Sutro Biopharma, based in South San Francisco, is facing significant challenges, reporting over $785 million in losses without any approved products. In a major restructuring effort, the company plans to lay off nearly half of its workforce, impacting around 150 employees, and eliminate its manufacturing facility in San Carlos. CEO William Newell and other executives will also depart, receiving substantial exit packages. The company's strategy is shifting towards early research in antibody-drug conjugates as it attempts to stabilize after these moves.
Sutro Biopharma has reported over $785 million in losses without a commercial product, leading to staff cuts impacting around 150 workers and a shift in leadership.
In response to ongoing financial struggles, Sutro Biopharma announced the layoff of nearly 50 percent of its workforce, restructuring its leadership amid significant losses.
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