SUTRO BIOPHARMA, INC.
For the period ended Dec 31, 2025. Filed Mar 23, 2026.
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FY2025 · Filed Mar 23, 2026
STRO$10.61+10.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Statements of Cash Flows
(in thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating activities | ||
| Net loss | $(191,086) | $(227,461) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
| Depreciation and amortization | 7,324 | 7,218 |
| Accretion of discount on marketable securities | (3,435) | (9,719) |
| Stock-based compensation | 14,008 | 24,687 |
| Non-cash lease expenses | 5,884 | 5,138 |
| Impairment charges | 1,694 | — |
| Realized gain on sale of equity securities | — | (32,139) |
| Unrealized gain on equity securities | — | — |
| Non-cash interest expense on deferred royalty obligation | 38,208 | 31,070 |
| Other | 571 | 766 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 4,639 | 27,462 |
| Prepaid expenses and other assets | 19,350 | (11,558) |
| Accounts payable | (2,468) | 706 |
| Accrued compensation | 1,737 | (1,781) |
| Accrued expenses and other liabilities | 3,552 | (7,354) |
| Deferred revenue | (69,729) | 7,845 |
| Change in operating lease liability | (7,480) | (6,420) |
| Net cash used in operating activities | (177,231) | (191,540) |
| Investing activities | ||
| Purchases of marketable securities | (264,950) | (461,521) |
| Maturities of marketable securities | 253,766 | 538,925 |
| Sales of marketable securities | 57,892 | 70,155 |
| Proceeds from sale of equity securities, net | — | 74,047 |
| Purchases of equipment and leasehold improvements | (1,695) | (3,098) |
| Net cash provided by (used in) investing activities | 45,013 | 218,508 |
| Financing activities | ||
| Proceeds from sales of common stock, net of issuance costs | — | 71,527 |
| Proceeds from sales of common stock to Ipsen Biopharmaceuticals, Inc. (USA) | — | 25,000 |
| Payments of debt | — | (4,083) |
| Proceeds from exercise of common stock options | 4 | 271 |
| Taxes paid related to net share settlement of restricted stock units | (332) | (509) |
| Proceeds from employee stock purchase plan | 372 | 1,848 |
| Net cash provided by financing activities | 44 | 94,054 |
| Net increase in cash, cash equivalents and restricted cash | (132,174) | 121,022 |
| Cash, cash equivalents and restricted cash at beginning of year | 191,162 | 70,140 |
| Cash, cash equivalents and restricted cash at end of year | $58,988 | $191,162 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for interest | $— | $310 |
| Income tax paid | $(75) | $17,520 |
| Supplemental Disclosures of Non-cash Investing and Financing Information | ||
| Purchase of property and equipment included in accounts payable | $11 | $673 |
| Financing component associated with program fees | $3,413 | $6,289 |
| Premium on common stock issued to Ipsen Biopharma, Inc. (USA) | $— | $429 |
SUTRO BIOPHARMA, Inc.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.