$STRO
SUTRO BIOPHARMA, INC.

2022 Q1 Form 10-K Financial Statement

#000095017022002312 Filed on February 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $5.897M $10.65M $14.66M
YoY Change -59.77% 28.7% 104.98%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.04M $15.76M $11.11M
YoY Change 35.36% 51.86% 27.55%
% of Gross Profit
Research & Development $29.99M $29.93M $22.56M
YoY Change 32.92% 31.61% 28.05%
% of Gross Profit
Depreciation & Amortization $1.327M $1.315M $1.291M
YoY Change 2.79% 12.39% 17.47%
% of Gross Profit
Operating Expenses $45.03M $45.69M $33.67M
YoY Change 33.74% 37.95% 91.09%
Operating Profit -$39.13M -$19.01M
YoY Change 105.86%
Interest Expense $22.00K -$3.089M -$11.35M
YoY Change -100.19% -91.1% 2602.38%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$39.11M -$38.13M -$30.36M
YoY Change 28.82% -35.97% 54.9%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$39.11M -$38.13M -$30.36M
YoY Change 28.83% -35.97% 54.93%
Net Earnings / Revenue -663.22% -357.85% -207.09%
Basic Earnings Per Share -$0.84
Diluted Earnings Per Share -$841.1K -$823.5K -$661.3K
COMMON SHARES
Basic Shares Outstanding 46.38M 46.27M 45.89M
Diluted Shares Outstanding 46.50M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $209.1M $197.9M $251.2M
YoY Change -16.74% -46.23% 117.68%
Cash & Equivalents $28.90M $30.41M $55.82M
Short-Term Investments $180.2M $167.5M $195.4M
Other Short-Term Assets $7.911M $8.123M $7.500M
YoY Change 5.48% 80.51% 150.0%
Inventory
Prepaid Expenses
Receivables $11.69M $12.45M $7.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $228.7M $218.5M $266.0M
YoY Change -14.01% -42.22% 108.63%
LONG-TERM ASSETS
Property, Plant & Equipment $23.29M $22.55M $14.80M
YoY Change 57.33% 74.33% 55.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.70M $68.78M $74.60M
YoY Change -72.25% 425.35%
Other Assets $1.705M $1.655M $3.100M
YoY Change -45.0% -22.01% 14.81%
Total Long-Term Assets $74.93M $122.9M $92.50M
YoY Change -18.99% 671.5% 250.38%
TOTAL ASSETS
Total Short-Term Assets $228.7M $218.5M $266.0M
Total Long-Term Assets $74.93M $122.9M $92.50M
Total Assets $303.7M $341.4M $358.5M
YoY Change -15.29% -13.37% 132.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.71M $11.33M $5.900M
YoY Change 81.44% 104.31% 1.72%
Accrued Expenses $5.408M $11.42M $4.500M
YoY Change 20.18% 29.4% 55.17%
Deferred Revenue $6.279M $5.496M
YoY Change -62.36%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.50M $9.375M
YoY Change
Total Short-Term Liabilities $38.76M $41.74M $22.70M
YoY Change 70.75% 41.01% -29.06%
LONG-TERM LIABILITIES
Long-Term Debt $12.76M $15.74M $24.70M
YoY Change -48.33% -35.88% 2.07%
Other Long-Term Liabilities $147.0K $146.0K $3.900M
YoY Change -96.23% -69.65% -75.0%
Total Long-Term Liabilities $12.91M $15.88M $28.60M
YoY Change -54.86% -36.53% -28.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.76M $41.74M $22.70M
Total Long-Term Liabilities $12.91M $15.88M $28.60M
Total Liabilities $83.30M $88.84M $51.20M
YoY Change 62.7% 43.15% -28.69%
SHAREHOLDERS EQUITY
Retained Earnings -$372.5M -$333.4M -$258.2M
YoY Change 44.27% 46.31% 19.93%
Common Stock $594.0M $586.3M
YoY Change 4.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $220.4M $252.6M $307.3M
YoY Change
Total Liabilities & Shareholders Equity $303.7M $341.4M $358.5M
YoY Change -15.29% -13.37% 132.98%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income -$39.11M -$38.13M -$30.36M
YoY Change 28.83% -35.97% 54.93%
Depreciation, Depletion And Amortization $1.327M $1.315M $1.291M
YoY Change 2.79% 12.39% 17.47%
Cash From Operating Activities -$35.26M -$21.58M -$30.43M
YoY Change 15.86% 14.3% 62.43%
INVESTING ACTIVITIES
Capital Expenditures -$1.553M -$2.537M -$2.380M
YoY Change -34.75% 55.64% -411.93%
Acquisitions
YoY Change
Other Investing Activities $34.54M $23.32M -$119.4M
YoY Change -128.94% 33.78% -381.49%
Cash From Investing Activities $32.98M $20.78M -$121.7M
YoY Change -127.09% 31.53% -392.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 760.0K 506.0K 1.826M
YoY Change -58.38% -99.65% -88.37%
NET CHANGE
Cash From Operating Activities -35.26M -21.58M -30.43M
Cash From Investing Activities 32.98M 20.78M -121.7M
Cash From Financing Activities 760.0K 506.0K 1.826M
Net Change In Cash -1.513M -293.0K -150.3M
YoY Change -98.99% -100.21% -489.42%
FREE CASH FLOW
Cash From Operating Activities -$35.26M -$21.58M -$30.43M
Capital Expenditures -$1.553M -$2.537M -$2.380M
Free Cash Flow -$33.70M -$19.04M -$28.05M
YoY Change 20.15% 10.39% 43.87%

