Sutro Biopharma, Inc. · NASDAQ:STRO
Sutro Biopharma — Investor Presentation (October 2026)
33 slides from Sutro Biopharma's investor presentation, October 2026
Slide 1: Designed to Deliver
DESIGNED / TO DELIVER October 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation and the accompanying oral presentation contain “forward-looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements other than state
Slide 3: Proprietary Platform Creates Best-in-Class ADCs
Proprietary Platform Creates Best-in-Class ADCs At the forefront of next-gen ADCs, with improved antibody, linker, and payload for superior safety and efficacy Single-payload ADCs Dual-payload ADCs, with partnered and for complex targets where wholly-owned programs, to overcome competition is limite
Slide 4: Differentiated Pipeline of Single- and Dual-Payload ADCs
Differentiated Pipeline of Single- and Dual-Payload ADCs SINGLE-PAYLOAD ADCs: DUAL-PAYLOAD ADCs: Focused on Complex Targets Overcome Resistance and Expressed Across Many Tumor Types Delay Progression STRO-004: STRO-006: TF-Targeting ADC ITGβ6-Targeting ADC STRO-227: PTK7-Targeting dpADC Best-in-clas
Slide 5: Next-Generation ADCs
Next-Generation ADCs Enabled by Sutro’s Proprietary Platform
Slide 6: Sutro's Proprietary Cell-Free Platform Designed to Optimize Every Component of the ADC
Sutro’s Proprietary Cell-Free Platform Designed to Optimize Every Component of the ADC Expanding the therapeutic window to minimize toxicity and maximize efficacy DESIGN FEATURES ADVANTAGES 1 ANTIBODY ▸ Design antibodies for better tumor affinity, 1 ▸ High-throughput capabilities identifies avoiding
Slide 7: Our Proprietary Platform Enables Industry-Leading ADC Exposure
Our Proprietary Platform Enables Industry-Leading ADC Exposure, a Key Driver of Safety and Efficacy Comparing ADC Exposure in NHPs at DAR16 ADCs Highest Non-Severely Toxic Dose 6,000 Total Ab (ng/mL) Site combo A Conjugated PL Exposure [h ug/mL] 100,000 Site combo B 5,000 Site combo C STRO-ADC DAR8
Slide 8: STRO-004
STRO-004 Potential Best-in-Class Exatecan ADC Targeting Tissue Factor
Slide 9: STRO-004: Next-Generation TF-Targeting Exatecan ADC
STRO-004: Next-Generation TF-Targeting Exatecan ADC Engineered for Enhanced Therapeutic Index 50x preclinical exposure vs approved TF ADC 1 1 ANTIBODY ▸Tumor targeting, does not interfere with TF biology ▸Fc-silent to reduce ILD risk 2 PAYLOAD ▸DAR8; safely boosts potency ▸Drives efficacy in low-cop
Slide 10: Significant Unmet Need Across Large Oncology Patient Populations
Significant Unmet Need Across Large Oncology Patient Populations Incidence (U.S.) and relapsed/refractory ORR and OS benchmarks across select relevant tumor types Incidence (U.S.) and Relapsed/Refractory ORR and TF Current Std of Care in R/R OS Benchmarks Across Select Relevant Tumor Types Expressio
Slide 11: STRO-004 Detailed Monotherapy Development Strategy
STRO-004 Detailed Monotherapy Development Strategy: Phase 1 STRIVE Trial Ongoing Dose optimization continues between 4-5 mg/kg: MTD not yet defined Next data update planned for 1H 2027 Move Forward with Tumor type eligibility Dose Escalation Recommended Dose(s) based on prevalence of TF expression:
Slide 12: STRO-004 Phase 1: Encouraging Early Clinical Activity
STRO-004 Phase 1: Encouraging Early Clinical Activity with Favorable Tolerability & PK Clinical Activity Tolerability & PK Multiple Responses Favorable Across Doses Confirmed + ongoing unconfirmed PRs at 3–4 mg/kg 1–5 mg/kg, n=49 ▸Confirmed and ongoing unconfirmed responses in PDAC, HNSCC ▸Mostly lo
Slide 13: STRO-004 Dose-Proportional PK
