STRO Sutro Biopharma Inc.

8.54
-0.21  -2%
Previous Close 8.75
Open 8.75
52 Week Low 6
52 Week High 12.75
Market Cap $306,406,762
Shares 35,879,012
Float 18,346,398
Enterprise Value $133,381,303
Volume 90,536
Av. Daily Volume 217,278
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Upcoming Catalysts

Drug Stage Catalyst Date
STRO-001
Non-Hodgkin lymphoma (NHL)
Phase 1
Phase 1
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STRO-002
Ovarian and Endometrial Cancer
Phase 1
Phase 1
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Latest News

  1. SOUTH SAN FRANCISCO, Calif., Aug. 11, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ:STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation oncology therapeutics, today announced the promotion of two of its executives. Mr. Carlos Lugo has been promoted to Vice President of Quality and CMC Regulatory Operations and Mr. Devendra Luhar has been promoted to Vice President of Manufacturing & Plant Operations.

    Mr. Lugo has over 25 years of combined experience in Quality Assurance, Regulatory Affairs, and Manufacturing. He joined Sutro in 2016 as Senior Director of Quality and was promoted to Executive Director in 2018…

    SOUTH SAN FRANCISCO, Calif., Aug. 11, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ:STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation oncology therapeutics, today announced the promotion of two of its executives. Mr. Carlos Lugo has been promoted to Vice President of Quality and CMC Regulatory Operations and Mr. Devendra Luhar has been promoted to Vice President of Manufacturing & Plant Operations.

    Mr. Lugo has over 25 years of combined experience in Quality Assurance, Regulatory Affairs, and Manufacturing. He joined Sutro in 2016 as Senior Director of Quality and was promoted to Executive Director in 2018. At Sutro, Mr. Lugo has been instrumental in building the quality systems for manufacturing clinical product in the San Carlos cGMP manufacturing facility. Prior to joining Sutro, Mr. Lugo held the role of Global Quality Systems Director at Bayer, supporting hematology products. He has also held various leadership positions at Merck, Hospira (acquired by Pfizer), Johnson & Johnson, Bristol Myers Squibb and Baxter. Mr. Lugo received his B.S. in Chemical Engineering from the University of Puerto Rico, Mayagüez Campus.

    Mr. Luhar has over 30 years of experience in biotech operations, including Manufacturing, Manufacturing Science and Technology, Engineering and Logistics. He joined Sutro in 2016 as Senior Director of Manufacturing and was promoted to Executive Director in 2018. At Sutro, Mr. Luhar has led the formation of Sutro's manufacturing organization and GMP compliant operations and is responsible for Sutro's cGMP manufacturing facility. Prior to joining Sutro, Mr. Luhar held senior leadership positions at Boehringer-Ingelheim, Novartis, Genzyme, and Baxter Bioscience where he worked for 12 years. Mr. Luhar received his B.A. in Biology from San Jose State University.

    "At Sutro, we have a foundation of experience and a talented team of people in place to support our drug discovery platform and to advance our and our collaborators' clinical development programs," said Dr. Shabbir Anik, Chief Technical Operations Officer. "These promotions reflect the incredible leadership and hard work of Carlos and Devendra in establishing a fully integrated cGMP manufacturing facility to fulfill Sutro's commitment for rapid entry into the clinic and advancing the product candidate pipeline of novel therapeutics using Sutro's proprietary XpressCF® platform."

    About Sutro Biopharma

    Sutro Biopharma, Inc., located in South San Francisco, is a clinical-stage drug discovery, development and manufacturing company. Using precise protein engineering and rational design, Sutro is advancing next-generation oncology therapeutics.

    Sutro's proprietary and integrated cell-free protein synthesis platform XpressCF® and site-specific conjugation platform, XpressCF+™, led to the discovery of STRO-001 and STRO-002, Sutro's first two internally-developed ADCs. STRO-001 is a CD74-targeting ADC currently being investigated in a Phase 1 clinical trial of patients with advanced B-cell malignancies, including multiple myeloma and non-Hodgkin lymphoma. STRO-001 was granted Orphan Drug Designation by the FDA for multiple myeloma in October 2018. STRO-002 is a folate receptor alpha (FolRα)-targeting ADC, currently being investigated in a Phase 1 clinical trial of patients with ovarian and endometrial cancers. This is the second product candidate to be evaluated in clinical trials resulting from Sutro's XpressCF® and XpressCF+™ technology platforms. A third program, CC-99712 (BCMA-targeting ADC), which is part of Sutro's collaboration with Bristol Myers Squibb (formerly Celgene Corporation), is enrolling patients for its Phase 1 clinical trial of patients with multiple myeloma. Sutro's proprietary technology was responsible for the discovery and manufacturing of CC-99712, for which Bristol Myers Squibb has worldwide development and commercialization rights. Sutro is entitled to development and regulatory milestone payments and tiered royalties from Bristol Myers Squibb for this BCMA ADC. Sutro is dedicated to transforming the lives of cancer patients by creating medicines with improved therapeutic profiles for areas of unmet need.

    To date, Sutro has designed cytokine-based immuno-oncology therapies, ADCs, vaccines and bispecific antibodies primarily directed at clinically-validated targets for which the current standard of care is suboptimal.

    Sutro's platform allows it to accelerate discovery and development of potential first-in-class and best-in-class molecules through rapid and systematic evaluation of protein structure-activity relationships to create optimized homogeneous product candidates.

