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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, 2020
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.)
|
|
|
310 Utah Avenue, Suite 150
South San Francisco, California
|
94080
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code: (650) 392-8412
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
|
|
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 October 30, 2020, the registrant had 38,604,176 shares of common stock, $0.001 par value per share, outstanding.
Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
Sutro Biopharma, Inc.
Condensed Balance Sheets
(In thousands, except share and per share amounts)
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2020
|
|
|
2019
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
64,370
|
|
|
$
|
4,960
|
|
Marketable securities
|
|
|
137,990
|
|
|
|
112,904
|
|
Investment in equity securities
|
|
|
78,872
|
|
|
|
—
|
|
Accounts receivable (including amounts from related parties of $0 and
$1,050 as of September 30, 2020 and December 31, 2019, respectively)
|
|
|
7,483
|
|
|
|
6,298
|
|
Prepaid expenses and other current assets
|
|
|
3,583
|
|
|
|
4,406
|
|
Total current assets
|
|
|
292,298
|
|
|
|
128,568
|
|
Property and equipment, net
|
|
|
11,945
|
|
|
|
9,633
|
|
Marketable securities, non-current
|
|
|
—
|
|
|
|
15,609
|
|
Other non-current assets
|
|
|
2,122
|
|
|
|
2,545
|
|
Restricted cash
|
|
|
872
|
|
|
|
15
|
|
Total assets
|
|
$
|
307,237
|
|
|
$
|
156,370
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
4,879
|
|
|
$
|
5,584
|
|
Accrued compensation
|
|
|
5,890
|
|
|
|
6,017
|
|
Deferred revenue—current
|
|
|
15,703
|
|
|
|
19,465
|
|
Debt—current
|
|
|
—
|
|
|
|
1,000
|
|
Other current liabilities
|
|
|
3,438
|
|
|
|
901
|
|
Total current liabilities
|
|
|
29,910
|
|
|
|
32,967
|
|
Deferred revenue, non-current
|
|
|
8,366
|
|
|
|
16,195
|
|
Deferred rent
|
|
|
280
|
|
|
|
409
|
|
Debt—non-current
|
|
|
24,411
|
|
|
|
8,876
|
|
Other noncurrent liabilities
|
|
|
151
|
|
|
|
134
|
|
Total liabilities
|
|
|
63,118
|
|
|
|
58,581
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value — 10,000,000 shares authorized
as of September 30, 2020 and December 31, 2019; 0 shares issued and
outstanding as of September 30, 2020 and December 31, 2019
|
|
|
—
|
|
|
|
—
|
|
Common stock, $0.001 par value — 300,000,000 shares authorized
as of September 30, 2020 and December 31, 2019; 38,092,978 and
23,098,969 shares issued and outstanding as of
September 30, 2020 and December 31, 2019, respectively
|
|
|
38
|
|
|
|
23
|
|
Additional paid-in-capital
|
|
|
412,173
|
|
|
|
293,346
|
|
Accumulated other comprehensive income
|
|
|
237
|
|
|
|
165
|
|
Accumulated deficit
|
|
|
(168,329
|
)
|
|
|
(195,745
|
)
|
Total stockholders’ equity
|
|
|
244,119
|
|
|
|
97,789
|
|
Total Liabilities and Stockholders’ Equity
|
|
$
|
307,237
|
|
|
$
|
156,370
|
|
See accompanying notes to unaudited interim condensed financial statements.
i
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,
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Revenues (including amounts from related parties
of $0 and $2,813 during the three and nine months
ended September 30, 2020, respectively, and $6,274
and $16,687 during the three and nine months ended
September 30, 2019, respectively) (1)
|
|
$
|
17,823
|
|
|
$
|
12,277
|
|
|
$
|
34,444
|
|
|
$
|
31,431
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
19,361
|
|
|
|
16,897
|
|
|
|
54,223
|
|
|
|
48,220
|
|
General and administrative
|
|
|
9,079
|
|
|
|
8,115
|
|
|
|
26,435
|
|
|
|
23,897
|
|
Total operating expenses
|
|
|
28,440
|
|
|
|
25,012
|
|
|
|
80,658
|
|
|
|
72,117
|
|
Loss from operations
|
|
|
(10,617
|
)
|
|
|
(12,735
|
)
|
|
|
(46,214
|
)
|
|
|
(40,686
|
)
|
Interest income
|
|
|
295
|
|
|
|
964
|
|
|
|
1,320
|
|
|
|
3,264
|
|
Unrealized gain on equity securities
|
|
|
29,778
|
|
|
|
—
|
|
|
|
78,638
|
|
|
|
—
|
|
Interest and other expense, net
|
|
|
(2,317
|
)
|
|
|
(1,141
|
)
|
|
|
(6,328
|
)
|
|
|
(3,533
|
)
|
Net income (loss)
|
|
$
|
17,139
|
|
|
$
|
(12,912
|
)
|
|
$
|
27,416
|
|
|
$
|
(40,955
|
)
|
Net income (loss) per share, basic
|
|
$
|
0.46
|
|
|
$
|
(0.56
|
)
|
|
$
|
0.91
|
|
|
$
|
(1.79
|
)
|
Net income (loss) per share, diluted
|
|
$
|
0.45
|
|
|
$
|
(0.56
|
)
|
|
$
|
0.90
|
|
|
$
|
(1.79
|
)
|
|
(1)
|
Includes $0 and $2.8 million, respectively, for the three months and nine months ended September 30, 2020 of related party revenue from Merck. Merck was a related party until the closing of the Company’s public offering on May 14, 2020.
|
See accompanying notes to unaudited interim condensed financial statements.
