Sutro Biopharma is a clinical-stage biopharmaceutical company developing antibody-drug conjugates and next-generation cancer therapeutics using proprietary cell-free protein synthesis and site-specific conjugation platforms. The company generates revenue through milestone payments, royalties, and upfront fees from partnerships with major pharmaceutical companies that license its platform technology for drug development and manufacturing, as well as through equity investments from partners. Sutro also pursues wholly-owned oncology candidates targeting validated tumor antigens, leveraging its differentiated platforms to create homogeneous, multi-payload therapeutics designed to overcome limitations of existing standard-of-care treatments.