Collaboration & License Agreements And Supply Agreements was Sutro Biopharma’s largest revenue line in fiscal 2025, bringing in $56.36M of $88.35M (64%).
| Collaborative Arrangement and Arrangement Other than Collaborative | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2024 | FY 2025 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Collaboration & License Agreements And Supply Agreements | $25.00M | $101.30M | — | $2.58M | — | $56.36M | ||||||
| Collaboration & License Agreements | — | — | — | — | — | — | ||||||
| 2020 Merck Master Services Agreement | — | — | — | — | — | — | ||||||
| Astellas License & Collaboration Agreement | $5.08M | $17.02M | $17.80M | $46.19M | $5.70M | $31.89M | ||||||
| Partially Unsatisfied Performance Obligations | — | — | — | — | — | — | ||||||
| Tasly License Agreement | $25.00M | $5.00M | — | $5.00M | — | $104.00K | ||||||
| Research & Development Services | — | — | — | — | — | — | ||||||
| 2019 Emd Serono Supply Agreement | — | — | — | — | — | — | ||||||
| Supply Agreement | — | — | — | — | — | — | ||||||
| Performance Under Deliverables | — | — | — | — | — | — | ||||||
| Total | $55.08M | $123.32M | $17.80M | $53.77M | $5.70M | $88.35M |
Sutro Biopharma brought in $88.35M from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That is less than the $102.38M it reports by product and service, so these revenue lines do not cover all of its revenue. Collaboration & License Agreements And Supply Agreements was the largest at $56.36M (63.8%), ahead of Astellas License & Collaboration Agreement at $31.89M (36.1%) and Tasly License Agreement at $104.00K (0.1%).
Ongoing Performance Related To Unsatisfied Performance Obligations was Sutro Biopharma’s largest product and service line in fiscal 2025, bringing in $82.32M of $102.38M (80%).
| Product and Service | FY 2016 | FY 2024 | FY 2024 | FY 2025 | FY 2025 |
|---|---|---|---|---|---|
| Ongoing Performance Related To Unsatisfied Performance Obligations | $17.80M | $39.90M | $5.70M | $82.32M | |
| Collaboration Revenue, Recognition Of Up Front Payment | — | — | — | — | |
| Collaboration Revenue, Milestones & Contingent Payments | — | — | — | — | |
| Materials Supply | — | $2.15M | — | $13.54M | |
| Research & Development Services | — | $7.66M | — | $3.11M | |
| Contingent Payment | — | $5.00M | — | — | |
| Financing Component On Unearned Revenue | — | $6.29M | — | $3.41M | |
| Collaboration Revenue, Research & Development Services | — | — | — | — | |
| Total | $17.80M | $61.00M | $5.70M | $102.38M |
Sutro Biopharma brought in $102.38M from its four product and service lines in fiscal 2025, the year ended December 31, 2025. Sutro Biopharma regrouped these lines after fiscal 2025, so the total does not compare directly with that year's $5.70M. Ongoing Performance Related To Unsatisfied Performance Obligations was the largest at $82.32M (80.4%), ahead of Materials Supply at $13.54M (13.2%) and Financing Component On Unearned Revenue at $3.41M (3.3%). The remaining line, Research & Development Services, brought in $3.11M.
Sutro Biopharma stopped reporting Contingent Payment as a separate line after fiscal 2024, when it brought in $5.00M.
Ipsen Pharma Sas was Sutro Biopharma’s largest revenue line in fiscal 2025, bringing in $50.43M of $96.56M (52%).
| Counterparty Name | FY 2024 | FY 2025 |
|---|---|---|
| Astellas Pharma Inc. ("Astellas") | $52.87M | $45.42M |
| Ipsen Pharma Sas | $944.00K | $50.43M |
| Tasly Biopharmaceuticals Co., Ltd. ("Tasly") | $6.02M | $104.00K |
| Vaxcyte Agreement | $2.58M | $600.00K |
| Merck Sharp Dohme Corp | $19.00K | — |
| Total | $62.43M | $96.56M |
Sutro Biopharma brought in $96.56M from its four revenue lines in fiscal 2025, the year ended December 31, 2025. That is less than the $102.38M it reports by product and service, so these revenue lines do not cover all of its revenue. Ipsen Pharma Sas was the largest at $50.43M (52.2%), ahead of Astellas Pharma Inc. ("Astellas") at $45.42M (47.0%) and Vaxcyte Agreement at $600.00K (0.6%). The remaining revenue line, Tasly Biopharmaceuticals Co., Ltd. ("Tasly"), brought in $104.00K.
Compared with fiscal 2024, Ipsen Pharma Sas grew 5,242.1% to $50.43M, while Astellas Pharma Inc. ("Astellas") fell 14.1% to $45.42M. Some of that change comes from Sutro Biopharma regrouping its revenue lines.
Sutro Biopharma stopped reporting Merck Sharp Dohme Corp as a separate revenue line after fiscal 2024, when it brought in $19.00K.
Sutro Biopharma (STRO) reports its revenue by collaborative arrangement and arrangement other than collaborative, by product and service and by counterparty name. In fiscal 2025, Collaboration & License Agreements And Supply Agreements was its largest revenue line, bringing in $56.36M (63.8% of the total), followed by Astellas License & Collaboration Agreement at $31.89M (36.1%).
Collaboration & License Agreements And Supply Agreements was Sutro Biopharma's largest revenue line in fiscal 2025, bringing in $56.36M, or 63.8% of the $88.35M total across its three revenue lines.
Ongoing Performance Related To Unsatisfied Performance Obligations was Sutro Biopharma's largest product and service line in fiscal 2025, bringing in $82.32M, or 80.4% of the $102.38M total across its four product and service lines.
Every figure comes from Sutro Biopharma's annual financial filings, as reported. Each line keeps the name Sutro Biopharma gives it, and years follow its fiscal calendar.
Sutro Biopharma's revenue by collaborative arrangement and arrangement other than collaborative goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.