    In addition to developing its own oncology pipeline, Sutro is collaborating with select pharmaceutical and biotech companies to discover and develop novel, next-generation therapeutics. As the pace of clinical development accelerates, Sutro and its partners are developing therapeutics designed to more efficiently kill tumors without harming healthy cells.

    Additional multimedia content from Sutro regarding STRO-001 and STRO-002 can be found here and here.

    Follow Sutro on Twitter, @Sutrobio, and at www.sutrobio.com to learn more about our passion for changing the future of oncology.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated preclinical and clinical development activities, timing of announcements of clinical results, potential benefits of the company's product candidates and platform and potential market opportunities for the company's product candidates. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, the company cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause the company's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the company's ability to advance its product candidates, the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates, the impact of the COVID-19 pandemic on the Company's business, clinical trial sites, supply chain and manufacturing facilities, the Company's ability to maintain and recognize the benefits of certain designations received by product candidates, the timing and results of preclinical and clinical trials, the company's ability to fund development activities and achieve development goals, the company's ability to protect intellectual property, and the Company's commercial collaborations with third parties and other risks and uncertainties described under the heading "Risk Factors" in documents the company files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and the company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    Investor Contacts

    John Graziano

    Solebury Trout

    +1 646-378-2942

     

    Xuan Yang

    Solebury Trout

    +1 646-378-2975

     

    Media Contacts

    David Schull

    Russo Partners

    (212) 845-4271

     

    Travis Kruse

    Russo Partners

    (212) 845-4272

    Cision View original content:http://www.prnewswire.com/news-releases/sutro-biopharma-announces-two-executive-promotions-to-vice-president-of-quality-and-vice-president-of-manufacturing-301109672.html

    SOURCE Sutro Biopharma

    View Full Article Hide Full Article
  2. SOUTH SAN FRANCISCO, Calif., Aug. 10, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ:STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation oncology therapeutics, today announced that Bill Newell, Chief Executive Officer, will present at the 2020 Wedbush PacGrow Healthcare Virtual Conference on Tuesday, August 11, 2020 at 11:30 a.m. EDT / 8:30 a.m. PDT.

    A live webcast of the presentation will be accessible through the Events and Presentations page of the Investor Relations section on the company's website at www.sutrobio.com. A replay of the webcast will be available following the event for approximately 30 days…

    SOUTH SAN FRANCISCO, Calif., Aug. 10, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ:STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation oncology therapeutics, today announced that Bill Newell, Chief Executive Officer, will present at the 2020 Wedbush PacGrow Healthcare Virtual Conference on Tuesday, August 11, 2020 at 11:30 a.m. EDT / 8:30 a.m. PDT.

    A live webcast of the presentation will be accessible through the Events and Presentations page of the Investor Relations section on the company's website at www.sutrobio.com. A replay of the webcast will be available following the event for approximately 30 days.

    About Sutro Biopharma

    Sutro Biopharma, Inc., located in South San Francisco, is a clinical-stage drug discovery, development and manufacturing company. Using precise protein engineering and rational design, Sutro is advancing next-generation oncology therapeutics.

    Sutro's proprietary and integrated cell-free protein synthesis platform XpressCF® and site-specific conjugation platform, XpressCF+™, led to the discovery of STRO-001 and STRO-002, Sutro's first two internally-developed ADCs. STRO-001 is a CD74-targeting ADC currently being investigated in a Phase 1 clinical trial of patients with advanced B-cell malignancies, including multiple myeloma and non-Hodgkin lymphoma. STRO-001 was granted Orphan Drug Designation by the FDA for multiple myeloma in October 2018. STRO-002 is a folate receptor alpha (FolRα)-targeting ADC, currently being investigated in a Phase 1 clinical trial of patients with ovarian and endometrial cancers. This is the second product candidate to be evaluated in clinical trials resulting from Sutro's XpressCF® and XpressCF+™ technology platforms. A third program, CC-99712 (BCMA-targeting ADC), which is part of Sutro's collaboration with Bristol Myers Squibb (formerly Celgene Corporation), is enrolling patients for its Phase 1 clinical trial of patients with multiple myeloma. Sutro's proprietary technology was responsible for the discovery and manufacturing of CC-99712, for which Bristol Myers Squibb has worldwide development and commercialization rights. Sutro is entitled to development and regulatory milestone payments and tiered royalties from Bristol Myers Squibb for this BCMA ADC. Sutro is dedicated to transforming the lives of cancer patients by creating medicines with improved therapeutic profiles for areas of unmet need.

    To date, Sutro has designed cytokine-based immuno-oncology therapies, ADCs, vaccines and bispecific antibodies primarily directed at clinically-validated targets for which the current standard of care is suboptimal.

    Sutro's platform allows it to accelerate discovery and development of potential first-in-class and best-in-class molecules through rapid and systematic evaluation of protein structure-activity relationships to create optimized homogeneous product candidates.

    In addition to developing its own oncology pipeline, Sutro is collaborating with select pharmaceutical and biotech companies to discover and develop novel, next-generation therapeutics. As the pace of clinical development accelerates, Sutro and its partners are developing therapeutics designed to more efficiently kill tumors without harming healthy cells.

    Additional multimedia content from Sutro regarding STRO-001 and STRO-002 can be found here and here.

