$STRO
SUTRO BIOPHARMA, INC.

2019 Q2 Form 10-Q Financial Statement

#000156459019031883 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $10.53M $5.704M
YoY Change 84.52% -62.86%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.070M $4.040M
YoY Change 99.75%
% of Gross Profit
Research & Development $16.14M $13.75M
YoY Change 17.4%
% of Gross Profit
Depreciation & Amortization $1.190M $1.130M
YoY Change 5.31% -56.54%
% of Gross Profit
Operating Expenses $24.21M $17.79M
YoY Change 36.07%
Operating Profit -$13.69M -$12.09M
YoY Change 13.21%
Interest Expense -$110.0K -$360.0K
YoY Change -69.44%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$13.79M -$11.54M
YoY Change 19.5%
Income Tax
% Of Pretax Income
Net Earnings -$13.79M -$11.54M
YoY Change 19.51% 536.92%
Net Earnings / Revenue -131.05% -202.33%
Basic Earnings Per Share -$0.60
Diluted Earnings Per Share -$0.60 -$515.2K
COMMON SHARES
Basic Shares Outstanding 22.93M
Diluted Shares Outstanding 22.93M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.2M $25.40M
YoY Change 503.15%
Cash & Equivalents $19.39M $25.42M
Short-Term Investments $133.8M
Other Short-Term Assets $2.600M $1.600M
YoY Change 62.5%
Inventory
Prepaid Expenses
Receivables $6.500M $3.200M
Other Receivables $0.00 $0.00
Total Short-Term Assets $162.2M $30.20M
YoY Change 437.16%
LONG-TERM ASSETS
Property, Plant & Equipment $9.273M $11.90M
YoY Change -22.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.10M
YoY Change
Other Assets $2.239M $3.100M
YoY Change -27.77%
Total Long-Term Assets $26.59M $15.00M
YoY Change 77.26%
TOTAL ASSETS
Total Short-Term Assets $162.2M $30.20M
Total Long-Term Assets $26.59M $15.00M
Total Assets $188.8M $45.20M
YoY Change 317.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.516M $2.700M
YoY Change 67.26%
Accrued Expenses $3.565M $4.100M
YoY Change -13.05%
Deferred Revenue $21.38M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.800M $2.000M
YoY Change 190.0%
Total Short-Term Liabilities $36.10M $19.20M
YoY Change 88.02%
LONG-TERM LIABILITIES
Long-Term Debt $7.000M $13.60M
YoY Change -48.53%
Other Long-Term Liabilities $125.0K $8.700M
YoY Change -98.56%
Total Long-Term Liabilities $7.125M $22.30M
YoY Change -68.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.10M $19.20M
Total Long-Term Liabilities $7.125M $22.30M
Total Liabilities $69.26M $41.50M
YoY Change 66.88%
SHAREHOLDERS EQUITY
Retained Earnings -$168.0M
YoY Change
Common Stock $287.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $119.6M -$132.0M
YoY Change
Total Liabilities & Shareholders Equity $188.8M $45.20M
YoY Change 317.73%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$13.79M -$11.54M
YoY Change 19.51% 536.92%
Depreciation, Depletion And Amortization $1.190M $1.130M
YoY Change 5.31% -56.54%
Cash From Operating Activities -$15.60M -$13.95M
YoY Change 11.83% -53.81%
INVESTING ACTIVITIES
Capital Expenditures -$490.0K -$40.00K
YoY Change 1125.0% -97.78%
Acquisitions
YoY Change
Other Investing Activities $9.680M $0.00
YoY Change -100.0%
Cash From Investing Activities $9.190M -$40.00K
YoY Change -23075.0% -100.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -820.0K 32.77M
YoY Change -102.5% 81825.0%
NET CHANGE
Cash From Operating Activities -15.60M -13.95M
Cash From Investing Activities 9.190M -40.00K
Cash From Financing Activities -820.0K 32.77M
Net Change In Cash -7.230M 18.78M
YoY Change -138.5% -451.69%
FREE CASH FLOW
Cash From Operating Activities -$15.60M -$13.95M
Capital Expenditures -$490.0K -$40.00K
Free Cash Flow -$15.11M -$13.91M
YoY Change 8.63% -51.02%

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;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:0%;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:3.4%;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 is headquartered in South San Francisco, California. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;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:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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:3.4%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred significant losses and has negative cash flows from operations. As of June&#160;30, 2019, there was an accumulated deficit of $168.0&#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 and costs to operate as a public company. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of June&#160;30, 2019, the Company had unrestricted cash, cash equivalents and marketable securities of $168.2&#160;million, 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 its operations. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;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 June&#160;30, 2019 will be sufficient for the Company to continue as a going concern for at least one year from the issuance date of its unaudited interim condensed financial statements. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
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us-gaap Interest Expense Debt
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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