$STRO
SUTRO BIOPHARMA, INC.

2019 Q1 Form 10-K Financial Statement

#000156459019010253 Filed on April 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 2017 Q4
Revenue $8.629M $38.42M $4.040M
YoY Change 48.96% -25.75%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.720M $21.38M $4.070M
YoY Change 75.06% 30.6%
% of Gross Profit
Research & Development $15.18M $54.26M $15.14M
YoY Change 16.04% -0.69%
% of Gross Profit
Depreciation & Amortization $1.137M $4.539M $1.190M
YoY Change -2.15% -9.04%
% of Gross Profit
Operating Expenses $22.90M $75.64M $19.21M
YoY Change 30.86% 6.52%
Operating Profit -$14.27M -$37.22M
YoY Change 21.9% 93.15%
Interest Expense $20.00K $1.623M -$300.0K
YoY Change -105.88% 165.2%
% of Operating Profit
Other Income/Expense, Net $1.913M $120.0K
YoY Change -2584.42%
Pretax Income -$14.25M -$35.32M -$15.34M
YoY Change 18.26% 79.38%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$14.25M -$35.32M -$15.34M
YoY Change 18.3% 79.38%
Net Earnings / Revenue -165.14% -91.93% -379.8%
Basic Earnings Per Share
Diluted Earnings Per Share -$623.1K -$1.546M -$692.2K
COMMON SHARES
Basic Shares Outstanding 22.93M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $170.6M $204.5M
YoY Change 829.55%
Cash & Equivalents $26.62M $125.3M $22.02M
Short-Term Investments $144.0M $79.20M
Other Short-Term Assets $2.600M $3.000M
YoY Change 50.0%
Inventory
Prepaid Expenses
Receivables $3.300M $2.500M $1.624M
Other Receivables $0.00 $0.00
Total Short-Term Assets $176.5M $209.9M $25.63M
YoY Change 719.92%
LONG-TERM ASSETS
Property, Plant & Equipment $9.900M $10.90M $14.00M
YoY Change -22.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.70M
YoY Change
Other Assets $2.235M $2.300M $1.128M
YoY Change 109.09%
Total Long-Term Assets $25.96M $13.20M $15.14M
YoY Change -13.16%
TOTAL ASSETS
Total Short-Term Assets $176.5M $209.9M $25.63M
Total Long-Term Assets $25.96M $13.20M $15.14M
Total Assets $202.5M $223.1M $40.77M
YoY Change 446.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.395M $3.100M $2.902M
YoY Change 6.9%
Accrued Expenses $2.502M $6.200M $3.639M
YoY Change 72.22%
Deferred Revenue $19.02M $10.71M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.800M $4.700M
YoY Change -67.81%
Total Short-Term Liabilities $31.13M $36.40M $31.96M
YoY Change 13.75%
LONG-TERM LIABILITIES
Long-Term Debt $8.500M $10.00M
YoY Change 488.24%
Other Long-Term Liabilities $32.10M $45.20M $14.00K
YoY Change 232.35%
Total Long-Term Liabilities $40.60M $55.20M $14.00K
YoY Change 260.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.13M $36.40M $31.96M
Total Long-Term Liabilities $40.60M $55.20M $14.00K
Total Liabilities $71.70M $91.60M $47.27M
YoY Change 93.66%
SHAREHOLDERS EQUITY
Retained Earnings -$154.3M -$115.0M
YoY Change
Common Stock $284.9M $6.218M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $130.7M $131.5M -$109.0M
YoY Change
Total Liabilities & Shareholders Equity $202.5M $223.1M $40.77M
YoY Change 446.81%

