Detailed financial statements for Sutro Biopharma, Inc. (STRO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Sutro Biopharma, Inc. is a clinical-stage biotechnology company focused on the discovery, development, and manufacturing of innovative therapeutic products. Its primary objective is to create protein-based treatments for challenging conditions like cancer and autoimmune disorders. The company achieves this through its proprietary XpressCF+ platform, a unique technology that integrates cell-free protein synthesis with precise, site-specific drug conjugation.
Analysis Summary
Sutro Biopharma, Inc. reported revenue of $102.5M in the most recent fiscal year, growing at a 5-year CAGR of 19.1%.
Trailing-twelve-month margins: gross margin 97.2%, operating margin -309.9%, net margin -395.2%.
At the current price of $15.60, STRO has negative trailing earnings (P/E not meaningful) and an ROE of 185.30%. Market capitalisation stands at $151M.
Balance sheet quality for STRO: current ratio of 2.0, net cash position of $125.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.7M | $51.7M | $38.4M | $42.7M | $42.7M | $61.9M | $67.8M | $153.7M | $62.0M | $102.5M |
| Cost of Revenue | $43.5M | $51.9M | $54.3M | 0 | $77.0M | $9.8M | $8.3M | $6.8M | $7.2M | $7.3M |
| Gross Profit | $16.2M | -$156000 | -$15.8M | $42.7M | -$34.2M | $52.1M | $59.5M | $146.9M | $54.8M | $95.2M |
| Research & Development | $43.5M | $54.6M | $54.3M | $65.6M | $77.0M | $104.4M | $137.2M | $180.4M | $252.0M | $166.4M |
| Selling, General & Admin | $14.8M | $16.4M | $21.4M | $32.6M | $36.8M | $56.0M | $59.5M | $62.6M | $48.5M | $41.0M |
| Operating Expenses | $58.4M | $71.0M | $75.6M | $98.2M | $36.8M | $150.6M | $188.4M | $236.2M | $293.3M | $200.1M |
| Operating Income | $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 |
| Interest Expense | 0 | $689000 | $1.6M | $4.3M | $4.0M | $3.1M | $3.3M | $23.8M | $31.1M | $38.2M |
| Pre-tax Income | $1.7M | -$19.7M | -$35.3M | -$55.7M | -$32.1M | -$105.5M | -$116.7M | -$88.6M | -$225.1M | -$191.2M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | $2.5M | $18.2M | $2.4M | -$93000 |
| Net Income | $1.7M | -$19.7M | -$35.3M | -$55.7M | -$32.1M | -$105.5M | -$119.2M | -$106.8M | -$227.5M | -$191.1M |
| EPS | $38.60 | $-28.10 | $-15.50 | $-24.30 | $-9.90 | $-22.90 | $-23.50 | $-17.80 | $-29.60 | $-22.49 |
| EPS (Diluted) | $38.60 | $-28.10 | $-15.40 | $-24.30 | $-9.90 | $-22.90 | $-23.50 | $-17.80 | $-29.60 | $-22.49 |
| Shares Outstanding (Diluted) | $44120 | $699739 | $2.3M | $2.3M | $3.3M | $4.6M | $5.1M | $6.0M | $7.7M | $8.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $9.7M | $11.6M | $14.5M | $9.8M |
| Gross Profit | $9.7M | $11.6M | $13.2M | $9.8M |
| Operating Income | -$48.5M | -$33.7M | -$29.6M | -$29.9M |
| EBITDA | -$44.5M | -$34.9M | -$27.8M | -$27.4M |
| Net Income | -$56.9M | -$46.8M | -$38.5M | -$38.5M |
| EPS | $-6.70 | $-5.45 | $-2.94 | $-2.33 |
