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Mar 31, 2024
Sutro Q1 2024 Earnings Report
Sutro Biopharma reported financial results for the first quarter of 2024, along with business highlights and anticipated milestones.
Key Takeaways
Sutro Biopharma reported revenue of $13.0 million for Q1 2024, primarily from the Astellas collaboration, Tasly, and Vaxcyte agreements. The company's cash position was bolstered by upfront payments and an equity investment from licensing STRO-003 to Ipsen and proceeds from an underwritten offering of common stock.
IND application for NSCLC trial with luvelta was cleared by the FDA, with Phase 2 trial expected to begin dosing in the second half of 2024.
Patient expansion phase is underway in the Phase 2 study of luvelta in combination with bevacizumab, with enrollment expected to complete in the first half of 2024.
The randomized portion of REFRαME-O1, a registration-enabling study of luvelta for patients with platinum-resistant ovarian cancer, is active and enrolling.
Sutro had cash and investments of $267.6 million and shares of Vaxcyte common stock valued at $45.6 million as of March 31, 2024.
Sutro
Sutro
Sutro Revenue by Segment
Revenue by Segment
Astellas Pharma Inc. Revenue
CapyFin.comTasly Biopharmaceuticals Co., Ltd. Revenue
CapyFin.comVaxcyte, Inc. Revenue
CapyFin.comMerck Sharp & Dohme Corporation Revenue
CapyFin.com Forward Guidance
Sutro plans to deliver on important catalysts throughout 2024, including reporting data with luvelta in combination with bevacizumab, initiating a registrational trial for pediatric patients with AML, and a Phase 2 trial in NSCLC.
Positive Outlook
- Expanded patient data with luvelta in combination with bevacizumab to be reported.
- Initiation of a registrational trial for pediatric patients with a rare form of acute myeloid leukemia (AML).
- Phase 2 trial in non-small cell lung cancer (NSCLC) to be initiated.
- STRO-003 global licensing agreement with Ipsen for up to $899 million in upfront and potential milestone payments.
- Plans to submit an IND for STRO-004, a tissue factor-targeting ADC, in 2025.
Challenges Ahead
- The timing and results of biotechnology development and potential regulatory approval is inherently uncertain.
- Market size for the Company’s product candidates could be smaller than anticipated.
- The Company’s ability to fund development activities and achieve development goals is subject to risks and uncertainties.
- The Company’s ability to protect intellectual property is subject to risks and uncertainties.
- The value of the Company’s holdings of Vaxcyte common stock is subject to risks and uncertainties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income