Sutro Biopharma Q1 net loss narrows to $38.5 million; revenue falls to $14.5 million
Sutro Biopharma reported first quarter 2026 results, with revenue of $14.5 million, down from $17.4 million a year earlier, and a net loss of $38.5 million, down from $76.0 million. Net loss per share was $2.94 versus $9.08, and cash, cash equivalents and marketable securities rose to $202.6 million from $141.4 million at December 31, 2025, which the company says supports operations into at least the second quarter of 2028.
Key points
- Revenue was $14.5 million for the quarter, versus $17.4 million in the first quarter of 2025, principally related to the Astellas collaboration.
- Net loss was $38.5 million, or $2.94 per share, versus $76.0 million, or $9.08 per share, a year earlier.
- Underwritten offering of 7,868,383 shares at $13.98 per share, with gross proceeds of $110.0 million before underwriting discounts and expenses.
- The luvelta program has been closed, with no additional investment planned.
The filing
Written by AI on Nov 9, 2026, 10:08 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 14, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.