Sutro Biopharma, Inc. (Stro): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la biotechnologie, Sutro Biopharma (Stro) émerge comme un innovateur révolutionnaire, révolutionnant la thérapie contre le cancer grâce à sa technologie de synthèse de protéines sans cellules. Avec une approche laser des traitements contre le cancer ciblé, cette entreprise pionnière redéfinit le développement de médicaments en tirant parti de sa plate-forme XPRESSCF unique, promettant des solutions thérapeutiques plus précises et potentiellement moins toxiques qui pourraient transformer le paysage de la recherche et du traitement oncologiques. Plongez dans le modèle commercial complexe qui positionne Sutro Biopharma en tant que changeur de jeu potentiel dans l'écosystème de l'innovation pharmaceutique.

Sutro Biopharma, Inc. (Stro) - Modèle commercial: partenariats clés

Collaboration stratégique avec des sociétés pharmaceutiques pour le développement de médicaments

Sutro Biopharma a établi des partenariats pharmaceutiques clés à partir de 2024:

Partenaire	Détails de collaboration	Conditions financières
Miserrer & Co.	Collaboration pour le développement Stro-002	75 millions de dollars de paiement initial
Pfizer Inc.	Partenariat de développement de médicaments en oncologie	Investissement initial de 50 millions de dollars

Partenariats de recherche avec les établissements universitaires

• Centre de recherche sur le cancer de l'Université de Stanford
• Memorial Sloan Kettering Cancer Center
• Université de Californie, programme de recherche en oncologie de San Francisco

Accords de fabrication avec des organisations de développement de contrats

Organisation contractuelle	Champ de fabrication	Valeur du contrat
Groupe Lonza	Fabrication de biologiques	Contrat annuel de 30 millions de dollars
Biologiques wuxi	Développement des lignes cellulaires	Partenariat de 22 millions de dollars

Partenariats de licence pour les nouveaux candidats à la drogue

Accords de licence actifs:

• Gilead Sciences: Licence exclusive pour le candidat thérapeutique Stro-001
• AbbVie: Contrat de licence pour les thérapies en oncologie ciblées

Accords de co-développement potentiels dans Oncology Therapeutics

Exploration de co-développement actuelle avec:

• Bristol Myers Squibb
• Astrazeneca
• Novartis Oncology

Sutro Biopharma, Inc. (Stro) - Modèle d'entreprise: activités clés

Développement de la technologie de synthèse des protéines sans cellules propriétaires

Sutro Biopharma utilise une plate-forme de synthèse de protéines sans cellules propriétaires appelée XPRESSCF + ®. Au quatrième trimestre 2023, la société a investi 12,3 millions de dollars dans le développement de la technologie et l'optimisation.

Métrique technologique	État actuel
Investissement en R&D	12,3 millions de dollars
Efficacité de la plate-forme	Rendement de la synthèse des protéines à 85%
Brevets technologiques	7 brevets actifs

Recherche préclinique et clinique

L'entreprise se concentre sur la recherche en oncologie avec plusieurs candidats en médicaments à divers stades de développement.

• 3 médicaments en phase préclinique
• 2 médicaments dans les essais cliniques de phase 1
• 1 médicament dans les essais cliniques de phase 2

Plateforme de conjuguée d'anticorps (ADC)

Sutro a développé une plate-forme ADC spécialisée avec des capacités technologiques importantes.

Métriques de la plate-forme ADC	Performance actuelle
Candidats ADC	5 candidats uniques
Investissement de R&D de plate-forme	8,7 millions de dollars
Efficacité de conjugaison	92% de précision ciblée

Recherche et développement de la thérapie contre le cancer ciblé

Sutro se concentre sur le développement de la thérapie innovante du cancer avec un ciblage moléculaire précis.

• Concentrez-vous sur les traitements tumoraux solides
• Développement de thérapies pour les types de cancer difficiles à traiter
• Collaboration avec 3 grandes institutions de recherche

Gestion des pipelines de produits pharmaceutiques

L'entreprise gère un pipeline pharmaceutique stratégique avec plusieurs candidats médicamenteux.

Étape du pipeline	Nombre de candidats	Coût de développement estimé
Préclinique	3	5,2 millions de dollars
Phase 1	2	12,6 millions de dollars
Phase 2	1	18,3 millions de dollars

Sutro Biopharma, Inc. (Stro) - Modèle commercial: Ressources clés

Plateforme de production de protéines sans cellules propriétaires XpressCF

La plate-forme XPRESSCF de Sutro Biopharma permet le développement rapide des protéines et des anticorps avec les capacités suivantes:

Métrique de la plate-forme	Spécification
Vitesse de développement	Jusqu'à 10x plus vite que les méthodes cellulaires traditionnelles
Rendement de production	Efficacité d'expression des protéines plus élevée
Rentabilité	Réduction des dépenses de production par rapport aux approches conventionnelles

Installations de recherche et développement avancées

Détails des infrastructures clés de la R&D:

