Estados financieros detallados de Sutro Biopharma, Inc. (STRO): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Sutro Biopharma, Inc. registró ingresos de $102.5M en el último ejercicio fiscal, con un CAGR de 5 años del 19.1%.
Márgenes de los últimos 12 meses: margen bruto 97.2%, margen operativo -309.9%, margen neto -395.2%.
Al precio actual de $15.60, STRO presenta beneficios negativos (P/E no significativo) y un ROE del 185.30%. La capitalización bursátil es de $151M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $59.7M | $51.7M | $38.4M | $42.7M | $42.7M | $61.9M | $67.8M | $153.7M | $62.0M | $102.5M |
| Coste de Ventas | $43.5M | $51.9M | $54.3M | 0 | $77.0M | $9.8M | $8.3M | $6.8M | $7.2M | $7.3M |
| Beneficio Bruto | $16.2M | -$156000 | -$15.8M | $42.7M | -$34.2M | $52.1M | $59.5M | $146.9M | $54.8M | $95.2M |
| I+D | $43.5M | $54.6M | $54.3M | $65.6M | $77.0M | $104.4M | $137.2M | $180.4M | $252.0M | $166.4M |
| Generales y Administrativos | $14.8M | $16.4M | $21.4M | $32.6M | $36.8M | $56.0M | $59.5M | $62.6M | $48.5M | $41.0M |
| Gastos Operativos | $58.4M | $71.0M | $75.6M | $98.2M | $36.8M | $150.6M | $188.4M | $236.2M | $293.3M | $200.1M |
| Beneficio Operativo | $1.4M | -$19.3M | -$37.2M | -$55.5M | -$71.1M | -$98.5M | -$128.9M | -$89.3M | -$238.5M | -$105.0M |
| EBITDA | $7.4M | -$14.1M | -$32.8M | -$46.6M | -$23.8M | -$97.6M | -$105.1M | -$67.9M | -$180.5M | -$145.6M |
| Gastos por Intereses | 0 | $689000 | $1.6M | $4.3M | $4.0M | $3.1M | $3.3M | $23.8M | $31.1M | $38.2M |
| Beneficio Antes de Impuestos | $1.7M | -$19.7M | -$35.3M | -$55.7M | -$32.1M | -$105.5M | -$116.7M | -$88.6M | -$225.1M | -$191.2M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | $2.5M | $18.2M | $2.4M | -$93000 |
| Beneficio Neto | $1.7M | -$19.7M | -$35.3M | -$55.7M | -$32.1M | -$105.5M | -$119.2M | -$106.8M | -$227.5M | -$191.1M |
| BPA | $38.60 | $-28.10 | $-15.50 | $-24.30 | $-9.90 | $-22.90 | $-23.50 | $-17.80 | $-29.60 | $-22.49 |
| BPA Diluido | $38.60 | $-28.10 | $-15.40 | $-24.30 | $-9.90 | $-22.90 | $-23.50 | $-17.80 | $-29.60 | $-22.49 |
| Acciones en Circulación (Diluidas) | $44120 | $699739 | $2.3M | $2.3M | $3.3M | $4.6M | $5.1M | $6.0M | $7.7M | $8.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $9.7M | $11.6M | $14.5M | $9.8M |
| Beneficio Bruto | $9.7M | $11.6M | $13.2M | $9.8M |
| Beneficio Operativo | -$48.5M | -$33.7M | -$29.6M | -$29.9M |
| EBITDA | -$44.5M | -$34.9M | -$27.8M | -$27.4M |
| Beneficio Neto | -$56.9M | -$46.8M | -$38.5M | -$38.5M |
| BPA | $-6.70 | $-5.45 | $-2.94 | $-2.33 |
| BPA Diluido | $-6.70 | $-5.45 | $-2.94 | $-2.33 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $11.6M | $22.0M | $125.3M | $5.0M | $206.2M | $30.4M | $47.3M | $69.3M | $190.3M | $58.1M |
| Inversiones a Corto | $35.9M | 0 | $79.2M | $112.9M | $162.0M | $167.5M | $287.1M | $306.4M | $126.6M | $83.3M |
