Sutro Biopharma, Inc. 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, 2022

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

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


	Three Months Ended
	March 31,
	2022		2021
	(in thousands)
Bristol Myers Squibb Company (“BMS”)	$	2,165	$	1,239
Merck Sharp & Dohme Corporation (“Merck”)		1,064		11,883
Merck KGaA, Darmstadt, Germany (operating in the United States and Canada under the name “EMD Serono”)		1,897		220
Vaxcyte		771		1,318
Total revenue	$	5,897	$	14,660

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, 2022:


	Three Months Ended
	March 31, 2022
	(in thousands)
Deferred revenue—December 31, 2021	$	5,496
Additions to deferred revenue		2,279
Recognition of revenue in current period		(1,496	)
Deferred revenue—March 31, 2022	$	6,279

2018 BMS Master Services Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Summary of Recognized Revenue

Revenues under the BMS Agreement and the 2018 BMS Master Services Agreement were as follows:


	Three Months Ended
	March 31,
	2022		2021
	(in thousands)
Research and development services	$	244	$	302
Materials supply		1,921		937
Total revenue	$	2,165	$	1,239

2020 Merck Master Services Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Summary of Recognized Revenue

Revenues under the 2018 Merck Agreement and the 2020 Merck Master Services Agreement were as follows:


	Three Months Ended
	March 31,
	2022		2021
	(in thousands)
Ongoing performance related to unsatisfied performance obligations	$	862	$	9,061
Research and development services		173		1,205
Financing component on unearned revenue		-		231
Materials supply		29		1,386
Total revenue	$	1,064	$	11,883

2019 EMD Serono Supply Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Summary of Recognized Revenue

Revenues under the EMD Serono agreements were as follows:


	Three Months Ended
	March 31,
	2022		2021
	(in thousands)
Research and development services	$	284	$	163
Materials supply		1,613		57
Total revenue	$	1,897	$	220

Supply Agreement | Vaxcyte, Inc.

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Summary of Recognized Revenue

Revenues under the Vaxcyte Supply Agreement were as follows:


	Three Months Ended
	March 31,
	2022		2021
	(in thousands)
Research and development services	$	601	$	205
Materials supply		170		1,113
Total revenue	$	771	$	1,318