--12-31Q30001382101false0001382101stro:MerckSharpAndDohmeCorporationMemberstro:TwoThousandEighteenMerckAgreementMember2018-07-012018-07-310001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMemberus-gaap:EquitySecuritiesMember2022-12-310001382101us-gaap:CashEquivalentsMember2023-09-3000013821012023-03-310001382101stro:ClinicalTrialsMember2023-09-300001382101stro:CommonStockAwardsIssuedAndOutstandingMember2023-09-300001382101us-gaap:AdditionalPaidInCapitalMember2021-12-310001382101us-gaap:CommonStockMember2021-12-310001382101stro:MerckSharpAndDohmeCorporationMemberstro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2022-01-012022-09-300001382101us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001382101us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:RestrictedStockUnitsRSUMember2023-09-300001382101us-gaap:CommercialPaperMember2023-09-300001382101stro:TaslyLicenseAgreementMember2022-01-012022-09-300001382101stro:OngoingPerformanceRelatedToUnsatisfiedPerformanceObligationsMemberstro:AstellasLicenseAndCollaborationAgreementMember2022-07-012022-09-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:BristolMyersSquibbCompanyBMSMember2022-01-012022-09-3000013821012023-07-012023-09-300001382101stro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2023-01-012023-09-300001382101stro:LoanAndSecurityAgreementMemberstro:OxfordFinanceLimitedLiabilityCompanyAndSiliconValleyBankMember2023-09-300001382101stro:TwoThousandEighteenBmsMasterServicesAgreementMember2023-01-012023-09-300001382101stro:VaxcyteIncMemberstro:ResearchAndDevelopmentServicesMemberstro:SupplyAgreementMember2022-07-012022-09-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:TwoThousandEighteenMerckAgreementMember2021-01-012021-12-310001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001382101stro:TwoThousandEighteenEquityIncentivePlanMemberstro:EmployeeStockPurchasePlanMember2022-09-300001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2018-09-242018-09-260001382101stro:AmendedAndRestatedTwoThousandTwentyOneEquityInducementPlanMember2023-02-280001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-12-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:AstellasPharmaIncAstellasMember2022-01-012022-09-300001382101us-gaap:WarrantMember2023-09-3000013821012022-03-310001382101us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-07-012022-09-300001382101us-gaap:CommonStockMember2023-01-012023-03-310001382101stro:MarketableSecuritiesMember2022-12-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:AstellasPharmaIncAstellasMember2023-01-012023-09-3000013821012023-01-012023-09-3000013821012023-04-012023-06-3000013821012021-12-310001382101us-gaap:AdditionalPaidInCapitalMember2023-06-300001382101stro:ContingentPaymentMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-01-012022-09-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001382101stro:VaxcyteIncMember2022-12-310001382101us-gaap:RetainedEarningsMember2023-01-012023-03-310001382101us-gaap:RetainedEarningsMember2022-06-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TaslyLicenseAgreementMember2023-07-012023-09-300001382101us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2022-12-310001382101stro:TwoThousandEighteenBmsMasterServicesAgreementMember2022-12-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:BionovaPharmaceuticalsLtdBionovaMember2022-07-012022-09-300001382101stro:MDAAgreementMemberstro:EMDSeronoMember2022-12-310001382101stro:TaslyLicenseAgreementMember2022-04-012022-04-3000013821012022-04-012022-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:MerckSharpAndDohmeCorporationMember2023-01-012023-09-300001382101us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-07-012022-09-300001382101us-gaap:RetainedEarningsMember2022-09-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2022-07-012022-09-300001382101stro:VaxcyteIncMember2022-01-012022-12-310001382101us-gaap:RetainedEarningsMember2023-04-012023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:BionovaPharmaceuticalsLtdBionovaMember2022-01-012022-09-300001382101stro:ResearchAndDevelopmentServicesMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-01-012023-09-300001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2022-12-310001382101us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101us-gaap:CashEquivalentsMember2022-12-310001382101stro:TwoThousandEighteenEquityIncentivePlanMember2018-09-242018-09-250001382101stro:MaterialsSupplyMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-01-012022-09-300001382101us-gaap:CommercialPaperMember2022-12-310001382101us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:MerckKGaADarmstadtGermanyMember2023-01-012023-09-300001382101us-gaap:CommonStockMember2023-09-3000013821012022-01-012022-03-310001382101stro:FinancingComponentOnUnearnedRevenueMemberstro:AstellasLicenseAndCollaborationAgreementMember2022-01-012022-09-300001382101us-gaap:RetainedEarningsMember2022-01-012022-03-310001382101