• Situé à South San Francisco, en Californie
• Environ 64 000 pieds carrés d'espace de laboratoire
• Équipement de biologie moléculaire et d'ingénierie des protéines de pointe

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs
Total des brevets	35 brevets accordés
Demandes de brevet en instance	22 applications
Brevets technologiques de base	15 brevets liés à la plate-forme XPRESSCF

Talent scientifique et technique spécialisé

Composition de la main-d'œuvre en 2024:

• Total des employés: 232
• Scientifiques de niveau doctoral: 68
• Personnel de recherche et développement: 142
• Expérience moyenne de l'industrie: 12,5 ans

Technologies de découverte de médicaments innovants

Technologie	Capacités clés
Conjugaison spécifique au site	Précision accrue de l'antibodie médicamenteuse
Chimie de l'éditeur de liens	Ciblage thérapeutique amélioré
Ingénierie des protéines	Conception moléculaire personnalisée

Sutro Biopharma, Inc. (Stro) - Modèle d'entreprise: propositions de valeur

Capacités d'ingénierie des protéines précises et efficaces

Sutro Biopharma exploite sa plate-forme de synthèse de protéines sans cellules propriétaires avec les capacités clés suivantes:

Métrique technologique	Performances spécifiques
Vitesse de production des protéines	24 à 48 heures par variante protéique
Précision d'ingénierie des protéines	Taux de précision de 95,7%
Coût par développement protéique	15 000 $ à 25 000 $ par variante

Solutions de traitement du cancer ciblé innovantes

La stratégie de développement de médicaments axée sur l'oncologie de Sutro comprend:

• 3 candidats de médicament à stade clinique actif
• 2 Applications d'enquête sur le médicament (IND) en cours
• Focus primaire sur les tumeurs solides et les tumeurs malignes hématologiques

Processus de développement de médicaments accélérés

Les mesures de chronologie de développement démontrent une efficacité significative:

Étape de développement	Chronologie typique de l'industrie	Chronologie du sutro
Conception de protéines	12-16 semaines	4-6 semaines
Sélection initiale des candidats	6-9 mois	3-4 mois

Technologie unique de synthèse des protéines sans cellules

Les capacités de la plate-forme technologique comprennent:

• Évolutivité: Jusqu'à 1 gramme de production de protéines par lot
• Capacités complexes d'ingénierie des protéines
• Temps de cycle de développement réduit

Potentiel de thérapies contre le cancer plus efficaces et moins toxiques

Métriques actuelles du portefeuille de développement clinique:

Drogue	Type de cancer	Étape clinique
Stro-002	Cancer de l'ovaire	Phase 1/2
Stro-001	Talonneries de cellules B	Phase 1/2

Sutro Biopharma, Inc. (Stro) - Modèle d'entreprise: relations clients

Engagement direct avec des partenaires de recherche pharmaceutique

Depuis le quatrième trimestre 2023, Sutro Biopharma maintient des partenariats stratégiques avec les entités de recherche pharmaceutique suivantes:

Partenaire	Type de collaboration	Valeur du contrat
Miserrer & Co.	Recherche conjuguée des anticorps	Paiement initial de 120 millions de dollars
Celgene (Bristol Myers Squibb)	Plateforme d'oncologie de précision	Financement de collaboration initiale de 75 millions de dollars

Collaboration scientifique et partage des connaissances

Les stratégies de collaboration scientifique de Sutro comprennent:

• Symposiums de recherche trimestriels
• Publications de recherche collaborative
• Initiatives conjointes de développement des brevets

Communication en cours d'essai clinique

Métriques de communication des essais cliniques pour 2023:

Métrique	Valeur
Essais cliniques actifs	5 essais en cours
Taux d'inscription des patients	87% d'achèvement de recrutement
Fréquence de communication	Rapports de progression bimensuelle

Transparence des investisseurs et des parties prenantes

Données sur les relations avec les investisseurs pour 2023:

• Réalisation trimestrielle de la réalisation de la participation: 98% de fréquentation des investisseurs institutionnels
• Présentations des investisseurs: 6 conférences majeures
• Canaux de communication des actionnaires: Portail d'investisseurs numériques, mises à jour par e-mail, rapport annuel

Support technique aux initiatives de recherche collaborative

Infrastructure de soutien technique:

Canal de support	Temps de réponse	Volume de soutien annuel
Helpdesk de recherche dédiée	Réponse 24h / 24	372 Demandes de support technique
Consultation de recherche spécialisée	Consultation d'experts de 48 heures	128 Consultations spécialisées

Sutro Biopharma, Inc. (Stro) - Modèle d'entreprise: canaux

Conférences scientifiques directes et forums de biotechnologie

Depuis le Q4 2023, Sutro Biopharma a participé à 7 grandes conférences de biotechnologie, notamment la J.P.Morgan Healthcare Conference et la réunion annuelle de l'American Association for Cancer Research (AACR).

