$STRO
SUTRO BIOPHARMA, INC.

2020 Q3 Form 10-Q Financial Statement

#000156459020050755 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $17.82M $12.28M $10.53M
YoY Change 45.17% 56.67% 84.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.080M $8.120M $8.070M
YoY Change 11.82% 51.78% 99.75%
% of Gross Profit
Research & Development $19.36M $16.90M $16.14M
YoY Change 14.58% 33.66% 17.4%
% of Gross Profit
Depreciation & Amortization $970.0K $1.230M $1.190M
YoY Change -21.14% 10.81% 5.31%
% of Gross Profit
Operating Expenses $19.36M $25.01M $24.21M
YoY Change -22.59% 39.01% 36.07%
Operating Profit -$12.74M -$13.69M
YoY Change 25.38% 13.21%
Interest Expense $27.76M -$180.0K -$110.0K
YoY Change -15522.22% -143.37% -69.44%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $17.14M -$12.91M -$13.79M
YoY Change -232.77% 26.07% 19.5%
Income Tax
% Of Pretax Income
Net Earnings $17.14M -$12.91M -$13.79M
YoY Change -232.74% 26.13% 19.51%
Net Earnings / Revenue 96.16% -105.17% -131.05%
Basic Earnings Per Share $0.46 -$0.56 -$0.60
Diluted Earnings Per Share $0.45 -$0.56 -$0.60
COMMON SHARES
Basic Shares Outstanding 36.89M 22.95M 22.93M
Diluted Shares Outstanding 37.88M 22.95M 22.93M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $281.2M $125.2M $153.2M
YoY Change 124.6% 1.79% 503.15%
Cash & Equivalents $64.37M $11.95M $19.39M
Short-Term Investments $216.9M $113.2M $133.8M
Other Short-Term Assets $3.600M $2.900M $2.600M
YoY Change 24.14% 45.0% 62.5%
Inventory
Prepaid Expenses
Receivables $7.500M $7.531M $6.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $292.3M $135.6M $162.2M
YoY Change 115.61% 6.43% 437.16%
LONG-TERM ASSETS
Property, Plant & Equipment $11.90M $8.522M $9.273M
YoY Change 39.64% -26.99% -22.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $25.20M $15.10M
YoY Change -100.0%
Other Assets $3.000M $2.351M $2.239M
YoY Change 27.61% -60.59% -27.77%
Total Long-Term Assets $14.90M $36.11M $26.59M
YoY Change -58.74% 104.55% 77.26%
TOTAL ASSETS
Total Short-Term Assets $292.3M $135.6M $162.2M
Total Long-Term Assets $14.90M $36.11M $26.59M
Total Assets $307.2M $171.7M $188.8M
YoY Change 78.94% 18.38% 317.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.900M $4.549M $4.516M
YoY Change 7.72% -0.98% 67.26%
Accrued Expenses $5.900M $4.628M $3.565M
YoY Change 27.48% 13.29% -13.05%
Deferred Revenue $20.25M $21.38M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $5.800M $5.800M
YoY Change -100.0% 81.25% 190.0%
Total Short-Term Liabilities $29.90M $35.86M $36.10M
YoY Change -16.62% -2.83% 88.02%
LONG-TERM LIABILITIES
Long-Term Debt $24.40M $5.500M $7.000M
YoY Change 343.64% -52.17% -48.53%
Other Long-Term Liabilities $8.800M $129.0K $125.0K
YoY Change 6721.71% -80.57% -98.56%
Total Long-Term Liabilities $33.20M $5.629M $7.125M
YoY Change 489.8% -53.72% -68.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.90M $35.86M $36.10M
Total Long-Term Liabilities $33.20M $5.629M $7.125M
Total Liabilities $63.10M $61.77M $69.26M
YoY Change 2.15% -37.74% 66.88%
SHAREHOLDERS EQUITY
Retained Earnings -$168.3M -$181.0M -$168.0M
YoY Change -6.99% 21.58%
Common Stock $290.6M $287.4M
YoY Change 3812.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $244.1M $109.9M $119.6M
YoY Change
Total Liabilities & Shareholders Equity $307.2M $171.7M $188.8M
YoY Change 78.94% 18.38% 317.73%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $17.14M -$12.91M -$13.79M
YoY Change -232.74% 26.13% 19.51%
Depreciation, Depletion And Amortization $970.0K $1.230M $1.190M
YoY Change -21.14% 10.81% 5.31%
Cash From Operating Activities -$17.69M -$16.12M -$15.60M
YoY Change 9.74% -133.88% 11.83%
INVESTING ACTIVITIES
Capital Expenditures -$2.970M -$660.0K -$490.0K
YoY Change 350.0% 83.33% 1125.0%
Acquisitions
YoY Change
Other Investing Activities $3.270M $10.48M $9.680M
YoY Change -68.8% -112.87%
Cash From Investing Activities $300.0K $9.820M $9.190M
YoY Change -96.95% -112.0% -23075.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.27M -1.120M -820.0K
YoY Change -1641.96% -102.23% -102.5%
NET CHANGE
Cash From Operating Activities -17.69M -16.12M -15.60M
Cash From Investing Activities 300.0K 9.820M 9.190M
Cash From Financing Activities 17.27M -1.120M -820.0K
Net Change In Cash -120.0K -7.420M -7.230M
YoY Change -98.38% -146.58% -138.5%
FREE CASH FLOW
Cash From Operating Activities -$17.69M -$16.12M -$15.60M
Capital Expenditures -$2.970M -$660.0K -$490.0K
Free Cash Flow -$14.72M -$15.46M -$15.11M
YoY Change -4.79% -132.25% 8.63%

