Sutro Biopharma Inc 2026年季度报告

FORM 10-Q (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from ________ to ________Commission File Number: 001-38662 SUTRO BIOPHARMA, INC. (Exact Name of Registrant as Specified in its Charter) 47-0926186(I.R.S. EmployerIdentification No.) Delaware(State or other jurisdiction ofincorporation or organization) 94080(Zip Code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) ofthe Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☐ Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of August 7, 2026, the registrant had 16,581,171 shares of common stock, $0.001 par value per share,outstanding. Table of Contents PageSummary of Risk Factors2PART I.FINANCIAL INFORMATIONItem 1.Financial Statements (Unaudited)4Condensed Balance Sheets4Condensed Statements of Operations5Condensed Statements of Comprehensive Loss6Condensed Statements of Stockholders’ Deficit7Condensed Statements of Cash Flows8Notes to Unaudited Interim Condensed Financial Statements9Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations28Item 3.Quantitative and Qualitative Disclosures About Market Risk40Item 4.Controls and Procedures41PART II.OTHER INFORMATIONItem 1.Legal Proceedings42Item 1A.Risk Factors42Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities96Item 3.Defaults Upon Senior Securities96Item 4.Mine Safety Disclosures96Item 5.Other Information96Item 6.Exhibits97Signatures98 Summary of Risk Factors Our business is subject to a number of risks and uncertainties, including those highlighted in the section titled “RiskFactors”. Some of these risks include: •We have a history of significant losses and may never achieve or maintain profitability.•We will need substantial additional funds to advance development of our product candidates, and failure toobtain sufficient funding may force us to delay, limit or terminate our product development programs,commercialization efforts or other operations. We may have difficulties accessing the required additionalcapital on reasonable, or even any, terms to continue our product and platform development or otheroperations and have made and may have to make again in the future difficult prioritization decisionsregarding development and potential partnering of our clinical and preclinical product candidates.•Our product candidates are in development and may fail, be impacted by competitive products or sufferdelays that materially and adversely affect their commercial viability.•Our business is dependent on the success of our product candidates, including STRO-004, STRO-006 andSTRO-227, which are generated from our proprietary XpressCF®and XpressCF+®platforms.•If we do not achieve our development goals in the timeframes we anticipate and project, thecommercialization of our products may be delayed and, as a result, our stock price may decline.•Our approach to the discovery and development of our therapeutic treatments is based on noveltechnologies that are unproven and may not result in marketable products.•We depend on our information technology systems, and any failure or serious disruptions of these systems,or those of our contract research organizations, or CROs, third-party vendors, or other contractors orconsultants we may utilize, could adversely affect our business. The increasing use of artificial intelligenceb