    Follow Sutro on Twitter, @Sutrobio, and at www.sutrobio.com to learn more about our passion for changing the future of oncology.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated preclinical and clinical development activities, timing of announcements of clinical results, potential benefits of the company's product candidates and platform and potential market opportunities for the company's product candidates. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, the company cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause the company's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the company's ability to advance its product candidates, the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates, the impact of the COVID-19 pandemic on the Company's business, clinical trial sites, supply chain and manufacturing facilities, the Company's ability to maintain and recognize the benefits of certain designations received by product candidates, the timing and results of preclinical and clinical trials, the company's ability to fund development activities and achieve development goals, the company's ability to protect intellectual property, and the Company's commercial collaborations with third parties and other risks and uncertainties described under the heading "Risk Factors" in documents the company files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and the company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    Investor Contacts

    John Graziano

    Solebury Trout

    +1 646-378-2942

     

    Xuan Yang

    Solebury Trout

    +1 646-378-2975

     

    Media Contacts

    David Schull

    Russo Partners

    (212) 845-4271

     

    Travis Kruse

    Russo Partners

    (212) 845-4272

    Cision View original content:http://www.prnewswire.com/news-releases/sutro-biopharma-to-present-at-the-2020-wedbush-pacgrow-healthcare-virtual-conference-301109136.html

    SOURCE Sutro Biopharma

    View Full Article Hide Full Article
  3. SOUTH SAN FRANCISCO, Calif., Aug. 6, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ:STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation oncology therapeutics, today reported its financial results for the quarter ended June 30, 2020 and its recent business highlights and developments.

    "Our two proprietary antibody-drug conjugate (ADC) product candidates, STRO-001 and STRO–002, are progressing in Phase 1 clinical trials.  We continue to be encouraged by the dose escalation safety and anti-tumor activity data from our Phase 1 clinical trial for STRO-002, including data presented during the AACR Virtual Meeting on…

    SOUTH SAN FRANCISCO, Calif., Aug. 6, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ:STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation oncology therapeutics, today reported its financial results for the quarter ended June 30, 2020 and its recent business highlights and developments.

    "Our two proprietary antibody-drug conjugate (ADC) product candidates, STRO-001 and STRO–002, are progressing in Phase 1 clinical trials.  We continue to be encouraged by the dose escalation safety and anti-tumor activity data from our Phase 1 clinical trial for STRO-002, including data presented during the AACR Virtual Meeting on April 27, 2020, which demonstrate preliminary evidence of anti-tumor activity, particularly in a heavily pre-treated patient population, along with an emerging safety profile that indicates that the product candidate has been generally well tolerated," said Bill Newell, Sutro's Chief Executive Officer. "Additionally, each of our three current collaborations has yielded a novel oncology product candidate in clinical development or in the late stages of preclinical development, all of which were discovered and developed, and are manufactured, using our proprietary and integrated cell-free protein synthesis platform XpressCF® and site-specific conjugation platform XpressCF+™. Importantly, even with the ongoing COVID-19 pandemic, Sutro remains committed to the health and safety of both patients receiving our therapies and our employees." 

    Recent Business Highlights and Developments

    STRO-002 Clinical Program -- Encouraging STRO-002 Interim Phase 1 Clinical Data from an Ongoing Dose Escalation Study in Ovarian Cancer Presented at the AACR Virtual Meeting in April 2020

    • STRO-002 is a potential best-in-class ADC targeting folate receptor-alpha (FolRα), which is highly expressed in ovarian cancer.
    • The STRO-002 Phase 1 clinical trial is currently in dose-escalation, with 30 heavily pre-treated patients enrolled through April 20, 2020, who have recurrent platinum resistant or refractory ovarian cancer.  The company is still exploring different doses to select the recommended Phase 2 dose for multiple treatment cycles. 
    • Additional Phase 1 dose-escalation safety and anti-tumor activity data are expected in the second half of 2020.
    • The dose expansion portion of the Phase 1 clinical trial is expected to begin enrolling patients in the second half of 2020.
    • Encouraging updated dose-escalation safety and efficacy data were presented on April 27, 2020:
      • 62% of patients saw a reduction in CA-125 levels of 50% or more or a normalization of CA-125 levels;
      • 35% of patients who were evaluable for progression have stayed on study for longer than 24 weeks;
    • 11 patients at 5.2 milligrams per kilogram or higher were continuing on study and had not yet reached 24 weeks;
      • 75% of patients had initial post-baseline scans showing stable disease or a partial response;
      • 100% of evaluable patients who had a CA-125 reduction of 50% or more or normalization achieved stable disease (confirmed or unconfirmed) or a partial response and are still on study; and
      • Generally well-tolerated in this heavily pre-treated patient population with a median of five prior lines of other therapies-–89% of adverse events were grade 1 or 2-–and prophylactic corticosteroid eye drops have not been necessary.

    New STRO-002 Preclinical Data -- Presented at 2020 AACR Virtual Annual Meeting II in June 2020 Suggests Synergy between STRO-002 Antibody-Drug Conjugate and Immune Checkpoint Inhibitors Resulting in Tumor Regression and Adaptive Anti-Tumor Immunity

    • In June 2020, the results of a preclinical study presented at the 2020 AACR Virtual Annual Meeting II showed that, in FolRα positive tumor cells, STRO-002 treatment induced hallmarks of immunogenic cell death, killing tumor cells while activating immune cells, including monocytes.
      • When combined in mouse tumor models with avelumab, an anti-human & mouse PD-L1 monoclonal antibody, the combination treatment enhanced efficacy, leading to more complete responses and increased activation of killer T-cells, than either agent alone.
      • Importantly, the data suggest that a single dose of STRO-002, when combined with a PD-1/PD-L1 blockade, could provide an effective and protective anti-tumor immune response.

