Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-29

Sutro Biopharma (STRO)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,671,311
William Newell total, FY2025
7th
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against STRO
2 companies name STRO as a compensation peer

Each company listed discloses STRO in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named STRO in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
William Newell$239,693$0$0$0$0$0$1,431,618$1,671,311
Former Chief Executive Officer
Jane Chung652,0000167,400245,280465,750045,5001,575,930
Chief Executive Officer
Hans-Peter Gerber527,532061,425110,127243,81800942,902
Chief Scientific Officer
Gregory Chow277,08325,00088,000245,938218,50000854,522
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
William Newell$1,671,311$2,332,343−661,032
Jane Chung1,575,9301,443,360+132,570
Hans-Peter Gerber942,9021,153,932−211,030
Gregory Chow854,522

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Gregory ChowCFO2026-06-02D2,500$0$0Derivative, Class A CommonForm 4 ↗
Gregory ChowCFO2026-06-02A2,50000CommonForm 4 ↗
James PanekDirector2026-06-05A10,00000Derivative, Class A CommonForm 4 ↗
Connie MatsuiDirector2026-06-05A10,00000Derivative, Class A CommonForm 4 ↗
Michael DybbsDirector2026-06-05A10,00000Derivative, Class A CommonForm 4 ↗
Joseph M. LobackiDirector2026-06-05A10,00000Derivative, Class A CommonForm 4 ↗
Heidi HunterDirector2026-06-05A10,00000Derivative, Class A CommonForm 4 ↗
Sukhi JagpalDirector2026-06-05A10,00000Derivative, Class A CommonForm 4 ↗
Jon Marc WiggintonDirector2026-06-05A10,00000Derivative, Class A CommonForm 4 ↗
Daniel H. PetreeDirector2026-06-05A10,00000Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Gregory ChowRSU$88,000
Jane ChungRSU167,400
Jane ChungOption245,280
Hans-Peter GerberRSU61,425
Hans-Peter GerberOption110,127
Gregory ChowOption245,938
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Gregory Chow$88,000$0$245,9380.0%
Jane Chung167,4000245,2800.0%
Hans-Peter Gerber61,4250110,1270.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Hans-Peter GerberRSU7,500$86,775
Hans-Peter GerberRSU11,375131,609
Gregory ChowOption8,20010.38
William NewellRSU7,50086,775
Hans-Peter GerberRSU3,37539,049
Gregory ChowRSU10,000115,700
William NewellOption20,2475.4
William NewellRSU31,000358,670
William NewellRSU1,37615,920
William NewellRSU7889,117
William NewellOption26381.7
Hans-Peter GerberOption3,37545.4
Hans-Peter GerberOption7,65737.7
William NewellOption30,1285.4
Gregory ChowOption27,5008.8
Hans-Peter GerberOption9,9545.4
Hans-Peter GerberOption6,92210.38
Hans-Peter GerberOption1,00310.38
William NewellOption1,62627.5
William NewellOption12627.5
William NewellOption1,25457.9
William NewellOption1,56245.4
William NewellRSU5,00057,850
William NewellOption1,25345.4
05

Incentive-plan design — the Compensation Discussion & Analysis

Our 2025 compensation strategy emphasizes pay for performance by using both performance-based annual cash incentives and long-term equity awards in the form of stock options and RSUs. Stock options are utilized because they only provide value if the stock price increases. RSUs are also used to retain talent, align with long-term value (both increases and reductions), and because RSUs are less dilutive than stock options.

CEO STI target (% of salary)60%
CEO LTI target (% of salary)
Independent consultantFW Cook
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
202694,080

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
2026a

a. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Connie MatsuiIndependent · Board Chair · Nominating/Governance$80,000$0$41,795$0$121,795
Joseph M. LobackiIndependent · Audit · Compensation (Chair)67,000041,7950108,795
Jon Wigginton, M.DIndependent · Science and Technology (Chair) · Compensation58,500041,7950100,295
Sukhi JagpalIndependent · Audit (Chair)57,500041,795099,295
Heidi HunterIndependent · Science and Technology · Audit57,500041,795099,295
James PanekIndependent · Nominating/Governance (Chair) · Science and Technology55,000041,795096,795
Daniel H. PetreeIndependent · Compensation · Nominating/Governance53,500041,795095,295
Michael Dybbs, Ph.DIndependent · Science and Technology45,000041,795086,795
John Freund, M.DIndependent · Departed during FY21,7030021,703
Jane Chung, R.PhEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer$41,795
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 20,000 / 20,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$495,703
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$495,703

