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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number: 001-38662

 

SUTRO BIOPHARMA, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

47-0926186

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

111 Oyster Point Blvd,

South San Francisco, California

94080

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650) 881-6500

Not Applicable:

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common stock, $0.001 par value

 

STRO

 

The Nasdaq Stock Market LLC

(Nasdaq Global Market)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of August 4, 2022, the registrant had 52,161,451 shares of common stock, $0.001 par value per share, outstanding.

 


 

Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

2

 

Condensed Balance Sheets

2

 

Condensed Statements of Operations

3

 

Condensed Statements of Comprehensive Loss

4

 

Condensed Statements of Stockholders’ Equity

5

 

Condensed Statements of Cash Flows

6

 

Notes to Unaudited Condensed Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

Controls and Procedures

38

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

93

Item 3.

Defaults Upon Senior Securities

93

Item 4.

Mine Safety Disclosures

93

Item 5.

Other Information

93

Item 6.

Exhibits

94

Signatures

 

95

 

 

 

 

 

i


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Sutro Biopharma, Inc.

Condensed Balance Sheets

(In thousands, except share and per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

79,115

 

 

$

30,414

 

Marketable securities

 

 

112,513

 

 

 

130,343

 

Investment in equity securities

 

 

34,008

 

 

 

37,181

 

Accounts receivable

 

 

97,671

 

 

 

12,454

 

Prepaid expenses and other current assets

 

 

8,204

 

 

 

8,123

 

Total current assets

 

 

331,511

 

 

 

218,515

 

Property and equipment, net

 

 

23,600

 

 

 

22,550

 

Operating lease right-of-use assets

 

 

27,716

 

 

 

29,041

 

Marketable securities, non-current

 

 

-

 

 

 

68,775

 

Other non-current assets

 

 

1,921

 

 

 

1,655

 

Restricted cash

 

 

872

 

 

 

872

 

Total assets

 

$

385,620

 

 

$

341,408

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

12,567

 

 

$

11,327

 

Accrued compensation

 

 

7,748

 

 

 

11,417

 

Deferred revenue - current

 

 

6,490

 

 

 

5,496

 

Operating lease liability - current

 

 

1,120

 

 

 

1,037

 

Debt - current

 

 

12,500

 

 

 

9,375

 

Other current liabilities

 

 

4,147

 

 

 

3,084

 

Total current liabilities

 

 

44,572

 

 

 

41,736

 

Deferred revenue - non-current

 

 

90,000

 

 

 

-

 

Operating lease liability - non-current

 

 

32,069

 

 

 

31,224

 

Debt - non-current

 

 

9,779

 

 

 

15,738

 

Other noncurrent liabilities

 

 

142

 

 

 

146

 

Total liabilities

 

 

176,562

 

 

 

88,844

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.001 par value — 10,000,000 shares authorized
   as of June 30, 2022 and December 31, 2021;
0 shares issued and
   outstanding as of June 30, 2022 and December 31, 2021

 

 

-

 

 

 

-

 

Common stock, $0.001 par value — 300,000,000 shares authorized
   as of June 30, 2022 and December 31, 2021;
48,674,232 and
   
46,327,131 shares issued and outstanding as of June 30, 2022
   and December 31, 2021, respectively

 

 

49

 

 

 

46

 

Additional paid-in-capital

 

 

608,898

 

 

 

586,243

 

Accumulated other comprehensive loss

 

 

(1,356

)

 

 

(314

)

Accumulated deficit

 

 

(398,533

)

 

 

(333,411

)

Total stockholders’ equity

 

 

209,058

 

 

 

252,564

 

Total Liabilities and Stockholders’ Equity

 

$

385,620

 

 

$

341,408

 

 

See accompanying notes to unaudited interim condensed financial statements.

2


 

Sutro Biopharma, Inc.

Condensed Statements of Operations

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

 

$

28,096

 

 

$

28,049

 

 

$

33,993

 

 

$

42,709

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

32,332

 

 

 

25,309

 

 

 

62,322

 

 

 

47,871

 

General and administrative

 

 

15,143

 

 

 

12,545

 

 

 

30,182

 

 

 

23,652

 

Total operating expenses

 

 

47,475

 

 

 

37,854

 

 

 

92,504

 

 

 

71,523

 

Loss from operations

 

 

(19,379

)

 

 

(9,805

)

 

 

(58,511

)

 

 

(28,814

)

Interest income

 

 

197

 

 

 

175

 

 

 

313

 

 

 

372

 

Unrealized (loss) gain on equity securities

 

 

(3,736

)

 

 

4,325

 

 

 

(3,173

)

 

 

(6,364

)

Interest and other expense, net

 

 

(594

)

 

 

(847

)

 

 

(1,251

)

 

 

(1,705

)

Loss before provision for income taxes

 

 

(23,512

)

 

 

(6,152

)

 

 

(62,622

)

 

 

(36,511

)

Provision for income taxes

 

 

2,500

 

 

 

-

 

 

 

2,500

 

 

 

-

 

Net loss

 

$

(26,012

)

 

$

(6,152

)

 

$

(65,122

)

 

$

(36,511

)

Net loss per share, basic and diluted

 

$

(0.55

)

 

$

(0.13

)

 

$

(1.39

)

 

$

(0.79

)

Weighted-average shares used in computing
   basic and diluted loss per share

 

 

46,957,196

 

 

 

46,116,175

 

 

 

46,729,663

 

 

 

46,007,892

 

 

See accompanying notes to unaudited interim condensed financial statements.