Cashflow Statement

Concept 2019 Q1 2018 2017 Q4
OPERATING ACTIVITIES
Net Income -$14.25M -$35.32M -$15.34M
YoY Change 18.3% 79.38%
Depreciation, Depletion And Amortization $1.137M $4.539M $1.190M
YoY Change -2.15% -9.04%
Cash From Operating Activities -$20.15M $12.68M -$4.840M
YoY Change 34.21% -134.21%
INVESTING ACTIVITIES
Capital Expenditures $276.0K $1.557M -$660.0K
YoY Change -24.18% -53.05%
Acquisitions
YoY Change
Other Investing Activities -$77.80M -$78.63M $2.290M
YoY Change -318.9%
Cash From Investing Activities -$78.08M -$80.19M $1.630M
YoY Change 21350.27% -345.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -458.0K 170.8M -180.0K
YoY Change 3171.43% 1066.72%
NET CHANGE
Cash From Operating Activities -20.15M 12.68M -4.840M
Cash From Investing Activities -78.08M -80.19M 1.630M
Cash From Financing Activities -458.0K 170.8M -180.0K
Net Change In Cash -98.68M 103.3M -3.390M
YoY Change 541.29% 915.82%
FREE CASH FLOW
Cash From Operating Activities -$20.15M $12.68M -$4.840M
Capital Expenditures $276.0K $1.557M -$660.0K
Free Cash Flow -$20.42M $11.13M -$4.180M
YoY Change 32.83% -127.55%

