Shares of Sutro Biopharma, Inc. (STRO) surged more than 18% after the company announced the pricing of a $110.0 million underwritten offering of 7,868,383 shares of its common stock at a price of $13.98 per share.
The offering is expected to close on or about February 11, 2026, subject to customary closing conditions.
Sutro stated that net proceeds, together with existing cash, cash equivalents and marketable securities, will be used primarily for general corporate purposes, including research, clinical and process development, manufacturing of product candidates, working capital, and potential acquisitions or investments.
Pipeline Overview
Sutro is advancing a differentiated pipeline of next-generation single- and dual-payload antibody-drug conjugates (ADCs) built using its cell-free protein synthesis platform.
The company's wholly owned programs include:
•STRO-004, a Tissue Factor ADC for solid tumors, now in Phase 1/1b after receiving IND clearance and moving into first-in-human evaluation.
•STRO-006, a selective integrin Beta6 ADC for solid tumors, which is in preclinical development and expected to enter clinical development in 2026.
•STRO-227, a PTK7 dual-payload ADC for solid tumors, which is in preclinical development.
•STRO-00Y, a dual-payload ADC program for solid tumors, which is in the discovery stage.
In its partnered portfolio, Sutro collaborates with:
•Vaxcyte on VAX-24, a 24-valent conjugate vaccine for invasive pneumococcal disease, which has progressed into Phase 2.
•Vaxcyte on VAX-31, a 31-valent conjugate vaccine for invasive pneumococcal disease, which is in preclinical development.
•Astellas on immunostimulatory ADCs (iADCs) for cancers, including at least one program that has advanced into Phase 1/1b after completing preclinical work.
Sutro ended September 30, 2025, with cash, cash equivalents and marketable securities of $167.6 million, which is expected to extend its cash runway into at least mid-2027.
On December 3, 2025, Sutro implemented a 1-for-10 reverse stock split.
STRO is currently trading at $16.65, up 18%.
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