Sutro Biopharma (STRO) Jefferies London Healthcare Conference 2024 summary

Strategic partnerships and financial position

• Nearly $1 billion raised through partnerships and equity financing, supporting R&D and platform development.

• Partnerships have generated approximately $975 million in funding, with over $2 billion in potential future milestones and royalties.

• Ended Q3 with almost $400 million in cash, cash equivalents, and marketable securities.

• Monetized Vaxcyte royalties for $140 million upfront and $250 million in milestones.

• Collaborations with Vaxcyte, Blackstone, Ipsen, Astellas, and Atasly provide diversified revenue streams and global reach.

Lead program: Luvelta clinical progress

• Luvelta in pivotal registration-directed trials for platinum-resistant ovarian cancer and ultra-rare pediatric leukemia.

• Designed to benefit 8 in 10 women with platinum-resistant ovarian cancer, compared to 3 in 10 for the approved competitor.

• Demonstrated robust disease control and improved safety profile, notably lacking ocular and lung toxicities.

• Luvelta addresses a broader patient population, including those with low to medium FRa expression, potentially doubling eligible PROC patients.

• Pivotal trial underway with 516 patients; discussions with FDA on optimized dose ongoing.

Pipeline expansion and innovation

• Committed to three INDs over the next three years, starting with STRO-004 in 2025.

• Next-generation ADCs feature advanced linkers, dual payloads, and immunostimulatory agents.

• Collaboration with Astellas focuses on dual-mechanistic, immunostimulatory ADCs.

• STRO-004 tissue factor ADC shows promising preclinical efficacy and safety, with high DAR and optimized conjugation.

• Dual payload strategies demonstrate superior cell kill in preclinical models.