Overview

* Sutro Q2 revenue rises to $63.7 mln, driven by Astellas collaboration

* Operating expenses decreased, contributing to a reduced net loss

Outlook

* Sutro sees restructuring and related costs, mostly in 2025, for deprioritization of the luvelta program

* Sutro has cash runway extending into early 2027

Result Drivers

* ASTELLAS COLLABORATION - Revenue boost attributed to collaboration with Astellas and recognition of deferred revenue from Ipsen's decision not to advance STRO-003

* COSTS - Restructuring and and related costs were $18.4 mln, operating costs drop

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 $63.74

Revenue mln

Q2 Net -$11.50

Income mln

Q2 Basic -$0.14

EPS

Q2 $67.09

Operatin mln

g

Expenses

Q2 -$3.34

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the biotechnology & medical research peer group is "buy"

* Wall Street's median 12-month price target for Sutro Biopharma Inc ( STRO ) is $2.00, about 59.1% above its August 6 closing price of $0.82

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)