Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 13, 2023

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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 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

 

 

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 Interim Condensed Financial Statements

7

Item 2.

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

27

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

40

Item 4.

Controls and Procedures

41

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

42

Item 1A.

Risk Factors

42

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

96

Item 3.

Defaults Upon Senior Securities

96

Item 4.

Mine Safety Disclosures

96

Item 5.

Other Information

96

Item 6.

Exhibits

97

Signatures

 

98

 

 

 

 

 

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