Sutro Biopharma (STRO) Piper Sandler 36th Annual Healthcare Conference summary

Pipeline and clinical development

• Advancing Luvelta, a next-gen ADC, for ovarian and endometrial cancers, with plans to file three INDs in the next three years, including tissue factor ADC, STRO-004, and a dual payload ADC.

• Luvelta designed for broader efficacy and improved safety, potentially benefiting 80% of platinum-resistant ovarian cancer patients, compared to 30% for current therapies.

• Ongoing pivotal REFRaME trial for Luvelta includes dose optimization and comparison to chemotherapy, targeting 516 patients, with endpoints of response rate, duration, PFS, and OS.

• Early data suggest Luvelta may offer better response rates and tolerability, with a unique toxicity profile focused on asymptomatic neutropenia.

• Exploring Luvelta in non-small cell lung cancer and rare pediatric AML, with initial lung data expected next year and a rare pediatric disease designation for AML.

Strategic partnerships and R&D initiatives

• Partnered ROR1 ADC with Ipsen, securing $75 million upfront and potential milestones up to $900 million, plus double-digit royalties.

• Collaborating with Astellas on immunostimulatory ADCs and advancing multiple internal ADC programs, including dual payload constructs.

• R&D focus on tissue factor ADC (STRO-004) and high-DAR exatecan ADCs, with preclinical data showing superior dosing and efficacy compared to competitors.

• Leading development of dual payload ADCs to address resistance issues seen with single payload exatecan ADCs.

Financial position and outlook

• Ended Q3 with approximately $388 million in cash, bolstered by the sale of Vaxcyte shares.

• Confident in ability to fund ongoing and planned programs, with openness to potential partnerships for Luvelta.

• No specific guidance on capital duration due to multiple moving parts, but financial position supports near-term objectives.