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Sutro Biopharma (STRO) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026 · Sutro Biopharma (STRO) Q2 2026 earnings results →
Q2 2026 Revenue down 85% year over year to $9.8M · 392¢ of every $1 of revenue lost · operating margin -303.8%
Sutro Biopharma made $9.8M in Q2 2026 (-85% Y/Y). Operating margin -303.8%, net loss $38.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $9.8M in Q2 2026, down 85% year over year and down 32% from the previous quarter.
Operating costs exceeded revenue by $29.9M, an operating margin of -303.8%. Total costs fell 41% while revenue fell 85%. The quarter ended with a net loss of $38.5M, wider than the previous quarter's $38.5M loss.
Operating cash flow was −$38.3M. Non-cash charges added back $1.3M of depreciation and amortization and $2.0M of share-based compensation. Working capital and other items used $3.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 12, 2026 | $9.8M | -85% | -303.8% | −$38.5M | −$38.3M |
| Q1 2026 | 10-Q | May 14, 2026 | $14.5M | -16% | -204.2% | −$38.5M | −$42.3M |
| Q4 2025 | 10-K | Mar 23, 2026 | $11.6M | -21% | -326.7% | −$46.8M | −$26.4M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $9.7M | +14% | -499.9% | −$56.9M | −$38.2M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $63.7M | +148% | -5.2% | −$11.5M | −$44.7M |
| Q1 2025 | 10-Q | May 8, 2025 | $17.4M | +34% | -393.8% | −$76.0M | −$67.9M |
| Q4 2024 | 10-K | Mar 13, 2025 | $14.8M | -87% | -440.7% | −$72.4M | −$71.7M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Sutro Biopharma
We are a clinical stage oncology company developing site-specific and novel-format antibody drug conjugates, or ADCs, enabled by our proprietary integrated cell-free protein synthesis platform, XpressCF ® , and our site-specific conjugation platform, XpressCF+ ® . We aim to design and develop therapeutics using the most relevant and potent modalities, including ADCs, bispecific ADCs, immunostimulatory ADCs, or iADCs, and dual-payload ADCs, or dpADCs. Our molecules are directed primarily against clinically validated targets where the current standard of care is suboptimal. We believe that our platform allows us to accelerate the discovery and development of potential first-in-class and/or best-in-class molecules by enabling the rapid and systematic evaluation of protein structure-activity relationships to create optimized homogeneous product candidates.
In its own words, from its 10-K, filed Mar 23, 2026.
Sutro Biopharma against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -85% against the peers' median +11%. Operating margin: -303.8% against the peers' median 35.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| STRO Sutro Biopharma | Q2 2026 | $9.8M | -85% | -303.8% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
Source: Sutro Biopharma 10-Q on SEC EDGAR · CIK 1382101 · Biological Products, (No Diagnostic Substances)
13F: who owns STRO and who is buying
More on STRO
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results