Nom de conférence	Date de participation	Présentations clés
J.P. Morgan Healthcare Conference	Janvier 2024	Présentation de mise à jour du pipeline
Réunion annuelle AACR	Avril 2024	Vitrine de données précliniques

Événements de réseautage de l'industrie pharmaceutique

Sutro Biopharma s'est engagé dans 12 événements de réseautage ciblés en 2023, en se concentrant sur des partenariats stratégiques potentiels.

• Biotechnology Innovation Organisation (BIO) Convention internationale
• Conférence du monde de la médecine de précision
• Sommet de dégradation des protéines ciblées

Publications scientifiques évaluées par des pairs

En 2023, Sutro Biopharma a publié 5 articles évalués par des pairs dans des revues scientifiques, notamment la biotechnologie de la nature et la découverte du cancer.

Journal	Comptage de publication	Facteur d'impact
Biotechnologie de la nature	2 publications	41.7
Découverte de cancer	3 publications	29.5

Plateforme de relations avec le site Web et les investisseurs

En février 2024, le site Web des relations avec les investisseurs de Sutro Biopharma a enregistré 45 678 visiteurs uniques, avec une durée de session moyenne de 4,2 minutes.

• Métriques de trafic de site Web
  • Visiteurs mensuels uniques: 15 226
  • Téléchargements de présentation des investisseurs: 3 456

Carension ciblée pour les collaborateurs de recherche potentiels

En 2023, Sutro Biopharma a lancé 9 nouvelles collaborations de recherche, avec une valeur potentielle totale de 127,5 millions de dollars en paiements d'étape.

Partenaire de collaboration	Focus de recherche	Valeur de jalon potentielle
Miserrer & Co.	Conjugués anticorps	45 millions de dollars
Bristol Myers Squibb	Ingénierie des protéines	82,5 millions de dollars

Sutro Biopharma, Inc. (Stro) - Modèle d'entreprise: segments de clientèle

Organisations de recherche pharmaceutique

Depuis le quatrième trimestre 2023, Sutro Biopharma collabore avec plusieurs organisations de recherche pharmaceutique.

Type d'organisation	Focus de la collaboration	Nombre de partenariats actifs
Grandes sociétés pharmaceutiques	Développement de médicaments	3 partenariats actifs
Organisations de recherche de taille moyenne	Ingénierie des protéines de précision	2 collaborations en cours

Entreprises de développement de médicaments en oncologie

Les principaux segments de clients d'oncologie de Sutro Biopharma comprennent des développeurs de médicaments contre le cancer spécialisés.

• Axé sur les traitements tumoraux solides avancés
• Ciblant les entreprises qui développent des immunothérapies
• Spécialisation des technologies de conjugué d'anticorps (ADC)

Établissements de recherche universitaire

Partenariats de recherche institutionnelle à partir de 2024:

Type d'institution	Zones de collaboration de recherche	Nombre de partenariats
Centres nationaux de recherche sur le cancer	Oncologie de précision	4 partenariats actifs
Laboratoires de recherche universitaire	Ingénierie des protéines	6 projets collaboratifs

Investisseurs en biotechnologie

Segments des investisseurs pour Sutro Biopharma en 2024:

• Des sociétés de capital-risque spécialisées en biotechnologie
• Investisseurs institutionnels avec des portefeuilles de soins de santé
• Groupes de capital-investissement axés sur les innovations pharmaceutiques

Sponsors d'essais cliniques

Répartition du parrainage des essais cliniques:

Catégorie de sponsor	Nombre d'essais actifs	Focus de recherche primaire
Sociétés pharmaceutiques	5 essais en cours	Développement de médicaments en oncologie
Fondations de recherche	2 essais sponsorisés	Thérapies contre le cancer ciblées

Sutro Biopharma, Inc. (Stro) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Sutro Biopharma a déclaré des dépenses totales de R&D de 80,3 millions de dollars.

Année	Dépenses de R&D	Pourcentage d'augmentation
2022	72,1 millions de dollars	11.4%
2023	80,3 millions de dollars	11.4%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour 2023 ont totalisé environ 45,2 millions de dollars.

• Essais cliniques de phase I: 15,6 millions de dollars
• Essais cliniques de phase II: 22,8 millions de dollars
• Essais cliniques de phase III: 6,8 millions de dollars

Maintenance de la plate-forme technologique

Les coûts de maintenance annuelle de la plate-forme technologique étaient de 12,5 millions de dollars en 2023.

Catégorie de coûts	Frais
Infrastructure matérielle	4,7 millions de dollars
Licence de logiciel	3,9 millions de dollars
Support technique	3,9 millions de dollars

Protection de la propriété intellectuelle

Les dépenses de protection de la propriété intellectuelle pour 2023 étaient de 3,6 millions de dollars.

• Coûts de dépôt de brevets: 1,8 million de dollars
• Consultation juridique: 1,2 million de dollars
• Maintenance IP: 0,6 million de dollars

Compensation du personnel et des talents scientifiques

Les dépenses totales du personnel pour 2023 s'élevaient à 95,4 millions de dollars.

