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)

3 Months Ended

Mar. 31, 2021

Collaboration And License Agreements And Supply Agreements [Abstract]

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

	Three Months Ended
	March 31,
	2021		2020
	(in thousands)
Bristol Myers Squibb Company ("BMS")	$	1,239	$	2,045
Merck Sharp & Dohme Corporation (“Merck”) (1)		11,883		2,777
Merck KGaA, Darmstadt, Germany (operating in the United States and Canada under the name “EMD Serono”)		220		2,294
Vaxcyte (2)		1,318		36
Total revenue	$	14,660	$	7,152

(1)

Merck was a related party until the closing of the Company’s public offering on May 14, 2020.

(2)

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 three months ended March 31, 2021:

	Three Months Ended
	March 31, 2021
	(in thousands)
Deferred revenue—December 31, 2020	$	20,703
Additions to deferred revenue		1,268
Recognition of revenue in current period		(9,061	)
Deferred revenue—March 31, 2021	$	12,910