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Dec 31, 2021
Sutro Q4 2021 Earnings Report
Sutro Biopharma reported its financial results for the full year 2021, recent business highlights, and anticipated select milestones in 2022.
Key Takeaways
Sutro Biopharma reported cash, cash equivalents and marketable securities totaling $229.5 million as of December 31, 2021, with projected cash runway into the second half of 2023. Revenue was $61.9 million for the year ended December 31, 2021. Total operating expenses for the year ended December 31, 2021 were $160.4 million.
STRO-002 Phase 1 dose-expansion cohort for patients with advanced ovarian cancer was completed in November 2021.
Initial data for the STRO-002 dose-expansion cohort was reported in January 2022, providing data on efficacy and safety.
Dose escalation is ongoing for STRO-001 to achieve a recommended phase 2 dose (RP2D).
Sutro is manufacturing initial drug supply for the potential clinical development of the Merck cytokine derivative program.
Sutro
Sutro
Forward Guidance
Sutro plans to continue the clinical development of STRO-002 and STRO-001, advance additional pipeline programs, and support collaboration efforts.
Positive Outlook
- Additional data on efficacy, safety, and durability from the STRO-002 dose-expansion cohort are expected to be reported in the second half of 2022.
- Regulatory discussions on a potential registrational study for patients with advanced ovarian cancer are planned for around mid-year 2022.
- Sutro is enrolling patients in a combination study of STRO-002 with bevacizumab for patients with advanced ovarian cancer and a dose-expansion study of STRO-002 for patients with endometrial cancer.
- Sutro plans to support BioNova Pharmaceuticals (BioNova) in clinical trial initiations for STRO-001 in the Greater China market and provide clinical drug supply as needed.
- Sutro continues to manufacture clinical trial materials for Bristol Myers Squibb’s (BMS) CC-99712.
Challenges Ahead
- Based on the currently ongoing discussions, Sutro believes that substantial uncertainty exists as to whether Tasly will timely deliver the initial payment to Sutro.
- Unrealized loss from decrease in value of Vaxcyte common stock.
- Increase in operating expenses expected in 2022.
- Potential risks and uncertainties related to the Company’s ability to advance its product candidates.
- Potential impact of the COVID-19 pandemic on the Company’s business.