stro:OngoingPerformanceRelatedToUnsatisfiedPerformanceObligationsMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-01-012023-09-300001382101stro:MaterialsSupplyMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-01-012022-09-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TaslyLicenseAgreementMember2023-01-012023-09-300001382101srt:MinimumMember2023-01-012023-09-300001382101stro:MaterialsSupplyMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2023-01-012023-09-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-3000013821012022-12-310001382101us-gaap:CorporateDebtSecuritiesMember2023-09-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001382101stro:SupranationalDebtSecuritiesMember2022-12-310001382101stro:AstellasLicenseAndCollaborationAgreementMember2022-12-310001382101stro:ResearchAndDevelopmentServicesMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-01-012022-09-300001382101stro:SanCarlosLeaseMemberstpr:CA2023-09-300001382101stro:OngoingPerformanceRelatedToUnsatisfiedPerformanceObligationsMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-07-012023-09-300001382101us-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101srt:MaximumMemberstro:BlackstoneLifeSciencesMember2023-06-012023-06-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:TwoThousandEighteenMerckAgreementMember2023-01-012023-09-300001382101stro:MaterialsSupplyMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-07-012022-09-300001382101us-gaap:RestrictedStockUnitsRSUMemberstro:TwoThousandEighteenEquityIncentivePlanMember2023-01-012023-09-300001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2023-01-010001382101stro:TaslyLicenseAgreementMember2021-12-012021-12-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:VaxcyteIncMember2022-01-012022-09-300001382101stro:SharesToBeIssuedUnderEmployeeStockPurchasePlanMember2022-01-012022-09-300001382101us-gaap:RestrictedStockUnitsRSUMember2022-12-310001382101stro:MaterialsSupplyMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2023-01-012023-09-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMemberus-gaap:EquitySecuritiesMember2023-09-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-01-012022-09-300001382101stro:MaterialsSupplyMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2023-07-012023-09-300001382101us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:AdditionalPaidInCapitalMember2023-09-300001382101us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:FirstCytokineDerivativeProgramMember2020-03-012020-03-310001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2023-01-012023-09-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:MerckKGaADarmstadtGermanyMember2022-07-012022-09-300001382101us-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-09-300001382101stro:AttheMarketIssuanceSalesAgreementMember2023-01-012023-03-310001382101us-gaap:EmployeeStockOptionMemberstro:TwoThousandEighteenEquityIncentivePlanMember2022-09-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101us-gaap:EmployeeStockOptionMemberstro:TwoThousandEighteenEquityIncentivePlanMember2022-01-012022-09-300001382101stro:TaslyLicenseAgreementMember2022-07-012022-09-300001382101stro:MarketableSecuritiesMember2023-09-300001382101stro:BmsAgreementMember2023-09-300001382101stro:TwoThousandFourPlanTwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2022-12-310001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2023-07-012023-09-300001382101srt:MaximumMemberstro:TwoThousandEighteenEquityIncentivePlanMember2018-09-242018-09-250001382101stro:TwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2022-12-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:BristolMyersSquibbCompanyBMSMember2022-07-012022-09-300001382101stro:TwoThousandEighteenEquityIncentivePlanMemberstro:EmployeeStockPurchasePlanMember2023-09-300001382101us-gaap:CommonStockMember2022-03-310001382101stro:MaterialsSupplyMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2023-07-012023-09-300001382101stro:AstellasLicenseAndCollaborationAgreementMember2022-06-012022-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2023-09-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001382101stro:ClinicalTrialsMember2022-12-310001382101us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:CommonStockMember2023-04-012023-06-300001382101us-gaap:CommonStockMember2022-07-012022-09-300001382101us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:TaslyLicenseAgreementMember2021-12-310001382101stro:TwoThousandFifteenLicenseAgreementMemberstro:BlackstoneLifeSciencesMemberus-gaap:RoyaltyMember2023-06-012023-06-300001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2022-01-012022-09-300001382101us-gaap:RetainedEarningsMember2022-04-012022-06-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001382101us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:RetainedEarningsMember2022-12-310001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001382101us-gaap:CommonStockMember2022-04-012022-06-300001382101us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-300001382101us-gaap:MoneyMarketFundsMember2023-09-300001382101stro:MaterialsSupplyMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-01-012023-09-300001382101us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101us-gaap:RestrictedStockUnitsRSUMemberstro:TwoThousandEighteenEquityIncentivePlanMember2023-09-3000013821012022-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:VaxcyteIncMember2023-07-012023-09-300001382101stro:SharesToBeIssuedUnderEmployeeStockPurchasePlanMember2023-01-012023-09-300001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-09-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2023-01-012023-09-3000013821012023-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2022-01-012022-09-300001382101us-gaap:MoneyMarketFundsMember2022-12-310001382101us-gaap:EmployeeStockOptionMemberstro:TwoThousandEighteenEquityIncentivePlanMember2023-01-012023-09-300001382101us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberstro:LoanAndSecurityAgreementMemberstro:OxfordFinanceLimitedLiabilityCompanyAndSiliconValleyBankMember2023-09-300001382101stro:VaxcyteIncMember2023-01-012023-09-300001382101us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-09-300001382101stro:MaterialsSupplyMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-01-012022-09-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:VaxcyteIncMember2023-01-012023-09-300001382101stro:MaterialsSupplyMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2023-01-012023-09-300001382101stro:TwoThousandEighteenMerckAgreementMember2021-04-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001382101us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:AstellasLicenseAndCollaborationAgreementMemberstro:FutureServicesOnCollaborationJointSteeringCommitteeMember2022-06-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2022-01-012022-09-300001382101stro:RestrictedStockUnitsIssuedAndOutstandingMember2023-01-012023-09-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:CommonStockMember2023-03-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:VaxcyteIncMember2022-07-012022-09-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-01-012022-09-300001382101us-gaap:RetainedEarningsMember2022-03-310001382101stro:BmsAgreementMember2022-12-310001382101stro:VaxcyteIncMember2023-10-012023-10-310001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-01-012023-09-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-07-012023-09-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001382101stro:TwoThousandFourPlanTwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2023-01-012023-09-300001382101us-gaap:CommonStockMemberstro:AttheMarketIssuanceSalesAgreementMember2023-01-012023-09-3000013821012023-10-012023-09-300001382101us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:AstellasLicenseAndCollaborationAgreementMember2022-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:BristolMyersSquibbCompanyBMSMember2023-07-012023-09-3000013821012022-01-012022-09-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2022-07-012022-09-300001382101stro:ContingentPaymentMemberstro:TaslyLicenseAgreementMember2023-01-012023-09-300001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2023-09-300001382101stro:MaterialsSupplyMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2022-07-012022-09-300001382101us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2018-09-260001382101stro:CommonStockOptionIssuedAndOutstandingMember2022-01-012022-09-300001382101stro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-07-012022-09-300001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2023-09-300001382101us-gaap:RetainedEarningsMember2023-03-310001382101us-gaap:AdditionalPaidInCapitalMember2023-03-3100013821012023-09-300001382101us-gaap:CommonStockMember2022-12-310001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2023-01-012023-09-300001382101us-gaap:FairValueInputsLevel2Memberstro:SupranationalDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:AdditionalPaidInCapitalMember2022-03-310001382101stro:ResearchAndDevelopmentServicesMemberstro:AstellasLicenseAndCollaborationAgreementMember2022-07-012022-09-300001382101stro:VaxcyteIncMember2023-09-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2023-07-012023-09-300001382101us-gaap:CorporateDebtSecuritiesMember2022-12-310001382101stro:ResearchAndDevelopmentServicesMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2023-07-012023-09-300001382101us-gaap:RetainedEarningsMember2023-09-300001382101stro:AstellasLicenseAndCollaborationAgreementMember2023-09-300001382101us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300001382101stro:CommonStockOptionIssuedAndOutstandingMember2023-01-012023-09-300001382101stro:MDAAgreementMemberstro:EMDSeronoMember2023-09-300001382101stro:AttheMarketIssuanceSalesAgreementMember2023-04-012023-06-300001382101stro:ContingentPaymentMemberstro:TaslyLicenseAgreementMember2023-07-012023-09-300001382101stro:WarrantsToPurchaseCommonStockMember2022-01-012022-09-300001382101stro:ResearchAndDevelopmentServicesMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2023-01-012023-09-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2023-01-012023-09-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:TaslyBiopharmaceuticalsCoLtdMember2023-01-012023-09-300001382101us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101us-gaap:RestrictedStockUnitsRSUMemberstro:TwoThousandEighteenEquityIncentivePlanMember2022-09-300001382101us-gaap:CommonStockMember2023-07-012023-09-300001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2022-12-310001382101us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:MaterialsSupplyMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2022-01-012022-09-300001382101stro:LoanAndSecurityAgreementMemberstro:OxfordFinanceLimitedLiabilityCompanyAndSiliconValleyBankMember2022-12-310001382101stro:MaterialsSupplyMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-07-012023-09-300001382101stro:TaslyLicenseAgreementMember2022-01-012022-12-310001382101us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:FinancingComponentOnUnearnedRevenueMemberstro:AstellasLicenseAndCollaborationAgreementMember2022-07-012022-09-3000013821012023-11-080001382101stro:ContingentPaymentMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-07-012022-09-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:BmsAgreementMember2017-08-012017-08-310001382101stro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-01-012022-09-300001382101us-gaap:AdditionalPaidInCapitalMember2022-09-300001382101stro:TwoThousandEighteenMerckAgreementMember2022-12-310001382101stro:AstellasLicenseAndCollaborationAgreementMember2023-07-012023-09-300001382101stro:TwoThousandEighteenBmsMasterServicesAgreementMember2023-09-300001382101stro:BlackstoneLifeSciencesMember2023-06-012023-06-300001382101us-gaap:RetainedEarningsMember2022-07-012022-09-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001382101stro:TwoThousandFifteenLicenseAgreementMemberstro:BlackstoneLifeSciencesMember2023-06-012023-06-3000013821012022-09-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:TaslyLicenseAgreementMember2023-01-012023-09-300001382101us-gaap:AssetBackedSecuritiesMember2023-09-300001382101us-gaap:RetainedEarningsMember2021-12-310001382101stro:WarrantsToPurchaseCommonStockMember2023-01-012023-09-300001382101stro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-01-012022-09-300001382101us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2022-12-310001382101us-gaap:AdditionalPaidInCapitalMember2022-12-310001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-01-012023-09-300001382101stro:TaslyLicenseAgreementMember2022-04-300001382101stro:AstellasLicenseAndCollaborationAgreementMember2022-01-012022-09-300001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-01-012022-09-300001382101stro:LoanAndSecurityAgreementMemberstro:OxfordFinanceLimitedLiabilityCompanyAndSiliconValleyBankMember2023-01-012023-09-300001382101stro:AmendedAndRestatedTwoThousandTwentyOneEquityInducementPlanMember2022-08-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2022-01-012022-09-300001382101stro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2023-07-012023-09-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2023-09-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:TaslyBiopharmaceuticalsCoLtdMember2023-07-012023-09-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2023-07-012023-09-300001382101stro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-07-012022-09-300001382101us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2022-12-310001382101us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300001382101stro:UpfrontPaymentMemberstro:TaslyLicenseAgreementMember2022-01-012022-09-300001382101us-gaap:EmployeeStockOptionMemberstro:TwoThousandEighteenEquityIncentivePlanMember2023-09-300001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2023-09-300001382101stro:CommonStockAwardsIssuedAndOutstandingMember2022-12-310001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2022-07-012022-09-300001382101us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-09-300001382101stro:MaterialsSupplyMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-07-012022-09-300001382101us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001382101stro:TwoThousandEighteenEquityIncentivePlanMember2018-09-250001382101stro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2023-01-012023-09-300001382101stro:ResearchAndDevelopmentServicesMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-07-012023-09-300001382101stro:TwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2023-09-300001382101stro:FinancingComponentOnUnearnedRevenueMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-01-012023-09-3000013821012022-07-012022-09-300001382