    STRO-001 Clinical Program -- Phase 1 Clinical Trial and Dose Escalation Ongoing in    

    Myeloma and Lymphoma

    • STRO-001 is a potential first-in-class and best-in-class ADC directed against CD74, which is highly expressed in many B cell malignancies.
    • The STRO-001 Phase 1 clinical trial is currently in dose-escalation, enrolling patients with non-Hodgkin lymphoma and multiple myeloma
    • Initial safety data of STRO-001 was presented at the EHA Congress in June 2019, and a safety data update with several additional patients was presented in an abstract in association with the American Society of Hematology Conference on November 6, 2019.
    • Based on the reported data to date in heavily pre-treated patients, STRO-001 has been generally well-tolerated and no ocular toxicity signals have been observed, with no patients receiving prophylactic corticosteroid eye drops.
    • Dose escalation in the Phase 1 trial is continuing and the maximum tolerated dose has not yet been reached.
    • Additional Phase 1 dose-escalation safety and efficacy data is expected in the second half of 2020.
    • A dose expansion portion of the Phase 1 clinical trial is expected to begin enrolling patients in the first half of 2021.

    Cytokine-Derivative Programs (Collaboration with Merck & Co.)

    • Sutro is collaborating with Merck on two research programs to discover new therapeutics for cancer and autoimmune diseases. Merck has the right to nominate a third program under this collaboration.
    • In March 2020, Merck extended by one year the research term of the collaboration's first program, which included a $5 million payment to Sutro. The collaboration is advancing Sutro's novel cytokine-derivative product candidate towards IND-enabling studies.

    BCMA ADC Clinical Program (CC-99712) (Collaboration with Bristol Myers Squibb)

    • Since trial initiation in the second half of 2019, BMS has enrolled eight patients in a Phase 1b/2 dose escalation/expansion trial, focused on patients with relapsed and refractory multiple myeloma. The last reported dose level was 3.0 mg/kg with dose escalation continuing.
    • BMS will be responsible for the worldwide clinical development and commercialization of CC-99712. Sutro is entitled to development and regulatory milestone payments and tiered royalties ranging from mid to high single digit percentages from BMS.

    MUC1-EGFR Bispecific ADC Clinical Development Candidate (M1231) (Collaboration    with EMD Serono) -- Sutro's Partner Merck KGaA, Darmstadt, Germany, Unveiled Preclinical Data from the Collaboration's Pre-Development Candidate, a potential First-in-Class Bispecific Antibody-Drug Conjugate Targeting EGFR and MUC1 at 2020 AACR Virtual Annual Meeting II in June 2020

    • EMD Serono is projected to commence first in man studies of M1231 in NSCLC and esophageal squamous cell carcinoma in the first quarter of 2021.
    • Sutro is the manufacturer of M1231 for the early clinical supply of the candidate and is eligible for milestones and royalties. EMD Serono will be responsible for the drug product and the clinical development and commercialization of this clinical development candidate.

    24-Valent Pneumococcal Conjugate Vaccine (Vaxcyte---formerly SutroVax---Relationship)

    • Under a license from Sutro, Vaxcyte has right to use the XpressCF® and XpressCF+™ platforms to discover and develop vaccine candidates for the treatment or prophylaxis of infectious diseases.
    • Vaxcyte is progressing their broader spectrum pneumococcal conjugate vaccine (SVX–24) through the late stages of preclinical development and is targeting an IND filing for 2021.
    • Vaxcyte is responsible for performing all research and development activities, while Sutro provides technical support and supplies XtractCF™ and other materials to Vaxcyte under a supply agreement.
    • Sutro is eligible to receive four percent (4%) royalties on worldwide net sales of any licensed vaccine candidates for human health use. Also, Sutro retains the right to discover and develop vaccines for treatment or prophylaxis of any disease not caused by an infectious pathogen, including cancer.
    • In June 2020, Vaxcyte closed its initial public offering of its common stock.

    Follow-on Financing in May 2020

    • In May 2020, Sutro closed a public offering of its common stock, with net proceeds of approximately $91.4 million.

    Second Quarter 2020 Financial Highlights

    Cash, Cash Equivalents and Marketable Securities

    As of June 30, 2020, Sutro had cash, cash equivalents and marketable securities of $207.0 million, as compared to $133.5 million as of December 31, 2019, which represents a net cash increase of $73.5 million during the first half of 2020.  The cash, cash equivalents and marketable securities balance noted above does not include the value associated with Sutro's holdings of approximately 1.6 million shares of Vaxcyte common stock, which are subject to a lock-up agreement that expires in December 2020.  As of June 30, 2020, the fair value of the Vaxcyte common stock held by Sutro was $49.1 million.

    Net Income due to Unrealized Gain on Vaxcyte Common Stock

    Sutro recorded net income of $29.9 million and $10.3 million for the three and six months ended June 30, 2020, respectively, due primarily to an unrealized gain related to its Vaxcyte common stock of $48.9 million for the 2020 periods.  The unrealized gain consisted of $49.1 million from the fair value of Vaxcyte common stock, offset by approximately $0.2 million in adjustments related to revaluations of certain Vaxcyte equity items.  Vaxcyte common stock held by Sutro will be measured at fair value based on the closing price of Vaxcyte's common stock on the last trading day of each reporting period, with any unrealized gains and losses recorded in Sutro's statements of operations.