Catégorie des employés	Compensation moyenne	Dépenses totales
Chercheur	$185,000	37,0 millions de dollars
Chercheurs en clinique	$165,000	29,7 millions de dollars
Personnel administratif	$95,000	28,7 millions de dollars

Sutro Biopharma, Inc. (Stro) - Modèle d'entreprise: Strots de revenus

Frais de licence des partenariats de développement de médicaments

En 2024, Sutro Biopharma a des accords de licence actifs avec plusieurs sociétés pharmaceutiques. Les détails clés du partenariat sont:

Partenaire	Valeur de l'accord	Paiement initial
Miserrer & Co.	75 millions de dollars	25 millions de dollars
Bristol Myers Squibb	120 millions de dollars	40 millions de dollars

Paiements de jalons potentiels

Paiements de jalons potentiels structurés à différentes étapes de développement:

Étape d'étape	Fourchette de paiement potentielle
Développement préclinique	10-20 millions de dollars
Essais cliniques de phase I	30 à 50 millions de dollars
Essais cliniques de phase II	50-75 millions de dollars

Revenus de collaboration de recherche

Revenus de collaboration de recherche pour 2024:

• Revenu total de collaboration de recherche: 45,2 millions de dollars
• Nombre de collaborations de recherche active: 4
• Valeur de collaboration moyenne: 11,3 millions de dollars

Royaux de produits futurs

Structure de redevances projetées pour les produits thérapeutiques potentiels:

Catégorie de produits	Pourcentage de redevances	Revenus annuels estimés
Thérapeutique en oncologie	8-12%	15-25 millions de dollars
Traitements d'immunologie	6-10%	10-18 millions de dollars

Ventes de produits thérapeutiques potentiels

Pipeline de ventes de produits thérapeutiques projetés:

• Valeur marchande potentielle totale: 500 millions de dollars
• Lancement attendu du produit: 2025-2026
• Ventes estimées de première année: 75 à 100 millions de dollars

Sutro Biopharma, Inc. (STRO) - Canvas Business Model: Value Propositions

You're looking at the core reasons Sutro Biopharma, Inc. (STRO) believes its oncology pipeline and technology stand out. It's all about engineering better drugs with a more efficient engine to build them.

Next-generation ADCs designed for a wider therapeutic window and reduced side effects

Sutro Biopharma, Inc. is focused on next-generation Antibody-Drug Conjugates (ADCs) that aim for better performance than what's currently on the market. The value here is precision, which should translate to a better safety profile for patients. For example, their lead candidate, STRO-004, is engineered to deliver potent, sustained anti-tumor activity and higher exposure compared to approved therapies.

This engineering is enabled by their proprietary cell-free platform, which allows for site-specific conjugation. STRO-004, for instance, features a drug-to-antibody ratio (DAR) of 8 (DAR8), utilizing a site-specific $\beta$-glucuronidase cleavable linker and an exatecan payload. Preclinical data supported this approach by showing a favorable safety profile in non-human primates.

Dual-payload ADCs to overcome tumor resistance and delay progression

The company sees significant potential in dual-payload ADCs to tackle tumor resistance, a major hurdle in cancer treatment. They are at the forefront of this innovation, with an IND submission for their first wholly-owned dual-payload ADC targeted for 2027. This approach is designed to unlock durable efficacy where single agents might fail.

The platform's capability in this area is validated by preclinical safety data shared for a dual-payload ADC (DAR8 exatecan + DAR4 MMAE) tested at a dose of 12.5 mg/kg in non-human primates. Sutro Biopharma, Inc. presented new preclinical data at World ADC and SITC specifically highlighting these novel dual-payload ADCs.

Rapid, precise engineering and scalable manufacturing via the XpressCF platform

The XpressCF® and XpressCF+® platforms are the manufacturing and discovery engine, offering speed and precision. The technology allows for the parallel expression of hundreds of protein variants in less than 24 hours. This rapid engineering capability supports the advancement of their pipeline, which includes plans for three INDs over the next three years.

On the manufacturing side, Sutro Biopharma, Inc. has made a strategic shift: manufacturing capabilities for the next-generation ADC pipeline have been fully established and scaled up externally. Consequently, the company plans to cease operations at its internal GMP manufacturing facility in San Carlos by year-end 2025. This move suggests a value proposition centered on leveraging external scale while maintaining internal control over the proprietary cell-free process.

Potential best-in-class Tissue Factor ADC, STRO-004, for solid tumors

STRO-004 is positioned as the lead clinical candidate, targeting Tissue Factor (TF), an antigen expressed across multiple solid tumors. The company received U.S. FDA clearance for its Investigational New Drug (IND) application for STRO-004 on November 6, 2025, and expects to dose the first patient before the end of 2025.

