$STRO
SUTRO BIOPHARMA, INC.

2023 Q4 Form 10-Q Financial Statement

#000095017023063037 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $113.7M $16.92M
YoY Change 1217.44% -32.7%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.80M $15.27M
YoY Change 14.17% 4.28%
% of Gross Profit
Research & Development $53.77M $45.67M
YoY Change 24.64% 44.0%
% of Gross Profit
Depreciation & Amortization $1.726M $1.740M
YoY Change 12.96% 21.0%
% of Gross Profit
Operating Expenses $70.57M $60.94M
YoY Change 21.98% 31.45%
Operating Profit -$44.01M
YoY Change 107.52%
Interest Expense $9.912M $2.510M
YoY Change -32.24% 45.76%
% of Operating Profit
Other Income/Expense, Net -$6.192M -$5.940M
YoY Change
Pretax Income $46.87M -$47.45M
YoY Change -235.49% 143.46%
Income Tax $15.81M $1.800M
% Of Pretax Income 33.72%
Net Earnings $31.07M -$49.28M
YoY Change -189.8% 152.89%
Net Earnings / Revenue 27.32% -291.21%
Basic Earnings Per Share -$0.81
Diluted Earnings Per Share $0.51 -$0.81
COMMON SHARES
Basic Shares Outstanding 60.95M 60.53M
Diluted Shares Outstanding 60.60M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $375.6M $355.2M
YoY Change 12.34% 9.55%
Cash & Equivalents $69.27M $81.83M
Short-Term Investments $306.4M $273.3M
Other Short-Term Assets $9.846M $9.500M
YoY Change -15.61% -14.14%
Inventory
Prepaid Expenses
Receivables $36.08M $16.63M
Other Receivables $0.00 $0.00
Total Short-Term Assets $421.5M $381.3M
YoY Change 19.37% 10.01%
LONG-TERM ASSETS
Property, Plant & Equipment $44.76M $22.34M
YoY Change 81.78% -7.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.439M $3.268M
YoY Change 139.3% 70.12%
Total Long-Term Assets $49.19M $50.48M
YoY Change -8.55% -6.77%
TOTAL ASSETS
Total Short-Term Assets $421.5M $381.3M
Total Long-Term Assets $49.19M $50.48M
Total Assets $470.7M $431.7M
YoY Change 15.68% 7.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.440M $5.525M
YoY Change 96.79% -55.6%
Accrued Expenses $59.58M $11.37M
YoY Change 353.35% 9.53%
Deferred Revenue $20.67M $23.98M
YoY Change 23.31% 50.65%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.061M $7.100M
YoY Change -67.51% -43.2%
Total Short-Term Liabilities $93.75M $73.61M
YoY Change 40.87% 26.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $227.3M $245.8M
YoY Change 190942.86% 184712.03%
Total Long-Term Liabilities $227.3M $245.8M
YoY Change 5744.24% 3454.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.75M $73.61M
Total Long-Term Liabilities $227.3M $245.8M
Total Liabilities $321.1M $319.4M
YoY Change 69.09% 86.8%
SHAREHOLDERS EQUITY
Retained Earnings -$559.4M -$590.5M
YoY Change 23.6% 41.27%
Common Stock $709.0M $702.8M
YoY Change 5.78% 8.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $149.6M $112.3M
YoY Change
Total Liabilities & Shareholders Equity $470.7M $431.7M
YoY Change 15.68% 7.74%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $31.07M -$49.28M
YoY Change -189.8% 152.89%
Depreciation, Depletion And Amortization $1.726M $1.740M
YoY Change 12.96% 21.0%
Cash From Operating Activities $14.07M -$33.50M
YoY Change -158.98% -150.87%
INVESTING ACTIVITIES
Capital Expenditures $1.445M $320.0K
YoY Change -57.08% -143.36%
Acquisitions
YoY Change
Other Investing Activities -$22.07M -$113.7M
YoY Change -36.06% 47.08%
Cash From Investing Activities -$23.51M -$114.0M
YoY Change -37.93% 46.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.126M -5.740M
YoY Change -125.58% -119.23%
NET CHANGE
Cash From Operating Activities 14.07M -33.50M
Cash From Investing Activities -23.51M -114.0M
Cash From Financing Activities -3.126M -5.740M
Net Change In Cash -12.57M -153.3M
YoY Change -74.63% -967.64%
FREE CASH FLOW
Cash From Operating Activities $14.07M -$33.50M
Capital Expenditures $1.445M $320.0K
Free Cash Flow $12.63M -$33.82M
YoY Change -146.38% -150.79%

Facts In Submission

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<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">1. Organization and Principal Activities</span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Description of Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">Sutro Biopharma, Inc. (the “Company”), is a clinical-stage oncology company developing site-specific and novel-format antibody drug conjugates, or ADCs. The Company was incorporated on </span><span style="font-size:10pt;font-family:Arial;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">April 21, 2003</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> and is headquartered in </span><span style="font-size:10pt;font-family:Arial;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">South San Francisco</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">, </span><span style="font-size:10pt;font-family:Arial;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">California</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">The Company operates in </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> business segment, the development of biopharmaceutical products.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">At-The-Market Sales</span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">During the three and nine months ended September 30, 2023, the Company sold </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">zero</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> shares</span><span style="color:#ff0000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">and </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">1,857,410</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> shares, respectively, of its common stock through its At-the-Market Facility (“ATM Facility”) pursuant to its Open Market Sales Agreement</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;vertical-align:super;font-size:6.7pt;font-family:Arial;min-width:fit-content;">SM</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> dated April 2, 2021 with Jefferies LLC (“Jefferies”), as sales agent (the “Sales Agreement”).</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">During the three and nine months ended September 30, 2023, the gross proceeds from these sales were approximately </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">zero</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">12.4</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> million, respectively, before deducting fees of approximately </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">zero</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">0.4</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> million, respectively, resulting in net proceeds of approximately </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">zero</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">12.0</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> million, respectively, to the Company.</span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Liquidity</span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">The Company has incurred significant losses and has negative cash flows from operations. As of September 30, 2023, the Company had an accumulated deficit of $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">590.5</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> million. Management expects to continue to incur additional </span><span style="font-size:10pt;font-family:Arial;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">substantial</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;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:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:3.333%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">As of September 30, 2023, the Company had unrestricted cash, cash equivalents, and marketable securities of $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">321.1</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> million and equity securities of $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">34.0</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> million, consisting solely of common stock of Vaxcyte, which are 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:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">The Company believes that its unrestricted cash, cash equivalents, marketable securities and equity securities</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> as of September 30, 2023, will enable the Company to maintain its operations for a period of at least </span><span style="font-size:10pt;font-family:Arial;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">12</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> months following the filing date of its condensed financial statements.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
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