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)

v3.19.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018			2017			2016
Federal statutory rate		21.0	%		34.0	%		34.0	%
State tax		-			-			-
Change in valuation allowance		(32.7	)		20.8			53.0
Tax credits		7.5			3.8			(21.6	)
Stock compensation		(0.5	)		-			-
Remeasurement of federal tax rate change		-			(63.4	)		-
Other		4.7			4.8			(65.4	)
Total		0.0	%		0.0	%		0.0	%

Schedule of Components of Deferred Tax Assets

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

	December 31
	2018			2017
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	29,296		$	23,820
Research and development credits		15,680			11,244
Deferred revenue		3,027			3,004
Accruals and other		2,342			1,103
Fixed asset basis		363			-
Total deferred tax assets		50,708			39,171
Valuation allowance		(50,708	)		(39,135	)
Net deferred tax assets		-			36
Deferred tax liability		-			(36	)
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
	2018			2017		2016
	(in thousands)
Gross unrecognized tax benefit at January 1	$	2,305		$	1,635	$	1,205
Additions for tax positions taken in the current year		741			670		430
Reductions for tax positions of prior years		(251	)		-		-
Gross unrecognized tax benefit at December 31	$	2,795		$	2,305	$	1,635

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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