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Jun 30, 2022
Sutro Q2 2022 Earnings Report
Reported financial results for the quarter ended June 30, 2022, business highlights, and anticipated milestones.
Key Takeaways
Sutro Biopharma reported its Q2 2022 financial results, highlighting a collaboration with Astellas, a milestone payment from Merck, and discussions with the FDA regarding accelerated approval for STRO-002. The company's cash, cash equivalents, and marketable securities totaled $191.6 million as of June 30, 2022, with revenue of $28.1 million for the quarter.
Entered into a collaboration with Astellas for iADC discovery and development, receiving a $90 million upfront payment.
Received a $10 million milestone payment from Merck upon the first patient dosed in a Phase 1 study under the cytokine derivative collaboration.
Discussions with the FDA indicated a potential accelerated approval pathway for STRO-002 in platinum-resistant ovarian cancer.
Cash, cash equivalents, and marketable securities totaled $191.6 million as of June 30, 2022, providing a cash runway into the first half of 2024.
Sutro
Sutro
Forward Guidance
Sutro's cash, cash equivalents and marketable securities of $191.6 million as of June 30, 2022, together with the $90 million upfront payment received from Astellas in July 2022, provides a projected cash runway into the first half of 2024, based on current business plans and assumptions