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<p style="margin-top:13pt;margin-bottom:0pt;text-indent:2.86%;font-weight:bold;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.Organization and Principal Activities</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:2.86%;font-weight:bold;font-style:italic;font-family:Arial;font-size:10pt;text-transform:none;font-variant: normal;">Description of Business </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sutro Biopharma, Inc. (the &#8220;Company&#8221;) 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&#8482;, to create a broad variety of optimally designed, next-generation protein therapeutics for cancer and autoimmune disorders. The Company was incorporated on April 21, 2003, and was formerly known as Fundamental Applied Biology, Inc. The Company is headquartered in South San Francisco, California. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company operates in one business segment, the development of biopharmaceutical products. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.86%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Initial Public Offering</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 26, 2018, the Company&#8217;s registration statements on Form S-1 (File No. 333-227103 and 333-227548) relating to its initial public offering (&#8220;IPO&#8221;) of its common stock were declared effective by the Securities and Exchange Commission (&#8220;SEC&#8221;) and the shares of its common stock began trading on the Nasdaq Global Market on September 27, 2018. The public offering price of the shares sold in the IPO was $15.00 per share. The IPO closed on October 1, 2018, pursuant to which the Company sold 5,667,000 shares of common stock, for gross proceeds of approximately $85.0 million.&nbsp;&nbsp;The Company received net proceeds from the IPO of approximately $74.4 million, after underwriting discounts, commissions and estimated offering expenses. In addition to the shares of common stock sold in the IPO, the Company concurrently sold in a private placement to Merck Sharp &amp; Dohme Corp., a subsidiary of Merck &amp; Co., Inc., Kenilworth, NJ, USA (&#8220;Merck&#8221;), 666,666 shares of common stock at the IPO offering price of $15.00 per share, for proceeds of approximately $10.0 million. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.64%;color:#000000;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Immediately prior to the completion of the IPO on October 1, 2018, all outstanding shares of redeemable convertible preferred stock&#160;were converted into 16,028,462 shares of common stock. Subsequent to the closing of the IPO, there were no shares of redeemable convertible preferred stock outstanding. In addition, <font style="color:#000000;">subsequent to the closing of the IPO, all of the outstanding redeemable convertible preferred stock warrants converted into common stock warrants resulting in the reclassification of the redeemable convertible preferred stock warrant liability to stockholder&#8217;s equity at its then fair value.</font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.86%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Reverse Stock Split</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 14, 2018, the Company effected a reverse split of all shares of its common stock at a ratio of 36.3-for-1. Upon the effectiveness of the reverse stock split, (i) all shares of outstanding common stock were adjusted; (ii) the number of shares of common stock for which each outstanding option to purchase common stock is exercisable were adjusted; (iii) the exercise price of each outstanding option to purchase common stock were adjusted; (iv) the conversion ratio for each share of outstanding redeemable convertible preferred stock which is convertible into the Company&#8217;s common stock was proportionately reduced; (v) the number of shares of common stock for which each outstanding warrant to purchase common stock is exercisable was proportionally decreased; (vi) the conversion ratio for each outstanding warrant to purchase redeemable convertible preferred stock which is convertible into warrants to purchase the Company&#8217;s common stock after the offering was proportionally decreased; and (vii) the exercise price of each outstanding warrant was proportionally increased. All of the outstanding common stock share numbers (including shares of common stock subject to the Company&#8217;s options, as converted for the outstanding redeemable convertible preferred stock shares and warrants), share prices, exercise prices and per share amounts contained in the financial statements have been retroactively adjusted in the financial statements to reflect this reverse stock split for all periods presented. The par value per share and the authorized number of shares of common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. <font style="font-size:12pt;">&#160;&#160;&#160;&#160;</font> <font style="font-size:12pt;">&#160;&#160;&#160;</font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.86%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Series E Redeemable Convertible Preferred Stock Split </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In July 2018, the Company&#8217;s board of directors approved an amendment to the Company&#8217;s amended and restated certificate of incorporation to effect a 1-for-1.1940912491 split (&#8220;Split&#8221;) of shares of the Company&#8217;s Series E redeemable convertible preferred stock, which was effected on July 26, 2018. The par value and authorized shares of redeemable convertible preferred stock and the other outstanding shares of redeemable convertible preferred stock were not adjusted as a result of the Split. All of the outstanding Series E redeemable convertible preferred shares and per share information included in the accompanying financial statements have been adjusted to reflect the Split and were converted to shares of common stock upon the closing of the Company&#8217;s initial public offering on October 1, 2018.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.86%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Liquidity </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred significant losses, except for the year ended December 31, 2016, and has negative cash flows from operations. As of December&#160;31, 2018, there was an accumulated deficit of $150.3&#160;million. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company&#8217;s research and development activities. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December&#160;31, 2018, the Company had unrestricted cash, cash equivalents and marketable securities of $204.5&#160;million, which is available to fund future operations. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company believes that its unrestricted cash, cash equivalents and marketable securities as of December 31, 2018 will be sufficient for the Company to continue as a going concern for at least one year from the issuance date of its financial statements. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2017, the Company entered into a loan and security agreement with Oxford Finance LLC (&#8220;Oxford&#8221;) and Silicon Valley Bank (&#8220;SVB&#8221;) under which it borrowed $15.0&#160;million (the &#8220;August 2017 Loan&#8221;) (see Note 7). The August 2017 Loan provides that an event of default will occur if, among other triggers, there occurs any circumstances that could reasonably be expected to result in a material adverse effect on the Company&#8217;s business, operations or condition, or on its ability to perform its obligations under the loan. The Company disclosed in its audited financial statements as of December 31, 2017 that it believed that there was substantial doubt about its ability to continue as a going concern given its continuing operating losses and its then available capital resources, which could have been deemed to be an event of default if such condition was considered to have a material adverse effect on the Company&#8217;s business, operations or condition. As a result, the Company classified the entire debt balance as a current liability as of December&#160;31, 2017 given that a determination of such an event of default was outside of the Company&#8217;s control. &nbsp;&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:2.86%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain reclassifications have been made to prior period amounts to conform to the current year presentation.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:2.86%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Concentrations of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.64%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company regularly reviews the outstanding accounts receivable, including consideration of factors such as the age of the receivable balance. As of December&#160;31, 2018 and 2017, there was no allowance for doubtful accounts deemed necessary. As of December&#160;31, 2018 and 2017, the Company had an accounts receivable balance of $2.5 million and $1.6&#160;million, respectively, attributable to the Company&#8217;s collaboration agreements. </p>
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