| EPS (Diluted) | $-6.70 | $-5.45 | $-2.94 | $-2.33 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.6M | $22.0M | $125.3M | $5.0M | $206.2M | $30.4M | $47.3M | $69.3M | $190.3M | $58.1M |
| Short-term Investments | $35.9M | 0 | $79.2M | $112.9M | $162.0M | $167.5M | $287.1M | $306.4M | $126.6M | $83.3M |
| Receivables | $577000 | $1.6M | $2.5M | $6.3M | $5.6M | $12.5M | $7.1M | $36.1M | $8.6M | $4.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $49.7M | $25.6M | $209.9M | $128.6M | $378.2M | $218.5M | $353.2M | $421.5M | $343.3M | $150.9M |
| Property, Plant & Equipment | $18.7M | $14.0M | $10.9M | $9.6M | $12.9M | $51.6M | $51.1M | $44.8M | $35.9M | $21.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $69.3M | $40.8M | $223.1M | $156.4M | $394.1M | $341.4M | $406.9M | $470.7M | $387.2M | $173.8M |
| Accounts Payable | $3.4M | $2.9M | $3.1M | $5.6M | $5.5M | $6.0M | $4.8M | $9.4M | $10.5M | $7.6M |
| Short-term Debt | 0 | $14.6M | $4.7M | $1.0M | 0 | $9.4M | $17.1M | $4.1M | 0 | 0 |
| Total Current Liabilities | $50.2M | $32.0M | $36.4M | $33.0M | $29.6M | $41.7M | $66.5M | $93.7M | $131.9M | $75.1M |
| Long-term Debt | 0 | 0 | $10.0M | $8.9M | $24.5M | $15.7M | $3.8M | 0 | 0 | 0 |
| Total Liabilities | $160.2M | $149.8M | $91.6M | $58.6M | $62.1M | $88.8M | $189.9M | $321.1M | $342.6M | $306.3M |
| Retained Earnings | -$95.3M | -$115.0M | -$150.3M | -$195.7M | -$227.9M | -$333.4M | -$452.6M | -$559.4M | -$786.9M | -$978.0M |
| Total Equity | -$90.9M | -$109.0M | $131.5M | $97.8M | $332.0M | $252.6M | $217.0M | $149.6M | $44.6M | -$132.5M |
| Total Debt | $1.2M | $14.6M | $14.7M | $9.9M | $24.5M | $57.4M | $55.0M | $33.6M | $23.2M | $15.7M |
| Net Debt | -$46.3M | -$7.4M | -$189.8M | -$108.0M | -$343.6M | -$140.6M | -$279.3M | -$342.0M | -$293.7M | -$125.8M |
| Working Capital | -$493000 | -$6.3M | $173.5M | $95.6M | $348.6M | $176.8M | $286.6M | $327.8M | $211.4M | $75.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $65.9M | $58.1M | $73.7M | $54.3M |
| Total Assets | $209.7M | $173.8M | $242.0M | $194.5M |
| Total Liabilities | $296.9M | $306.3M | $308.9M | $297.8M |
| Total Equity | -$87.3M | -$132.5M | -$66.9M | -$103.3M |
| Total Debt | $17.7M | $235.2M | $13.6M | $10.8M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.7M | -$19.7M | -$35.3M | -$55.7M | -$32.1M | -$105.5M | -$119.2M | -$106.8M | -$227.5M | -$191.1M |
| Depreciation & Amortization | $5.7M | $5.0M | $4.5M | $4.8M | $4.3M | $4.8M | $5.7M | $6.8M | $7.2M | $7.3M |
| Stock-based Compensation | $968000 | $1.4M | $2.9M | $10.3M | $11.9M | $23.2M | $26.3M | $24.9M | $24.7M | $14.0M |
| Change in Working Capital | -$21.7M | -$26.9M | $42.6M | -$23.3M | -$11.5M | -$17.6M | $104.4M | -$34.4M | $8.9M | -$50.4M |
| Operating Cash Flow | -$13.2M | -$37.1M | $12.7M | -$65.0M | -$67.8M | -$81.7M | $3.5M | -$111.6M | -$191.5M | -$177.2M |
| Capital Expenditure | -$4.4M | -$3.3M | -$1.6M | -$3.5M | -$7.1M | -$15.3M | -$7.9M | -$4.3M | -$3.1M | -$1.7M |
