Sutro Biopharma, Inc. · NASDAQ:STRO
Sutro Biopharma — Investor Presentation (November 2025)
32 slides from Sutro Biopharma's investor presentation, November 2025
Slide 1: Designed to Deliver - November 2025
DESIGNED / |O DELIVER November 2025
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: Designed to Deliver: Precision, Versatility, Scalability
Designed to Deliver: Proprietary platform enables enhanced ADCs Precision Versatility Scalability Site-specific conjugation Increased flexibility on linker- Same cell-free system from using non-natural amino acids payload number, placement, discovery to commercial and click chemistry or combinations
Slide 7: Sutro's Platform Designed to Optimize Every Component of the ADC
Sutro’s Platform Designed to Optimize Every Component of the ADC Expanding the therapeutic window to minimize toxicity and maximize efficacy 1 ANTIBODY 1 ▸High throughput screening identifies Ab with ideal attributes ▸Reduced ILD risk enabled by Fc-silent design 2 PAYLOAD ▸High DAR exatecans; stable
Slide 8: 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 highest non-severely toxic dose 6,000 Conjugated PL Exposure [h ug/mL] 5,000 STRO-ADC DAR8 4,000 STRO-ADC STRO-ADC DAR8 DAR8 j 3,000 Exatecan/Topo1i ADCs Enhertu DAR8
Slide 9: STRO-004
STRO-004 Potential Best-in-Class Exatecan ADC Targeting Tissue Factor
Slide 10: STRO-004: Potent TF-Targeting Exatecan ADC
STRO-004: Potent TF-Targeting 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 ▸DAR 8; safely boosts potency ▸Drives efficacy in low-copy targ
Slide 11: 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 Current Standard of Care in R/R OS Benchmarks Across Select Relevant Tumor Types % ORR m
Slide 12: STRO-004: Favorable In Vitro Tolerability Profile vs. Approved TF ADC
STRO-004: Favorable In Vitro Tolerability Profile vs. Approved TF ADC Eye Inflammation Skin Toxicities STRO-004 Human Corneal Epithelial Cells Human Keratinocytes Reduced Bleeding Risk 50% 46% 40% 30% 20% 10% 1% 0% STRO-004 Tisotumab Up to 70% of Tivdak-treated STRO-004 (DAR8-exatecan) Approved TF A
Slide 13: STRO-004: Promising Anti-Tumor Activity in TF-Expressing Models
STRO-004: Promising Anti-Tumor Activity in Multiple TF-Expressing Cancer Models STRO-004 % Best Response in PDX Models of Solid Tumors 100 DCR: 28/30 ORR:28/30 DCR: 22/30 (93%) STRO-004 % tumor volume change 50 ORR: 22/30 (73%) ORR CR PR SD from baseline Cancer N (%) 11 11 4 0 HNSCC 17 0 (65) (65) (
Slide 14: Monotherapy Development Strategy: Phase 1 Basket Trial Initiated
Detailed Monotherapy Development Strategy: Phase 1 Basket Trial Initiated Dose Escalation Move Forward with Advanced Solid Tumors with Tissue Factor Expression Recommended Dose(s) Tumor type eligibility Selected for TF expression: • Early detection of activity • Early characterisation of safety prof
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 2-3x higher drug exposure than many conventional ADCs 1 1 ANTIBODY ▸High affinity to ITGB6 without effect on TGFβ signaling ▸Fc-silent to reduce ILD risk 2 PAYLOAD ▸ High stable DAR (8) ▸ Potent anti-tumor activity with
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 is Designed for Superior Selectivity, Safety and Stability
STRO-006 is Designed for Superior Selectivity, Safety and Stability STRO-006 Binds Specifically to αvβ6 STRO-006 Exhibits Favorable Safety, PK, and Not Other Integrin Family Members and Stability Profile in NHP Studies • No measurable effect on TGFβ signaling in vitro • Well-tolerated up to 25 mg/kg
Slide 19: STRO-006 Has Shown Superior Activity to Competitor ADCs
STRO-006 Has Shown Superior Activity to Competitor ADCs in Preclinical Models Expressing ITGB6 adeno NSCLC PDX (CTG-0743) Non-squamous NSCLC PDX, mut-EGFR Squamous NSCLC PDX, WT-EGFR Bladder CDX, SW780 H score: 136 (Seagen) 2500 1500 SW780 (UCC) 2000 ITGB6-moderate Relative Tumor Volume (%) Tumor vo
