Sutro Biopharma, Inc.

Worth knowing

• Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

  Sutro Biopharma's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

• Shareholders being diluted. Shares outstanding up 49% from December 2022 to December 2025.

  Sutro Biopharma had 49% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Sutro Biopharma had 49% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Cash exceeds market value plus debt. Its cash is worth more than its market value plus debt.

  Sutro Biopharma's cash is larger than its market value and debt combined (enterprise value at or below zero). The market is valuing the operating business at nothing or less, which is rare.Sutro Biopharma's cash is larger than its market value and debt combined. The market is valuing the operating business at nothing or less, which is rare.

• Stock-based pay is a large cost. Stock pay was 14% of revenue in 2025.

  Sutro Biopharma paid employees $14M in stock in 2025, 14% of its $102M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.