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Get filing alertsrevenue $102.5M, net income -$191.1M. Sutro pivots to preclinical pipeline, cuts workforce 16.0%, exits manufacturing
Filed March 23, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 13, 2025 · ~1 min read
Key Changes
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high
Business: STRO-004 Phase 1 verify on EDGAR →
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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 →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 9, 2026 · How we verify