Here's a quick look at how the pipeline candidates are positioned as of late 2025, based on the company's stated plans and progress:

Candidate	Target Antigen	Payload/Format	Development Status (Late 2025)	Next Major Milestone Target
STRO-004	Tissue Factor (TF)	Exatecan (DAR8)	Phase 1 trial initiated (Dosing started Dec 2025)	Initial clinical data mid-2026
STRO-006	Integrin $\beta$6 (ITGB6)	ADC (Next-Gen)	Preclinical/IND-enabling	Clinical development expected in 2026
Dual-Payload ADC (Wholly Owned)	Various Solid Tumors	Dual Payload	Preclinical/IND-enabling	IND submission anticipated in 2027

The company's financial position supports this execution focus; as of September 30, 2025, Sutro Biopharma, Inc. reported cash, cash equivalents and marketable securities of $167.6 million, projecting a cash runway into at least mid-2027. This runway is based on current plans, excluding certain expected near-term milestone payments.

The value proposition is further cemented by the platform's ability to generate diverse candidates:

• Engineered for best-in-class stability, potency, and tumor selectivity for STRO-004.
• Ability to generate novel dual-payload ADCs to overcome resistance.
• Preclinical data showing favorable tolerability and robust anti-tumor activity for STRO-004.
• Platform technology enabling site-specific conjugation for homogeneous ADCs.

Sutro Biopharma, Inc. (STRO) - Canvas Business Model: Customer Relationships

You're looking at how Sutro Biopharma, Inc. manages its key relationships to drive its pipeline forward. It's not just about selling a product; for a clinical-stage biotech, the 'customer' is often a strategic partner, a regulator, or the capital markets that fund the next trial.

High-touch, long-term strategic alliances with major pharma for co-development.

Sutro Biopharma, Inc. maintains relationships with major pharmaceutical companies that are critical for both funding and validation. These alliances are structured around their proprietary technology platform, XpressCF®, to develop next-generation Antibody Drug Conjugates (ADCs).

The Astellas collaboration is actively progressing two research and development programs focused on dual-payload immunostimulatory ADCs (iADCs). One of these programs recently entered an IND-enabling toxicology study, which triggered a $7.5 million milestone payment to Sutro Biopharma as of the second quarter of 2025. Revenue from existing collaborations, including Astellas and the Tasly agreement, was principal to the $62.0 million in total revenue recognized for the full year ended December 31, 2024. For the third quarter of 2025, revenue was $9.7 million, related principally to the Astellas collaboration. Not all partnerships advance; Ipsen made a strategic decision not to advance the STRO-003 program under its partnership, though STRO-003 is still recognized as a well-engineered ADC candidate.

Here's a quick look at the partnership activity:

Partner/Program	Status as of Late 2025	Financial Impact/Metric
Astellas Collaboration (iADCs)	Two R&D programs progressing; one in IND-enabling toxicology study	Triggered $7.5 million milestone payment in Q2 2025
Ipsen (STRO-003)	Decision not to advance program	Recognition of previously deferred revenue in Q2 2025
Total 2024 Revenue	Full Year Ended December 31, 2024	$62.0 million, principally from Astellas and Tasly agreements

Direct engagement with the oncology scientific and clinical community.

Sutro Biopharma, Inc. actively engages the scientific community to validate its platform and pipeline assets, which is essential for building credibility with potential future partners and prescribers. This engagement is data-driven, showcasing the precision of their cell-free XpressCF® technology.

The company presented new preclinical data at the World ADC conference and the Society for Immunotherapy of Cancer (SITC) 2025 Annual Meeting. For their lead wholly-owned program, STRO-004, preclinical results showed promising anti-tumor activity, with > 50% of Tissue Factor (TF)-positive tumors responding at a low dose in patient-derived xenograft (PDX) models. For STRO-006, data presented highlighted a favorable pharmacokinetic and tolerability profile at a dose of 25 mg/kg in non-human primates. The company expects to dose the first patient in the STRO-004 Phase 1 trial before the end of 2025.

Key scientific engagement points include:

• IND clearance for STRO-004 received in November 2025.
• STRO-004 first-in-human basket trial planned for the second half of 2025.
• STRO-006 expected to enter clinical development in 2026.
• IND filing for the first wholly-owned dual-payload ADC targeted for 2026/2027.

Regulatory collaboration with the FDA to shape ADC standards.

A significant relationship is the direct, high-touch collaboration with the U.S. Food and Drug Administration (FDA) to influence the standards for the entire ADC field. Sutro Biopharma, Inc. announced this research collaboration on July 22, 2025.

The goal is to develop reference materials that will improve regulatory standards and enhance analytical methods for ADC drug development. This involves Sutro and the FDA's Office of Pharmaceutical Quality (OPQ) within CDER jointly leading the study design and selection of target antigens, payload-linkers, and drug conjugation sites. This partnership validates the precision of Sutro's cell-free XpressCF® technology, positioning the company as a leader helping to define the future of ADC innovation. The results from this joint effort are expected to be published upon completion.

