$STRO
SUTRO BIOPHARMA, INC.

2022 Q1 Form 10-Q Financial Statement

#000095017022008531 Filed on May 09, 2022

View on sec.gov

Income Statement

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

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $209.1M $251.2M
YoY Change -16.74% 117.68%
Cash & Equivalents $28.90M $55.82M
Short-Term Investments $180.2M $195.4M
Other Short-Term Assets $7.911M $7.500M
YoY Change 5.48% 150.0%
Inventory
Prepaid Expenses
Receivables $11.69M $7.200M
Other Receivables $0.00 $0.00
Total Short-Term Assets $228.7M $266.0M
YoY Change -14.01% 108.63%
LONG-TERM ASSETS
Property, Plant & Equipment $23.29M $14.80M
YoY Change 57.33% 55.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.70M $74.60M
YoY Change -72.25% 425.35%
Other Assets $1.705M $3.100M
YoY Change -45.0% 14.81%
Total Long-Term Assets $74.93M $92.50M
YoY Change -18.99% 250.38%
TOTAL ASSETS
Total Short-Term Assets $228.7M $266.0M
Total Long-Term Assets $74.93M $92.50M
Total Assets $303.7M $358.5M
YoY Change -15.29% 132.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.71M $5.900M
YoY Change 81.44% 1.72%
Accrued Expenses $5.408M $4.500M
YoY Change 20.18% 55.17%
Deferred Revenue $6.279M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.50M
YoY Change
Total Short-Term Liabilities $38.76M $22.70M
YoY Change 70.75% -29.06%
LONG-TERM LIABILITIES
Long-Term Debt $12.76M $24.70M
YoY Change -48.33% 2.07%
Other Long-Term Liabilities $147.0K $3.900M
YoY Change -96.23% -75.0%
Total Long-Term Liabilities $12.91M $28.60M
YoY Change -54.86% -28.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.76M $22.70M
Total Long-Term Liabilities $12.91M $28.60M
Total Liabilities $83.30M $51.20M
YoY Change 62.7% -28.69%
SHAREHOLDERS EQUITY
Retained Earnings -$372.5M -$258.2M
YoY Change 44.27% 19.93%
Common Stock $594.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $220.4M $307.3M
YoY Change
Total Liabilities & Shareholders Equity $303.7M $358.5M
YoY Change -15.29% 132.98%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$39.11M -$30.36M
YoY Change 28.83% 54.93%
Depreciation, Depletion And Amortization $1.327M $1.291M
YoY Change 2.79% 17.47%
Cash From Operating Activities -$35.26M -$30.43M
YoY Change 15.86% 62.43%
INVESTING ACTIVITIES
Capital Expenditures -$1.553M -$2.380M
YoY Change -34.75% -411.93%
Acquisitions
YoY Change
Other Investing Activities $34.54M -$119.4M
YoY Change -128.94% -381.49%
Cash From Investing Activities $32.98M -$121.7M
YoY Change -127.09% -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 1.826M
YoY Change -58.38% -88.37%
NET CHANGE
Cash From Operating Activities -35.26M -30.43M
Cash From Investing Activities 32.98M -121.7M
Cash From Financing Activities 760.0K 1.826M
Net Change In Cash -1.513M -150.3M
YoY Change -98.99% -489.42%
FREE CASH FLOW
Cash From Operating Activities -$35.26M -$30.43M
Capital Expenditures -$1.553M -$2.380M
Free Cash Flow -$33.70M -$28.05M
YoY Change 20.15% 43.87%

Facts In Submission

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<p style="text-indent:0.0%;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;min-width:fit-content;">1. Organization and Principal Activities</span></p><p style="text-indent:0.0%;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;min-width:fit-content;">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;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:12.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">Sutro Biopharma, Inc. (the “Company”), is a clinical stage drug discovery, development and manufacturing company focused on deploying its proprietary integrated cell-free protein synthesis 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;min-width:fit-content;">®</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;min-width:fit-content;"> and its 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;min-width:fit-content;">®</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;min-width:fit-content;"> 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;min-width:fit-content;">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;min-width:fit-content;"> 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;min-width:fit-content;">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;min-width:fit-content;">, </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;min-width:fit-content;">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;min-width:fit-content;">.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:12.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">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;min-width:fit-content;">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;min-width:fit-content;"> 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;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">Liquidity</span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:12.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">The Company has incurred significant losses and has negative cash flows from operations. As of March 31, 2022, the Company had 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;min-width:fit-content;">372.5</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;min-width:fit-content;"> 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;min-width:fit-content;">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;min-width:fit-content;"> 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;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10.0pt;margin-top:12.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">As of March 31, 2022, 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;min-width:fit-content;">192.1</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;min-width:fit-content;"> 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:3.333%;font-size:10.0pt;margin-top:12.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">The Company believes that its unrestricted cash, cash equivalents and marketable securities as of March 31, 2022 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;min-width:fit-content;">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;min-width:fit-content;"> months following the filing date of its 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;min-width:fit-content;"> </span></p>
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