101stro:TwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2023-09-300001382101stro:MaterialsSupplyMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-07-012022-09-300001382101us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-09-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001382101us-gaap:CommonStockMember2023-06-300001382101us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:TaslyBiopharmaceuticalsCoLtdMember2022-01-012022-09-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:AstellasPharmaIncAstellasMember2023-07-012023-09-300001382101stro:SupranationalDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:ResearchAndDevelopmentServicesMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-07-012022-09-300001382101stro:CmoMember2022-12-310001382101us-gaap:CommonStockMember2022-09-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2022-07-012022-09-300001382101stro:CmoMember2023-09-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2022-12-310001382101us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-09-300001382101stro:ResearchAndDevelopmentServicesMemberstro:AstellasLicenseAndCollaborationAgreementMember2022-01-012022-09-300001382101stro:ResearchAndDevelopmentServicesMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2023-01-012023-09-300001382101stro:AmendedAndRestatedTwoThousandTwentyOneEquityInducementPlanMember2023-09-300001382101stro:TaslyLicenseAgreementMember2023-07-012023-09-300001382101us-gaap:RestrictedStockUnitsRSUMemberstro:TwoThousandEighteenEquityIncentivePlanMember2022-01-012022-09-300001382101stro:TwoThousandFourPlanTwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2023-09-300001382101stro:TwoThousandTwentyOneEquityInducementPlanMember2021-08-040001382101stro:OngoingPerformanceRelatedToUnsatisfiedPerformanceObligationsMemberstro:AstellasLicenseAndCollaborationAgreementMember2022-01-012022-09-300001382101stro:TwoThousandEighteenMerckAgreementMember2023-09-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101stro:TwoThousandEighteenEquityIncentivePlanMember2023-01-010001382101us-gaap:WarrantMember2022-12-310001382101us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001382101us-gaap:ResearchAndDevelopmentExpenseMember2022-07-012022-09-300001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2023-07-012023-09-300001382101us-gaap:RetainedEarningsMember2023-06-300001382101us-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-12-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:MerckKGaADarmstadtGermanyMember2022-01-012022-09-300001382101stpr:CAstro:SanCarlosLeaseMember2023-01-012023-09-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:TwoThousandEighteenMerckAgreementMember2022-01-012022-12-310001382101us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001382101us-gaap:RetainedEarningsMember2023-07-012023-09-300001382101stro:AttheMarketIssuanceSalesAgreementMember2022-07-012022-09-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:BristolMyersSquibbCompanyBMSMember2023-01-012023-09-300001382101us-gaap:AdditionalPaidInCapitalMember2022-06-300001382101us-gaap:AssetBackedSecuritiesMember2022-12-310001382101us-gaap:GeneralAndAdministrativeExpenseMember2023-07-012023-09-300001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-07-012022-09-300001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-07-012023-09-300001382101stro:AstellasLicenseAndCollaborationAgreementMember2023-01-012023-09-300001382101us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-09-300001382101us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberstro:LoanAndSecurityAgreementMember2023-09-300001382101stro:FinancingComponentOnUnearnedRevenueMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-07-012023-09-300001382101us-gaap:GeneralAndAdministrativeExpenseMember2022-07-012022-09-300001382101stro:AstellasLicenseAndCollaborationAgreementMember2022-07-012022-09-3000013821012023-01-012023-03-310001382101stro:OngoingPerformanceRelatedToUnsatisfiedPerformanceObligationsMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-01-012022-09-300001382101us-gaap:CommonStockMemberstro:AttheMarketIssuanceSalesAgreementMember2023-07-012023-09-300001382101us-gaap:CommonStockMember2022-06-300001382101stro:AttheMarketIssuanceSalesAgreementMember2022-04-012022-06-300001382101stro:RestrictedStockUnitsIssuedAndOutstandingMember2022-01-012022-09-300001382101us-gaap:CommonStockMember2022-01-012022-03-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:AstellasPharmaIncAstellasMember2022-07-012022-09-30stro:Programstro:PerformanceObligationxbrli:purexbrli:sharesiso4217:USDstro:Segmentstro:Installment
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 September 30, 2023
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 November 8, 2023, the registrant had 60,953,204 shares of common stock, $0.001 par value per share, outstanding.
Table of Contents
1
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
Sutro Biopharma, Inc.
