 14.78% 97.79% 48.13% 168.20% 60.98% 76.29% 16.23% 90.18% 74.37% 52.22%
R&D to Revenue		 269.85% 47.28% 437.25% 241.27% 728.97% 479.69% 296.55% 60.12% 411.15% 314.60% 251.69%
Operating Expenses to Revenue		 360.07% 62.05% 535.05% 289.39% 897.17% 540.66% 493.78% 105.25% 599.94% 426.69% 304.20%
Earnings before Interest and Taxes (EBIT)		 -43 51 -53 -44 -68 -74 -69 -3.35 -48 -38 -30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -44 50 -54 -45 -69 -73 -68 -2.48 -47 -37 -29
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.87 1.75 3.60 1.57 2.55 3.40 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 1.87 1.75 3.60 1.57 2.55 3.40 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 4.32 1.70 2.29 1.42 1.76 2.45 0.82 0.58 0.70 0.96 4.14
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.26 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.11
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.06 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.91 -1.88 -2.03 -2.63 -3.29 -3.54 -7.79 -5.26 -23.21 5.22 4.87
Leverage Ratio		 2.43 2.39 2.69 3.11 3.95 4.42 10.04 6.26 27.62 -6.39 -6.08
Compound Leverage Factor		 2.67 2.20 2.96 3.40 2.84 4.20 11.13 21.55 32.40 -7.86 -7.89
Debt to Total Capital		 5.97% 2.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 5.97% 2.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 94.03% 97.36% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 -0.04 -0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 2.07 4.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -0.06 -0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 2.74 5.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -0.88 0.35 -0.68 -0.66 -1.12 -2.39 -3.58 -3.47 -5.70 -7.29 -4.33
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 5.18 4.50 4.46 3.41 3.09 2.60 2.16 3.12 2.53 2.01 3.12
Quick Ratio		 5.05 4.39 4.33 3.33 3.01 2.47 1.97 2.87 2.39 1.94 3.04
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 130 149 98 13 -6.18 4.71 12 -39 -56 -25 -26
Operating Cash Flow to CapEx		 -10,214.02% 976.54% -14,515.92% 1,250.66% -7,791.79% -6,717.04% -5,782.20% -52,004.65% -15,214.74% -14,366.85% -384,172.73%
Free Cash Flow to Firm to Interest Expense		 14.94 17.12 10.40 1.44 0.00 4.26 1.09 -3.64 -5.39 -2.43 -2.49
Operating Cash Flow to Interest Expense		 -3.86 1.61 -6.89 1.05 0.00 -64.98 -6.38 -4.18 -3.67 -2.56 -4.03
Operating Cash Flow Less CapEx to Interest Expense		 -3.90 1.45 -6.94 0.96 0.00 -65.95 -6.49 -4.19 -3.69 -2.58 -4.03
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.12 0.35 0.40 0.36 0.36 0.14 0.18 0.28 0.32 0.37 0.35
Accounts Receivable Turnover		 3.49 7.12 7.48 19.98 13.83 2.78 2.96 13.98 19.98 16.28 7.65
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 2.09 6.60 6.90 7.87 7.79 3.09 3.55 6.07 6.53 7.11 7.62
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 104.56 51.28 48.77 18.26 26.40 131.47 123.24 26.11 18.27 22.43 47.72
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 104.56 51.28 48.77 18.26 26.40 131.47 123.24 26.11 18.27 22.43 47.72
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -236 -222 -215 -274 -277 -272 -275 -237 -255 -274 -269
Invested Capital Turnover		 -0.31 -0.95 -1.05 -0.68 -0.63 -0.25 -0.27 -0.41 -0.40 -0.38 -0.37
Increase / (Decrease) in Invested Capital		 -160 -121 -137 -47 -41 -50 -60 37 22 -1.59 5.34
Enterprise Value (EV)		 -138 -110 40 -186 -105 -165 -194 -145 -94 -43 210
Market Capitalization		 210 261 353 240 284 152 55 60 74 99 413
Book Value per Share		 $1.86 $2.46 $1.57 $1.86 $1.36 $0.54 ($0.31) ($0.38) ($1.03) ($1.56) ($4.04)
Tangible Book Value per Share		 $1.86 $2.46 $1.57 $1.86 $1.36 $0.54 ($0.31) ($0.38) ($1.03) ($1.56) ($4.04)
Total Capital		 119 154 98 152 111 45 -26 -32 -87 -132 -67
Total Debt		 7.14 4.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -348 -372 -313 -426 -388 -317 -249 -205 -168 -141 -203
Capital Expenditures (CapEx)		 0.33 1.44 0.45 0.76 0.83 1.07 1.17 0.09 0.25 0.18 0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -40 -44 -38 -113 -114 -105 -95 -48 -57 -66 -52
Debt-free Net Working Capital (DFNWC)		 315 332 275 313 274 211 154 157 110 76 150
Net Working Capital (NWC)		 308 328 275 313 274 211 154 157 110 76 150
Net Nonoperating Expense (NNE)		 18 -2.47 19 14 1.24 27 28 9.16 23 20 18
Net Nonoperating Obligations (NNO)		 -348 -372 -313 -426 -388 -317 -249 -205 -168 -141 -203
Total Depreciation and Amortization (D&A)		 -0.66 -1.32 -0.90 -1.04 -0.90 0.33 0.78 0.87 1.15 1.09 0.83
Debt-free, Cash-free Net Working Capital to Revenue		 -82.99% -28.47% -24.76% -66.43% -70.68% -170.01% -142.41% -45.70% -54.31% -64.04% -52.60%
Debt-free Net Working Capital to Revenue		 647.15% 215.87% 178.54% 185.10% 170.54% 340.76% 232.36% 150.65% 104.33% 73.96% 150.75%
Net Working Capital to Revenue		 632.47% 213.23% 178.54% 185.10% 170.54% 340.76% 232.36% 150.65% 104.33% 73.96% 150.75%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.81) $0.52 ($0.95) ($0.59) ($0.59) ($0.83) ($9.10) ($0.14) ($0.67) ($5.50) ($2.94)
Adjusted Weighted Average Basic Shares Outstanding		 60.60M 60.16M 61.46M 81.22M 82.04M 76.83M 8.31M 84.58M 84.87M 8.50M 13.08M
Adjusted Diluted Earnings per Share		 ($0.81) $0.52 ($0.95) ($0.59) ($0.59) ($0.83) ($9.10) ($0.14) ($0.67) ($5.50) ($2.94)
Adjusted Weighted Average Diluted Shares Outstanding		 60.60M 60.16M 61.46M 81.22M 82.04M 76.83M 8.31M 84.58M 84.87M 8.50M 13.08M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ($5.50) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 60.95M 62.44M 81.79M 81.96M 82.46M 83.78M 8.45M 84.77M 85.14M 16.57M 16.57M
Normalized Net Operating Profit after Tax (NOPAT)		 -31 29 -40 -34 -48 -46 -33 11 -27 -24 -21
Normalized NOPAT Margin		 -182.05% 25.15% -304.53% -132.57% -558.02% -308.47% -190.99% 16.56% -280.93% -202.28% -142.74%
Pre Tax Income Margin		 -280.34% 41.22% -447.52% -186.77% -572.62% -473.28% -436.58% -18.07% -586.58% -402.14% -265.09%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -4.99 5.85 -5.63 -4.85 0.00 -66.80 -6.44 -0.31 -4.66 -3.69 -2.83
NOPAT to Interest Expense		 -3.55 3.28 -4.22 -3.77 0.00 -41.38 -4.51 -0.22 -3.26 -2.58 -1.98
EBIT Less CapEx to Interest Expense		 -5.03 5.68 -5.68 -4.94 0.00 -67.77 -6.55 -0.32 -4.68 -3.70 -2.83
NOPAT Less CapEx to Interest Expense		 -3.59 3.11 -4.26 -3.85 0.00 -42.34 -4.62 -0.23 -3.28 -2.60 -1.98
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Sutro Biopharma’s Q1 2026 results show a company still spending heavily and burning cash, but with a much stronger liquidity position than a year ago thanks to a large equity raise and a sizable investment portfolio. Revenue grew year over year, yet operating losses remained wide because research and development and restructuring costs continue to outweigh sales.

