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Dec 31, 2020
Sutro Q4 2020 Earnings Report
Sutro Biopharma reported its financial results, business highlights, and provided a preview of anticipated milestones.
Key Takeaways
Sutro Biopharma reported full year 2020 financial results, highlighting a net cash increase of $193.0 million during 2020 and year-end cash, cash equivalents and marketable securities of $326.5 million. The company also progressed its clinical development programs and collaborations with partners like Merck, Bristol Myers Squibb, and EMD Serono.
Year-end 2020 cash, cash equivalents and marketable securities totaled $326.5 million, projecting runway into the second half of 2023.
Four antibody-drug conjugate programs discovered through Sutro’s platform are now in the clinic.
Partner EMD Serono's bispecific ADC, M1231, advanced into the clinic.
Dosing of initial patients in dose-expansion of the Phase 1 STRO-002 study was initiated in January 2021.
Sutro
Sutro
Forward Guidance
Sutro Biopharma anticipates continued progress in its clinical programs and collaborations, with key milestones expected in 2021.
Positive Outlook
- Continued progress in Phase 1 trial of STRO-002, with additional data expected in the first half of 2021.
- Dose-expansion portion of the Phase 1 trial for STRO-002 began enrolling patients in January 2021, with initial data expected in the second half of 2021.
- Phase 1 dose-escalation continues for STRO-001, with interim data presented at ASH in December 2020.
- Collaboration with Merck is advancing two cytokine derivative programs towards the clinic.
- Phase 1 trial for CC-99712 (BCMA-targeted ADC) continues to enroll multiple myeloma patients.
Challenges Ahead
- The timing and results of biotechnology development and potential regulatory approval is inherently uncertain.
- The company's ability to advance its product candidates is subject to risks and uncertainties.
- The impact of the COVID-19 pandemic may affect the Company’s business, clinical trial sites, supply chain and manufacturing facilities.
- The Company's ability to fund development activities and achieve development goals is subject to risks.
- The Company's ability to protect intellectual property is subject to risks.