v3.26.1

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 58,130	$ 190,304
Marketable securities	83,298	126,591
Accounts receivable	3,977	8,616
Prepaid expenses and other current assets	5,521	17,799
Total current assets	150,926	343,310
Property and equipment, net	10,648	18,190
Operating lease right-of-use assets	10,903	17,677
Other non-current assets	495	7,172
Restricted cash	858	858
Total assets	173,830	387,207
Current liabilities:
Accounts payable	7,565	10,475
Accrued compensation	14,642	12,905
Deferred revenue-current	10,562	69,783
Operating lease liability - current	7,783	7,480
Accrued expenses and other current liabilities	34,581	31,250
Total current liabilities	75,133	131,893
Deferred revenue, non-current	2,028	12,536
Operating lease liability - non-current	7,891	15,674
Deferred royalty obligation related to the sale of future royalties	219,536	180,809
Other non-current liabilities	1,694	1,694
Total liabilities	306,282	342,606
Commitments and contingencies (Note 7)
Stockholders' equity (deficit):
Preferred stock, $0.001 par value - 10,000,000 shares authorized as of December 31, 2025 and December 31,2024; no shares issued and outstanding as of December 31, 2025 and December 31,2024
Common stock, $0.001 par value - 300,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 8,584,309 and 8,306,398 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	9	8
Additional paid-in-capital	845,475	831,423
Accumulated other comprehensive income	19	39
Accumulated deficit	(977,955)	(786,869)
Total stockholders' equity (deficit)	(132,452)	44,601
Total Liabilities and Stockholders' Equity (Deficit)	$ 173,830	$ 387,207

Accrued expenses and other current liabilities.

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SUTRO BIOPHARMA, INC. 10-K