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Mar 31, 2023
Sutro Q1 2023 Earnings Report
Sutro Biopharma reported financial results for the first quarter of 2023 and provided business highlights.
Key Takeaways
Sutro Biopharma reported a revenue of $12.7 million for Q1 2023, primarily from collaborations with Astellas, Merck, and BMS. The company's cash and investments totaled $251.5 million, with Vaxcyte common stock valued at $25.0 million, providing a cash runway into the second half of 2024. Sutro plans to initiate REFRaME, a registration-directed trial for luveltamab tazevibulin.
Data from the Phase 1 dose-expansion study for luveltamab tazevibulin will be featured as an oral presentation at ASCO 2023.
STRO-003 demonstrated potent anti-tumor activity and immune-modulating properties in preclinical models.
Sutro plans to initiate REFRaME, a Phase 2/3 registration-directed study for patients with platinum-resistant ovarian cancer, in the second quarter of 2023.
As of March 31, 2023, Sutro had cash and investments of $251.5 million and shares of Vaxcyte common stock valued at $25.0 million, which together provide a projected cash runway into the second half of 2024.
Sutro
Sutro
Forward Guidance
Sutro is focused on advancing its pipeline, including the imminent initiation of REFRaME, a registration-directed trial for luveltamab tazevibulin, and data readout from ongoing dose expansion Cohort C in ovarian cancer anticipated in the second half of 2023.
Positive Outlook
- Initiation of REFRaME trial for luveltamab tazevibulin in Q2 2023.
- Data readout from Cohort C in ovarian cancer anticipated in the second half of 2023.
- Advancement of STRO-003 with IND planned for Q1 2024.
- Ongoing collaborations with Astellas, Merck and BMS.
- Sutro has completed the Phase 1 dose-escalation study in patients with non-Hodgkin’s lymphoma (NHL) and multiple myeloma (MM).
Challenges Ahead
- Unrealized loss of $7.0 million due to decrease in the estimated fair value of Sutro’s holdings of Vaxcyte common stock.
- Total operating expenses increased to $54.9 million compared to $45.0 million for the same period in 2022.
- Net loss of $50.05 million for the quarter ended March 31, 2023.
- Dependence on collaborations and license revenue which may fluctuate.
- Trevor Hallam, Ph.D., will be stepping down from his role as President of Research & Chief Scientific Officer, effective May 31, 2023.