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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Sutro Biopharma
Sutro Biopharma (STRO) investor relations material
Sutro Biopharma Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
STRO-006 began Phase 1 dosing in October 2026; STRO-004 dose optimization continues, with an update and expansion cohorts planned for H1 2027; STRO-227 Phase 1 is targeted for early 2027.
Nine-month net loss narrowed to $108.5M from $144.3M, while revenue fell to $33.5M from $90.8M, largely reflecting prior-year Ipsen revenue recognition.
Cash, cash equivalents and marketable securities totaled $142.2M at September 30, 2026; runway is expected into H1 2028 under the current operating plan, though further financing will be needed.
Financial highlights
Q3 revenue was $9.1M vs. $9.7M; operating expenses were $31.1M vs. $58.2M, operating loss was $22.0M vs. $48.5M, and net loss was $31.5M vs. $56.9M.
Q3 basic and diluted loss per share was $1.90 vs. $6.66; expenses included $23.5M R&D, $7.5M G&A and $0.02M restructuring costs.
Nine-month revenue was $33.5M vs. $90.8M; operating expenses were $115.0M vs. $211.2M, and operating loss was $81.5M vs. $120.3M.
Nine-month basic and diluted loss per share was $7.03 vs. $17.03; restructuring costs were $0.3M vs. $49.0M, following completion of most restructuring activity in Q1 2026.
Outlook and guidance
STRO-004 Phase 1 update and expansion cohorts in select indications are expected in H1 2027; dose optimization continues in selected backfill cohorts.
Initial STRO-006 clinical update is expected in H2 2027; STRO-227 Phase 1 initiation is targeted for early 2027.
Existing unrestricted cash, cash equivalents and marketable securities are expected to support operations for at least 12 months after filing; additional financing will be required.
No significant future restructuring expenses are expected; final luvelta-related costs depend on CRO/CMO commitments and clinical-trial wind-down.
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Latest events from Sutro Biopharma
- Three ADC catalysts in 2027, with STRO-004 activity and runway into H1 2028.STRO
Corporate presentation - Three clinical programs and multiple data catalysts are planned for 2027.STROStifel 2026 Healthcare Conference 2026
- STRO-004 clinical activity anchors a growing single- and dual-payload ADC pipeline.STROInvestor presentation
- Accelerated clinical progress and dual payload innovation drive promising oncology pipeline.STROH.C. Wainwright 28th Annual Global Investment Conference
- Advancing next-gen ADCs with strong clinical progress and a robust, well-funded pipeline.STROCorporate presentation
- Q2 2026 revenue was $9.8M, net loss $38.5M, and strong pipeline and cash position highlighted.STROQ2 2026
- Directors elected, auditor ratified, and executive pay approved; clinical goals accelerated.STROAGM 2026
- Accelerated ADC pipeline and strong funding drive rapid clinical progress and upcoming data readout.STROJefferies Global Healthcare Conference 2026
- ADC pipeline advances with clinical, preclinical, and partnership milestones set for 2026.STROR&D Day 2025
Next Sutro Biopharma earnings date
UBS Global Biopharma Conference 202617 Nov, 2026
Sutro Biopharma
Next Sutro Biopharma earnings date
UBS Global Biopharma Conference 202617 Nov, 2026
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Frequently asked questions
Sutro Biopharma Inc. is a biotechnology company specializing in the discovery, development, and manufacturing of therapeutics aimed at treating cancer. The company leverages its proprietary cell-free protein synthesis platform, XpressCF, to design and produce novel, targeted antibody-drug conjugates (ADCs), bispecific antibodies, and other protein therapeutics. Sutro's focus is on creating therapies that precisely target and eliminate cancer cells while minimizing damage to healthy tissues, advancing treatment options for patients with difficult-to-treat cancers. The company is headquartered in San Francisco, California, and its shares are listed on the NASDAQ.