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Sutro Biopharma names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Sutro Biopharma.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Arcus Biosciences, Inc.2025Terry Rosen$775,000$2,199,450$6,008,860$658,750$9,656,813
2Nurix Therapeutics, Inc.2025Arthur Sands674,58405,166,196510,0006,374,138
3Allogene Therapeutics, Inc.2025David Chang724,0002,409,5372,588,329400,0106,136,093
4Replimune Group, Inc.2026Sushil Patel700,0003,376,0031,448,325315,0005,845,982
5Zymeworks Inc.2024Kenneth Galbraith654,8332,112,0001,985,672361,6525,253,616
6Kura Oncology, Inc.2025Troy Wilson700,00003,297,250630,0004,735,016
7Poseida Therapeutics, Inc.2023Mark Gergen611,6671,442,2851,413,936336,4203,818,018
8IGM Biosciences, Inc.2023Fred Schwarzer646,797868,0501,336,743355,7383,207,328
9Gossamer Bio, Inc.2025Faheem Hasnain649,64901,392,006254,8002,300,455
10MacroGenics, Inc.2025Eric Risser561,56852,0001,049,386251,9002,078,854
11Alector, Inc.2025Arnon Rosenthal678,100422,876558,216325,4881,995,018
12Caribou Biosciences, Inc.2025Rachel Haurwitz667,534192,818654,54101,840,965
13Sutro Biopharma2025William Newell239,6930001,671,311
14Mersana Therapeutics, Inc.2024Michael Huber632,500133,635518,044322,5751,613,754
15Atara Biotherapeutics, Inc.2025AnhCo Nguyen668,8000001,068,069
G1 Therapeutics, Inc.not in coverage universe
Sangamo Therapeutics, Inc.not in coverage universe
Gritstone Bio, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Sutro Biopharma115%Options 59 · RSU 41not disclosedFW Cook
Alector, Inc.80%not disclosednot disclosedPearl Meyer & Partners, LLC
Allogene Therapeutics, Inc.85%Options 55 · RSU 25 · PSU 20NoCompensia
Arcus Biosciences, Inc.100%Options 67 · RSU 33not disclosedRadford
Atara Biotherapeutics, Inc.not disclosedRSU 100not disclosedPearl Meyer
Caribou Biosciences, Inc.85%not disclosednot disclosedAlpine Rewards, LLC
G1 Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Gossamer Bio, Inc.65%not disclosedNoAlpine Rewards
Gritstone Bio, Inc.not disclosednot disclosednot disclosednot disclosed
IGM Biosciences, Inc.not disclosednot disclosednot disclosedAon
Kura Oncology, Inc.150%not disclosedNoAlpine Rewards
MacroGenics, Inc.85%not disclosednot disclosedAlpine Rewards, LLC
Mersana Therapeutics, Inc.85%Options 75 · RSU 25not disclosedPearl Meyer & Partners, LLC
Nurix Therapeutics, Inc.125%Options 100not disclosedAon plc (Human Capital Solutions practice)
Poseida Therapeutics, Inc.not disclosednot disclosednot disclosedAon
Replimune Group, Inc.not disclosednot disclosedNoPearl Meyer
Sangamo Therapeutics, Inc.not disclosednot disclosednot disclosednot disclosed
Zymeworks Inc.not disclosedOptions 50 · RSU 50not disclosedAon plc (Human Capital Solutions practice)