Condensed Balance Sheets
(Unaudited)
(In thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
81,834 |
|
|
$ |
47,254 |
|
Marketable securities |
|
|
239,274 |
|
|
|
255,090 |
|
Investment in equity securities |
|
|
34,043 |
|
|
|
32,020 |
|
Accounts receivable |
|
|
16,627 |
|
|
|
7,122 |
|
Prepaid expenses and other current assets |
|
|
9,476 |
|
|
|
11,667 |
|
Total current assets |
|
|
381,254 |
|
|
|
353,153 |
|
Property and equipment, net |
|
|
22,344 |
|
|
|
24,621 |
|
Operating lease right-of-use assets |
|
|
23,996 |
|
|
|
26,443 |
|
Other non-current assets |
|
|
3,268 |
|
|
|
1,855 |
|
Restricted cash |
|
|
872 |
|
|
|
872 |
|
Total assets |
|
$ |
431,734 |
|
|
$ |
406,944 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
5,525 |
|
|
$ |
4,797 |
|
Accrued compensation |
|
|
11,369 |
|
|
|
13,142 |
|
Deferred revenue - current |
|
|
23,983 |
|
|
|
16,759 |
|
Operating lease liability - current |
|
|
6,174 |
|
|
|
4,585 |
|
Debt - current |
|
|
7,137 |
|
|
|
12,500 |
|
Accrued expenses and other current liabilities |
|
|
19,418 |
|
|
|
14,764 |
|
Total current liabilities |
|
|
73,606 |
|
|
|
66,547 |
|
Deferred revenue - non-current |
|
|
78,154 |
|
|
|
89,885 |
|
Operating lease liability - non-current |
|
|
24,864 |
|
|
|
29,574 |
|
Debt - non-current |
|
|
- |
|
|
|
3,771 |
|
Deferred royalty obligation related to the sale of future royalties |
|
|
142,763 |
|
|
|
- |
|
Other non-current liabilities |
|
|
- |
|
|
|
119 |
|
Total liabilities |
|
|
319,387 |
|
|
|
189,896 |
|
Commitments and contingencies (Note 7) |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock, $0.001 par value — 10,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022 |
|
|
- |
|
|
|
- |
|
Common stock, $0.001 par value — 300,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 60,900,704 and 57,499,541 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively |
|
|
61 |
|
|
|
58 |
|
Additional paid-in-capital |
|
|
702,752 |
|
|
|
670,223 |
|
Accumulated other comprehensive income (loss) |
|
|
7 |
|
|
|
(618 |
) |
Accumulated deficit |
|
|
(590,473 |
) |
|
|
(452,615 |
) |
Total stockholders’ equity |
|
|
112,347 |
|
|
|
217,048 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
431,734 |
|
|
$ |
406,944 |
|
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 |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues |
|
$ |
16,924 |
|
|
$ |
25,147 |
|
|
$ |
40,010 |
|
|
$ |
59,140 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
45,669 |
|
|
|
31,714 |
|
|
|
126,660 |
|
|
|
94,036 |
|
General and administrative |
|
|
15,269 |
|
|
|
14,643 |
|
|
|
45,780 |
|
|
|
44,825 |
|
Total operating expenses |
|
|
60,938 |
|
|
|
46,357 |
|
|
|
172,440 |
|
|
|
138,861 |
|
Loss from operations |
|
|
(44,014 |
) |
|
|
(21,210 |
) |
|
|
(132,430 |
) |
|
|
(79,721 |
) |
Interest income |
|
|
4,550 |
|
|
|
1,014 |
|
|
|
9,952 |
|
|
|
1,327 |
|
Unrealized gain on equity securities |
|
|
694 |
|
|
|
3,496 |
|
|
|
2,023 |
|
|
|
323 |
|
Non-cash interest expense related to the sale of future royalties |
|
|
(5,936 |
) |
|
|
- |
|
|
|
(6,378 |
) |
|
|
- |
|
Interest and other income (expense), net |
|
|
(2,739 |
) |
|
|
(2,788 |
) |
|
|
(8,640 |
) |
|
|
(4,039 |
) |
Loss before provision for income taxes |
|
|
(47,445 |
) |
|
|
(19,488 |
) |
|
|
(135,473 |
) |
|
|
(82,110 |
) |
Provision for income taxes |
|
|
1,839 |
|
|
|
- |
|
|
|
2,385 |
|
|
|
2,500 |
|
Net loss |
|
$ |
(49,284 |
) |
|
$ |
(19,488 |
) |
|
$ |
(137,858 |
) |
|
$ |
(84,610 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.81 |
) |
|
$ |
(0.37 |
) |
|
$ |
(2.30 |
) |
|
$ |
(1.74 |
) |
Weighted-average shares used in computing basic and diluted loss per share |
|
|
60,599,025 |
|
|
|
52,345,732 |
|
|
|
59,894,181 |
|
|
|
48,622,258 |
|
See accompanying notes to unaudited interim condensed financial statements.
3
Sutro Biopharma, Inc.
