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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, 2021
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) 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
|
|
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 4, 2021, the registrant had 46,270,347 shares of common stock, $0.001 par value per share, outstanding.
Table of Contents
i
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,
|
|
|
|
2021
|
|
|
2020
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
30,707
|
|
|
$
|
206,152
|
|
Marketable securities
|
|
|
159,231
|
|
|
|
120,341
|
|
Investment in equity securities
|
|
|
39,763
|
|
|
|
41,644
|
|
Accounts receivable
|
|
|
12,330
|
|
|
|
5,559
|
|
Prepaid expenses and other current assets
|
|
|
8,698
|
|
|
|
4,486
|
|
Total current assets
|
|
|
250,729
|
|
|
|
378,182
|
|
Property and equipment, net
|
|
|
23,319
|
|
|
|
12,935
|
|
Operating lease right-of-use assets
|
|
|
30,129
|
|
|
|
—
|
|
Marketable securities, non-current
|
|
|
64,279
|
|
|
|
—
|
|
Other non-current assets
|
|
|
2,144
|
|
|
|
2,122
|
|
Restricted cash
|
|
|
872
|
|
|
|
872
|
|
Total assets
|
|
$
|
371,472
|
|
|
$
|
394,111
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
11,173
|
|
|
$
|
5,544
|
|
Accrued compensation
|
|
|
8,487
|
|
|
|
8,823
|
|
Deferred revenue—current
|
|
|
7,804
|
|
|
|
14,603
|
|
Operating lease liability - current
|
|
|
1,445
|
|
|
|
—
|
|
Debt—current
|
|
|
6,250
|
|
|
|
—
|
|
Other current liabilities
|
|
|
296
|
|
|
|
627
|
|
Total current liabilities
|
|
|
35,455
|
|
|
|
29,597
|
|
Deferred revenue, non-current
|
|
|
145
|
|
|
|
6,100
|
|
Operating lease liability - non-current
|
|
|
32,073
|
|
|
|
—
|
|
Deferred rent
|
|
|
—
|
|
|
|
1,340
|
|
Debt—non-current
|
|
|
18,714
|
|
|
|
24,545
|
|
Other noncurrent liabilities
|
|
|
1,505
|
|
|
|
481
|
|
Total liabilities
|
|
|
87,892
|
|
|
|
62,063
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value — 10,000,000 shares authorized
as of September 30, 2021 and December 31, 2020; 0 shares issued and
outstanding as of September 30, 2021 and December 31, 2020
|
|
|
—
|
|
|
|
—
|
|
Common stock, $0.001 par value — 300,000,000 shares authorized
as of September 30, 2021 and December 31, 2020; 46,261,060 and
45,752,116 shares issued and outstanding as of September 30, 2021
and December 31, 2020, respectively
|
|
|
46
|
|
|
|
46
|
|
Additional paid-in-capital
|
|
|
578,850
|
|
|
|
559,746
|
|
Accumulated other comprehensive (loss) income
|
|
|
(30
|
)
|
|
|
129
|
|
Accumulated deficit
|
|
|
(295,286
|
)
|
|
|
(227,873
|
)
|
Total stockholders’ equity
|
|
|
283,580
|
|
|
|
332,048
|
|
Total Liabilities and Stockholders’ Equity
|
|
$
|
371,472
|
|
|
$
|
394,111
|
|
See accompanying notes to unaudited interim condensed financial statements.