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, William NewellDEF 14A2026-04-220001193125-26-170354Section “Summary Compensation Table”. As printed: 1,671,311. Filing ↗machine: t15 · r6 · c29 · span 726958–726967
2Section 01, Jane ChungDEF 14A2026-04-220001193125-26-170354Section “Summary Compensation Table”. As printed: 1,575,930. Filing ↗machine: t15 · r3 · c29 · span 697552–697561
3Section 01, Hans-Peter GerberDEF 14A2026-04-220001193125-26-170354Section “Summary Compensation Table”. As printed: 942,902. Filing ↗machine: t15 · r9 · c29 · span 756344–756351
4Section 01, Gregory ChowDEF 14A2026-04-220001193125-26-170354Section “Summary Compensation Table”. As printed: 854,522. Filing ↗machine: t15 · r12 · c29 · span 786333–786340
5Section 03, Gregory Chow RSUDEF 14A2026-04-220001193125-26-170354Section “EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t15 · r12 · c17 · span 782209–782215
6Section 03, Jane Chung RSUDEF 14A2026-04-220001193125-26-170354Section “EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t15 · r3 · c17 · span 693417–693424
7Section 03, Jane Chung OptionDEF 14A2026-04-220001193125-26-170354Section “EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t15 · r3 · c13 · span 692041–692048
8Section 03, Hans-Peter Gerber RSUDEF 14A2026-04-220001193125-26-170354Section “EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t15 · r9 · c17 · span 752220–752226
9Section 03, Hans-Peter Gerber OptionDEF 14A2026-04-220001193125-26-170354Section “EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t15 · r9 · c13 · span 750844–750851
10Section 03, Gregory Chow OptionDEF 14A2026-04-220001193125-26-170354Section “EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t15 · r12 · c13 · span 780833–780840
11Section 07, pay ratio10-K2026-03-230001193125-26-119873Section “CEO Pay Ratio”. As printed: —. Filing ↗
12Section 08, Connie MatsuiDEF 14A2026-04-220001193125-26-170354Section “Director Compensation”. As printed: 121,795. Filing ↗machine: t4 · r3 · c12 · span 273991–273998
13Section 08, Joseph M. LobackiDEF 14A2026-04-220001193125-26-170354Section “Director Compensation”. As printed: 108,795. Filing ↗machine: t4 · r7 · c12 · span 294456–294463
14Section 08, Jon Wigginton, M.DDEF 14A2026-04-220001193125-26-170354Section “Director Compensation”. As printed: 100,295. Filing ↗
15Section 08, Sukhi JagpalDEF 14A2026-04-220001193125-26-170354Section “Director Compensation”. As printed: 99,295. Filing ↗machine: t4 · r11 · c12 · span 314360–314366
16Section 08, Heidi HunterDEF 14A2026-04-220001193125-26-170354Section “Director Compensation”. As printed: 99,295. Filing ↗machine: t4 · r6 · c12 · span 289469–289475
17Section 08, James PanekDEF 14A2026-04-220001193125-26-170354Section “Director Compensation”. As printed: 96,795. Filing ↗machine: t4 · r8 · c12 · span 299410–299416
18Section 08, Daniel H. PetreeDEF 14A2026-04-220001193125-26-170354Section “Director Compensation”. As printed: 95,295. Filing ↗machine: t4 · r9 · c12 · span 304396–304402
19Section 08, Michael Dybbs, Ph.DDEF 14A2026-04-220001193125-26-170354Section “Director Compensation”. As printed: 86,795. Filing ↗
20Section 08, John Freund, M.DDEF 14A2026-04-220001193125-26-170354Section “Director Compensation”. As printed: 21,703. Filing ↗
21Section 08, Jane Chung, R.PhDEF 14A2026-04-220001193125-26-170354Section “Director Compensation”. As printed: 0. Filing ↗
22Section 02, Gregory Chow 2026-06-02Form 42026-06-020001761333-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Gregory Chow 2026-06-02Form 42026-06-020001761333-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, James Panek 2026-06-05Form 42026-06-090001217412-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Connie Matsui 2026-06-05Form 42026-06-090001236537-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Michael Dybbs 2026-06-05Form 42026-06-090001601264-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Joseph M. Lobacki 2026-06-05Form 42026-06-090001536193-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Heidi Hunter 2026-06-05Form 42026-06-090001891841-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Sukhi Jagpal 2026-06-05Form 42026-06-090001554591-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Jon Marc Wigginton 2026-06-05Form 42026-06-090001587487-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Daniel H. Petree 2026-06-05Form 42026-06-090001294939-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
32Section 06, 2026 voteForm 8-K2026-04-220001193125-26-170354Item 5.07 · say-on-pay result. As reported: —. Filing ↗
33Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
34Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