| Cuentas por Cobrar | $577000 | $1.6M | $2.5M | $6.3M | $5.6M | $12.5M | $7.1M | $36.1M | $8.6M | $4.0M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $49.7M | $25.6M | $209.9M | $128.6M | $378.2M | $218.5M | $353.2M | $421.5M | $343.3M | $150.9M |
| Inmovilizado Material | $18.7M | $14.0M | $10.9M | $9.6M | $12.9M | $51.6M | $51.1M | $44.8M | $35.9M | $21.6M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $69.3M | $40.8M | $223.1M | $156.4M | $394.1M | $341.4M | $406.9M | $470.7M | $387.2M | $173.8M |
| Cuentas por Pagar | $3.4M | $2.9M | $3.1M | $5.6M | $5.5M | $6.0M | $4.8M | $9.4M | $10.5M | $7.6M |
| Deuda a Corto | 0 | $14.6M | $4.7M | $1.0M | 0 | $9.4M | $17.1M | $4.1M | 0 | 0 |
| Pasivos Corrientes | $50.2M | $32.0M | $36.4M | $33.0M | $29.6M | $41.7M | $66.5M | $93.7M | $131.9M | $75.1M |
| Deuda a Largo | 0 | 0 | $10.0M | $8.9M | $24.5M | $15.7M | $3.8M | 0 | 0 | 0 |
| Pasivos Totales | $160.2M | $149.8M | $91.6M | $58.6M | $62.1M | $88.8M | $189.9M | $321.1M | $342.6M | $306.3M |
| Reservas | -$95.3M | -$115.0M | -$150.3M | -$195.7M | -$227.9M | -$333.4M | -$452.6M | -$559.4M | -$786.9M | -$978.0M |
| Patrimonio Neto | -$90.9M | -$109.0M | $131.5M | $97.8M | $332.0M | $252.6M | $217.0M | $149.6M | $44.6M | -$132.5M |
| Deuda Total | $1.2M | $14.6M | $14.7M | $9.9M | $24.5M | $57.4M | $55.0M | $33.6M | $23.2M | $15.7M |
| Deuda Neta | -$46.3M | -$7.4M | -$189.8M | -$108.0M | -$343.6M | -$140.6M | -$279.3M | -$342.0M | -$293.7M | -$125.8M |
| Capital Circulante | -$493000 | -$6.3M | $173.5M | $95.6M | $348.6M | $176.8M | $286.6M | $327.8M | $211.4M | $75.8M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $65.9M | $58.1M | $73.7M | $54.3M |
| Activos Totales | $209.7M | $173.8M | $242.0M | $194.5M |
| Pasivos Totales | $296.9M | $306.3M | $308.9M | $297.8M |
| Patrimonio Neto | -$87.3M | -$132.5M | -$66.9M | -$103.3M |
| Deuda Total | $17.7M | $235.2M | $13.6M | $10.8M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $1.7M | -$19.7M | -$35.3M | -$55.7M | -$32.1M | -$105.5M | -$119.2M | -$106.8M | -$227.5M | -$191.1M |
| Amortizaciones | $5.7M | $5.0M | $4.5M | $4.8M | $4.3M | $4.8M | $5.7M | $6.8M | $7.2M | $7.3M |
| Compensación en Acciones | $968000 | $1.4M | $2.9M | $10.3M | $11.9M | $23.2M | $26.3M | $24.9M | $24.7M | $14.0M |
| Cambio en Capital Circulante | -$21.7M | -$26.9M | $42.6M | -$23.3M | -$11.5M | -$17.6M | $104.4M | -$34.4M | $8.9M | -$50.4M |
| Flujo de Caja Operativo | -$13.2M | -$37.1M | $12.7M | -$65.0M | -$67.8M | -$81.7M | $3.5M | -$111.6M | -$191.5M | -$177.2M |
| Inversiones (CapEx) | -$4.4M | -$3.3M | -$1.6M | -$3.5M | -$7.1M | -$15.3M | -$7.9M | -$4.3M | -$3.1M | -$1.7M |