Slide 20: Superior Anti-Tumor Activity Following a Single Dose in HNSCC PDX Models
Superior Anti-Tumor Activity Following a Single Dose of STRO-006 in HNSCC PDX Models % Best Response PDX Models of HNSCC 200 % Best Response in PDX Models of HNSCC 150 STRO-006 aITGB6 DAR4 MMAE ADC % tumor volume change DCR: 14/17 DCR: 11/17 ORR: 12/17 * ORR: 8/17 100 from baseline 50 *interim BOR,
Slide 21: Greater Duration of Response Following a Single Dose of STRO-006
Greater Duration of Response Following a Single Dose of STRO-006 in HNSCC PDX Models STRO-006 5 mg/kg aITGB6 ADC (DAR4. MMAE) 5 mg/kg STRO-006 5 mg/kg aITGB6 ADC (DAR4 MMAE) 5 mg/kg 200 200 Change from Baseline (%) Change from Baseline (%) 150 150 100 100 50 50 0 0 21 20 40 60 20 40 60 -50 Days -50
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 vs single agent chemotherapy and remain standard of care in many therapeutic areas Dual-Payload ADCs: Potential to Become Future Standard of Care • Ove
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 ratios with the Multiple Modalities Topo1 x DDRi broadest payload diversity to overcome tumor resistance and improve tolerability Topo1 x IO Tailored Ratios
Slide 25: Potential for Greater Efficacy and Tolerability, with Established Path
Potential for Greater Efficacy and Tolerability, with Established Development and Regulatory Path Proprietary linker enables efficient delivery of both payloads simultaneously within the tumor cells — minimizing systemic exposure 1 ANTIBODY 1 ▸High affinity antibody with superior internalization ▸Id
Slide 26: PTK7 is a Clinically Validated Pan-Tumor Target
PTK7 is a Clinically Validated Pan-Tumor Target Pan-tumor Target Enriched Clinically Validated on Tumor-Initiating Cells ADC target • Catalytically inactive receptor tyrosine kinase • Anti-tumor activity of anti-PTK7 ADC demonstrated in involved as a co-receptor in multiple signaling Phase 1b trial
Slide 27: Cell-Free Platform Enables Site-Selective ADCs with Superior Exposure
Sutro’s Cell-Free Platform Enables Site-Selective ADCs with Superior Exposure and Design Flexibility Clinical Precedence for Higher ADC DAR16 ADCs Exposure Leading to Better ORR Total Ab (ng/mL) Site combo A Payload Adjusted Dose ADC Exposures 100,000 Site combo B Site combo C Higher Same Site combo
Slide 28: Sutro Dual-Payload ADC: Preclinical Tolerability Meets Single-Payload Benchmarks
Sutro Dual-Payload ADC: Preclinical Tolerability Meets Single-Payload Benchmarks Area Target Linker Payload DAR NHP HNSTD Highest Clinical Phase Enhertu HER-2 GGFG Deruxtecan 8 30 mg/kga (Q3Wx3) Approved Datroway Trop-2 GGFG Deruxtecan 4 10 mg/kgb (Q3Wx5) Approved MK-1022 HER-3 GGFG Deruxtecan 8 30
Slide 29: 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 Induces 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 30: 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 31: Advancing a High-Value ADC Pipeline Toward Key Clinical Milestones
Advancing a High-Value ADC Pipeline Toward Key Clinical Milestones STRO-004: STRO-006: STRO-227: TF-Targeting ADC ITGB6-Targeting ADC PTK7-Targeting dpADC Wholly-owned: Phase 1 study IND submission 2026- Q4 2025 ongoing 2026 IND submission expected 2027 expected Initial data Mid- 2026 expected iADC
Slide 32: Pipeline of Next-Generation Single- and Dual-Payload ADCs
Pipeline of Next-Generation Single- and Dual-Payload ADCs PHASE 3/ PROGRAM MODALITY/TARGET INDICATION DISCOVERY PRECLINICAL PHASE 1/1B PHASE 2 REGISTRATIONAL PARTNER WHOLLY-OWNED PROGRAMS STRO-004 Tissue Factor ADC Solid Tumors STRO-006 Integrin αvβ6 Solid Tumors PTK7 Dual-Payload STRO-227 Solid Tum
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