  • Revenue improved year over year: Q1 2026 revenue was $14.5 million, up from $9.7 million in Q3 2025 and above the $13.0 million posted in Q1 2024.
  • Cash and investments remain substantial: As of Q1 2026, Sutro held $73.7 million in cash and equivalents plus $128.9 million in short-term investments, giving it a meaningful liquidity cushion.
  • Quarterly cash balance increased: Net cash rose by $15.6 million in Q1 2026, helped by financing inflows.
  • Equity financing strengthened the balance sheet: The company raised $103.2 million from issuance of common equity during the quarter.
  • Operating revenue has recovered from the weakest 2025 quarter: Revenue rebounded from $9.7 million in Q3 2025 to $14.5 million in Q1 2026.
  • Short-term investments remain the dominant asset: A large share of assets is still parked in marketable securities rather than tied up in operating assets.
  • PP&E spending was minimal in Q1 2026: Capital expenditures were just $11,000, so the business is not currently in a heavy build-out phase.
  • Deferred revenue continues to support the current liability base: Current deferred revenue was $9.4 million, which can help future revenue recognition if programs progress.
  • Losses remain significant: Q1 2026 net loss was $38.5 million, or $2.94 per share, showing the business is still far from profitability.
  • Operating cash burn is still substantial: Cash used in operations was $42.3 million in Q1 2026.
  • R&D remains very high relative to revenue: Research and development expense was $36.6 million in Q1 2026, well above quarterly sales.
  • Restructuring charges remain an ongoing drag: The company recorded a $42,000 restructuring charge in Q1 2026, following much larger restructuring costs in prior quarters.
  • Equity is still negative: Total common equity stood at negative $66.9 million at the end of Q1 2026, reflecting accumulated losses.

