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

Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

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


	Year ended December 31,
	2021
Operating lease cost	$	8,355
Short-term lease cost		117
Variable lease cost		2,089
Total lease cost	$	10,561

Schedule of Maturities of Operating Lease Liabilities

As of December 31, 2021, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


Year Ending December 31,	Amount
	(in thousands)
2022 (1)	$	1,657
2023		8,002
2024		9,219
2025		9,533
2026		8,994
Thereafter		8,289
Total lease payments		45,694
Less: imputed interest		(13,433	)
Operating lease liabilities		32,261
Less: current portion		(1,037	)
Total lease liabilities, non-current	$	31,224

(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 the future minimum lease payments for the Company's 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 beyond		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.