Sutro pivots to preclinical pipeline, cuts workforce 56%, exits manufacturing

Filed March 23, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 13, 2025 · ~1 min read

Key Changes

• high

  STRO-004 advanced to Phase 1 dosing in November 2025 with initial data expected mid-2026; company's first wholly-owned asset in human testing.

  Business: STRO-004 Phase 1 verify on EDGAR →
• high

  Workforce reduced from 310 to 137 employees (56% cut) via March and September 2025 restructurings; luvelta development terminated; internal manufacturing exited.

  Business: Workforce & Operations verify on EDGAR →
• high

  Cash declined from $316.9M to $141.4M (55% drop) despite $191M net loss improvement from prior year; February 2026 equity raise added ~$110M.

  MD&A: Liquidity verify on EDGAR →