$STRO
SUTRO BIOPHARMA, INC.

2021 Q4 Form 10-Q Financial Statement

#000156459021055843 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $10.65M $8.517M $17.82M
YoY Change 28.7% -52.21% 45.17%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.76M $16.59M $9.080M
YoY Change 51.86% 82.7% 11.82%
% of Gross Profit
Research & Development $29.93M $26.60M $19.36M
YoY Change 31.61% 37.4% 14.58%
% of Gross Profit
Depreciation & Amortization $1.315M $1.118M $970.0K
YoY Change 12.39% 15.26% -21.14%
% of Gross Profit
Operating Expenses $45.69M $43.19M $19.36M
YoY Change 37.95% 123.08% -22.59%
Operating Profit -$34.67M
YoY Change
Interest Expense -$3.089M $3.772M $27.76M
YoY Change -91.1% -86.41% -15522.22%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$38.13M -$30.90M $17.14M
YoY Change -35.97% -280.29% -232.77%
Income Tax
% Of Pretax Income
Net Earnings -$38.13M -$30.90M $17.14M
YoY Change -35.97% -280.3% -232.74%
Net Earnings / Revenue -357.85% -362.83% 96.16%
Basic Earnings Per Share -$0.67 $0.46
Diluted Earnings Per Share -$823.5K -$0.67 $0.45
COMMON SHARES
Basic Shares Outstanding 46.27M 46.16M 36.89M
Diluted Shares Outstanding 46.16M 37.88M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $197.9M $229.7M $281.2M
YoY Change -46.23% -18.31% 124.6%
Cash & Equivalents $30.41M $30.71M $64.37M
Short-Term Investments $167.5M $199.0M $216.9M
Other Short-Term Assets $8.123M $8.698M $3.600M
YoY Change 80.51% 141.61% 24.14%
Inventory
Prepaid Expenses
Receivables $12.45M $12.33M $7.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $218.5M $250.7M $292.3M
YoY Change -42.22% -14.22% 115.61%
LONG-TERM ASSETS
Property, Plant & Equipment $22.55M $53.45M $11.90M
YoY Change 74.33% 349.14% 39.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $68.78M $64.28M $0.00
YoY Change -100.0%
Other Assets $1.655M $3.016M $3.000M
YoY Change -22.01% 0.53% 27.61%
Total Long-Term Assets $122.9M $120.7M $14.90M
YoY Change 671.5% 710.36% -58.74%
TOTAL ASSETS
Total Short-Term Assets $218.5M $250.7M $292.3M
Total Long-Term Assets $122.9M $120.7M $14.90M
Total Assets $341.4M $371.5M $307.2M
YoY Change -13.37% 20.92% 78.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.33M $11.17M $4.900M
YoY Change 104.31% 128.02% 7.72%
Accrued Expenses $11.42M $9.932M $5.900M
YoY Change 29.4% 68.34% 27.48%
Deferred Revenue $5.496M
YoY Change -62.36%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.375M $6.250M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $41.74M $35.46M $29.90M
YoY Change 41.01% 18.58% -16.62%
LONG-TERM LIABILITIES
Long-Term Debt $15.74M $18.71M $24.40M
YoY Change -35.88% -23.3% 343.64%
Other Long-Term Liabilities $146.0K $33.72M $8.800M
YoY Change -69.65% 283.22% 6721.71%
Total Long-Term Liabilities $15.88M $52.44M $33.20M
YoY Change -36.53% 57.94% 489.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.74M $35.46M $29.90M
Total Long-Term Liabilities $15.88M $52.44M $33.20M
Total Liabilities $88.84M $87.89M $63.10M
YoY Change 43.15% 39.29% 2.15%
SHAREHOLDERS EQUITY
Retained Earnings -$333.4M -$295.3M -$168.3M
YoY Change 46.31% 75.46% -6.99%
Common Stock $586.3M
YoY Change 4.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $252.6M $283.6M $244.1M
YoY Change
Total Liabilities & Shareholders Equity $341.4M $371.5M $307.2M
YoY Change -13.37% 20.92% 78.94%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$38.13M -$30.90M $17.14M
YoY Change -35.97% -280.3% -232.74%
Depreciation, Depletion And Amortization $1.315M $1.118M $970.0K
YoY Change 12.39% 15.26% -21.14%
Cash From Operating Activities -$21.58M -$24.41M -$17.69M
YoY Change 14.3% 37.96% 9.74%
INVESTING ACTIVITIES
Capital Expenditures -$2.537M -$4.997M -$2.970M
YoY Change 55.64% 68.25% 350.0%
Acquisitions
YoY Change
Other Investing Activities $23.32M $2.755M $3.270M
YoY Change 33.78% -15.75% -68.8%
Cash From Investing Activities $20.78M -$2.242M $300.0K
YoY Change 31.53% -847.33% -96.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 506.0K 963.0K 17.27M
YoY Change -99.65% -94.42% -1641.96%
NET CHANGE
Cash From Operating Activities -21.58M -24.41M -17.69M
Cash From Investing Activities 20.78M -2.242M 300.0K
Cash From Financing Activities 506.0K 963.0K 17.27M
Net Change In Cash -293.0K -25.69M -120.0K
YoY Change -100.21% 21304.17% -98.38%
FREE CASH FLOW
Cash From Operating Activities -$21.58M -$24.41M -$17.69M
Capital Expenditures -$2.537M -$4.997M -$2.970M
Free Cash Flow -$19.04M -$19.41M -$14.72M
YoY Change 10.39% 31.85% -4.79%

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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-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;">Sutro Biopharma, Inc. (the “Company”), 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<sup style="font-size:85%;line-height:120%;vertical-align:top">®</sup>, 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;">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, 2021, the Company had an accumulated deficit of $295.3 million. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development and other operational activities. </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, 2021, the Company had unrestricted cash, cash equivalents and marketable securities of $254.2 million, which is 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.</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 believes that its unrestricted cash, cash equivalents and marketable securities as of September 30, 2021 will enable the Company to maintain its operations for a period of at least 12 months following the filing date of its financial statements. </p>
dei Entity Incorporation Date Of Incorporation
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