    Revenue

    Revenue was $9.5 million and $16.6 million for the three and six months ended June 30, 2020, respectively, compared to $10.5 million and $19.2 million for the same periods in 2019, related principally to the Merck, BMS, and EMD Serono collaborations. Future collaboration revenue from Merck, BMS, and EMD Serono, and from any future collaboration partners, will fluctuate as a result of the amount and timing of revenue recognition of upfront, milestones and other collaboration agreement payments.  

    Operating Expenses

    Total operating expenses for the three and six months ended June 30, 2020, were $25.9 million and $52.2 million, respectively, compared to $24.2 million and $47.1 million for the same periods in 2019, including non-cash stock-based compensation of $3.0 million and $2.5 million, and depreciation and amortization expense of $1.1 million and $1.2 million, in the three months ended June 30, 2020 and 2019, respectively. Total operating expenses for the second quarter 2020 were comprised of research and development expenses of $17.2 million and general and administrative expenses of $8.6 million, which are expected to increase in 2020 as Sutro's internal product candidates advance in clinical development and additional general and administrative expenses are incurred as a public company.

    About Sutro Biopharma

    Sutro Biopharma, Inc., located in South San Francisco, is a clinical-stage drug discovery, development and manufacturing company. Using precise protein engineering and rational design, Sutro is advancing next-generation oncology therapeutics.

    Sutro's proprietary and integrated cell-free protein synthesis platform XpressCF® and site-specific conjugation platform, XpressCF+™, led to the discovery of STRO-001 and STRO-002, Sutro's first two internally-developed ADCs. STRO-001 is a CD74-targeting ADC currently being investigated in a Phase 1 clinical trial of patients with advanced B-cell malignancies, including multiple myeloma and non-Hodgkin lymphoma. STRO-001 was granted Orphan Drug Designation by the FDA for multiple myeloma in October 2018. STRO-002 is a folate receptor alpha (FolRα)-targeting ADC, currently being investigated in a Phase 1 clinical trial of patients with ovarian and endometrial cancers. This is the second product candidate to be evaluated in clinical trials resulting from Sutro's XpressCF® and XpressCF+™ technology platforms. A third program, CC-99712 (BCMA-targeting ADC), which is part of Sutro's collaboration with Bristol Myers Squibb (formerly Celgene Corporation), is enrolling patients for its Phase 1 clinical trial of patients with multiple myeloma. Sutro's proprietary technology was responsible for the discovery and manufacturing of CC-99712, for which Bristol Myers Squibb has worldwide development and commercialization rights. Sutro is entitled to development and regulatory milestone payments and tiered royalties from Bristol Myers Squibb for this BCMA ADC. Sutro is dedicated to transforming the lives of cancer patients by creating medicines with improved therapeutic profiles for areas of unmet need.

    To date, Sutro has designed cytokine-based immuno-oncology therapies, ADCs, vaccines and bispecific antibodies primarily directed at clinically-validated targets for which the current standard of care is suboptimal.

    Sutro's platform allows it to accelerate discovery and development of potential first-in-class and best-in-class molecules through rapid and systematic evaluation of protein structure-activity relationships to create optimized homogeneous product candidates.

    In addition to developing its own oncology pipeline, Sutro is collaborating with select pharmaceutical and biotech companies to discover and develop novel, next-generation therapeutics. As the pace of clinical development accelerates, Sutro and its partners are developing therapeutics designed to more efficiently kill tumors without harming healthy cells.

    Additional multimedia content from Sutro regarding STRO-001 and STRO-002 can be found here and here.

    Follow Sutro on Twitter, @Sutrobio, and at www.sutrobio.com to learn more about our passion for changing the future of oncology.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated preclinical and clinical development activities, timing of announcements of clinical results, potential benefits of the company's product candidates and platform and potential market opportunities for the company's product candidates. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, the company cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause the company's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the company's ability to advance its product candidates, the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates, the impact of the COVID-19 pandemic on the Company's business, clinical trial sites, supply chain and manufacturing facilities, the Company's ability to maintain and recognize the benefits of certain designations received by product candidates, the timing and results of preclinical and clinical trials, 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, and the Company's commercial collaborations with third parties and other risks and uncertainties described under the heading "Risk Factors" in documents the company files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and the company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    Investor Contacts

    John Graziano

    Solebury Trout

    +1 646-378-2942

    Xuan Yang

    Solebury Trout

    +1 646-378-2975

    Media Contacts

    David Schull

    Russo Partners

    (212) 845-4271

    Travis Kruse

    Russo Partners

    (212) 845-4272

    Sutro Biopharma, Inc.

    Selected Statements of Operations Financial Data

    (Unaudited)

    (In thousands, except share and per share amounts)







    Three Months Ended

    Six Months Ended







    June 30,

    June 30,







    2020





    2019





    2020





    2019



    Revenues



    $

    9,469





    $

    10,525





    $

    16,621





    $

    19,154



    Operating expenses

































    Research and development





    17,243







    16,143







    34,862







    31,323



    General and administrative





    8,643







    8,067







    17,356







    15,782



    Total operating expenses





    25,886







    24,210







    52,218







    47,105



    Loss from operations





    (16,417)







    (13,685)







    (35,597)







    (27,951)



    Interest income





    384







    1,124







    1,025







    2,300



    Unrealized gain on equity securities





    48,860













    48,860









    Interest and other expense, net





    (2,955)







    (1,232)







    (4,011)







    (2,392)



    Net income (loss)



    $

    29,872





    $

    (13,793)





    $

    10,277





    $

    (28,043)



    Net income (loss) per share, basic



    $

    1.00





    $

    (0.60)





    $

    0.39





    $

    (1.22)



    Net income (loss) per share, diluted



    $

    0.94





    $

    (0.60)





    $

    0.36





    $

    (1.22)







































































     

    Sutro Biopharma, Inc.

