0000950170-23-041416.txt : 20230810 0000950170-23-041416.hdr.sgml : 20230810 20230810163332 ACCESSION NUMBER: 0000950170-23-041416 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 78 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230810 DATE AS OF CHANGE: 20230810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUTRO BIOPHARMA, INC. CENTRAL INDEX KEY: 0001382101 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 452441988 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38662 FILM NUMBER: 231160122 BUSINESS ADDRESS: STREET 1: 111 OYSTER POINT BLVD. CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 BUSINESS PHONE: 650-392-8412 MAIL ADDRESS: STREET 1: 111 OYSTER POINT BLVD. CITY: SOUTH SAN FRANCISCO STATE: CA ZIP: 94080 FORMER COMPANY: FORMER CONFORMED NAME: SUTRO BIOPHARMA INC DATE OF NAME CHANGE: 20061127 10-Q 1 stro-20230630.htm 10-Q 10-Q
--12-31Q20001382101false0001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2023-01-012023-06-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2022-01-012022-06-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMemberus-gaap:EquitySecuritiesMember2022-12-310001382101stro:AstellasLicenseAndCollaborationAgreementMemberstro:FutureServicesOnCollaborationJointSteeringCommitteeMember2022-06-3000013821012023-06-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:TwoThousandEighteenMerckAgreementMember2021-01-012021-12-310001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2022-04-012022-06-300001382101us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2022-12-310001382101stro:CommonStockOptionIssuedAndOutstandingMember2023-01-012023-06-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:AstellasPharmaIncAstellasMember2023-04-012023-06-300001382101stro:BmsAgreementMember2023-06-300001382101stro:MaterialsSupplyMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2023-01-012023-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-04-012022-06-300001382101stro:TwoThousandEighteenBmsMasterServicesAgreementMember2023-01-012023-06-300001382101stro:AstellasLicenseAndCollaborationAgreementMember2022-12-310001382101us-gaap:CommonStockMember2022-04-012022-06-3000013821012023-07-012023-06-300001382101stro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-04-012022-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-04-012022-06-300001382101us-gaap:AdditionalPaidInCapitalMember2023-06-3000013821012022-01-012022-06-300001382101us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:RestrictedStockUnitsRSUMember2023-06-300001382101stro:TwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2023-06-300001382101stro:TwoThousandEighteenEquityIncentivePlanMember2023-01-010001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2022-01-012022-06-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101srt:MaximumMemberstro:TwoThousandEighteenEquityIncentivePlanMember2018-09-242018-09-250001382101us-gaap:GeneralAndAdministrativeExpenseMember2022-04-012022-06-300001382101stro:TwoThousandFifteenLicenseAgreementMemberstro:BlackstoneLifeSciencesMemberus-gaap:RoyaltyMember2023-01-012023-06-300001382101stro:CmoMember2023-06-300001382101us-gaap:AdditionalPaidInCapitalMember2023-03-310001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2018-09-242018-09-260001382101us-gaap:RetainedEarningsMember2022-06-300001382101us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMemberus-gaap:EquitySecuritiesMember2023-06-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101stro:MaterialsSupplyMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-01-012023-06-300001382101us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMember2023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2022-01-012022-06-300001382101us-gaap:CorporateDebtSecuritiesMember2023-06-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101us-gaap:CommonStockMemberstro:AttheMarketIssuanceSalesAgreementMember2023-04-012023-06-300001382101stro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-01-012022-06-300001382101us-gaap:CommercialPaperMember2022-12-310001382101stro:SharesToBeIssuedUnderEmployeeStockPurchasePlanMember2022-01-012022-06-300001382101us-gaap:CommonStockMember2022-03-310001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2022-12-310001382101stro:TwoThousandEighteenBmsMasterServicesAgreementMember2023-06-300001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2022-12-310001382101us-gaap:ResearchAndDevelopmentExpenseMember2022-04-012022-06-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101us-gaap:CommonStockMember2023-04-012023-06-300001382101us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101us-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101stro:OngoingPerformanceRelatedToUnsatisfiedPerformanceObligationsMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-01-012022-06-300001382101us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001382101stro:AmendedAndRestatedTwoThousandTwentyOneEquityInducementPlanMember2023-06-300001382101stro:AttheMarketIssuanceSalesAgreementMember2022-04-012022-06-300001382101stro:AmendedAndRestatedTwoThousandTwentyOneEquityInducementPlanMember2022-08-310001382101stro:ResearchAndDevelopmentServicesMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2023-01-012023-06-300001382101stro:LoanAndSecurityAgreementMemberstro:OxfordFinanceLimitedLiabilityCompanyAndSiliconValleyBankMember2023-06-300001382101us-gaap:GeneralAndAdministrativeExpenseMember2023-04-012023-06-300001382101us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberstro:LoanAndSecurityAgreementMemberstro:OxfordFinanceLimitedLiabilityCompanyAndSiliconValleyBankMember2023-06-3000013821012023-01-012023-03-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2023-06-300001382101us-gaap:CommonStockMember2023-03-310001382101us-gaap:CommonStockMember2022-12-310001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2018-09-260001382101us-gaap:WarrantMember2022-12-310001382101us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:MerckSharpAndDohmeCorporationMemberstro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2022-04-012022-06-300001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-04-012023-06-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2023-01-012023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:AstellasPharmaIncAstellasMember2023-01-012023-06-300001382101us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-06-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2022-01-012022-06-300001382101stro:LoanAndSecurityAgreementMemberstro:OxfordFinanceLimitedLiabilityCompanyAndSiliconValleyBankMember2023-01-012023-06-3000013821012023-04-012023-06-300001382101us-gaap:EmployeeStockOptionMemberstro:TwoThousandEighteenEquityIncentivePlanMember2022-06-300001382101us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-06-300001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2023-06-300001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:BristolMyersSquibbCompanyBMSMember2022-01-012022-06-300001382101stro:SharesToBeIssuedUnderEmployeeStockPurchasePlanMember2023-01-012023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2023-04-012023-06-300001382101stro:LoanAndSecurityAgreementMemberstro:OxfordFinanceLimitedLiabilityCompanyAndSiliconValleyBankMember2022-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-04-012022-06-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:TwoThousandEighteenMerckAgreementMember2022-01-012022-12-310001382101stro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2023-01-012023-06-300001382101stro:VaxcyteIncMember2022-01-012022-12-3100013821012022-12-310001382101stro:VaxcyteIncMemberstro:ResearchAndDevelopmentServicesMemberstro:SupplyAgreementMember2022-01-012022-06-300001382101us-gaap:MoneyMarketFundsMember2023-06-300001382101stro:MaterialsSupplyMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2023-04-012023-06-300001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-04-012022-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2022-04-012022-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:BristolMyersSquibbCompanyBMSMember2023-04-012023-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-01-012022-06-300001382101us-gaap:RestrictedStockUnitsRSUMemberstro:TwoThousandEighteenEquityIncentivePlanMember2022-01-012022-06-300001382101us-gaap:AdditionalPaidInCapitalMember2022-03-310001382101stro:TwoThousandFifteenLicenseAgreementMemberstro:BlackstoneLifeSciencesMember2023-01-012023-06-300001382101us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:CashEquivalentsMember2022-12-310001382101us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001382101stro:ClinicalTrialsMember2022-12-310001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:VaxcyteIncMember2023-04-012023-06-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:MaterialsSupplyMