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Mar 31, 2021
Sutro Q1 2021 Earnings Report
Sutro Biopharma reported financial results for the first quarter of 2021 and provided business highlights.
Key Takeaways
Sutro Biopharma reported revenue of $14.7 million for the quarter ended March 31, 2021, and cash, cash equivalents and marketable securities of $294.9 million as of March 31, 2021. The company anticipates that the cash runway will last into the second half of 2023.
Follow-up data on STRO-002 from the Phase 1 dose-escalation will be presented at ASCO 2021.
Merck initiated IND-enabling toxicology studies for the first program under the cytokine derivatives collaboration resulting in a $15 million milestone payment earned in April 2021.
EMD Serono began a Phase 1 study for the bispecific MUC1-EGFR ADC, M1231, during the first quarter of 2021.
Financial position remains strong with cash, cash equivalents and marketable securities of $294.9 million as of March 31, 2021 and projected runway into the second half of 2023
Forward Guidance
Sutro anticipates continued progress in clinical trials and advancement of product candidates.
Positive Outlook
- Ongoing enrollment in dose-expansion trial for patients with advanced ovarian cancer
- Initial data for dose-expansion is expected to be reported in the second half of 2021
- Continuing enrollment in Phase 1 dose-escalation for patients with B-cell malignancies
- Product candidate STRO-003 expected to be unveiled in the second half of 2021
- Moving towards the clinic on the first cytokine derivatives program for cancer and autoimmune disorders
Historical Earnings Impact
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Avg. Return Before/After Earnings
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