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

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value of Financial Assets and Liabilities Measured on Recurring Basis

The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy:

	September 30, 2018
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	31,879	$	31,879	$	–	$	–
Commercial paper		34,939		–		34,939		–
Corporate debt securities		15,774		–		15,774		–
Asset-backed securities		16,864		–		16,864		–
U.S. government agency securities		23,767		–		23,767		–
Total	$	123,223	$	31,879	$	91,344	$	–

Liabilities:
Redeemable convertible preferred stock warrant liability	$	867	$	–	$	–	$	867
Total	$	867	$	–	$	–	$	867

	December 31, 2017
	Total		Level 1		Level 2		Level 3
	(in thousands)
Assets:
Money market funds	$	6,578	$	6,578	$	–	$	–
Commercial paper		7,689		–		7,689		–
Corporate debt securities		800		–		800		–
U.S. government agency securities		3,893		–		3,893		–
Total	$	18,960	$	6,578	$	12,382		–

Liabilities:
Redeemable convertible preferred stock warrant liability	$	1,708	$	–	$	–	$	1,708
Total	$	1,708	$	–	$	–	$	1,708

Summary of Changes in Estimated Fair Value of Redeemable Convertible Preferred Stock Warrant Liability

The following table sets forth a summary of the changes in the estimated fair value of the Company’s redeemable convertible preferred stock warrant liability:

	Redeemable Convertible Preferred Stock Warrant Liability
	(in thousands)
Balance as of December 31, 2017	$	1,708
Proceeds from issuances of common stock upon exercise of warrants		(2	)
Changes in estimated fair value of warrant liability included in other income (expense), net		(839	)
Balance as of September 30, 2018	$	867