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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:12pt;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-top:12pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sutro Biopharma, Inc. (the “Company”), is a clinical stage drug discovery, development and manufacturing company focused on deploying its proprietary integrated cell-free protein synthesis platform, XpressCF®, to create a broad variety of optimally designed, next-generation protein therapeutics initially 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:12pt;text-indent:3.33%;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:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">At-The-Market Sales</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.33%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the three months ended September 30, 2020, the Company sold an aggregate of 2,000,000 shares of its common stock through its At-the-Market (“ATM Facility”) pursuant to its Common Stock Sales Agreement<sup style="font-size:85%;line-height:120%;vertical-align:top"> </sup>dated October 4, 2019 with Cowen and Company, LLC, as sales agent.  The gross proceeds from these sales were approximately $17.4 million, before deducting fees of approximately $0.6 million, resulting in net proceeds of approximately $16.8 million to the Company.  </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">May 2020 Public Offering</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:3.33%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On May 14, 2020, the Company closed a public offering of 12,650,000 shares of its common stock at a public offering price of $7.75 per share, which included the exercise in full of the underwriters’ option to purchase 1,650,000 shares of common stock. <span style="Background-color:#FFFFFF;color:#000000;">The gross proceeds from this offering were approximately $98.0 million, before deducting approximately $6.6 million of underwriting discounts and commissions and other offering expenses, resulting in net proceeds of approximately $91.4 million to the Company.  </span> </p> <p style="margin-bottom:0pt;margin-top:12pt;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:12pt;text-indent:3.33%;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 September 30, 2020, the Company had an accumulated deficit of $168.3 million. Management expects to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities and costs to operate as a public company. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.33%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of September 30, 2020, the Company had unrestricted cash, cash equivalents and marketable securities of $202.4 million, which are available to fund future operations. The Company believes that its unrestricted cash, cash equivalents and marketable securities as of September 30, 2020 will be sufficient for the Company to continue for at least one year from the issuance date of its unaudited interim condensed financial statements.    </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.33%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company will need to raise additional capital to support the completion of its research and development activities and its operations.</p>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2003-04-21
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