    Selected Balance Sheet Financial Data

    (Unaudited)

    (In thousands)







    June 30,





    December 31,







    2020 (1)





    2019 (2)



    Assets

















    Cash, cash equivalents and marketable securities



    $

    207,010





    $

    133,473



    Investment in equity securities





    49,094









    Accounts receivable





    5,102







    6,298



    Property and equipment, net





    11,265







    9,633



    Other assets





    5,067







    6,966



    Total Assets



    $

    277,538





    $

    156,370



    Liabilities and Stockholders' Equity

















    Accounts payable and other liabilities



    $

    12,435





    $

    13,045



    Deferred revenue





    34,065







    35,660



    Debt





    24,281







    9,876



    Total liabilities





    70,781







    58,581



    Total stockholders' equity





    206,757







    97,789



    Total Liabilities and Stockholders' Equity



    $

    277,538





    $

    156,370

























    (1)    

    The condensed balance sheet as of June 30, 2020 was derived from the unaudited financial statements included in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the Securities and Exchange Commission on August 6, 2020.

    (2)      

    The condensed balance sheet as of December 31, 2019 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 16, 2020.

     

    Cision View original content:http://www.prnewswire.com/news-releases/sutro-biopharma-reports-second-quarter-2020-financial-results-and-provides-business-highlights-and-developments-301107336.html

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  4. SOUTH SAN FRANCISCO, Calif., June 22, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ:STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation oncology therapeutics, today announced the presentation of new preclinical data for its folate receptor alpha (FolRα) targeting antibody-drug conjugate, STRO-002, at the 2020 American Association for Cancer Research (AACR) Virtual Annual Meeting II from June 22-24, 2020. The data, being presented by Sutro's Chief Scientific Officer, Trevor Hallam, Ph.D., demonstrates STRO-002's immune-modulating properties and potentiation by PD-L1 blockade.

    The results of the study showed that…

    SOUTH SAN FRANCISCO, Calif., June 22, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ:STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation oncology therapeutics, today announced the presentation of new preclinical data for its folate receptor alpha (FolRα) targeting antibody-drug conjugate, STRO-002, at the 2020 American Association for Cancer Research (AACR) Virtual Annual Meeting II from June 22-24, 2020. The data, being presented by Sutro's Chief Scientific Officer, Trevor Hallam, Ph.D., demonstrates STRO-002's immune-modulating properties and potentiation by PD-L1 blockade.

    The results of the study showed that in FolRα positive tumor cells, STRO-002 treatment induced hallmarks of immunogenic cell death, killing tumor cells while activating immune cells, including monocytes. When combined in mouse tumor models with avelumab, an anti-human & mouse PD-L1 monoclonal antibody, the combination treatment enhanced efficacy leading to more complete responses and increased killer T cells, than either agent alone. Importantly, the data suggest that a single dose of STRO-002 when combined with a PD-1/PD-L1 blockade could provide an effective and protective anti-tumor immune response.

    "These data suggest that STRO-002 can drive immune-modulatory responses that can cause complete tumor regression, tumor specific T cell activation and adaptive anti-tumor immunity," said Dr. Hallam. "The results here support the clinical evaluation of STRO-002 in combination with anti-PD1 or anti-PD-L1 agents. While we believe STRO-002 as a single agent may demonstrate clinical benefit in certain tumors resistant to checkpoint inhibitor monotherapies, we are excited at the prospect of evaluating potential additional positive impacts on cancer patients that may result from combination treatment regimens involving STRO-002 with other checkpoint inhibitors."

    "An important part of our STRO-002 clinical development strategy includes evaluating these data to determine an optimal combination regimen to take into clinical trials," said Sutro Chief Medical Officer, Arturo Molina, M.D. "We anticipate evaluating STRO-002 in combination studies in addition to our single agent studies. We currently expect to initiate a STRO-002 combination clinical trial in 2021."

    STRO-002 is an antibody-drug conjugate directed against FolRα, a membrane receptor glycoprotein, which is highly expressed in ovarian cancer and endometrial cancer and is composed of a FolRα antibody conjugated to a tubulin inhibitor hemiasterlin using a cleavable linker.

    A Phase 1, open-label, multicenter, dose escalation trial with dose expansion of STRO-002 is ongoing, designed to identify the maximum tolerated dose, the recommended Phase 2 clinical dose, and to evaluate the safety, tolerability, and preliminary anti-tumor activity of STRO-002 in adults with advanced epithelial ovarian cancer, including fallopian or primary peritoneal cancer, and endometrial cancer. The trial is registered with clinicaltrials.gov identifier NCT03748186. Sutro discovered, developed and manufactures STRO-002 using its proprietary XpressCF+™ cell-free protein synthesis technology.

    Presentation Details:

    Title:                          STRO-002, an anti-FolRα ADC, demonstrates immune-modulating properties

                                      and potentiates PD-L1 blockade

    Abstract Number:      2250

    Session Title:            Immune Mechanisms Invoked by Therapies 2

    Date/Time:                June 22, 2020, 9:00 a.m.6:00 p.m. EDT

    Presenter:                 Trevor Hallam, Ph.D.