Longer-term trend: Sutro’s recent history shows a sharp shift from the stronger revenue and balance sheet seen in 2023 to a more difficult 2024-2025 period marked by lower revenue, heavy losses, and repeated restructuring. The good news is that the company has preserved liquidity through financings and investment holdings. The bad news is that operating losses and cash burn are still large enough that future dilution or additional financing could remain a concern if revenue does not scale meaningfully.

Bottom line: Sutro Biopharma looks adequately funded for now, but it is still a cash-consuming development-stage biotech with no clear path to profitability yet. Investors will likely focus on whether revenue growth can outpace spending and whether management can keep reducing losses.

07/02/26 10:41 PM ETAI Generated. May Contain Errors.

Sutro Biopharma Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Sutro Biopharma's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Sutro Biopharma's net income appears to be on an upward trend, with a most recent value of -$191.09 million in 2025, falling from $1.70 million in 2016. The previous period was -$227.46 million in 2024. See where experts think Sutro Biopharma is headed by visiting Sutro Biopharma's forecast page.

Sutro Biopharma's total operating income in 2025 was -$158.37 million, based on the following breakdown:
  • Total Gross Profit: $102.48 million
  • Total Operating Expenses: $260.85 million

Over the last 9 years, Sutro Biopharma's total revenue changed from $59.73 million in 2016 to $102.48 million in 2025, a change of 71.6%.

Sutro Biopharma's total liabilities were at $306.28 million at the end of 2025, a 10.6% decrease from 2024, and a 548.0% increase since 2017.

In the past 8 years, Sutro Biopharma's cash and equivalents has ranged from $4.96 million in 2019 to $206.15 million in 2020, and is currently $58.13 million as of their latest financial filing in 2025.

Over the last 9 years, Sutro Biopharma's book value per share changed from 0.00 in 2016 to -1.56 in 2025, a change of -155.6%.


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Financial statements for NASDAQ:STRO last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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