3


 

Sutro Biopharma, Inc.

Condensed Statements of Comprehensive Loss

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss

 

$

(26,012

)

 

$

(6,152

)

 

$

(65,122

)

 

$

(36,511

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on available-for-sale securities

 

 

(204

)

 

 

(45

)

 

 

(1,042

)

 

 

(174

)

Comprehensive loss

 

$

(26,216

)

 

$

(6,197

)

 

$

(66,164

)

 

$

(36,685

)

 

See accompanying notes to unaudited interim condensed financial statements.

4


 

Sutro Biopharma, Inc.

Condensed Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In-

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss)

 

 

Deficit

 

 

Equity

 

Balances at December 31, 2021

 

 

46,327,131

 

 

$

46

 

 

$

586,243

 

 

$

(314

)

 

$

(333,411

)

 

$

252,564

 

Exercise of common stock options

 

 

32,497

 

 

 

 

 

 

180

 

 

 

 

 

 

 

 

 

180

 

Issuance of common stock under
   Employee Stock Purchase Plan

 

 

146,165

 

 

 

 

 

 

1,006

 

 

 

 

 

 

 

 

 

1,006

 

Vesting of restricted stock units

 

 

465,731

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock transaction associated with taxes
   withheld on restricted stock units

 

 

(44,665

)

 

 

 

 

 

(404

)

 

 

 

 

 

 

 

 

(404

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

6,974

 

 

 

 

 

 

 

 

 

6,974

 

Net unrealized loss on available-for-
   sale securities

 

 

 

 

 

 

 

 

 

 

 

(838

)

 

 

 

 

 

(838

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,110

)

 

 

(39,110

)

Balances at March 31, 2022

 

 

46,926,859

 

 

$

47

 

 

$

593,998

 

 

$

(1,152

)

 

$

(372,521

)

 

$

220,372

 

Exercise of common stock options

 

 

298

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

Vesting of restricted stock units

 

 

31,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock transaction associated with taxes
   withheld on restricted stock units

 

 

(1,296

)

 

 

 

 

 

(9

)

 

 

 

 

 

 

 

 

(9

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

6,696

 

 

 

 

 

 

 

 

 

6,696

 

Issuance of common stock in connection with
   At-The-Market sale, net of issuance costs of $
690

 

 

1,716,996

 

 

 

2

 

 

 

8,211

 

 

 

 

 

 

 

 

 

8,213

 

Net unrealized loss on available-for-
   sale securities

 

 

 

 

 

 

 

 

 

 

 

(204

)

 

 

 

 

 

(204

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,012

)

 

 

(26,012

)

Balances at June 30, 2022

 

 

48,674,232

 

 

$

49

 

 

$

608,898

 

 

$

(1,356

)

 

$

(398,533

)

 

$

209,058

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In-

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balances at December 31, 2020

 

 

45,752,116

 

 

$

46

 

 

$

559,746

 

 

$

129

 

 

$

(227,873

)

 

$

332,048

 

Exercise of common stock options

 

 

129,161

 

 

 

 

 

 

1,360

 

 

 

 

 

 

 

 

 

1,360

 

Issuance of common stock under
   Employee Stock Purchase Plan

 

 

93,346

 

 

 

 

 

 

873

 

 

 

 

 

 

 

 

 

873

 

Vesting of restricted stock units

 

 

147,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock transaction associated with taxes
   withheld on restricted stock units

 

 

(18,366

)

 

 

 

 

 

(407

)

 

 

 

 

 

 

 

 

(407

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

3,952

 

 

 

 

 

 

 

 

 

3,952

 

Net unrealized loss on available-for-
   sale securities

 

 

 

 

 

 

 

 

 

 

 

(129

)

 

 

 

 

 

(129

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,359

)

 

 

(30,359

)

Balances at March 31, 2021

 

 

46,103,606

 

 

$

46

 

 

$

565,524

 

 

$

 

 

$

(258,232

)

 

$

307,338

 

Exercise of common stock options

 

 

40,902

 

 

 

 

 

 

452

 

 

 

 

 

 

 

 

 

452

 

Return and retirement of common stocks

 

 

(6,804

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

 

3,750

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

5,907

 

 

 

 

 

 

 

 

 

5,907

 

Net unrealized gain on available-for-
   sale securities

 

 

 

 

 

 

 

 

 

 

 

(45

)

 

 

 

 

 

(45

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,152

)

 

 

(6,152

)

Balances at June 30, 2021

 

 

46,141,454

 

 

$

46

 

 

$

571,883

 

 

$

(45

)

 

$

(264,384

)

 

$

307,500

 

 

See accompanying notes to unaudited interim condensed financial statements.

5


 

Sutro Biopharma, Inc.

Condensed Statements of Cash Flows

(Unaudited)

(In thousands)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

Operating activities