Sutro Biopharma, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Collaboration and License Agreements and Supply Agreements (Tables)

Collaboration and License Agreements and Supply Agreements (Tables)

12 Months Ended

Dec. 31, 2020

Collaboration And License Agreements And Supply Agreements [Abstract]

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

	Year Ended December 31,
	2020		2019		2018
	(in thousands)
Bristol-Myers Squibb Company ("BMS") (1)	$	11,407	$	11,321	$	21,187
Merck Sharp & Dohme Corporation ("Merck") (2)		26,075		21,458		8,526
Merck KGaA, Darmstadt, Germany (operating in the United States and Canada under the name "EMD Serono")		5,042		8,879		7,175
Vaxcyte (3)		198		1,078		1,531
Total revenue	$	42,722	$	42,736	$	38,419

(1)

In January 2019, BMS announced the entry into a definitive agreement to acquire Celgene and the transaction was completed in November 2019.

(2)Merck was a related party until the closing of our public offering on May 14, 2020.

(3)Vaxcyte was a related party until the closing of its initial public offering on June 16, 2020.

Summary of Deferred Revenue Balance

The following table presents the changes in the Company’s deferred revenue balance from collaboration agreements during the year ended December 31, 2020:

	Year ended
	December 31, 2020
	(in thousands)
Deferred revenue—December 31, 2019	$	35,660
Additions to deferred revenue		9,786
Recognition of revenue in current period		(24,743	)
Deferred revenue—December 31, 2020	$	20,703