Sutro Biopharma (STRO) Jefferies Global Healthcare Conference 2026 summary

Strategic pipeline acceleration

• Accelerated clinical pipeline, moving three programs into the clinic within two years after a major business transformation.

• First program, a tissue factor ADC, is already in the clinic, showcasing unique design capabilities.

• Platform enables optimization of all ADC components, differentiating from conventional approaches.

• Pipeline includes both single and dual payload ADCs targeting complex and resistant tumor types.

• Next-generation payloads and combination strategies are under development to address resistance.

Tissue factor ADC program highlights

• Tissue factor ADC uses a β-glucuronide DAR 8 exatecan payload, designed for both efficacy and safety.

• Maintains high drug-to-antibody ratio (DAR) for potency, with improved linker and cell-free antibody production for safety.

• Achieved high non-severe toxic doses (HNSTD) in preclinical studies, surpassing conventional ADCs.

• Modified linker and non-glycosylated antibodies reduce off-target toxicity and improve safety profile.

• Phase I trial started at 1 mg/kg, higher than comparable programs, with no FDA objections.

Clinical trial progress and expectations

• Phase I trial has cleared dose level three and is escalating rapidly, ahead of schedule.

• No dose-limiting toxicities observed so far, supporting continued escalation.

• Modified TPI protocol allows flexible enrollment and backfill cohorts to strengthen safety data.

• Midyear data readout will include safety, PK, and early activity across multiple tumor types.

• Eight tumor types represented in the trial, with a focus on heavily pretreated patients.