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Sutro Biopharma cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$38.3M in Q2 2026 · −$145M over twelve months

Operating cash flow−$38.3M
Free cash flow−$38.3M

Analysis

In Q2 2026, Sutro Biopharma generated −$38.3M of operating cash flow. That is $6.4M more than in Q2 2025 (−$44.7M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$145M; the largest uses were operating cash flow ($145M), taxes on employees’ shares ($252K); besides operations, cash came from shares issued ($103M), other investing ($32.8M); the cash balance fell by $9.7M.

Operating cash flow was −$38.3M against net income of −$38.5M. The largest differences: receivables +$6.7M, deferred revenue −$4.2M, stock-based pay +$2.0M.

Free cash flow

Sutro Biopharma: free cash flow by quarterSutro Biopharma: free cash flow by quarter−$64.5MQ3 2024−$71.7MQ4 2024−$67.9MQ1 2025−$44.7MQ2 2025−$38.2MQ3 2025−$26.4MQ4 2025−$42.3MQ1 2026−$38.3MQ2 2026
Operating cash flow less capital spending.
Sutro Biopharma: operating cash flow against capital spendingSutro Biopharma: operating cash flow against capital spendingOperating cash flowCapital spending−$64.5M$0Q3 2024−$71.7M$0Q4 2024−$67.9M$0Q1 2025−$44.7M$0Q2 2025−$38.2M$0Q3 2025−$26.4M$0Q4 2025−$42.3M$0Q1 2026−$38.3M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$38.3M, Capital spending $0.

Capital allocation, year by year

Sutro Biopharma: where the cash came from (up) and went (down), by fiscal yearSutro Biopharma: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedBuybacksFY2021: Operating cash flow −$81.7MFY2021: Shares issued $2.5MFY2021: Buybacks −$7K$2.5MFY2021FY2022: Operating cash flow $3.5MFY2022: Net borrowing −$9.4MFY2022: Shares issued $268K$3.8MFY2022FY2023: Operating cash flow −$112MFY2023: Net borrowing −$12.5MFY2023: Shares issued $314K$314KFY2023FY2024: Operating cash flow −$192MFY2024: Net borrowing −$4.1MFY2024: Shares issued $25.3M$25.3MFY2024FY2025: Operating cash flow −$177MFY2025: Shares issued $4K$4KFY2025
Over these 5 years operating cash flow totalled −$559M; the largest uses were operating cash flow ($562M) and net borrowing ($26.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$164M
Debtnone
Net cash$164M
Cash runway14 months

Sutro Biopharma is burning cash: its operations consume cash, a free cash flow of −$145M a year at the current rate against $164M of cash and investments: a runway of about 14 months before any new financing.

Where the cash came from and went

Sutro Biopharma: sources (+) and uses (−) of cash, Q2 2026Sutro Biopharma: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$38.3MOther investing$19.4MCash drawn (+) / kept (−)$19.3MOther financing−$468KShares issued$50K
Sutro Biopharma: sources (+) and uses (−) of cash, TTM to Q2 2026Sutro Biopharma: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$145MShares issued$103MOther investing$32.8MCash drawn (+) / kept (−)$9.7MTaxes on employees’ shares−$252KOther financing$207K

From profit to cash

Sutro Biopharma: net income to operating cash flow, Q2 2026Sutro Biopharma: net income to operating cash flow, Q2 2026Net income−$38.5MDepreciation & amortization$1.3MStock-based pay$2.0MOther non-cash$97KReceivables$6.7MPayables−$1.7MEmployee-related liabilities$831KDeferred revenue−$4.2MPrepaid and other assets$382KOperating cash flow−$38.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$38.3M$50K$19.3M−$38.3M
Q1 2026−$42.3M$103M−$15.6M−$42.3M
Q4 2025−$26.4M$3K$7.8M−$26.4M
Q3 2025−$38.2M$1K−$1.9M−$38.2M
Q2 2025−$44.7M—$42.2M−$44.7M
Q1 2025−$67.9M—$84.1M−$67.9M
Q4 2024−$71.7M—−$15.7M−$71.7M
Q3 2024−$64.5M$154K−$83.8M−$64.5M

Sutro Biopharma: income statement and cash flow

Sutro Biopharma, Q2 2026: revenue $9.8M (-85% year over year), operating margin -303.8%. The chart follows the revenue to costs, profit and cash.

Sutro Biopharma: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.