| Acquisitions | $16000 | 0 | 0 | $47.6M | 0 | 0 | $28.7M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | -$327000 | 0 | -$7000 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$17.5M | -$40.4M | $11.1M | -$68.5M | -$74.9M | -$97.0M | -$4.3M | -$115.9M | -$194.6M | -$178.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$38.2M | -$26.4M | -$42.3M | -$38.3M |
| Capital Expenditure | -$251000 | -$184000 | -$11000 | 0 |
| Free Cash Flow | -$38.4M | -$26.6M | -$42.3M | -$38.3M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.6M | $1.7M | $1.6M | $2.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -13.4% | -25.7% | +11.2% | -0.0% | +44.8% | +9.5% | +126.8% | -59.6% | +65.2% | |
| Net Income Growth (YoY) | -1256.8% | -79.4% | -57.8% | +42.4% | -228.5% | -12.9% | +10.4% | -113.0% | +16.0% | |
| EPS Growth (YoY) | -172.8% | +44.8% | -56.8% | +59.3% | -131.3% | -2.6% | +24.3% | -66.3% | +24.0% | |
| Shares Change (YoY) | +1486.0% | +226.8% | +0.4% | +41.9% | +41.6% | +10.0% | +18.6% | +27.7% | +10.6% | |
| FCF Growth (YoY) | -130.2% | +127.5% | -715.7% | -9.4% | -29.5% | +95.6% | -2590.4% | -67.9% | +8.1% | |
| Gross Margin | 27.1% | -0.3% | -41.2% | 100.0% | -80.1% | 84.2% | 87.8% | 95.6% | 88.4% | 92.9% |
| Operating Margin | 2.3% | -37.2% | -96.9% | -129.8% | -166.3% | -159.2% | -190.3% | -58.1% | -384.3% | -102.4% |
| EBITDA Margin | 12.3% | -27.2% | -85.4% | -109.1% | -55.6% | -157.7% | -155.0% | -44.2% | -290.9% | -142.1% |
| Net Margin | 2.8% | -38.1% | -91.9% | -130.4% | -75.2% | -170.6% | -175.9% | -69.5% | -366.6% | -186.5% |
| FCF Margin | -29.4% | -78.1% | 29.0% | -160.3% | -175.4% | -156.8% | -6.4% | -75.4% | -313.7% | -174.6% |
| Effective Tax Rate | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -2.1% | -20.5% | -1.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-397.71 | $-57.72 | $4.87 | $-29.84 | $-23.00 | $-21.03 | $-0.85 | $-19.27 | $-25.33 | $-21.06 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $44120 | $699739 | $2.3M | $2.3M | $3.3M | $4.6M | $5.1M | $6.0M | $7.7M | $8.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 185.30% |
| Return on Invested Capital | -95.49% |
| Return on Assets | -92.89% |
| Gross Margin | 97.20% |
| Operating Margin | -309.87% |
| Net Margin | -395.25% |
Financial Health
| Debt / Equity | -0.10 |
| Current Ratio | 3.32 |
Key Ratios (10y)
| Year | 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/B | -0.07 | -0.98 | 1.57 | 2.58 | 2.13 | 2.72 | 1.89 | 1.72 | 3.17 | -0.74 |
| P/S | 0.11 | 2.06 | 5.37 | 5.91 | 16.55 | 11.09 | 6.05 | 1.68 | 2.28 | 0.96 |
| Gross Margin | 27.1% | -0.3% | -41.2% | 100.0% | -80.1% | 84.2% | 87.8% | 95.6% | 88.4% | 92.9% |
| Operating Margin | 2.3% | -37.2% | -96.9% | -129.8% | -166.3% | -159.2% | -190.3% | -58.1% | -384.3% | -102.4% |
| Net Margin | 2.8% | -38.1% | -91.9% | -130.4% | -75.2% | -170.6% | -175.9% | -69.5% | -366.6% | -186.5% |
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Explore sector: Healthcare · Biotechnology
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