35Section 09b board cost (computed)ComputedcomputedCash 495,703 + equity 0 + all other 0 = 495,703, summed across the director compensation table rows.machine: formula: Σ = 495,703
36Arcus Biosciences, Inc., Section 10b CEO totalDEF 14A2026-04-210001724521-26-000025CEO total compensation as printed in Arcus Biosciences, Inc.'s own proxy. As printed: 9,656,813. Filing ↗machine: r2 · c48 · span 403740–403749
37Nurix Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-03-270001140361-26-011492CEO total compensation as printed in Nurix Therapeutics, Inc.'s own proxy. As printed: 6,374,138. Filing ↗machine: r2 · c21 · span 570227–570236
38Allogene Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-300001628280-26-028948CEO total compensation as printed in Allogene Therapeutics, Inc.'s own proxy. As printed: 6,136,093. Filing ↗machine: r2 · c54 · span 451014–451023
39Replimune Group, Inc., Section 10b CEO totalDEF 14A2026-07-290001104659-26-087650CEO total compensation as printed in Replimune Group, Inc.'s own proxy. As printed: 5,845,982. Filing ↗machine: r1 · c41 · span 430765–430774
40Zymeworks Inc., Section 10b CEO totalDEF 14A2025-11-100001193125-25-274338CEO total compensation as printed in Zymeworks Inc.'s own proxy. As printed: 5,253,616. Filing ↗machine: r2 · c30 · span 541437–541446
41Kura Oncology, Inc., Section 10b CEO totalDEF 14A2026-04-100001193125-26-151335CEO total compensation as printed in Kura Oncology, Inc.'s own proxy. As printed: 4,735,016. Filing ↗machine: t27 · r2 · c14 · span 1018180–1018189
42Poseida Therapeutics, Inc., Section 10b CEO totalDEF 14A2024-04-250000950170-24-048291CEO total compensation as printed in Poseida Therapeutics, Inc.'s own proxy. As printed: 3,818,018. Filing ↗machine: span 428155–428164
43IGM Biosciences, Inc., Section 10b CEO totalDEF 14A2024-04-260000950170-24-049091CEO total compensation as printed in IGM Biosciences, Inc.'s own proxy. As printed: 3,207,328. Filing ↗machine: r2 · c21 · span 824822–824831
44Gossamer Bio, Inc., Section 10b CEO totalDEF 14A2026-04-240001728117-26-000027CEO total compensation as printed in Gossamer Bio, Inc.'s own proxy. As printed: 2,300,455. Filing ↗machine: r2 · c48 · span 378559–378568
45MacroGenics, Inc., Section 10b CEO totalDEF 14A2026-04-080001125345-26-000021CEO total compensation as printed in MacroGenics, Inc.'s own proxy. As printed: 2,078,854. Filing ↗machine: r2 · c57 · span 494189–494198
46Alector, Inc., Section 10b CEO totalDEF 14A2026-04-280001193125-26-186928CEO total compensation as printed in Alector, Inc.'s own proxy. As printed: 1,995,018. Filing ↗machine: span 1038665–1038674
47Caribou Biosciences, Inc., Section 10b CEO totalDEF 14A2026-04-240001619856-26-000022CEO total compensation as printed in Caribou Biosciences, Inc.'s own proxy. As printed: 1,840,965. Filing ↗machine: r2 · c39 · span 189876–189885
48Sutro Biopharma (subject), Section 10b CEO totalDEF 14A2026-04-220001193125-26-170354CEO total compensation as printed in Sutro Biopharma's own proxy. As printed: 1,671,311. Filing ↗machine: t15 · r6 · c29 · span 726958–726967
49Mersana Therapeutics, Inc., Section 10b CEO totalDEF 14A2025-04-290001104659-25-040448CEO total compensation as printed in Mersana Therapeutics, Inc.'s own proxy. As printed: 1,613,754. Filing ↗machine: t16 · r1 · c41 · span 608188–608197
50Atara Biotherapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177285CEO total compensation as printed in Atara Biotherapeutics, Inc.'s own proxy. As printed: 1,068,069. Filing ↗machine: span 714260–714269
51Section 10a, MacroGenics, Inc. reciprocityDEF 14A0001125345-26-000021MacroGenics, Inc.'s most recent proxy was read; its disclosed peer group does not include Sutro Biopharma. Filing ↗
52Section 10a, Nurix Therapeutics, Inc. reciprocityDEF 14A0001140361-26-011492Nurix Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Sutro Biopharma. Filing ↗
53Section 10a, Mersana Therapeutics, Inc. reciprocityDEF 14A0001104659-25-040448Mersana Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Sutro Biopharma. Filing ↗
54Section 10a, Gossamer Bio, Inc. reciprocityDEF 14A0001728117-26-000027Gossamer Bio, Inc.'s most recent proxy was read; its disclosed peer group does not include Sutro Biopharma. Filing ↗
55Section 10a, Alector, Inc. reciprocityDEF 14A0001193125-26-186928Alector, Inc.'s most recent proxy was read; its disclosed peer group does not include Sutro Biopharma. Filing ↗
56Section 10a, Kura Oncology, Inc. reciprocityDEF 14A0001193125-26-151335Kura Oncology, Inc.'s most recent proxy was read; its disclosed peer group does not include Sutro Biopharma. Filing ↗
57Section 10a, Allogene Therapeutics, Inc. reciprocityDEF 14A0001628280-26-028948Allogene Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Sutro Biopharma. Filing ↗