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

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)

6 Months Ended

Jun. 30, 2019

Collaboration And License Agreements And Supply Agreements [Abstract]

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
	(dollars in thousands)				(dollars in thousands)
Celgene Corporation (“Celgene”) (1)	$	1,670	$	2,835	$	3,245	$	6,919
Merck Sharp & Dohme Corporation (“Merck”)—related party		5,497		–		10,132		–
Merck KGaA, Darmstadt, Germany (operating in the United States and Canada under the name “EMD Serono”)		3,358		1,967		5,496		3,676
SutroVax—related party		–		902		281		902
Total revenue	$	10,525	$	5,704	$	19,154	$	11,497

(1)	Celgene was a related party during the three and six months ended June 30, 2018 as it held more than 10% of the Company’s common stock for the periods presented until the IPO closed on October 1, 2018.

Summary of Deferred Revenue Balance

The following table presents the changes in the Company’s deferred revenue balance from collaboration agreements during the six months ended June 30, 2019:

	Six Months Ended June 30, 2019
	(in thousands)
Deferred revenue—December 31, 2018	$	66,173
Transition adjustment related to adoption of ASC 606		(10,327	)
Additions to deferred revenue		2,074
Recognition of revenue in current period		(10,963	)
Deferred revenue—June 30, 2019	$	46,957