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-01-012022-06-300001382101us-gaap:RestrictedStockUnitsRSUMemberstro:TwoThousandEighteenEquityIncentivePlanMember2023-01-012023-06-300001382101stro:TwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2023-06-300001382101us-gaap:AdditionalPaidInCapitalMember2021-12-3100013821012022-01-012022-03-310001382101stro:ResearchAndDevelopmentServicesMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2022-04-012022-06-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001382101us-gaap:RetainedEarningsMember2023-04-012023-06-300001382101stro:VaxcyteIncMember2023-06-300001382101us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101stro:AstellasLicenseAndCollaborationAgreementMember2022-06-012022-06-300001382101stro:RestrictedStockUnitsIssuedAndOutstandingMember2023-01-012023-06-300001382101stro:BmsAgreementMember2022-12-310001382101us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101stro:MaterialsSupplyMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-04-012022-06-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101stro:CommonStockOptionIssuedAndOutstandingMember2022-01-012022-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:TaslyBiopharmaceuticalsCoLtdMember2022-01-012022-06-300001382101stro:TwoThousandEighteenEquityIncentivePlanMember2018-09-242018-09-250001382101stro:AstellasLicenseAndCollaborationAgreementMember2023-01-012023-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2023-01-012023-06-300001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2023-06-300001382101stpr:CAstro:SanCarlosLeaseMember2023-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2023-01-012023-06-300001382101us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:TwoThousandFourPlanTwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2023-01-012023-06-300001382101us-gaap:CommonStockMember2022-06-300001382101us-gaap:FairValueInputsLevel1Memberus-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:AdditionalPaidInCapitalMember2022-06-300001382101stro:MarketableSecuritiesMember2022-12-310001382101us-gaap:CommonStockMember2021-12-310001382101us-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-12-310001382101stro:CommonStockAwardsIssuedAndOutstandingMember2023-06-300001382101stro:AttheMarketIssuanceSalesAgreementMember2023-04-012023-06-300001382101stro:WarrantsToPurchaseCommonStockMember2022-01-012022-06-300001382101us-gaap:RetainedEarningsMember2021-12-310001382101us-gaap:CommonStockMember2023-01-012023-03-310001382101us-gaap:CommonStockMember2023-06-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:FirstCytokineDerivativeProgramMember2020-03-012020-03-310001382101us-gaap:CommercialPaperMember2023-06-300001382101stro:SupranationalDebtSecuritiesMember2022-12-310001382101stro:MaterialsSupplyMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2022-04-012022-06-300001382101stro:TwoThousandEighteenEmployeeStockPurchasePlanMember2023-01-010001382101us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101us-gaap:RetainedEarningsMember2022-01-012022-03-310001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-12-310001382101us-gaap:CashEquivalentsMember2023-06-300001382101us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-06-300001382101stro:WarrantsToPurchaseCommonStockMember2023-01-012023-06-300001382101us-gaap:RestrictedStockUnitsRSUMemberstro:TwoThousandEighteenEquityIncentivePlanMember2022-06-300001382101us-gaap:USGovernmentCorporationsAndAgenciesSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101us-gaap:FairValueInputsLevel2Memberstro:SupranationalDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:RetainedEarningsMember2023-01-012023-03-310001382101us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101us-gaap:MoneyMarketFundsMember2022-12-310001382101stro:MaterialsSupplyMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2023-04-012023-06-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001382101stro:VaxcyteIncMemberstro:ResearchAndDevelopmentServicesMemberstro:SupplyAgreementMember2023-04-012023-06-300001382101us-gaap:EmployeeStockOptionMemberstro:TwoThousandEighteenEquityIncentivePlanMember2023-01-012023-06-300001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001382101stro:VaxcyteIncMember2023-01-012023-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2023-04-012023-06-3000013821012021-12-3100013821012022-04-012022-06-300001382101stro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