1
Sutro Biopharma, Inc.
Condensed Statements of Comprehensive Income (Loss)
(Unaudited)
(In thousands)
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
|
Net income (loss)
|
|
$
|
17,139
|
|
|
$
|
(12,912
|
)
|
|
$
|
27,416
|
|
|
$
|
(40,955
|
)
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain on available-for-sale securities
|
|
|
(161
|
)
|
|
|
10
|
|
|
|
72
|
|
|
|
270
|
|
|
Comprehensive income (loss)
|
|
$
|
16,978
|
|
|
$
|
(12,902
|
)
|
|
$
|
27,488
|
|
|
$
|
(40,685
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to unaudited interim condensed financial statements.
2
Sutro Biopharma, Inc.
Condensed Statements of Stockholders’ Equity
(Unaudited)
(In thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
|
Total
|
|
|
|
Preferred Stock
|
|
|
Common Stock
|
|
|
Paid-In-
|
|
|
Comprehensive
|
|
|
Accumulated
|
|
|
Stockholders’
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income (Loss)
|
|
|
Deficit
|
|
|
Equity
|
|
Balances at December 31, 2019
|
|
|
—
|
|
|
$
|
—
|
|
|
|
23,098,969
|
|
|
$
|
23
|
|
|
$
|
293,346
|
|
|
$
|
165
|
|
|
$
|
(195,745
|
)
|
|
$
|
97,789
|
|
Exercise of common stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
12,937
|
|
|
|
—
|
|
|
|
56
|
|
|
|
—
|
|
|
|
—
|
|
|
|
56
|
|
Issuance of common stock under Employee Stock
Purchase Plan
|
|
|
—
|
|
|
|
—
|
|
|
|
74,465
|
|
|
|
—
|
|
|
|
646
|
|
|
|
—
|
|
|
|
—
|
|
|
|
646
|
|
Vesting of restricted stock units
|
|
|
—
|
|
|
|
—
|
|
|
|
41,050
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,707
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,707
|
|
Issuance of common stock warrants in connection
with debt refinancing
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
619
|
|
|
|
—
|
|
|
|
—
|
|
|
|
619
|
|
Net unrealized loss on available-for- sale
securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(137
|
)
|
|
|
—
|
|
|
|
(137
|
)
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(19,595
|
)
|
|
|
(19,595
|
)
|
Balances at March 31, 2020
|
|
|
—
|
|
|
|
—
|
|
|
|
23,227,421
|
|
|
|
23
|
|
|
|
297,374
|
|
|
|
28
|
|
|
|
(215,340
|
)
|
|
|
82,085
|
|
Exercise of common stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
1,257
|
|
|
|
—
|
|
|
|
8
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8
|
|
Vesting of restricted stock units
|
|
|
—
|
|
|
|
—
|
|
|
|
250
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,011
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,011
|
|
Issuance of common stock in connection with
public offering, net of issuance costs of $6,626
|
|
|
—
|
|
|
|
—
|
|
|
|
12,650,000
|
|
|
|
13
|
|
|
|
91,398
|
|
|
|
—
|
|
|
|
—
|
|
|
|
91,411
|
|
Net unrealized gain on available-for- sale
securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
370
|
|
|
|
—
|
|
|
|
370
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
29,872
|
|
|
|
29,872
|
|
Balances at June 30, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
35,878,928
|
|
|
$
|
36
|
|
|
$
|
391,791
|
|
|
$
|
398
|
|
|
$
|
(185,468
|
)
|
|
$
|
206,757
|
|
Exercise of common stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
12,308
|
|
|
|
—
|
|
|
|
108
|
|
|
|
—
|
|
|
|
—
|
|
|
|
108
|
|
Issuance of common stock under Employee Stock
Purchase Plan
|
|
|
—
|
|
|
|
—
|
|
|
|
121,527
|
|
|
|
—
|
|
|
|
639
|
|
|
|
—
|
|
|
|
—
|
|
|
|
639
|
|
Vesting of restricted stock units
|
|
|
—
|
|
|
|
—
|
|
|
|
110,676
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock transaction associated with taxes withheld
on restricted stock units
|
|
|
—
|
|
|
|
—
|
|
|
|
(30,461
|
)
|
|
|
—
|
|
|
|
(314
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(314
|
)
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,112
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,112
|
|
Issuance of common stock in connection with
At-The-Market sale, net of issuance costs of $561
|
|
|
—
|
|
|
|
—
|
|
|
|
2,000,000
|
|
|
|
2
|
|
|
|
16,837
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16,839
|
|
Net unrealized loss on available-for- sale
securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(161
|
)
|
|
|
—
|
|
|
|
(161
|
)
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
17,139
|
|
|
|
17,139
|
|
Balances at September 30, 2020
|
|
|
—
|
|
|
$
|
—
|
|
|
|
38,092,978
|
|
|
$
|
38
|
|
|
$
|
412,173
|
|
|
$
|
237
|
|
|
$
|
(168,329
|
)
|
|
$
|
244,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
Preferred Stock
|
|
|
Common Stock
|
|
|
Paid-In-
|
|
|