The $2.33 GAAP loss per share Sutro Biopharma reported came in $0.14 below analyst consensus. Revenue of $9.84 million missed estimates by $1.2 million, putting the implied consensus target at $11.04 million. The quarter produced misses on both headline metrics.
The shortfall, reconciled
| Metric | Reported | Implied consensus | Miss |
|---|---|---|---|
| GAAP EPS | -$2.33 | -$2.19 | -$0.14 |
| Revenue | $9.84M | $11.04M | -$1.2M |
Working backward from the stated shortfalls places consensus at -$2.19 on EPS. Sutro Biopharma delivered -$2.33. A fourteen-cent per-share gap. On the top line, the implied estimate was $11.04 million; the actual figure was $9.84 million, short by $1.2 million. The math reconciles cleanly in both directions.
Reading the result
The two misses sit at opposite ends of the income statement. The revenue shortfall is a top-line figure; the EPS miss is what flowed to the bottom after every expense below it. Sutro Biopharma reported adverse variance at both. No YoY or QoQ figures, no margin read, no FCF, and no forward guidance appear in the available data. The quarter is defined, in full, by those two shortfalls.