Sutro Biopharma was once worth $1 billion, another Bay Area biotech company with deep coffers and a novel research plan. And now, like at so many of its peers, the layoffs are stacking up.
After cutting about half of its staff in March, Sutro revealed plans on Monday to lay off about a third of its remaining workers. The company, which designs cancer treatments called antibody-drug conjugates, announced the new layoffs in a filing with the Securities and Exchange Commission, writing that its restructuring effort would extend its cash runway into mid-2027.
A day later, workers started getting their pink slips. A WARN filing from Sutro, delivered to California officials and obtained by SFGATE, says the layoffs would begin on Tuesday and include eight workers in San Carlos, one remote employee and 45 at the company’s headquarters in South San Francisco…