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Mar 31, 2022
Sutro Q1 2022 Earnings Report
Reported financial results for the quarter ended March 31, 2022.
Key Takeaways
Sutro Biopharma reported its financial results for the quarter ended March 31, 2022. The company's cash, cash equivalents and marketable securities totaled $192.1 million as of March 31, 2022, with projected cash runway into the second half of 2023. Revenue was $5.9 million for the quarter ended March 31, 2022.
Cash, cash equivalents and marketable securities totaled $192.1 million as of March 31, 2022, with projected cash runway into the second half of 2023.
Meetings with regulatory agencies for STRO-002 are planned for mid-year 2022 and near-final dose expansion data are expected in the second half of 2022.
First patient was dosed in the STRO-002 bevacizumab combination trial and the endometrial cohort continues to enroll patients.
Sutro expands the strength of its leadership team with several appointments and promotions.
Sutro
Sutro
Forward Guidance
Sutro remains steadfastly dedicated to advancing next generation cancer therapeutics by leveraging the advantages of our proprietary platform.
Positive Outlook
- STRO-002 Phase 1 dose-expansion cohort for patients with advanced ovarian cancer has completed enrollment and is ongoing.
- Regulatory discussions on a potential registrational study for patients with advanced ovarian cancer are planned for mid-year 2022.
- The STRO-002 study in combination with bevacizumab for patients with advanced ovarian cancer is ongoing and the first patient was dosed in March 2022.
- A dose-expansion study of STRO-002 for patients with endometrial cancer continues to enroll patients.
- Sutro expects to initiate clinical trials for STRO-002 in NSCLC and other non-gynecologic solid tumors in the second half of 2022.
Challenges Ahead
- Future collaboration revenue from Merck, BMS, and EMD Serono, and from any additional collaboration partners, will fluctuate as a result of the amount and timing of revenue recognition of upfront, milestones, and other collaboration agreement payments.
- The timing and results of biotechnology development and potential regulatory approval is inherently uncertain.
- Market size for the Company’s product candidates to be smaller than anticipated.
- The impact of the COVID-19 pandemic on the Company’s business, clinical trial sites, supply chain and manufacturing facilities.
- The Company’s ability to fund development activities and achieve development goals.