Condensed Statements of Comprehensive Loss
(Unaudited)
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net loss |
|
$ |
(49,284 |
) |
|
$ |
(19,488 |
) |
|
$ |
(137,858 |
) |
|
$ |
(84,610 |
) |
Other comprehensive (loss) income : |
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized (loss) income on available-for-sale securities |
|
|
(9 |
) |
|
|
20 |
|
|
|
625 |
|
|
|
(1,022 |
) |
Comprehensive loss |
|
$ |
(49,293 |
) |
|
$ |
(19,468 |
) |
|
$ |
(137,233 |
) |
|
$ |
(85,632 |
) |
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 |
|
|
Income (Loss) |
|
|
Deficit |
|
|
Equity |
|
Balances at December 31, 2022 |
|
|
57,499,541 |
|
|
$ |
58 |
|
|
$ |
670,223 |
|
|
$ |
(618 |
) |
|
$ |
(452,615 |
) |
|
$ |
217,048 |
|
Exercise of common stock options |
|
|
53,060 |
|
|
|
— |
|
|
|
314 |
|
|
|
— |
|
|
|
— |
|
|
|
314 |
|
Issuance of common stock under Employee Stock Purchase Plan |
|
|
239,060 |
|
|
|
— |
|
|
|
1,097 |
|
|
|
— |
|
|
|
— |
|
|
|
1,097 |
|
Vesting of restricted stock units |
|
|
801,769 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock transaction associated with taxes withheld on restricted stock units |
|
|
(73,003 |
) |
|
|
— |
|
|
|
(451 |
) |
|
|
— |
|
|
|
— |
|
|
|
(451 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
6,021 |
|
|
|
— |
|
|
|
— |
|
|
|
6,021 |
|
Issuance of common stock in connection with At-The-Market sale, net of issuance costs of $308 |
|
|
1,641,374 |
|
|
|
2 |
|
|
|
10,921 |
|
|
|
— |
|
|
|
— |
|
|
|
10,923 |
|
Net unrealized income on available-for-sale securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
511 |
|
|
|
— |
|
|
|
511 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,050 |
) |
|
|
(50,050 |
) |
Balances at March 31, 2023 |
|
|
60,161,801 |
|
|
$ |
60 |
|
|
$ |
688,125 |
|
|
$ |
(107 |
) |
|
$ |
(502,665 |
) |
|
$ |
185,413 |
|
Vesting of restricted stock units |
|
|
94,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock transaction associated with taxes withheld on restricted stock units |
|
|
(1,296 |
) |
|
|
— |
|
|
|
(6 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
6,661 |
|
|
|
— |
|
|
|
— |
|
|
|
6,661 |
|
Issuance of common stock in connection with At-The-Market sale, net of issuance costs of $151 |
|
|
216,036 |
|
|
|
— |
|
|
|
1,048 |
|
|
|
— |
|
|
|
— |
|
|
|
1,048 |
|
Net unrealized income on available-for-sale securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
123 |
|
|
|
— |
|
|
|
123 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(38,524 |
) |
|
|
(38,524 |
) |
Balances at June 30, 2023 |
|
|
60,471,041 |
|
|
$ |
60 |
|
|
$ |
695,828 |
|
|
$ |
16 |
|
|
$ |
(541,189 |
) |
|
$ |
154,715 |
|
Issuance of common stock under Employee Stock Purchase Plan |
|
|
287,019 |
|
|
|
— |
|
|
|
954 |
|
|
|
— |
|
|
|
— |
|
|
|
954 |
|
Vesting of restricted stock units |
|
|
150,250 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Stock transaction associated with taxes withheld on restricted stock units |
|
|
(7,606 |
) |
|
|
— |
|
|
|
(33 |
) |
|
|
— |
|
|
|
— |
|
|
|
(33 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
6,003 |
|
|
|
— |
|
|
|
— |
|
|
|
6,003 |
|
Net unrealized loss on available-for- sale securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9 |
) |
|
|
— |
|
|
|
(9 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(49,284 |
) |
|
|
(49,284 |
) |
Balances at September 30, 2023 |
|
|
60,900,704 |
|
|
$ |
61 |
|
|
$ |
702,752 |
|
|
$ |
7 |
|
|
$ |
(590,473 |
) |
|
$ |
112,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Exercise of common stock options |
|
|
16,659 |
|
|
|
— |
|
|
|
85 |
|
|
|
— |
|
|
|
— |
|
|
|
85 |
|
Issuance of common stock under Employee Stock Purchase Plan |
|
|
124,351 |
|
|
|
— |
|
|
|
607 |
|
|