STRO-004 Dose-Proportional PK: Cell-Free Technology Enables Wider TI with Less Platform Toxicity Long half-life of nearly 7 days, maintains 98% DAR8 configuration Highly Stable ADC: High Drug Exposure and Low Levels of Free Payload (below 10 ng/mL) Across Doses Free payload below red zone supports l
Slide 14: STRO-004 Favorable Tolerability Profile
STRO-004 Favorable Tolerability Profile: Mostly Low-Grade AEs with Limited On-Target and Platform Tox All-Grade TRAEs ≥10% of Subjects and All Gr 3+ Events; Low Discontinuation Rate Due to AEs of 6% Dose Level (n) 1 mg/kg (2) 2 mg/kg (10) 3 mg/kg (13) 4 mg/kg (16) 5 mg/kg (8) Overall (49) ▸All-grade
Slide 15: STRO-006
STRO-006 Potential Best-in-Class Exatecan ADC Targeting Integrin-Beta 6
Slide 16: STRO-006: Selective ITGβ6-Targeting Exatecan ADC
STRO-006: Selective ITGβ6-Targeting Exatecan ADC for Leading Tolerability and PK STRO-006 is designed for superior selectivity, safety and stability 1 1 ANTIBODY ▸High affinity to ITGβ6 without effect on TGFβ signaling ▸Fc-silent to reduce ILD risk 2 PAYLOAD ▸ High stable DAR8 ▸ Potent anti-tumor ac
Slide 17: ITGβ6 Expression Has Unique Promise in NSCLC and Other Solid Tumors
ITGβ6 Expression has Unique Promise in NSCLC as well as Other Common Solid Tumors STRO-006 is designed for monotherapy and combination use, expanding its therapeutic reach Incidence (U.S.) and Relapsed/Refractory ORR and ITGβ6 Current Std of Care in R/R OS Benchmarks Across Select Relevant Tumor Typ
Slide 18: STRO-006 Phase 1 Designed to Rapidly Reach Therapeutic Doses
STRO-006 Phase 1 Designed to Rapidly Reach Therapeutic Doses Entered the clinic 3Q 2026; Initial clinical data expected in 2H 2027 Dose Escalation Move Forward with Advanced Solid Tumors with ITGB6 Expression Recommended Dose(s) Tumor type eligibility selected for ITGB6 • Detection of activity expre
Slide 19: STRO-006 Superior Activity to Competitor ADCs in CDX Models
STRO-006 Has Shown Superior Activity at Relevant Doses to Competitor ADCs in CDX Preclinical Models Expressing ITGβ6 Head and Neck (ITGβ6+) Lung (ITGβ6+) Bladder (ITGβ6+) CDX – Cell-line derived xenograft; DAR – Drug to antibody ratio; ITGB6 – Integrin beta-6; MMAE – Monomethyl Auristatin E (tubulin
Slide 20: STRO-006 Responses Durable Across PDX Models
STRO-006 Responses are Durable Across PDX Models of HNSCC and NSCLC Following a Single Clinically Relevant Dose HNSCC ad.NSCLC sq.NSCLC ORR 15/21 14/19 14/18 PDX – Patient-derived xenograft; HNSCC – Head and neck squamous cell carcinoma; NSCLC – Non-small cell lung cancer; sq. – Squamous Cell Carcin
Slide 21: STRO-006 Improved PFS in NSCLC PDX Models
STRO-006 Improved PFS in Both Non-Squamous and Squamous PDX Models of NSCLC PDX – Patient-derived xenograft; NSCLC – Non-small cell lung cancer; sq. – Squamous Cell Carcinoma; ad. – adenocarcinoma; ORR – Overall response rate; PFS – Progression-free survival NON-CONFIDENTIAL 21
Slide 22: Delivering Dual-Payloads: The Next Revolution in ADCs
Delivering Dual-Payloads: The Next Revolution in ADCs
Slide 23: Dual-Payload ADCs: Targeted Combination Therapy to Improve Outcomes
Dual-Payload ADCs: Targeted Combination Therapy to Improve Outcomes Combination treatment approaches have been shown to improve outcomes in oncology versus single agent chemotherapy and remain standard of care in many therapeutic areas Dual-Payload ADCs: Potential to Become Future Standard of Care •
Slide 24: Cell-Free Platform Positions Sutro at Forefront of Dual-Payload Innovation
