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)

v3.22.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021			2020			2019
Federal statutory rate		21.0	%		21.0	%		21.0	%
State tax		-			(0.1	)		-
Change in valuation allowance		(24.7	)		(34.7	)		(22.7	)
Tax credits		3.7			9.3			4.9
Stock compensation		(0.2	)		(1.9	)		(1.3	)
ASC 606 adoption		-			-			(3.9	)
Other		0.2			6.1			2.0
Total		0.0	%		(0.3	)%		0.0	%

Schedule of Components of Deferred Tax Assets

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


	December 31
	2021			2020
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	67,719		$	47,549
Research and development credits		31,864			25,175
Deferred revenue		-			3,629
Accruals and other		3,973			2,965
Operating lease liability		7,266			-
Stock based compensation		3,910			3,495
Fixed asset basis		1,008			917
Total deferred tax assets		115,740			83,730
Less: valuation allowance		(100,646	)		(74,432	)
Gross deferred tax assets		15,094			9,298
Deferred tax liabilities:
Operating lease right-of-use asset		(6,716	)		-
Vaxcyte investment		(8,378	)		(9,298	)
Total deferred tax liabilities		(15,094	)		(9,298	)
Total net deferred tax assets	$	-		$	-

Schedule of Reconciliation of Unrecognized Tax Benefits

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


	December 31
	2021		2020		2019
	(in thousands)
Gross unrecognized tax benefit at January 1	$	4,902	$	3,783	$	2,795
Additions for tax positions taken in the current year		1,492		1,090		1,005
Additions / (Reductions) for tax positions of prior years		15		29		(17	)
Gross unrecognized tax benefit at December 31	$	6,409	$	4,902	$	3,783

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