    The e-poster presentation can be found on the AACR website and is also accessible through the Clinical/Scientific Presentation and Publication Highlights page of the News section of Sutro Biopharma's website at www.sutrobio.com on the day of the poster presentation.    

    Additionally, on June 24th Sutro's partner Merck KGaA, Darmstadt, Germany, will be presenting preclinical data from the collaboration's pre-Development Candidate, M1231, a first-in-class bispecific antibody-drug conjugate targeting EGFR and MUC1.

    Presentation Details:

    Title:                          M1231: A first-in-class bispecific antibody-drug conjugate targeting EGFR 

                                      and MUC1

    Abstract Number:      5686

    Session Title:            Emerging Mechanisms of Resistance to Targeted Therapies

    Date/Time:                June 24, 2020, 10:05 a.m.10:15 a.m. EDT

    Presenter:                 Jan Anderl, Ph.D.

    About Sutro Biopharma

    Sutro Biopharma, Inc., located in South San Francisco, is a clinical-stage drug discovery, development and manufacturing company. Using precise protein engineering and rational design, Sutro is advancing next-generation oncology therapeutics.

    Sutro's proprietary and integrated cell-free protein synthesis platform XpressCF® and site-specific conjugation platform, XpressCF+™, led to the discovery of STRO-001 and STRO-002, Sutro's first two internally-developed ADCs. STRO-001 is a CD74-targeting ADC currently being investigated in a Phase 1 clinical trial of patients with advanced B-cell malignancies, including multiple myeloma and non-Hodgkin lymphoma. STRO-001 was granted Orphan Drug Designation by the FDA for multiple myeloma in October 2018. STRO-002 is a folate receptor alpha (FolRα)-targeting ADC, currently being investigated in a Phase 1 clinical trial of patients with ovarian and endometrial cancers. This is the second product candidate to be evaluated in clinical trials resulting from Sutro's XpressCF® and XpressCF+™ technology platforms. A third program, CC-99712 (BCMA-targeting ADC), which is part of Sutro's collaboration with Bristol Myers Squibb (formerly Celgene Corporation), is enrolling patients for its Phase 1 clinical trial of patients with multiple myeloma. Sutro's proprietary technology was responsible for the discovery and manufacturing of CC-99712, for which Bristol Myers Squibb has worldwide development and commercialization rights. Sutro is entitled to development and regulatory milestone payments and tiered royalties from Bristol Myers Squibb for this BCMA ADC. Sutro is dedicated to transforming the lives of cancer patients by creating medicines with improved therapeutic profiles for areas of unmet need.

    To date, Sutro has designed cytokine-based immuno-oncology therapies, ADCs, vaccines and bispecific antibodies primarily directed at clinically-validated targets for which the current standard of care is suboptimal.

    Sutro's platform allows it to accelerate discovery and development of potential first-in-class and best-in-class molecules through rapid and systematic evaluation of protein structure-activity relationships to create optimized homogeneous product candidates.

    In addition to developing its own oncology pipeline, Sutro is collaborating with select pharmaceutical and biotech companies to discover and develop novel, next-generation therapeutics. As the pace of clinical development accelerates, Sutro and its partners are developing therapeutics designed to more efficiently kill tumors without harming healthy cells.

    Additional multimedia content from Sutro regarding STRO-001 and STRO-002 can be found here and here.

    Follow Sutro on Twitter, @Sutrobio, and at www.sutrobio.com to learn more about our passion for changing the future of oncology.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated preclinical and clinical development activities, timing of clinical trials and announcements of clinical results, potential benefits of the company's product candidates and platform and potential market opportunities for the company's product candidates. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, the company cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause the company's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the company's ability to advance its product candidates, the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates, the impact of the COVID-19 pandemic on the Company's business, clinical trial sites, supply chain and manufacturing facilities, the Company's ability to maintain and recognize the benefits of certain designations received by product candidates, the timing and results of preclinical studies and clinical trials, the company's ability to fund development activities and achieve development goals, the company's ability to protect intellectual property, and the Company's commercial collaborations with third parties and other risks and uncertainties described under the heading "Risk Factors" in documents the company files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and the company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    Investor Contacts

    John Graziano

    Solebury Trout

    +1 646-378-2942

     

    Xuan Yang

    Solebury Trout

    +1 646-378-2975

     

    Media Contacts

    David Schull

    Russo Partners

    (212) 845-4271

     

    Travis Kruse

    Russo Partners

    (212) 845-4272

    Cision View original content:http://www.prnewswire.com/news-releases/sutro-biopharma-presents-new-preclinical-data-at-2020-aacr-virtual-annual-meeting-ii-suggesting-synergy-between-its-stro-002-antibody-drug-conjugate-and-immune-checkpoint-inhibitors-resulting-in-tumor-regression-and-adaptive-anti--301080795.html

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  5. SOUTH SAN FRANCISCO, Calif., June 9, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ:STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation oncology therapeutics, today announced that the company will present new preclinical data for its folate receptor alpha targeting antibody-drug conjugate, STRO-002, at the American Association for Cancer Research (AACR) Virtual Annual Meeting II being held June 22-24, 2020.

    Additionally, Sutro's partner Merck KGaA, Darmstadt, Germany, will be presenting preclinical data from the collaboration's pre-Development Candidate, M1231, a first-in-class bispecific antibody-drug conjugate…

    SOUTH SAN FRANCISCO, Calif., June 9, 2020 /PRNewswire/ -- Sutro Biopharma, Inc. (NASDAQ:STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation oncology therapeutics, today announced that the company will present new preclinical data for its folate receptor alpha targeting antibody-drug conjugate, STRO-002, at the American Association for Cancer Research (AACR) Virtual Annual Meeting II being held June 22-24, 2020.

