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Jun 30, 2023
Sutro Q2 2023 Earnings Report
Reported financial results for the second quarter of 2023, business highlights, and anticipated milestones.
Key Takeaways
Sutro Biopharma reported its Q2 2023 financial results, highlighting the initiation of the REFRaME study for platinum-resistant ovarian cancer and the royalty monetization agreement with Blackstone Life Sciences, which provided an upfront payment of $140 million. The company's cash runway extends into the first half of 2025, supported by cash, investments, and Vaxcyte common stock valued at $358.3 million and $33.3 million, respectively.
Initiated REFRaME, a pivotal Phase 2/3 trial for patients with platinum-resistant ovarian cancer.
Presented data from the Phase 1 dose expansion study for luvelta in ovarian cancer at ASCO 2023.
Announced a royalty monetization agreement with Blackstone Life Sciences, receiving $140 million upfront.
Cash runway projected into the first half of 2025 with $358.3 million in cash and investments and $33.3 million in Vaxcyte common stock.
Sutro
Sutro
Forward Guidance
Sutro anticipates continued progress with its pipeline and plans to share updated data from the Phase 1 STRO-002-GM1 study for ovarian and endometrial cancers in the second half of the year.
Positive Outlook
- Advancement of internal product candidates in clinical development.
- Potential milestone payments from the Blackstone royalty agreement.
- Continued collaboration with Astellas on iADCs.
- Ongoing manufacturing of drug supply for partners, including Merck and BioNova.
- Planned IND application for a non-small cell lung cancer (NSCLC) study in 2023.
Challenges Ahead
- Increasing research and development expenses.
- Increasing general and administrative expenses.
- Uncertainties related to biotechnology development and regulatory approval.
- Potential impact of the COVID-19 pandemic on business and clinical trials.
- Risks related to commercial collaborations with third parties.