2023-04-012023-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-01-012023-06-300001382101us-gaap:AssetBackedSecuritiesMember2022-12-310001382101us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:CommonStockMemberstro:AttheMarketIssuanceSalesAgreementMember2023-01-012023-06-300001382101us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberstro:LoanAndSecurityAgreementMember2023-06-300001382101us-gaap:EquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101us-gaap:RestrictedStockUnitsRSUMember2022-12-310001382101stro:CommonStockAwardsIssuedAndOutstandingMember2022-12-310001382101us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:TwoThousandEighteenMerckAgreementMember2023-01-012023-06-300001382101stro:MDAAgreementMemberstro:EMDSeronoMember2023-06-300001382101stro:TwoThousandEighteenEquityIncentivePlanMemberstro:EmployeeStockPurchasePlanMember2023-06-300001382101us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:ClinicalTrialsMember2023-06-300001382101stro:TwoThousandEighteenEquityIncentivePlanMember2018-09-250001382101stro:CmoMember2022-12-310001382101us-gaap:WarrantMember2023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:MerckKGaADarmstadtGermanyMember2023-01-012023-06-300001382101stro:AmendedAndRestatedTwoThousandTwentyOneEquityInducementPlanMember2023-02-280001382101stro:MaterialsSupplyMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2023-01-012023-06-300001382101us-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2022-12-310001382101us-gaap:AssetBackedSecuritiesMember2023-06-300001382101stro:TwoThousandFourPlanTwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2022-12-310001382101stro:MerckSharpAndDohmeCorporationMemberstro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2023-01-012023-06-300001382101us-gaap:RetainedEarningsMember2023-03-310001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001382101stro:MaterialsSupplyMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-01-012022-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:MerckKGaADarmstadtGermanyMember2022-04-012022-06-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001382101stro:MaterialsSupplyMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-04-012022-06-300001382101us-gaap:CorporateDebtSecuritiesMember2022-12-310001382101stro:MaterialsSupplyMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-01-012022-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:VaxcyteIncMember2022-04-012022-06-300001382101stro:MarketableSecuritiesMember2023-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-04-012023-06-300001382101us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-06-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2023-04-012023-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-01-012023-06-300001382101stro:MaterialsSupplyMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-04-012022-06-300001382101us-gaap:CommonStockMember2022-01-012022-03-310001382101stro:TwoThousandEighteenBmsMasterServicesAgreementMember2022-12-310001382101us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:TwoThousandTwentyOneEquityInducementPlanMember2021-08-040001382101stro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-04-012022-06-300001382101srt:MinimumMember2023-01-012023-06-300001382101stro:AstellasLicenseAndCollaborationAgreementMember2022-06-300001382101stro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-01-012022-06-300001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2022-01-012022-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2023-01-012023-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:BmsAgreementAndTwoThousandEighteenBmsMasterServicesAgreementMember2022-01-012022-06-300001382101us-gaap:RetainedEarningsMember2022-03-310001382101us-gaap:RestrictedStockUnitsRSUMemberstro:TwoThousandEighteenEquityIncentivePlanMember2023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:BristolMyersSquibbCompanyBMSMember2023-01-012023-06-300001382101stro:BlackstoneLifeSciencesMembersrt:MaximumMember2023-01-012023-06-300001382101us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2022-12-310001382101us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-3100013821012023-08-070001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2022-04-012022-06-300001382101stro:BmsAgreementMember2017-08-012017-08-310001382101stro:FinancingComponentOnUnearnedRevenueMