Sutro advances STRO-004 into Phase 1, raises $110M, cuts burn 49% after dual restructuring

Filed May 14, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~1 min read

Key Changes

• high

  STRO-004 entered Phase 1 dosing in November 2025 after IND clearance; dose level 3 cohort initiated February 2026 with initial safety and PK data expected mid-2026. First wholly-owned clinical asset following luvelta termination.

  MD&A: STRO-004 Phase 1 trial verify on EDGAR →
• high

  Astellas collaboration triggered $10M milestone payment in Q1 2026 for first-patient dosing in Phase 1 trial, validating iADC platform. Payment received April 2026.

  MD&A: Astellas milestone verify on EDGAR →
• high

  February 2026 equity offering raised $110M gross proceeds at $13.98/share, extending cash runway. Cash position at March 31, 2026 was $202.6M, down from $249M prior year but bolstered by the raise.

  MD&A: February 2026 Offering verify on EDGAR →