Sutro Biopharma (STRO) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Strategic vision and platform development

• Focus on intentional portfolio building, partnerships, and proprietary technology to drive long-term value and sustainability.

• Advancing next-generation ADCs using proprietary cell-free XpressCFⓇ platform, enabling unique ADC features and large-scale manufacturing.

• Over $2 billion in potential future milestones and royalties, with ongoing partnership discussions for Luvelta.

• $388 million in cash and equivalents as of September 30, 2024, supporting ongoing R&D and clinical programs.

• Strong business development track record with collaborations including Vaxcyte, Blackstone, Ipsen, Astellas, and Atasly.

Clinical development and pipeline progress

• Luvelta, a tubulin inhibitor ADC, is in registrational trials for ovarian cancer (Fast Track), pediatric AML (Orphan/Rare Pediatric), and phase 2 for NSCLC.

• Demonstrated efficacy and manageable safety profile in platinum-resistant ovarian cancer, with a projected accelerated approval filing by mid-2027.

• Achieved 32% ORR and 96% disease control rate in PROC patients with FRa ≥25%, with a favorable safety profile and no ocular toxicity.

• REFRAME-01 enrollment ahead of projections, with 200+ sites expected active by mid-2025 and strong international support.

• Bevacizumab combo in ovarian cancer showed 55.6% ORR and median PFS of 8.3 months; expansion data expected 1H25.

Expansion and innovation in ADC technology

• Three INDs planned over the next three years, including STRO-004, a tissue factor-targeting exatecan ADC with broad pan-tumor potential (IND 2H 2025).

• Next-gen ADCs feature higher DAR, dual-payloads to overcome resistance, and iADCs combining cytotoxins with immune stimulators.

• Proprietary non-natural amino acid linkage and advanced linker technology (beta-glucuronidase) enhance stability and reduce toxicity.

• Dual-payload ADCs demonstrated enhanced efficacy in ovarian cancer models; iADC program with Astellas targets cold tumors and immunotherapy-resistant cancers.

• STRO-004 designed for improved potency, stability, and safety, with preclinical data showing sustained tumor regressions and reduced toxicity.