Sutro Biopharma closed Q1 2026 with $202.6 million in cash, cash equivalents and marketable securities, up from $141.4 million at year-end 2025. The company raised gross proceeds of $110.0 million through an underwritten common stock offering, extending its cash runway into at least the second quarter of 2028 and reported $14.5 million in revenue for the quarter.

Dose escalation in the first-in-human Phase 1 trial of STRO-004, a Tissue Factor-targeting ADC, is advancing in patients with advanced solid tumors. The company expects to report initial safety, pharmacokinetics and early activity data in mid-2026 after preclinical studies showed a favorable safety profile at doses up to 50 mg/kg.

Wholly-owned next-generation candidates STRO-006, targeting integrin β6 with a DAR8 Topo1 payload, and STRO-227, a dual-payload PTK7 ADC combining MMAE and Topo1, remain on track for IND submissions in 2026. These programs reflect Sutro’s strategy to expand its pipeline of novel-format ADCs and build complementary mechanisms of action within single molecules.

Under the Astellas collaboration, the first dual-payload immunostimulatory ADC has entered the clinic with patient dosing underway, triggering a $10 million milestone payment in April 2026. A second program targeting TROP2 is progressing through IND-enabling toxicology studies ahead of planned clinic entry.