| Adquisiciones | $16000 | 0 | 0 | $47.6M | 0 | 0 | $28.7M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | -$327000 | 0 | -$7000 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$17.5M | -$40.4M | $11.1M | -$68.5M | -$74.9M | -$97.0M | -$4.3M | -$115.9M | -$194.6M | -$178.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$38.2M | -$26.4M | -$42.3M | -$38.3M |
| Inversiones (CapEx) | -$251000 | -$184000 | -$11000 | 0 |
| Flujo de Caja Libre | -$38.4M | -$26.6M | -$42.3M | -$38.3M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $1.6M | $1.7M | $1.6M | $2.0M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -13.4% | -25.7% | +11.2% | -0.0% | +44.8% | +9.5% | +126.8% | -59.6% | +65.2% |
| Crecimiento Beneficio Neto (anual) | | -1256.8% | -79.4% | -57.8% | +42.4% | -228.5% | -12.9% | +10.4% | -113.0% | +16.0% |
| Crecimiento BPA (anual) | | -172.8% | +44.8% | -56.8% | +59.3% | -131.3% | -2.6% | +24.3% | -66.3% | +24.0% |
| Cambio en Acciones (anual) | | +1486.0% | +226.8% | +0.4% | +41.9% | +41.6% | +10.0% | +18.6% | +27.7% | +10.6% |
| Crecimiento FCF (anual) | | -130.2% | +127.5% | -715.7% | -9.4% | -29.5% | +95.6% | -2590.4% | -67.9% | +8.1% |
| Margen Bruto | 27.1% | -0.3% | -41.2% | 100.0% | -80.1% | 84.2% | 87.8% | 95.6% | 88.4% | 92.9% |
| Margen Operativo | 2.3% | -37.2% | -96.9% | -129.8% | -166.3% | -159.2% | -190.3% | -58.1% | -384.3% | -102.4% |
| Margen EBITDA | 12.3% | -27.2% | -85.4% | -109.1% | -55.6% | -157.7% | -155.0% | -44.2% | -290.9% | -142.1% |
| Margen Neto | 2.8% | -38.1% | -91.9% | -130.4% | -75.2% | -170.6% | -175.9% | -69.5% | -366.6% | -186.5% |
| Margen FCF | -29.4% | -78.1% | 29.0% | -160.3% | -175.4% | -156.8% | -6.4% | -75.4% | -313.7% | -174.6% |
| Tasa Impositiva Efectiva | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -2.1% | -20.5% | -1.0% | 0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-397.71 | $-57.72 | $4.87 | $-29.84 | $-23.00 | $-21.03 | $-0.85 | $-19.27 | $-25.33 | $-21.06 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $44120 | $699739 | $2.3M | $2.3M | $3.3M | $4.6M | $5.1M | $6.0M | $7.7M | $8.5M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 185.30% |
| Rentabilidad sobre capital invertido | -95.49% |
| Rentabilidad sobre activos | -92.89% |
| Margen bruto | 97.20% |
| Margen operativo | -309.87% |
| Margen neto | -395.25% |
Salud financiera
| Deuda / Patrimonio | -0.10 |
| Ratio corriente | 3.32 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 3.94 | -5.41 | -5.82 | -4.53 | -21.93 | -6.50 | -3.44 | -2.41 | -0.62 | -0.51 |
| P/VC | -0.07 | -0.98 | 1.57 | 2.58 | 2.13 | 2.72 | 1.89 | 1.72 | 3.17 | -0.74 |
| P/V | 0.11 | 2.06 | 5.37 | 5.91 | 16.55 | 11.09 | 6.05 | 1.68 | 2.28 | 0.96 |
| Margen Bruto | 27.1% | -0.3% | -41.2% | 100.0% | -80.1% | 84.2% | 87.8% | 95.6% | 88.4% | 92.9% |
| Margen Operativo | 2.3% | -37.2% | -96.9% | -129.8% | -166.3% | -159.2% | -190.3% | -58.1% | -384.3% | -102.4% |
| Margen Neto | 2.8% | -38.1% | -91.9% | -130.4% | -75.2% | -170.6% | -175.9% | -69.5% | -366.6% | -186.5% |