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<p style="text-indent:2.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;">1.Organization and Principal Activities</span></p><p style="text-indent:2.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;">Description of Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">Sutro Biopharma, Inc. (the “Company”) is a clinical stage drug discovery, development and manufacturing company focused on leveraging its integrated cell-free protein synthesis and site-specific conjugation platform, XpressCF</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;vertical-align:top;font-size:6.7pt;font-family:Arial;">®</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">, to create a broad variety of optimally designed, next-generation protein therapeutics, initially for cancer. The Company was incorporated on </span><span style="font-size:10.0pt;font-family:Arial;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">April 21, 2003</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">, and is headquartered in </span><span style="font-size:10.0pt;font-family:Arial;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">South San Francisco</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">, </span><span style="font-size:10.0pt;font-family:Arial;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">California</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">The Company operates in </span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> business segment, the development of biopharmaceutical products.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> </span></p><p style="text-indent:2.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;">Liquidity</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">The Company has incurred significant losses and has negative cash flows from operations. As of December 31, 2021, there was an accumulated deficit of $</span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">333.4</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> million. Management expects to continue to incur additional </span><span style="font-size:10.0pt;font-family:Arial;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">substantial</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> losses in the foreseeable future as a result of the Company’s research and development and other operational activities.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">As of December 31, 2021, the Company had unrestricted cash, cash equivalents and marketable securities of $</span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">229.5</span><span style="background-color:rgba(0,0,0,0);color:rgba(255,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">million, which is available to fund future operations. The Company will need to raise additional capital to support the completion of its research and development activities and to support its operations.</span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">The Company believes that its unrestricted cash, cash equivalents and marketable securities as of December 31, 2021 will enable the Company to maintain its operations for a period of at least </span><span style="font-size:10.0pt;font-family:Arial;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">12</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> months following the filing date of these financial statements.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> </span></p>
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2003-04-21
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<p style="text-indent:2.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.0589583333333332;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;">Concentrations of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;font-style:italic;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;line-height:1.0589583333333332;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">Cash and cash equivalents and marketable securities consist of financial instruments that potentially subject the Company to a concentration of credit risk, to the extent of the amounts recorded on the balance sheets. The Company minimizes the amount of credit exposure by investing cash that is not required for immediate operating needs in money market funds, government obligations and/or commercial paper with short maturities.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> </span></p><p style="text-indent:3.4%;font-size:10.0pt;margin-top:12.0pt;line-height:1.0589583333333332;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">The Company performs a regular review of its collaborators’ credit risk and payment histories when circumstances warrant, including payments made subsequent to year-end. When appropriate, the Company provides for an allowance for credit risks by reserving for specifically identified doubtful accounts, although historically the Company has not experienced credit losses from its accounts receivable</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> </span></p>
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