Proprietary Cell-Free Platform Positions Sutro at the Forefront of Dual-Payload Innovation Topo1 x Tubulin Enables novel drug combinations and tuning of ratios with Multiple Modalities Topo1 x DDRi the broadest payload diversity to overcome tumor resistance and improve tolerability Topo1 x IO Tailor
Slide 25: Sutro's First Wholly-Owned Dual-Payload ADC Targeting PTK7
Sutro’s First Wholly-Owned Dual-Payload ADC Targeting PTK7 A clinically validated, pan-tumor target enriched on tumor-initiating cells • Broad expression across high-need indications and Breast Cancer Xenograft Model associated with poor prognosis • Anti-tumor clinical activity of an anti-PTK7 ADC h
Slide 26: Broad Anti-Tumor Activity of STRO-227 Across PDX Models
Broad Anti-Tumor Activity of STRO-227 Across PDX Models STRO-227 achieves deeper responses Vehicle TNBC PDX Ovarian PDX Trop2 DAR8-DXd, 5 mg/kg than single-payload benchmarks in ITGB6 DAR4-MMAE, 5 mg/kg Dose-dependent anti-tumor activity in TNBC and Ovarian PDX models selected NSCLC PDX models STRO-
Slide 27: STRO-227 Drives Regressions in PDX Models After Progression on Single-Payload ADCs
STRO-227 Drives Regressions in PDX Models Derived After Clinical Progression on Single-Payload ADCs Ovarian Cancer PDX TNBC PDX Patient Progressed on an MTI ADC Patient Progressed on a Topo1i ADC Vehicle Vehicle Elahere clinical grade, 5 mg/kg Dato-DXd clinical grade, 5 mg/kg STRO-227, 5 mg/kg STRO-
Slide 28: Dual-Payload ADC Preclinical Tolerability Meets Single-Payload Benchmarks
Sutro Dual-Payload ADC: Preclinical Tolerability Meets Single- Payload Benchmarks Even with Added MMAE Payload Area Target Linker Payload DAR NHP HNSTD Highest Clinical Phase Exatecan + 25 mg/kg STRO-227 PTK7 β-Glu 8+2 Preclinical MMAE (Q3Wx2) 30 mg/kga Enhertu HER-2 GGFG Deruxtecan 8 Approved (Q3Wx
Slide 29: Dual-Payload ADCs Demonstrated Greater Anti-Tumor Activity
600 Sutro’s Dual-Payload ADCs Demonstrated Greater Anti-Tumor RTV (%) 400 Activity than Co-Administered Single-Payload ADC 200 0 0 20 40 60 Enhertu-Resistant Ovarian Adenocarcinoma DaysModel Post Dose Event-Free Survival Sutro’s dpADC Vehicle Vehicle Control Survival endpoint: TVQT Total Relative Tu
Slide 30: Dual-Payload ADCs Have Overcome Resistance in Preclinical Models
Dual-Payload ADCs Have Overcome Resistance and Driven Tumor Regression in Preclinical Models Dual-Payload ADC Induced Tumor Dual-Payload ADCs Have Improved In Vivo Regression After Sequential ADC Resistance Efficacy in an MTi-Resistant CRC Xenograft Model <=4>""[email protected]=RTP/G 10 mg/kg Enhertu
Slide 31: iADC: Dual-Payload ADC Combining Cytotoxin and Immune Stimulator
iADC: Dual-Payload ADC Combining Tumor-Targeted Delivery of a Cytotoxin and Immune Stimulator Strategic partnership with Astellas to deliver new treatment options for cold tumors and patients unresponsive to existing cancer immunotherapies Combining a cytotoxin and immune modulator gives potential t
Slide 32: Pipeline of Next-Generation Single- and Dual-Payload ADCs
Pipeline of Next-Generation Single- and Dual-Payload ADCs On track to deliver three programs into the clinic in two years PHASE 3/ PROGRAM MODALITY/TARGET INDICATION DISCOVERY PRECLINICAL PHASE 1/1B PHASE 2 REGISTRATIONAL PARTNER STRO-004 Tissue Factor ADC Solid Tumors ONCOLOGY PROGRAMS STRO-006 Int
Slide 33: Recent Achievements and Upcoming Milestones
Recent Achievements and Upcoming Milestones Targeted Timing STRO-004, Tissue Factor (TF)-targeting DAR8 exatecan ADC Report initial safety, PK and early clinical activity from dose escalation (1–5 mg/kg, n=49) Aug 2026 Complete dose optimization and provide next STRIVE-01 study update 1H 2027 Initia
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