Sutro Biopharma announced that it priced a new underwritten equity offering of 7,868,383 shares at $13.98 per share, generating roughly $110 million in gross proceeds. The offering closed on February 11, 2026, after the company met all customary closing conditions.
The company said the net proceeds will be used for general corporate purposes, including funding research, clinical and process development, manufacturing of its antibody‑drug conjugate candidates, increasing working capital, and pursuing potential acquisitions or strategic investments. This infusion of capital is intended to extend Sutro’s financial runway and support the development of its XpressCF platform and pipeline programs.
By raising equity rather than debt, Sutro avoids additional leverage and preserves flexibility for future clinical milestones. The $110 million boost is a significant step toward sustaining operations as the company continues to navigate the high‑cost environment of oncology drug development and seeks to secure new partnerships or collaborations.
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