Sutro Biopharma, Inc. Quarterly report pursuant to Section 13 or 15(d)

Collaboration and License Agreements and Supply Agreements (Tables)

Collaboration and License Agreements and Supply Agreements (Tables)

3 Months Ended

Mar. 31, 2023

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

In accordance with the collaboration agreements, the Company recognized revenue as follows:


	Three Months Ended
	March 31,
	2023		2022
	(in thousands)
Bristol Myers Squibb Company (“BMS”)	$	3,166	$	2,165
Merck Sharp & Dohme Corporation (“Merck”)		2,553		1,064
Merck KGaA, Darmstadt, Germany (operating in the United States and Canada under the name “EMD Serono”)		8		1,897
Astellas Pharma Inc. (“Astellas”)		6,272		-
Vaxcyte		675		771
Total revenue	$	12,674	$	5,897

Summary of Deferred Revenue Balance

The following table presents the changes in the Company’s deferred revenue balance from collaboration agreements during the three months ended March 31, 2023:


	Three Months Ended
	March 31, 2023
	(in thousands)
Deferred revenue—December 31, 2022	$	106,644
Additions to deferred revenue		1,018
Recognition of revenue in current period		(5,430	)
Deferred revenue—March 31, 2023	$	102,232

2018 BMS Master Services Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Summary of Recognized Revenue

Revenues under the BMS Agreement and the 2018 BMS Master Services Agreement were as follows:


	Three Months Ended
	March 31,
	2023		2022
	(in thousands)
Research and development services	$	221	$	244
Materials supply		2,945		1,921
Total revenue	$	3,166	$	2,165

2020 Merck Master Services Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Summary of Recognized Revenue

Revenues under the 2018 Merck Agreement and the 2020 Merck Master Services Agreement were as follows:


	Three Months Ended
	March 31,
	2023		2022
	(in thousands)
Ongoing performance related to unsatisfied performance obligations	$	-	$	862
Research and development services		125		173
Materials supply		2,428		29
Total revenue	$	2,553	$	1,064

2019 EMD Serono Supply Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Summary of Recognized Revenue

Revenues under the EMD Serono agreements were as follows:


	Three Months Ended
	March 31,
	2023		2022
	(in thousands)
Research and development services	$	6	$	284
Materials supply		2		1,613
Total revenue	$	8	$	1,897

Supply Agreement | Vaxcyte, Inc.

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Summary of Recognized Revenue

Revenues under the Vaxcyte Supply Agreement were as follows:


	Three Months Ended
	March 31,
	2023		2022
	(in thousands)
Research and development services	$	504	$	601
Materials supply		171		170
Total revenue	$	675	$	771

Astellas License and Collaboration Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Summary of Recognized Revenue

Revenues under the Astellas Agreement were as follows:


	Three Months Ended
	March 31,
	2023		2022
	(in thousands)
Ongoing performance related to unsatisfied performance obligations	$	2,572	$	-
Research and development services		1,157		-
Financing component on unearned revenue		2,543		-
Total revenue	$	6,272	$	-