Penny Stock Sutro Biopharma Cuts Costs, Refocuses Pipeline
1. Sutro Biopharma prioritizes its ADC pipeline with three programs. 2. STRO-004 and STRO-006 expected to enter clinical trials by 2026. 3. Sutro plans to reduce staff by nearly 50% and cease operations by late 2025. 4. The company reports a loss of $2.96 per share, missing consensus. 5. STRO stock has dropped 24% to $0.95 after these announcements.