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Jun 30, 2021
Sutro Q2 2021 Earnings Report
Reported financial results for the quarter ended June 30, 2021, recent business highlights, and provided a preview of anticipated selected milestones in the second half of 2021.
Key Takeaways
Sutro Biopharma reported revenue of $28.0 million for the second quarter of 2021, primarily related to collaborations with Merck, BMS, and EMD Serono. The company's cash, cash equivalents, and marketable securities totaled $283.4 million as of June 30, 2021.
STRO-002 dose-escalation data presented at ASCO demonstrated meaningful clinical benefit for women with advanced ovarian cancer.
Enrollment continues in the Phase 1 dose-expansion cohort for patients with advanced ovarian cancer.
Merck collaboration: First product candidate is in IND-enabling studies; Sutro earned a $15 million milestone payment.
EMD Serono collaboration: Phase 1 trial for M1231 is ongoing; Sutro earned a milestone payment based on a patient enrollment achievement in the M1231 in the second quarter of 2021.
Sutro
Sutro
Forward Guidance
Sutro Biopharma anticipates several milestones in the second half of 2021, including initial data for the STRO-002 dose-expansion cohort and unveiling of STRO-003 product candidate.
Positive Outlook
- Report initial data for the STRO-002 dose-expansion cohort in the second half of 2021.
- Data are expected to inform regulatory interactions and registration strategy as well as enable the identification of the broadest patient population that may benefit from STRO‑002.
- A product candidate is expected to be unveiled in the second half of 2021.
- Continue research on the second cytokine derivative program.
- Partnership with Vaxcyte is exploring the potential of conjugated vaccines utilizing the power of Sutro's cell-free technology.
Challenges Ahead
- The timing and results of biotechnology development and potential regulatory approval is inherently uncertain.
- Forward-looking statements are subject to risks and uncertainties that may cause the company’s actual activities or results to differ significantly from those expressed in any forward-looking statement.
- Risks and uncertainties related to the company’s ability to advance its product candidates.
- 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