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

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Basis of Presentation and Summary of Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Income Taxes (Tables)

v3.20.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Effective Tax Rate of Provision (Benefit) for Income Taxes

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows:

	Year Ended December 31,
	2020			2019			2018
Federal statutory rate		21.0	%		21.0	%		21.0	%
State tax		(0.1	)		-			-
Change in valuation allowance		(34.7	)		(22.7	)		(32.7	)
Tax credits		9.3			4.9			7.5
Stock compensation		(1.9	)		(1.3	)		(0.5	)
ASC 606 adoption		-			(3.9	)		-
Other		6.1			2.0			4.7
Total		(0.3	)%		0.0	%		0.0	%

Schedule of Components of Deferred Tax Assets

The components of the Company’s deferred tax assets consist of the following:

	December 31
	2020			2019
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	47,549		$	31,010
Research and development credits		25,175			20,098
Deferred revenue		3,629			7,680
Accruals and other		6,460			3,718
Fixed asset basis		917			795
Total deferred tax assets		83,730			63,301
Deferred tax liabilities:
Vaxcyte investment		(9,298	)		-
Total deferred tax liabilities		(9,298	)		-
Valuation allowance		(74,432	)		(63,301	)
Net deferred taxes	$	-		$	-

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

	December 31
	2020		2019			2018
	(in thousands)
Gross unrecognized tax benefit at January 1	$	3,783	$	2,795		$	2,305
Additions for tax positions taken in the current year		1,090		1,005			741
Additions / (Reductions) for tax positions of prior years		29		(17	)		(251	)
Gross unrecognized tax benefit at December 31	$	4,902	$	3,783		$	2,795

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