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Jun 30, 2024
Sutro Q2 2024 Earnings Report
Reported financial results for the second quarter of 2024, along with business highlights and anticipated milestones.
Key Takeaways
Sutro Biopharma reported revenue of $25.7 million for Q2 2024, compared to $10.4 million for the same period in 2023. The company's cash, cash equivalents, and marketable securities totaled $426.0 million as of June 30, 2024.
Made progress with luvelta development across multiple indications.
Nearing initiation of REFRaME-P1 for pediatric patients with AML.
Approaching site activation of Phase 2 trial in NSCLC.
Strong start in partnership with Ipsen for STRO-003 and advancing preclinical pipeline.
Sutro
Sutro
Forward Guidance
Sutro Biopharma is focused on advancing its clinical programs and exploring new partnership opportunities. They are also planning to submit an IND for STRO-004 in 2025.
Positive Outlook
- Presenting updated data from Phase 1b study of luvelta with bevacizumab at ESMO 2024.
- Phase 3 trial of luvelta for platinum-resistant ovarian cancer is underway.
- Registration-enabling trial of luvelta for pediatric patients with AML expected to initiate in the second half of 2024.
- Phase 2 trial of luvelta for NSCLC expected to initiate in the second half of 2024.
- IND for STRO-004 planned for submission 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 to be smaller than anticipated
- The Company’s ability to fund development activities and achieve development goals
- The Company’s ability to protect intellectual property
- The value of the Company’s holdings of Vaxcyte common stock