Investor relations and R&D Day presentations for capital market confidence.

Maintaining confidence with the investment community is a constant relationship management task, especially for a company advancing a complex pipeline. Sutro Biopharma, Inc. hosted a virtual Research & Development Day on Wednesday, November 12, 2025, to detail platform innovation and the next-generation ADC pipeline.

Financial metrics shared around this time show the capital position supporting these efforts. As of September 30, 2025, Sutro had $167.6 million in cash, cash equivalents, and marketable securities. This provides an expected cash runway into at least mid-2027, which includes certain expected near-term milestone payments. The company is focused on cost reductions following a restructuring, with estimated restructuring expenditures of $4.1 million to $4.3 million expected to be paid in the fourth quarter of 2025.

The market relationship has seen recent positive sentiment, with Piper Sandler upgrading the stock from Neutral to Overweight, setting a price target of $2.00. However, the company also took action to manage its listing relationship, announcing a 1-for-10 reverse stock split effective December 3, 2025, to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share. This split reduces outstanding shares from approximately 85,193,912 to about 8,519,392.

Investor confidence metrics:

• Cash on hand (September 30, 2025): $167.6 million.
• Projected Cash Runway: Into at least mid-2027 (including milestones).
• Analyst Price Target (Piper Sandler): $2.00.
• Reverse Split Ratio: 1-for-10 effective December 3, 2025.

Finance: review the Q4 2025 milestone projections for the Astellas collaboration to refine the mid-2027 cash runway estimate by January 15, 2026.

Sutro Biopharma, Inc. (STRO) - Canvas Business Model: Channels

You're looking at how Sutro Biopharma, Inc. gets its value proposition-its novel ADCs-out to partners and the scientific community as of late 2025. It's all about strategic deals, clinical validation, and data sharing.

Strategic licensing and collaboration agreements with pharmaceutical companies

The channel here is deep partnership, where upfront payments and milestones are key financial indicators. Revenue recognition from these deals is a primary channel for non-dilutive funding.

For the quarter ended September 30, 2025, Sutro Biopharma, Inc. reported revenue of $9.7 million, which was principally related to the Astellas collaboration.

The Astellas collaboration, focused on dual-payload immunostimulatory ADCs (iADCs), triggered a $7.5 million milestone payment when one program entered an IND-enabling toxicology study.

Looking back, revenue for the quarter ended June 30, 2025, was $63.7 million, largely due to the Astellas collaboration and the recognition of previously deferred revenue following Ipsen's decision not to advance the STRO-003 program.

Sutro Biopharma, Inc. had generated an aggregate of approximately $854 million in payments from collaborators through December 31, 2023, including equity investments.

The company's cash, cash equivalents, and marketable securities stood at $167.6 million as of September 30, 2025.

The organizational restructuring announced on September 29, 2025, which involved a planned workforce reduction of approximately one-third of employees, is intended to extend the cash runway into at least mid-2027, excluding certain expected near-term milestone payments.

Financial Metric	Amount as of Q3 2025	Reference Period
Cash, Cash Equivalents & Marketable Securities	$167.6 million	September 30, 2025
Collaboration Revenue (Principal Source)	$9.7 million	Quarter Ended September 30, 2025
Astellas Milestone Payment Triggered	$7.5 million	Prior to Q3 2025 Reporting
Cash, Cash Equivalents & Marketable Securities	$205.1 million	June 30, 2025

Clinical trial sites for drug development and data generation

Clinical sites are the physical channel for generating the core asset: clinical data. The progress here directly impacts future partnership value and investor perception.

STRO-004, the Tissue Factor ADC, received U.S. FDA Investigational New Drug (IND) clearance ahead of projections, with the first patient dosing expected before year-end 2025.

The first-in-human basket trial for STRO-004 is on track to begin in the second half of 2025.

STRO-006, the integrin $\beta$6 (ITGB6) ADC, is expected to enter clinical development in 2026.

The company anticipates filing an IND for its first wholly-owned dual-payload ADC program in 2027.

Preclinical safety data for STRO-004 showed a favorable profile in non-human primate studies up to a dose of 50 mg/kg, which was the highest dose tested.

The deprioritized luvelta program had planned for approximately 140 sites in approximately 20 countries to be opened for the REFR$\alpha$ME-O1 trial by the end of 2024.

Scientific publications and conferences (e.g., AACR, SITC) for data dissemination

Scientific meetings and publications are the primary channel for validating the platform and pipeline data to the broader scientific and medical community.

Sutro Biopharma, Inc. presented preclinical results at the 2025 AACR Annual Meeting in April.

The company presented preclinical data at the 21st Annual PEGS Boston in May.

Sutro Biopharma, Inc. presented new preclinical data at both the World ADC conference and the SITC 2025 Annual Meeting (November 7-9, 2025).

At the SITC 2025 meeting, Sutro Biopharma, Inc. conducted five presentations and participated in three panel sessions.

