SUTRO BIOPHARMA, INC. Segments Disclosure
10. Segment Reporting
The Company operates in one business segment that focuses on developing site-specific and novel-format ADCs. The Company's , as the chief operating decision-maker, reviews financial information on an aggregate basis for the purposes of allocating resources and evaluating financial performance. Consistent with this decision-making process, the Chief Executive Officer uses loss from operations to monitor budget versus actual results for purposes of evaluating performance and to make decisions about the allocation of resources.
Summary of the segment net loss, including significant segment expenses were as follows:
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
|
(in thousands) |
|
|||||
Revenue |
|
$ |
102,484 |
|
|
$ |
62,043 |
|
Less: |
|
|
|
|
|
|
||
Personnel-related expenses |
|
|
(81,114 |
) |
|
|
(107,916 |
) |
Outside services |
|
|
(75,686 |
) |
|
|
(105,056 |
) |
Preclinical research and clinical development expenses |
|
|
(6,680 |
) |
|
|
(35,217 |
) |
Laboratory supplies |
|
|
(9,962 |
) |
|
|
(15,547 |
) |
Facility and maintenance expenses |
|
|
(15,049 |
) |
|
|
(16,030 |
) |
Equipment and office-related expenses |
|
|
(18,120 |
) |
|
|
(19,216 |
) |
Travel-related expenses |
|
|
(825 |
) |
|
|
(1,514 |
) |
Restructuring and related costs |
|
|
(53,415 |
) |
|
|
— |
|
Operating expenses |
|
|
(260,851 |
) |
|
|
(300,496 |
) |
Loss from operations |
|
|
(158,367 |
) |
|
|
(238,453 |
) |
Non-cash interest expense related to the sale of future royalties |
|
|
(38,208 |
) |
|
|
(31,070 |
) |
Interest income |
|
|
9,251 |
|
|
|
18,643 |
|
Interest and other (income) expense, net |
|
|
(3,855 |
) |
|
|
25,782 |
|
Non-operating income |
|
|
(32,812 |
) |
|
|
13,355 |
|
Loss before provision for income taxes |
|
|
(191,179 |
) |
|
|
(225,098 |
) |
Income tax expense |
|
|
93 |
|
|
|
(2,363 |
) |
Segment net loss |
|
$ |
(191,086 |
) |
|
$ |
(227,461 |
) |
|
|
|
|
|
|
|
||
Reconciliation of profit or loss |
|
|
|
|
|
|
||
Adjustments and reconciling items |
|
|
— |
|
|
|
— |
|
Net loss |
|
$ |
(191,086 |
) |
|
$ |
(227,461 |
) |
All of the Company’s long-lived assets are maintained in the United States.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 23, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.