Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SUTRO BIOPHARMA, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
59.7
51.7
38.4
42.7
42.7
61.9
67.8
154
62
102
Research and development
43.6
54.6
54.3
65.6
77
104
137
180
252
166
General and administrative
14.8
16.4
21.4
32.6
36.8
56
59.5
62.6
48.5
41
Operating expenses
58.4
71
75.6
98.2
114
160
197
243
300
261
Operating income
1.36
-19.3
-37.2
-55.5
-71.1
-98.5
-129
-89.3
-238
-158
Interest expense
0
0.61
1.62
1.1
2.3
2.6
2.4
1.3
Other non-operating income
0.09
-0.08
1.91
Pre-tax income
-32
-106
-117
-88.6
-225
-191
Income tax
0
0
0
0.1
0
2.5
18.2
2.36
-0.09
Net income
1.7
-19.7
-35.3
-119
-32.1
-106
-119
-107
-227
-191
EBITDA
7.03
-14.3
-32.7
-50.7
-66.8
-93.7
-123
-82.5
-231
-151
EPS, basic
0.00
-436.53
-60.89
-24.14
-9.83
-22.75
-23.34
-17.68
-29.40
-22.49
EPS, diluted
0.00
-436.53
-60.89
-24.14
-9.83
-22.75
-23.34
-17.68
-29.40
-22.49
Shares, basic (weighted)
0.04
0.05
0.58
2.31
3.28
4.64
5.11
6.06
7.74
8.5
Shares, diluted (weighted)
0.04
0.05
0.58
2.31
3.28
4.64
5.11
6.06
7.74
8.5
Balance sheet
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
11.6
22
125
4.96
206
30.4
47.3
69.3
190
58.1
Short-term investments
79.2
113
120
130
255
264
127
83.3
Receivables
1.62
2.49
6.3
5.56
12.5
7.12
36.1
8.62
3.98
Other current assets
1.99
2.97
4.41
4.49
8.12
11.7
9.85
17.8
5.52
Total current assets
25.6
210
129
378
219
353
422
343
151
Property, plant and equipment
14
10.9
9.63
12.9
22.6
24.6
21.9
18.2
10.6
Lease right-of-use assets
29
26.4
22.8
17.7
10.9
Long-term investments
0
15.6
0
68.8
0
0
0
0
Other non-current assets
1.13
2.24
2.55
2.12
1.66
1.86
3.57
7.17
0.5
Total assets
40.8
223
156
394
341
407
471
387
174
Accounts payable
2.9
3.06
5.58
5.54
6.01
4.8
9.44
10.5
7.57
Accrued liabilities
3.64
6.22
6.02
8.82
11.4
13.1
14.7
12.9
14.6
Deferred revenue
10.7
21.6
19.5
14.6
5.5
16.8
20.7
69.8
10.6
Short-term debt
14.6
4.72
1
9.38
12.5
4.06
Total current liabilities
32
36.4
33
29.6
41.7
66.5
93.7
132
75.1
Long-term debt
10
8.88
24.5
15.7
3.77
0
Lease liabilities
31.2
29.6
23.2
15.7
7.89
Other non-current liabilities
0.01
0.1
0.13
0.48
0.15
0.12
1.69
1.69
1.69
Total liabilities
47.3
91.6
58.6
62.1
88.8
190
321
343
306
Total debt
14.7
8.88
24.5
25.1
16.3
4.06
Paid-in capital
6.22
282
293
560
586
670
709
831
845
Retained earnings
-115
-150
-196
-228
-333
-453
-559
-787
-978
Other comprehensive income
-0.05
0.17
0.13
-0.31
-0.62
0.02
0.04
0.02
Shareholders' equity
-90.9
-109
132
97.8
332
253
217
150
44.6
-132
Total equity
-90.9
-109
132
97.8
332
253
217
150
44.6
-132
Total liabilities and equity
40.8
223
156
394
341
407
471
387
174
Shares outstanding
0.05
2.3
2.33
4.61
4.66
5.79
6.14
8.31
8.58
Cash flow statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
1.7
-19.7
-35.3
-55.7
-32.1
-106
-119
-107
-227
-191
Depreciation and amortization
5.66
4.99
4.54
4.78
4.3
4.84
5.69
6.82
7.22
7.32
Stock-based compensation
0.97
1.39
2.87
10.3
11.9
23.2
26.3
24.9
24.7
14
Change in receivables
-0.17
-1.05
-0.87
-3.81
0.74
-6.9
5.34
-29
27.5
4.64
Change in payables
0.87
-0.47
0.21
2.25
-1.14
2.71
-1.23
4.81
0.71
-2.47
Cash from operations
-13.2
-37.1
12.7
-65
-67.8
-81.7
3.55
-112
-192
-177
Capital expenditures
-4.39
-3.32
-1.56
Purchases of investments
-52.3
-14.2
-81.5
-196
-131
-249
-217
-460
-462
-265
Cash from investing
9.59
32.6
-80.2
-51.1
0.6
-97.3
-35
-3.92
219
45
Debt issued
0
15
0
25
Debt repaid
-5
-10
-9.38
-12.5
-4.08
0
Stock issued
0.13
-0.33
251
2.49
0
0
25
0
Share buybacks
-0.01
Cash from financing
0.18
14.6
171
-4.18
269
3.26
48.3
138
94.1
0.04
Net change in cash
-3.39
10.2
103
-120
202
-176
16.8
22
121
-132
Free cash flow
-17.5
-40.4
11.1
Interest paid
0
0.48
1.28
1.05
1.68
2.05
1.87
1.13
0.31
0
Income taxes paid
0.1
0
0.38
17.5
0.08
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $15.98 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-319.6%
Operating income / revenue.
EBITDA margin
-306.3%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-395.5%
Pre-tax income / revenue.
Net margin
-395.2%
Net income / revenue.
Operating cash flow margin
-317.7%
Cash from operations / revenue.
Return on assets (ROA)
-92.9%
Net income / average total assets.
R&D / revenue
316.7%
Research and development expense / revenue.
Stock-based pay / revenue
14.8%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
13.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
65.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
14.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
19.1%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-397.0%
Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-55.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-24.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-15.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
9.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
18.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
21.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.32x
Current assets / current liabilities.
Quick ratio
3.22x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
3.11x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.76
Revenue / diluted weighted shares.
Operating cash flow per share
-$8.76
Cash from operations / diluted weighted shares.
Book value per share
-$6.23
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
5.80x
Market cap / revenue.
EV/Sales
2.20x
Enterprise value / revenue.
Earnings yield
-68.2%
Net income / market cap (the inverse of P/E).
What was SUTRO BIOPHARMA, INC.'s revenue in fiscal 2025?
SUTRO BIOPHARMA, INC. reported revenue of $102.5M for fiscal 2025, 65.2% higher than the year before.
Was SUTRO BIOPHARMA, INC. profitable in fiscal 2025?
No. It reported a net loss of $191.1M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.