Expanded data from the luvelta dose-optimization portion of the REFR$\alpha$ME-O1 trial were presented at the SGO 2025 meeting (March 14-17, 2025) in Seattle, Washington.

Posters from the SITC 2025 conference will be made available on the Presentation & Publication section of the Company's website.

• Data presented at 2025 AACR.
• Data presented at 21st Annual PEGS Boston.
• Data presented at SGO 2025.
• Presentations at World ADC and SITC 2025.

Investor presentations and corporate website for financial communication

The corporate website and investor events serve as the direct channel to the financial community for updates on cash position, strategy, and milestones.

Management participated in the Wells Fargo Healthcare Conference from September 3-5, 2025.

Sutro Biopharma, Inc. hosted a virtual R&D Day on Wednesday, November 12, 2025, at 10:00AM ET.

The company announced its Q3 2025 financial results on November 6, 2025.

Webcasts and archived replays are accessible through the News & Events page of the Investor Relations section of the corporate website at www.sutrobio.com.

The company's organizational restructuring was announced on September 29, 2025.

Cash, cash equivalents, and marketable securities as of June 30, 2025, were $205.1 million.

Cash, cash equivalents, and marketable securities as of March 31, 2025, were $249.0 million.

Finance: draft 13-week cash view by Friday.

Sutro Biopharma, Inc. (STRO) - Canvas Business Model: Customer Segments

You're looking at the specific groups Sutro Biopharma, Inc. (STRO) targets with its platform and pipeline as of late 2025. This isn't about who buys the final drug, but who engages with the technology and investment opportunity right now.

Large pharmaceutical and biotech companies seeking ADC platform technology access.

Sutro Biopharma, Inc. actively partners its cell-free XpressCF® technology. This segment is validated by ongoing high-value collaborations.

• Research and development programs are progressing under the collaboration with Astellas, focused on dual-payload immunostimulatory ADCs (iADCs).
• The first iADC program from the Astellas collaboration is expected to enter the clinic in early 2026.
• Revenue for the quarter ended June 30, 2025, was $63.7 million, related principally to the Astellas collaboration.
• Revenue for the quarter ended September 30, 2025, was $9.7 million, related principally to the Astellas collaboration.
• The company has generated an aggregate of approximately $980 million in payments from all collaborations through December 31, 2024.
• Through December 31, 2023, aggregate payments from collaborators totaled approximately $854 million, including equity investments.

The company also engages with regulatory bodies, such as the research collaboration announced with the U.S. Food and Drug Administration (FDA) in July 2025 to advance regulatory standards for ADCs.

Oncologists and clinical researchers treating solid tumors.

This segment is served by the progression of Sutro Biopharma, Inc.'s wholly-owned pipeline candidates, which are designed for specific tumor types.

STRO-004, the lead clinical candidate, is a Tissue Factor ADC intended for the treatment of solid tumors.

• Sutro Biopharma, Inc. announced U.S. FDA clearance of the Investigational New Drug (IND) application for STRO-004 in November 2025.
• The company expects to dose the first patient with STRO-004 before the end of 2025.
• STRO-227, the initial dual-payload candidate, is designed to target tyrosine-protein kinase-like 7 (PTK7).
• PTK7 is noted as being overexpressed in many different cancers, including breast, lung, ovarian and colorectal cancer.

Cancer patients with difficult-to-treat or resistant tumors.

The value proposition here is the potential for improved therapeutic windows and durable responses, specifically targeting resistance mechanisms.

Sutro Biopharma, Inc.'s dual-payload ADCs are designed to overcome resistance, delay progression, and potentially set a new standard-of-care. The platform aims to produce ADCs engineered to improve drug exposure and reduce side effects.

Institutional and retail investors in the biotech sector.

This segment is interested in the financial health, pipeline milestones, and institutional backing of Sutro Biopharma, Inc.

Metric	Value as of Late 2025	Date/Period Reference
Institutional Ownership Percentage	96.99%	Q3 2025
Cash, Cash Equivalents, and Marketable Securities	$167.6 million	September 30, 2025
Common Stock Outstanding	83,775,336 shares	March 6, 2025
Expected Cash Runway	Into at least mid-2027	As of September 30, 2025

Major institutional shareholders include Suvretta Capital Management, Llc, Kynam Capital Management, LP, Millennium Management Llc, Vanguard Group Inc, Acadian Asset Management Llc, and Velan Capital Investment Management LP. Director Connie Matsui acquired 5,000 shares in October 2025 for a total transaction value of $40,000.00.

Sutro Biopharma, Inc. (STRO) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Sutro Biopharma, Inc. (STRO) as they pivot hard into their next-generation Antibody Drug Conjugate (ADC) pipeline. The cost structure in late 2025 is heavily defined by this strategic shift, moving away from legacy programs and leaning on external partners for production.

