NASDAQ$STRO
Sutro Biopharma Inc · Q1 2026 earnings
Q1 2026 earnings · · Investor relations
Briefing
Sutro Biopharma Inc reported $14.5 million in revenue and a net loss of $38.5 million for the first quarter of 2026.
Sutro Biopharma reported revenue of $14.5 million for Q1 2026, primarily from its collaboration with Astellas, compared to $17.4 million in the prior year period. The company narrowed its net loss to $38.5 million from $76.0 million year-over-year, driven by reduced operating expenses following its restructuring plans. Sutro completed a $110 million equity offering in February 2026 and believes its $202.6 million in cash, cash equivalents, and marketable securities will fund operations for at least the next 12 months.
- Revenue declined 17% year-over-year to $14.5 million, driven by lower collaboration revenue from Astellas and Vaxcyte.
- Net loss improved to $38.5 million from $76.0 million in Q1 2025 due to a 49% reduction in operating expenses following workforce reductions.
- Completed a $110 million public offering of common stock in February 2026, strengthening the balance sheet with $202.6 million in cash and marketable securities.
- Restructuring plans substantially completed in Q1 2026, with focus shifted to preclinical ADC programs STRO-004, STRO-006, and STRO-227.
Headline financials
Revenue & EPS history
Sutro · Revenue · Quarterly
$14.5M
Revenue by segment
Sutro · $14.5M total across 2 segments · Q1 2026
- Astellas Pharma Inc.$14.5M—99.9%
- Vaxcyte, Inc.$15K—0.1%
Forward guidance
Cash, cash equivalents and marketable securities of $202.6 million expected to fund operations for at least 12 months following the filing date.
Tailwinds
- Completed $110 million equity offering in February 2026
- Restructuring substantially completed with reduced operating expenses
- Focus on advancing preclinical ADC pipeline
Headwinds
- Continued net losses and need for additional capital in the future
- Revenue dependent on collaboration milestones and performance
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
-0.8%
Avg return
Earnings day
-0.7%
Avg return
5 days after
+6.4%
Avg return
30 days after
42%
13 / 31 earnings
Positive
+22.2%
Q4 2023
Best reaction
-29.4%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.1% | -20.2% | — | |
| Q4 2025 | +2.8% | +14.5% | +63.3% | |
| Q3 2025 | -15.8% | -13.8% | -7.9% | |
| Q2 2025 | -2.1% | -4.9% | +29.3% | |
| Q1 2025 | -3.8% | -1.1% | -3.3% | |
| Q4 2024 | -11.7% | -20.3% | +21.6% | |
| Q3 2024 | -15.4% | -32.6% | -48.0% | |
| Q2 2024 | +10.8% | +29.9% | +37.3% | |
| Q1 2024 | +4.6% | -3.4% | -6.0% | |
| Q4 2023 | +22.2% | +65.2% | +1.5% | |
| Q3 2023 | +13.9% | +29.3% | +88.9% | |
| Q2 2023 | +0.9% | +1.2% | +7.1% | |
| Q1 2023 | +1.6% | -4.1% | -5.3% | |
| Q4 2022 | -3.1% | -9.6% | -10.7% | |
| Q3 2022 | -2.5% | -3.7% | +4.6% | |
| Q2 2022 | +14.6% | +23.1% | -2.4% | |
| Q1 2022 | -6.8% | -19.6% | -19.2% | |
| Q4 2021 | -2.5% | -8.0% | -8.3% | |
| Q3 2021 | -5.3% | -11.3% | -32.2% | |
| Q2 2021 | -0.2% | +2.3% | +12.4% | |
| Q1 2021 | +8.3% | +9.7% | -0.5% | |
| Q4 2020 | +4.2% | -3.7% | -16.5% | |
| Q3 2020 | +17.8% | +12.4% | +62.7% | |
| Q2 2020 | +1.7% | +1.0% | +48.9% | |
| Q1 2020 | -9.8% | -8.1% | +0.4% | |
| Q4 2019 | -29.4% | -19.9% | -3.4% | |
| Q3 2019 | -1.1% | -1.2% | -7.5% | |
| Q2 2019 | -7.0% | -3.8% | +19.6% | |
| Q1 2019 | -7.6% | -7.9% | +1.8% | |
| Q4 2018 | +5.4% | -1.2% | -12.6% | |
| Q3 2018 | -5.0% | -13.1% | -23.2% | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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