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Jun 30, 2020
Sutro Q2 2020 Earnings Report
Reported financial results for the second quarter of 2020 and provided recent business highlights and developments.
Key Takeaways
Sutro Biopharma reported its Q2 2020 financial results, highlighting the progress of its STRO-001 and STRO-002 clinical trials and collaborations with Merck KGaA, Bristol Myers Squibb and EMD Serono. The company reported net income of $29.9 million due to an unrealized gain on Vaxcyte common stock.
STRO-001 and STRO-002 are progressing in Phase 1 clinical trials.
STRO-002 demonstrated preliminary evidence of anti-tumor activity in a heavily pre-treated patient population.
Each of Sutro's collaborations has yielded a novel oncology product candidate in clinical development or late stages of preclinical development.
Sutro closed a public offering of its common stock in May 2020, with net proceeds of approximately $91.4 million.
Forward Guidance
Sutro's internal product candidates are advancing in clinical development and additional general and administrative expenses are expected to increase as a public company.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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