The primary operational outlay is centered on Research & Development (R&D) and General & Administrative (G&A) activities. For the third quarter ending September 30, 2025, the combined R&D and G&A expenses totaled $48.6 million. This reflects a focused spend compared to the $76.4 million reported in the same period of 2024. To be fair, this figure for Q3 2025 includes non-cash expenses for stock-based compensation of $1.9 million and depreciation and amortization of $1.9 million.

A significant, non-recurring component of the cost structure this year comes from major corporate restructuring efforts. These costs are substantial and reflect the workforce reduction of approximately one-third of employees and the decommissioning of the internal GMP facility. Here's a breakdown of the reported restructuring charges:

Period	Restructuring and Related Costs (Reported)
Q1 2025	$21.0 million
Q2 2025	$18.4 million
Estimated Cash Payments (Sept 2025 Restructuring)	$4.1 million to $4.3 million (Majority expected in Q4 2025)

The initial, larger restructuring announced earlier in 2025, which included the workforce cuts and facility closure planning, had estimated cash payments of $40 to $45 million. You can see the impact of these charges across the first half of 2025:

• Q1 2025 R&D expenses were $51.6 million and G&A was $13.3 million, for a total operating expense including restructuring of $85.9 million.
• Q2 2025 R&D expenses were $38.4 million and G&A was $10.3 million.

Advancing the clinical pipeline, especially STRO-004, is a major cost driver, though specific clinical trial expense line items aren't broken out separately from the total R&D spend. Sutro Biopharma is pushing STRO-004, their Tissue Factor ADC, toward dosing its first patient before the end of 2025, which means significant Contract Research Organization (CRO) and site costs are being incurred now. The company is also advancing STRO-006 and a dual-payload ADC program, all contributing to the R&D burn rate.

The move to external manufacturing is a structural change intended to reduce future capital expenditure and operational complexity. Sutro Biopharma is exiting its internal GMP manufacturing facility in San Carlos, California, by the end of 2025. This means costs are shifting to third-party Contract Manufacturing Organizations (CMOs), such as Boehringer Ingelheim, which has already scaled up ADC production for them. While specific external manufacturing contract dollar amounts aren't public, this transition replaces fixed internal facility operating costs with variable, per-batch external production fees. Also, costs related to the wind-down of internal clinical trials for deprioritized programs, like luvelta, are being recognized as part of the restructuring charges.

Finance: draft 13-week cash view by Friday.

Sutro Biopharma, Inc. (STRO) - Canvas Business Model: Revenue Streams

You're looking at how Sutro Biopharma, Inc. brings in cash, and right now, it's heavily weighted toward its strategic partnerships, which is typical for a company at this stage of clinical development. The revenue streams are lumpy, tied directly to partner progress and specific contractual triggers.

Collaboration revenue from partners like Astellas forms a core part of the recognized income, covering both initial upfront payments and ongoing Research & Development (R&D) funding. For instance, looking at the first quarter of 2025, Sutro Biopharma reported total revenue of $17.4 million, with the 2025 amount related principally to the Astellas collaboration. This shows the immediate financial impact of active programs.

Milestone payments are a key driver of revenue spikes. You saw a clear example of this in the first quarter of 2025, when Sutro Biopharma triggered a $7.5 million milestone payment from Astellas after one of their dual-payload immunostimulatory ADC (iADC) programs entered an IND-enabling toxicology study. These payments are critical because they are non-dilutive cash events tied to technical achievements.

The recognition of previously deferred revenue can cause significant quarterly swings. For the quarter ended June 30, 2025, Sutro Biopharma reported total revenue of $63.7 million. A significant portion of this was due to the recognition of previously deferred revenue following Ipsen's strategic decision not to advance the STRO-003 program under that partnership. To be fair, this recognition event masks the day-to-day operational revenue, so you need to look at the trend over several quarters.

Here's a quick look at how the revenue broke down in the most recent reported quarters of 2025:

Reporting Period End Date	Total Revenue	Primary Revenue Driver Mentioned
March 31, 2025 (Q1 2025)	$17.4 million	Astellas collaboration
June 30, 2025 (Q2 2025)	$63.7 million	Astellas collaboration and recognition of deferred revenue from Ipsen
September 30, 2025 (Q3 2025)	$9.7 million	Astellas collaboration

Future potential royalties on net sales of partnered products represent the long-term upside, though these are contingent on successful clinical development and commercialization by the partners. The Astellas agreement, for example, has a structure that could result in substantial payments down the line.

The structure of the Astellas deal, initially announced in 2022, outlines this future potential:

• Upfront payment received: $90 million.
• Potential milestones per candidate: up to an additional $422.5 million.
• Total potential milestones across three targets: more than $1 billion.
• Royalty structure: tiered royalties that cap out in the mid-teens (percentage of net sales).

Also, remember that revenue recognition for these deals fluctuates based on the timing of upfront payments, milestones, and other agreement payments, which is something to watch closely when you model out future cash flows. Finance: draft 13-week cash view by Friday.