1
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,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenues (including amounts from related parties
of $0 during both the three and nine months ended
September 30, 2021, and $0 and $2,813 during the
three and nine months ended September 30, 2020,
respectively)
|
|
|
8,517
|
|
|
$
|
17,823
|
|
|
$
|
51,226
|
|
|
$
|
34,444
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
26,602
|
|
|
|
19,361
|
|
|
|
74,473
|
|
|
|
54,223
|
|
General and administrative
|
|
|
16,589
|
|
|
|
9,079
|
|
|
|
40,241
|
|
|
|
26,435
|
|
Total operating expenses
|
|
|
43,191
|
|
|
|
28,440
|
|
|
|
114,714
|
|
|
|
80,658
|
|
Loss from operations
|
|
|
(34,674
|
)
|
|
|
(10,617
|
)
|
|
|
(63,488
|
)
|
|
|
(46,214
|
)
|
Interest income
|
|
|
109
|
|
|
|
295
|
|
|
|
481
|
|
|
|
1,320
|
|
Unrealized gain (loss) on equity securities
|
|
|
4,483
|
|
|
|
29,778
|
|
|
|
(1,881
|
)
|
|
|
78,638
|
|
Interest and other expense, net
|
|
|
(820
|
)
|
|
|
(2,317
|
)
|
|
|
(2,525
|
)
|
|
|
(6,328
|
)
|
Net (loss) income
|
|
$
|
(30,902
|
)
|
|
$
|
17,139
|
|
|
$
|
(67,413
|
)
|
|
$
|
27,416
|
|
Net (loss) income per share, basic
|
|
$
|
(0.67
|
)
|
|
$
|
0.46
|
|
|
$
|
(1.46
|
)
|
|
$
|
0.91
|
|
Net (loss) income per share, diluted
|
|
$
|
(0.67
|
)
|
|
$
|
0.45
|
|
|
$
|
(1.46
|
)
|
|
$
|
0.90
|
|
Weighted-average shares used in computing
basic net (loss) income per share
|
|
|
46,162,544
|
|
|
|
36,887,266
|
|
|
|
46,060,010
|
|
|
|
29,994,917
|
|
Weighted-average shares used in computing
diluted net (loss) income per share
|
|
|
46,162,544
|
|
|
|
37,877,552
|
|
|
|
46,060,010
|
|
|
|
30,349,856
|
|
See accompanying notes to unaudited interim condensed financial statements.
2
Sutro Biopharma, Inc.
Condensed Statements of Comprehensive (Loss) Income
(Unaudited)
(In thousands)
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net (loss) income
|
|
$
|
(30,902
|
)
|
|
$
|
17,139
|
|
|
$
|
(67,413
|
)
|
|
$
|
27,416
|
|
Other comprehensive (loss) income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain on available-for-sale securities
|
|
|
15
|
|
|
|
(161
|
)
|
|
|
(159
|
)
|
|
|
72
|
|
Comprehensive (loss) income
|
|
$
|
(30,887
|
)
|
|
$
|
16,978
|
|
|
$
|
(67,572
|
)
|
|
$
|
27,488
|
|
See accompanying notes to unaudited interim condensed financial statements.
3
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, 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 loss on available-for- sale
securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(45
|
)
|
|
|
—
|
|
|
|
(45
|
)
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,152
|
)
|
|
|
(6,152
|
)
|
Balances at June 30, 2021
|
|
|
—
|
|
|
$
|
—
|
|
|
|
46,141,454
|
|
|
$
|
46
|
|
|
$
|
571,883
|
|
|
$
|
(45
|
)
|
|
$
|
(264,384
|
)
|
|
$
|
307,500
|
|
Exercise of common stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
15,911
|
|
|
|
—
|
|
|
|
160
|
|
|
|
—
|
|
|
|
—
|
|
|
|
160
|
|
Issuance of common stock under Employee Stock
Purchase Plan
|
|
|
—
|
|
|
|
—
|
|
|
|
52,463
|
|
|
|
—
|
|
|
|
892
|
|
|
|
—
|
|
|
|
—
|
|
|
|
892
|
|
Vesting of restricted stock units
|
|
|
—
|
|
|
|
—
|
|
|
|
81,375
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock transaction associated with taxes withheld
on restricted stock units
|
|
|
—
|
|
|
|
—
|
|
|
|
(30,143
|
)
|
|
|
—
|
|
|
|
(580
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(580
|
)
|
Stock-based compensation expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,495
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,495
|
|
Net unrealized gain on available-for- sale
securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15
|
|
|
|
—
|
|
|
|
15
|
|
Net loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(30,902
|
)
|
|
|
(30,902
|
)
|
Balances at September 30, 2021
|
|
|
—
|
|
|
$
|
—
|
|
|
|
46,261,060
|
|
|
$
|
46
|
|
|
$
|
578,850
|
|
|
$
|
(30
|
)
|
|
$
|
(295,286
|
)
|
|
$
|
283,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|