$STRO
SUTRO BIOPHARMA, INC.

2024 Q2 Form 10-Q Financial Statement

#000095017024058718 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $25.71M $13.01M
YoY Change 146.89% 2.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.37M $12.72M
YoY Change -17.52% -17.99%
% of Gross Profit
Research & Development $62.02M $56.88M
YoY Change 49.12% 44.36%
% of Gross Profit
Depreciation & Amortization $1.790M $1.761M
YoY Change 3.41% 9.04%
% of Gross Profit
Operating Expenses $74.39M $69.60M
YoY Change 31.45% 26.75%
Operating Profit -$48.69M -$56.59M
YoY Change 5.43% 33.98%
Interest Expense $7.961M $5.562M
YoY Change -3.48% -174.98%
% of Operating Profit
Other Income/Expense, Net -$7.286M -$7.184M
YoY Change 1548.42%
Pretax Income -$48.01M -$58.21M
YoY Change 25.11% 17.23%
Income Tax $8.000K $0.00
% Of Pretax Income
Net Earnings -$48.02M -$58.21M
YoY Change 24.64% 16.31%
Net Earnings / Revenue -186.8% -447.52%
Basic Earnings Per Share -$0.59 -$0.95
Diluted Earnings Per Share -$0.59 -$0.95
COMMON SHARES
Basic Shares Outstanding 81.79M 62.44M
Diluted Shares Outstanding 81.22M 61.46M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $426.0M $313.2M
YoY Change 8.77% 13.28%
Cash & Equivalents $90.79M $65.22M
Short-Term Investments $335.2M $248.0M
Other Short-Term Assets $10.53M $10.06M
YoY Change 1.83% -43.13%
Inventory
Prepaid Expenses
Receivables $6.950M $31.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $443.5M $354.6M
YoY Change 7.64% 16.61%
LONG-TERM ASSETS
Property, Plant & Equipment $19.41M $20.63M
YoY Change -17.86% -14.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.964M $5.739M
YoY Change 51.9% 76.58%
Total Long-Term Assets $45.57M $48.82M
YoY Change -13.88% -9.51%
TOTAL ASSETS
Total Short-Term Assets $443.5M $354.6M
Total Long-Term Assets $45.57M $48.82M
Total Assets $489.0M $403.4M
YoY Change 5.19% 12.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.086M $7.511M
YoY Change 57.83% 48.5%
Accrued Expenses $9.940M $7.077M
YoY Change 4.53% 11.34%
Deferred Revenue $73.96M $20.50M
YoY Change 310.09% 19.29%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $130.0M $79.51M
YoY Change 93.65% 33.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.694M $1.694M
YoY Change -99.3% -98.5%
Total Long-Term Liabilities $1.694M $1.694M
YoY Change -99.3% -98.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $130.0M $79.51M
Total Long-Term Liabilities $1.694M $1.694M
Total Liabilities $336.9M $305.4M
YoY Change 8.6% 76.93%
SHAREHOLDERS EQUITY
Retained Earnings -$665.6M -$617.6M
YoY Change 22.99% 22.86%
Common Stock $818.0M $715.8M
YoY Change 17.54% 4.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $152.2M $98.02M
YoY Change
Total Liabilities & Shareholders Equity $489.0M $403.4M
YoY Change 5.19% 12.68%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$48.02M -$58.21M
YoY Change 24.64% 16.31%
Depreciation, Depletion And Amortization $1.790M $1.761M
YoY Change 3.41% 9.04%
Cash From Operating Activities $9.455M -$64.74M
YoY Change -130.31% 6.15%
INVESTING ACTIVITIES
Capital Expenditures $756.0K $446.0K
YoY Change -52.87% -52.65%
Acquisitions
YoY Change
Other Investing Activities -$79.62M $64.55M
YoY Change -217.5% -5.62%
Cash From Investing Activities -$80.38M $64.11M
YoY Change -221.49% -4.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 96.49M -3.429M
YoY Change -29.91% -139.15%
NET CHANGE
Cash From Operating Activities 9.455M -64.74M
Cash From Investing Activities -80.38M 64.11M
Cash From Financing Activities 96.49M -3.429M
Net Change In Cash 25.57M -4.065M
YoY Change -85.19% -126.71%
FREE CASH FLOW
Cash From Operating Activities $9.455M -$64.74M
Capital Expenditures $756.0K $446.0K
Free Cash Flow $8.699M -$65.19M
YoY Change -126.52% 5.25%

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<p style="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="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-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-size:10pt;font-family:Arial;min-width:fit-content;">April 21, 2003</span></span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Arial;min-width:fit-content;">South San Francisco</span></span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Arial;min-width:fit-content;">California</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;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-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;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> business segment, the development of biopharmaceutical products. Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Chief Executive Officer, the Company’s chief operating decision maker, in deciding how to allocate resources and assessing performance. The Company operates and manages its business as one operating segment. The Company’s Chief Executive Officer reviews financial information on an aggregate basis for the purposes of allocating and evaluating financial performance.</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-size:10pt;font-family:Arial;min-width:fit-content;">All of the Company’s long-lived assets are maintained in the United States.</span></p><p style="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-size:10pt;font-family:Arial;min-width:fit-content;">The Company has incurred significant losses and has negative cash flows from operations. As of March 31, 2024, there was an accumulated deficit of $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">617.6</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Arial;min-width:fit-content;">substantial</span></span><span style="color:#000000;white-space:pre-wrap;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-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-size:10pt;font-family:Arial;min-width:fit-content;">As of March 31, 2024, 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;min-width:fit-content;">267.6</span><span style="color:#000000;white-space:pre-wrap;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;min-width:fit-content;">45.6</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Arial;min-width:fit-content;">The Company believes that its unrestricted cash, cash equivalents, marketable securities and investments in equity securities</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> as of March 31, 2024, 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-size:10pt;font-family:Arial;min-width:fit-content;">12</span></span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
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