Sutro Biopharma (STRO) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic transformation and leadership

• Undertook a strategic pivot in 2024, redefining strategy, right-sizing the team, and accelerating the pipeline.

• New leadership team with deep ADC experience and a focus on execution and discipline.

• Reduced team and expenses by two-thirds, extending cash runway to at least mid-2027, not including potential collaboration milestones.

• Emphasis on partnerships to advance programs and manage resources efficiently.

ADC pipeline and technology differentiation

• Advancing a differentiated pipeline of single- and dual-payload ADCs, with three INDs planned over the next three years.

• STRO-004, STRO-006, and STRO-227 are lead candidates, with initial clinical data and IND submissions expected between mid-2026 and 2027.

• STRO-004 (Tissue Factor ADC) is in phase I, showing robust preclinical activity and a high safety window (HNSTD 50 mg/kg), with Phase 1 data expected mid-2026.

• STRO-006 (integrin beta-6 ADC) targets lung cancer, with IND on track for 2026 and strong preclinical results.

• STRO-227 (PTK7 dual-payload ADC) aims to overcome resistance, with IND submission anticipated in 2026-2027.

Platform innovation and safety profile

• Proprietary platform enables high-throughput antibody screening, optimized linkers, and payload combinations to maximize efficacy and minimize toxicity.

• Use of non-natural amino acids and click chemistry stabilizes linker-payload, reducing free payload and improving safety.

• Fc-silent antibodies reduce risks like ILD and pneumonitis, enhancing safety especially in lung cancer applications.

• Cell-free platform supports innovation in dual-payload ADCs, enabling tailored drug ratios and broad payload diversity.

• Dual payload ADCs deliver combination therapies in a targeted way, overcoming resistance and expanding therapeutic windows.