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-04-012023-06-300001382101stro:SupranationalDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001382101us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-06-300001382101us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:TaslyBiopharmaceuticalsCoLtdMember2022-04-012022-06-300001382101stro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2023-01-012023-06-3000013821012023-01-012023-06-300001382101stro:VaxcyteIncMemberstro:SupplyAgreementMember2023-04-012023-06-300001382101us-gaap:EmployeeStockOptionMemberstro:TwoThousandEighteenEquityIncentivePlanMember2022-01-012022-06-300001382101us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-04-012023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:MerckKGaADarmstadtGermanyMember2022-01-012022-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:VaxcyteIncMember2023-01-012023-06-300001382101stro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-01-012023-06-300001382101stro:AstellasLicenseAndCollaborationAgreementMember2023-04-012023-06-300001382101us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101stro:RestrictedStockUnitsIssuedAndOutstandingMember2022-01-012022-06-300001382101stro:LoanAndSecurityAgreementMemberstro:OxfordFinanceLimitedLiabilityCompanyAndSiliconValleyBankMember2022-12-310001382101stro:OngoingPerformanceRelatedToUnsatisfiedPerformanceObligationsMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-04-012023-06-300001382101stro:BlackstoneLifeSciencesMember2023-01-012023-06-3000013821012022-03-310001382101stro:MaterialsSupplyMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2023-01-012023-06-300001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:BristolMyersSquibbCompanyBMSMember2022-04-012022-06-300001382101stro:TwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2022-12-310001382101stro:TwoThousandEighteenEquityIncentivePlanMemberstro:EmployeeStockPurchasePlanMember2022-06-300001382101stro:VaxcyteCommonStockMemberstro:VaxcyteIncMember2023-06-3000013821012023-03-3100013821012022-06-300001382101stro:MaterialsSupplyMemberstro:VaxcyteIncMemberstro:SupplyAgreementMember2022-01-012022-06-300001382101stro:TwoThousandEighteenMerckAgreementMember2023-06-300001382101stro:MaterialsSupplyMemberstro:TwoThousandTwentyMerckMasterServicesAgreementMember2023-04-012023-06-300001382101stro:MerckSharpAndDohmeCorporationMemberstro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMember2023-04-012023-06-300001382101stro:SanCarlosLeaseMemberstpr:CA2023-01-012023-06-300001382101stro:VaxcyteIncMember2022-12-310001382101stro:TwoThousandEighteenMerckAgreementMember2022-12-310001382101stro:CollaborationAndLicenseAgreementsAndSupplyAgreementsMemberstro:VaxcyteIncMember2022-01-012022-06-300001382101us-gaap:RetainedEarningsMember2022-04-012022-06-300001382101us-gaap:RetainedEarningsMember2023-06-300001382101stro:TwoThousandEighteenMerckAgreementMember2021-04-300001382101us-gaap:ResearchAndDevelopmentExpenseMember2023-04-012023-06-300001382101stro:TwoThousandFourPlanTwoThousandEighteenEquityIncentivePlanAndTwoThousandTwentyOneEquityInducementPlanMember2023-06-300001382101us-gaap:RetainedEarningsMember2022-12-310001382101stro:OngoingPerformanceRelatedToUnsatisfiedPerformanceObligationsMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-01-012023-06-300001382101stro:FinancingComponentOnUnearnedRevenueMemberstro:AstellasLicenseAndCollaborationAgreementMember2023-01-012023-06-300001382101us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001382101stro:ResearchAndDevelopmentServicesMemberstro:TwoThousandNineteenEMDSeronoSupplyAgreementsMember2022-01-012022-06-300001382101stro:MDAAgreementMemberstro:EMDSeronoMember2022-12-310001382101us-gaap:AdditionalPaidInCapitalMember2022-12-310001382101us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001382101stro:MerckSharpAndDohmeCorporationMemberstro:TwoThousandEighteenMerckAgreementMember2018-07-012018-07-310001382101stro:AstellasLicenseAndCollaborationAgreementMember2023-06-300001382101us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001382101us-gaap:EmployeeStockOptionMemberstro:TwoThousandEighteenEquityIncentivePlanMember2023-06-300001382101stro:AttheMarketIssuanceSalesAgreementMember2023-01-012023-03-310001382101us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-31stro:Programstro:PerformanceObligationxbrli:purexbrli:sharesiso4217:USDxbrli:sharesiso4217:USDstro:Segmentstro:Installment

