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

Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

The components of lease costs, which the Company includes in operating expenses in the condensed statements of operations, were as follows (in thousands):

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2021		2021
Operating lease cost	$	2,266	$	6,396
Short-term lease cost		22		73
Variable lease cost		754		1,513
Total lease costs	$	3,042	$	7,982

Schedule of Maturities of Operating Lease Liabilities

As of September 30, 2021, the maturities of the Company’s operating lease liabilities were as follows (in thousands):

Year Ending December 31,	Amount
	(in thousands)
Remaining in 2021	$	2,142
2022 ⁽¹⁾		1,643
2023		8,002
2024		9,219
2025		9,533
Thereafter		17,282
Total lease payments		47,821
Less: imputed interest		(14,303	)
Operating lease liabilities		33,518
Less: current portion		(1,445	)
Total lease liabilities, non-current	$	32,073

(1)

Includes approximately $5.2 million in potential financial benefit to the Company of base rent abatement to be provided by sublessor for months 7 – 18 of the sublease period, subject to certain terms contained in the Sublease.

Under the historical guidance of ASC 840, the deferred rent balance on December 31, 2020 totaled $1.3 million and our future minimum lease payments for our operating leases on December 31, 2020 were as follows (in thousands):

Year Ending December 31,	Amount
	(in thousands)
2021	$	5,742
2022 ⁽¹⁾		5,183
2023		6,310
2024		7,476
2025 and thereafter		24,034
Total future minimum lease payments	$	48,745

(1)

Excludes approximately $5.2 million in potential financial benefit to the Company of base rent abatement to be provided by sublessor for months 7 – 18 of the sublease period, subject to certain terms contained in the Sublease.