    Additionally, Sutro's partner Merck KGaA, Darmstadt, Germany, will be presenting preclinical data from the collaboration's pre-Development Candidate, M1231, a first-in-class bispecific antibody-drug conjugate targeting EGFR and MUC1.

    Presentation Details:

    Title:

    STRO-002, an anti-FolRα ADC, demonstrates immune-modulating properties and potentiates PD-L1 blockade

    Abstract Number:

    2250

    Session Title:

    Immune Mechanisms Invoked by Therapies 2

    Date/Time:

    June 22, 2020, 9:00 a.m. – 6:00 p.m. EDT

    Presenter:

    Trevor Hallam, Ph.D.





    Title:

    M1231: A first-in-class bispecific antibody-drug conjugate targeting EGFR and MUC1

    Abstract Number:

    5686

    Session Title:

    Emerging Mechanisms of Resistance to Targeted Therapies

    Date/Time:         

    June 24, 2020, 10:05 a.m. – 10:15 a.m. EDT

    Presenter:

    Jan Anderl, Ph.D.

    The abstracts can be found on the AACR website. The Sutro virtual poster presentation will be on the AACR website on June 22, 2020, and will be also accessible through the Clinical/Scientific Presentation and Publication Highlights page of the News section of Sutro's website at www.sutrobio.com on the day of the poster presentation. 

    About Sutro Biopharma

    Sutro Biopharma, Inc., located in South San Francisco, is a clinical-stage drug discovery, development and manufacturing company. Using precise protein engineering and rational design, Sutro is advancing next-generation oncology therapeutics.

    Sutro's proprietary and integrated cell-free protein synthesis platform XpressCF® and site-specific conjugation platform, XpressCF+™, led to the discovery of STRO-001 and STRO-002, Sutro's first two internally-developed ADCs. STRO-001 is a CD74-targeting ADC currently being investigated in a Phase 1 clinical trial of patients with advanced B-cell malignancies, including multiple myeloma and non-Hodgkin lymphoma. STRO-001 was granted Orphan Drug Designation by the FDA for multiple myeloma in October 2018. STRO-002 is a folate receptor alpha (FolRα)-targeting ADC, currently being investigated in a Phase 1 clinical trial of patients with ovarian and endometrial cancers. This is the second product candidate to be evaluated in clinical trials resulting from Sutro's XpressCF® and XpressCF+™ technology platforms. A third program, CC-99712 (BCMA-targeting ADC), which is part of Sutro's collaboration with Bristol Myers Squibb (formerly Celgene Corporation), is enrolling patients for its Phase 1 clinical trial of patients with multiple myeloma. Sutro's proprietary technology was responsible for the discovery and manufacturing of CC-99712, for which Bristol Myers Squibb has worldwide development and commercialization rights. Sutro is entitled to development and regulatory milestone payments and tiered royalties from Bristol Myers Squibb for this BCMA ADC. Sutro is dedicated to transforming the lives of cancer patients by creating medicines with improved therapeutic profiles for areas of unmet need.

    To date, Sutro has designed cytokine-based immuno-oncology therapies, ADCs, vaccines and bispecific antibodies primarily directed at clinically-validated targets for which the current standard of care is suboptimal.

    Sutro's platform allows it to accelerate discovery and development of potential first-in-class and best-in-class molecules through rapid and systematic evaluation of protein structure-activity relationships to create optimized homogeneous product candidates.

    In addition to developing its own oncology pipeline, Sutro is collaborating with select pharmaceutical and biotech companies to discover and develop novel, next-generation therapeutics. As the pace of clinical development accelerates, Sutro and its partners are developing therapeutics designed to more efficiently kill tumors without harming healthy cells.

    Additional multimedia content from Sutro regarding STRO-001 and STRO-002 can be found here and here.

    Follow Sutro on Twitter, @Sutrobio, and at www.sutrobio.com to learn more about our passion for changing the future of oncology.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated preclinical and clinical development activities, timing of announcements of clinical results, potential benefits of the company's product candidates and platform and potential market opportunities for the company's product candidates. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, the company cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause the company's actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to the company's ability to advance its product candidates, the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates, the impact of the COVID-19 pandemic on the Company's business, clinical trial sites, supply chain and manufacturing facilities, the Company's ability to maintain and recognize the benefits of certain designations received by product candidates, the timing and results of preclinical and clinical trials, the company's ability to fund development activities and achieve development goals, the company's ability to protect intellectual property, and the Company's commercial collaborations with third parties and other risks and uncertainties described under the heading "Risk Factors" in documents the company files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and the company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

    Investor Contacts

    John Graziano

    Solebury Trout

    +1 646-378-2942

     

    Xuan Yang

    Solebury Trout

    +1 646-378-2975

     

    Media Contacts

    David Schull

    Russo Partners

    (212) 845-4271

     

    Travis Kruse

    Russo Partners

    (212) 845-4272

    Cision View original content:http://www.prnewswire.com/news-releases/sutro-biopharma-to-present-new-preclinical-data-on-its-stro-002-antibody-drug-conjugate-at-the-upcoming-aacr-2020-virtual-meeting-on-june-22-2020-301072173.html

    SOURCE Sutro Biopharma

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