$STRO
SUTRO BIOPHARMA, INC.

2024 Q3 Form 10-Q Financial Statement

#000095017024096336 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $8.520M $25.71M
YoY Change -49.66% 146.89%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.33M $12.37M
YoY Change -6.15% -17.52%
% of Gross Profit
Research & Development $62.11M $62.02M
YoY Change 36.0% 49.12%
% of Gross Profit
Depreciation & Amortization $1.799M $1.790M
YoY Change 3.39% 3.41%
% of Gross Profit
Operating Expenses $76.44M $74.39M
YoY Change 25.44% 31.45%
Operating Profit -$67.92M -$48.69M
YoY Change 54.31% 5.43%
Interest Expense $27.04M $7.961M
YoY Change 977.37% -3.48%
% of Operating Profit
Other Income/Expense, Net -$7.910M -$7.286M
YoY Change 33.16% 1548.42%
Pretax Income -$48.79M -$48.01M
YoY Change 2.83% 25.11%
Income Tax $0.00 $8.000K
% Of Pretax Income
Net Earnings -$48.79M -$48.02M
YoY Change -1.01% 24.64%
Net Earnings / Revenue -572.62% -186.8%
Basic Earnings Per Share -$0.59 -$0.59
Diluted Earnings Per Share -$0.59 -$0.59
COMMON SHARES
Basic Shares Outstanding 81.96M 81.79M
Diluted Shares Outstanding 82.04M 81.22M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $388.3M $426.0M
YoY Change 9.31% 8.77%
Cash & Equivalents $174.6M $90.79M
Short-Term Investments $213.7M $335.2M
Other Short-Term Assets $10.87M $10.53M
YoY Change 14.42% 1.83%
Inventory
Prepaid Expenses
Receivables $6.655M $6.950M
Other Receivables $0.00 $0.00
Total Short-Term Assets $405.8M $443.5M
YoY Change 6.43% 7.64%
LONG-TERM ASSETS
Property, Plant & Equipment $19.00M $19.41M
YoY Change -14.98% -17.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $7.172M $4.964M
YoY Change 119.46% 51.9%
Total Long-Term Assets $46.05M $45.57M
YoY Change -8.77% -13.88%
TOTAL ASSETS
Total Short-Term Assets $405.8M $443.5M
Total Long-Term Assets $46.05M $45.57M
Total Assets $451.8M $489.0M
YoY Change 4.66% 5.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.216M $6.086M
YoY Change 12.51% 57.83%
Accrued Expenses $13.18M $9.940M
YoY Change 15.9% 4.53%
Deferred Revenue $72.56M $73.96M
YoY Change 202.55% 310.09%
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 $131.3M $130.0M
YoY Change 78.37% 93.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.694M $1.694M
YoY Change -99.31% -99.3%
Total Long-Term Liabilities $1.694M $1.694M
YoY Change -99.31% -99.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $131.3M $130.0M
Total Long-Term Liabilities $1.694M $1.694M
Total Liabilities $340.6M $336.9M
YoY Change 6.65% 8.6%
SHAREHOLDERS EQUITY
Retained Earnings -$714.4M -$665.6M
YoY Change 20.98% 22.99%
Common Stock $825.5M $818.0M
YoY Change 17.46% 17.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $111.2M $152.2M
YoY Change
Total Liabilities & Shareholders Equity $451.8M $489.0M
YoY Change 4.66% 5.19%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$48.79M -$48.02M
YoY Change -1.01% 24.64%
Depreciation, Depletion And Amortization $1.799M $1.790M
YoY Change 3.39% 3.41%
Cash From Operating Activities -$64.52M $9.455M
YoY Change 92.59% -130.31%
INVESTING ACTIVITIES
Capital Expenditures $828.0K $756.0K
YoY Change 158.75% -52.87%
Acquisitions
YoY Change
Other Investing Activities $148.1M -$79.62M
YoY Change -230.28% -217.5%
Cash From Investing Activities $147.3M -$80.38M
YoY Change -229.18% -221.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.017M 96.49M
YoY Change -117.72% -29.91%
NET CHANGE
Cash From Operating Activities -64.52M 9.455M
Cash From Investing Activities 147.3M -80.38M
Cash From Financing Activities 1.017M 96.49M
Net Change In Cash 83.79M 25.57M
YoY Change -154.67% -85.19%
FREE CASH FLOW
Cash From Operating Activities -$64.52M $9.455M
Capital Expenditures $828.0K $756.0K
Free Cash Flow -$65.34M $8.699M
YoY Change 93.21% -126.52%

Facts In Submission

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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 June 30, 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;">665.6</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 June 30, 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;">375.6</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;">50.4</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 June 30, 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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CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6159000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6661000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12227000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12682000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-48018000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-38524000
us-gaap Net Income Loss
NetIncomeLoss
-106231000
us-gaap Net Income Loss
NetIncomeLoss
-88574000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81224628
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81224628
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
60339475
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
60339475
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71341211
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71341211
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59535918
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59535918
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.59
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.59
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.64
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.49
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.49
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15259184
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13894655

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