Sutro Biopharma, Inc. · NASDAQ:STRO
Sutro Biopharma — Investor Presentation (August 2026)
29 slides from Sutro Biopharma's investor presentation, August 2026
Slide 1: Designed to Deliver
DESIGNED / |O DELIVER August 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-227: STRO-004: STRO-006: PTK7-Targeting dpADC TF-Targeting ADC ITGB6-Targeting ADC Supercharge
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: Potent TF-Targeting DAR8 Exatecan ADC
STRO-004: Potent TF-Targeting DAR8 Exatecan ADC Engineered for Robust Exposure and Efficacy 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-copy
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 Planned Next Steps Multiple Responses Favorable Across Doses Dose Optimization Confirmed + ongoing unconfirmed PRs at 3–4 mg/kg 1–5 mg/kg, n=49 Ongoing between 4–5 mg/kg; MTD no
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 ADC Free exatecan Free payload below r
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 ITGB6-Targeting Exatecan ADC
STRO-006: Selective ITGB6-Targeting Exatecan ADC for Leading Tolerability and PK STRO-006 is designed for superior selectivity, safety and stability 1 1 ANTIBODY ▸High affinity to ITGB6 without effect on TGFβ signaling ▸Fc-silent to reduce ILD risk 2 PAYLOAD ▸ High stable DAR8 ▸ Potent anti-tumor ac
Slide 17: ITGB6 Expression has Unique Promise in NSCLC and Other Solid Tumors
ITGB6 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.) Across Select Relevant Tumor Types 40,000 75,000 150,000 200,000 TNBC HNSCC CRC Lung ITGβ6 expression assumptio
Slide 18: 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 ITGB6 Head and Neck (ITGB6+) Lung (ITGB6+) Bladder (ITGB6+) CDX – Cell-line derived xenograft; DAR – Drug to antibody ratio; ITGB6 – Integrin beta-6; MMAE – Monomethyl Auristatin E (tubulin
Slide 19: Superior Anti-Tumor Activity With a Single Dose of STRO-006
Superior Anti-Tumor Activity and Greater Duration of Response With a Single Dose of STRO-006 in HNSCC and NSCLC PDX Models STRO-006 % Best Response PDX Models STRO-006 5 mg/kg STRO-006 5 mg/kg ORR: 32/43 (74%) DCR: 35/43 (81%) 19 (DAR4. MMAE) aITGB6 ADC 5 mg/kg BOR – Best overall response; DAR – Dru
Slide 20: Delivering Dual-Payloads
Delivering Dual-Payloads: The Next Revolution in ADCs
Slide 21: 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 22: Proprietary 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 23: 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
Slide 24: Broad Anti-Tumor Activity of STRO-227 Across PDX Models
Broad Anti-Tumor Activity of STRO-227 Across PDX Models STRO-227 % BOR in PDX Models NSCLC TNBC PDX Ovarian PDX STRO-227 5 mg/kg Dose-dependent anti-tumor activity in TNBC and Ovarian PDX models STRO-227 Cancer n ORR DCR 12 16 NSCLC, n (%) 21 (57) (76) Comparison of STRO-227 to single-payload benchm
Slide 25: Sutro 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) Enhertu HER-2 GGFG Deruxtecan 8 30 mg/kga (Q3Wx3) Approv
Slide 26: Dual-Payload ADCs Greater Anti-Tumor Activity than Co-administered Single-Payload ADC
Sutro’s Dual-Payload ADCs Demonstrated Greater Anti-Tumor Activity than Co-administered Single-Payload ADC Enhertu-Resistant Ovarian Adenocarcinoma Model Event-Free Survival Sutro’s dpADC Vehicle Total aHER2 DAR8 Exatecan Group Dose Dose aHER2 DAR4 MTi Co-Administration Vehicle --- --- DAR8+4 dpADC
Slide 27: Dual-Payload ADCs Overcame Resistance and Drove Tumor Regression
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 HCT-116 Tumor Growth Curves 10 mg/kg Enhertu
Slide 28: 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 29: 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 MILESTONES WHOLLY-OWNED PROGRAMS Next Phase 1 update STRO-004 Tissue Factor AD
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