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number: 001-38662

 

SUTRO BIOPHARMA, INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

47-0926186

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

111 Oyster Point Blvd,

South San Francisco, California

94080

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (650) 881-6500

Not Applicable:

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common stock, $0.001 par value

 

STRO

 

The Nasdaq Stock Market LLC

(Nasdaq Global Market)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of August 7, 2023, the registrant had 60,527,043 shares of common stock, $0.001 par value per share, outstanding.

 


 

Table of Contents

 

 

Page

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

2

Condensed Balance Sheets

2

Condensed Statements of Operations

3

 

Condensed Statements of Comprehensive Loss

4

 

Condensed Statements of Stockholders’ Equity

5

 

Condensed Statements of Cash Flows

6

 

Notes to Unaudited Interim Condensed Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

Controls and Procedures

39

PART II.

OTHER INFORMATION

 

Item 1.

Legal Proceedings

40

Item 1A.

Risk Factors

40

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

95

Item 3.

Defaults Upon Senior Securities

95

Item 4.

Mine Safety Disclosures

95

Item 5.

Other Information

95

Item 6.

Exhibits

96

Signatures

 

97

 

 

 

 

 

1


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Sutro Biopharma, Inc.

Condensed Balance Sheets

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

235,095

 

 

$

47,254

 

Marketable securities

 

 

123,198

 

 

 

255,090

 

Investment in equity securities

 

 

33,349

 

 

 

32,020

 

Accounts receivable

 

 

9,999

 

 

 

7,122

 

Prepaid expenses and other current assets

 

 

10,344

 

 

 

11,667

 

Total current assets

 

 

411,985

 

 

 

353,153

 

Property and equipment, net

 

 

23,636

 

 

 

24,621

 

Operating lease right-of-use assets

 

 

25,138

 

 

 

26,443

 

Other non-current assets

 

 

3,268

 

 

 

1,855

 

Restricted cash

 

 

872

 

 

 

872

 

Total assets

 

$

464,899

 

 

$

406,944

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

3,856

 

 

$

4,797

 

Accrued compensation

 

 

9,509

 

 

 

13,142

 

Deferred revenue - current

 

 

18,036

 

 

 

16,759

 

Operating lease liability - current

 

 

5,934

 

 

 

4,585

 

Debt - current

 

 

10,197

 

 

 

12,500

 

Accrued expenses and other current liabilities

 

 

19,593

 

 

 

14,764

 

Total current liabilities

 

 

67,125

 

 

 

66,547

 

Deferred revenue - non-current

 

 

79,880

 

 

 

89,885

 

Operating lease liability - non-current

 

 

26,526

 

 

 

29,574

 

Debt - non-current

 

 

-

 

 

 

3,771

 

Deferred royalty obligation related to the sale of future royalties

 

 

136,653

 

 

 

-

 

Other non-current liabilities

 

 

-

 

 

 

119

 

Total liabilities

 

 

310,184

 

 

 

189,896

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.001 par value — 10,000,000 shares authorized
   as of June 30, 2023 and December 31, 2022;
0 shares issued and
   outstanding as of June 30, 2023 and December 31, 2022

 

 

-

 

 

 

-

 

Common stock, $0.001 par value — 300,000,000 shares authorized
   as of June 30, 2023 and December 31, 2022;
60,471,041 and
   
57,499,541 shares issued and outstanding as of June 30, 2023
   and December 31, 2022, respectively

 

 

60

 

 

 

58

 

Additional paid-in-capital

 

 

695,828

 

 

 

670,223

 

Accumulated other comprehensive loss

 

 

16

 

 

 

(618

)

Accumulated deficit

 

 

(541,189

)

 

 

(452,615

)

Total stockholders’ equity

 

 

154,715

 

 

 

217,048

 

Total Liabilities and Stockholders’ Equity

 

$

464,899

 

 

$

406,944

 

 

See accompanying notes to unaudited interim condensed financial statements.

2


 

Sutro Biopharma, Inc.

Condensed Statements of Operations

(Unaudited)

(In thousands, except share and per share amounts)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues

 

$

10,412

 

 

$

28,096

 

 

$

23,086

 

 

$

33,993

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

41,592

 

 

 

32,332

 

 

 

80,991

 

 

 

62,322

 

General and administrative

 

 

14,999

 

 

 

15,143

 

 

 

30,511

 

 

 

30,182

 

Total operating expenses

 

 

56,591

 

 

 

47,475

 

 

 

111,502

 

 

 

92,504

 

Loss from operations

 

 

(46,179

)

 

 

(19,379

)

 

 

(88,416

)

 

 

(58,511

)

Interest income

 

 

2,842

 

 

 

197

 

 

 

5,402

 

 

 

313

 

Unrealized gain (loss) on equity securities

 

 

8,321

 

 

 

(3,736

)

 

 

1,329

 

 

 

(3,173

)

Non-cash interest expense related to the
   sale of future royalties

 

 

(442

)

 

 

-

 

 

 

(442

)

 

 

-

 

Interest and other income (expense), net

 

 

(2,915

)

 

 

(594

)

 

 

(5,901

)

 

 

(1,251

)

Loss before provision for income taxes

 

 

(38,373

)

 

 

(23,512

)

 

 

(88,028

)

 

 

(62,622

)

Provision for income taxes

 

 

151

 

 

 

2,500

 

 

 

546

 

 

 

2,500

 

Net loss

 

$

(38,524

)

 

$

(26,012

)

 

$

(88,574

)

 

$

(65,122

)

Net loss per share, basic and diluted

 

$

(0.64

)

 

$

(0.55

)

 

$

(1.49

)

 

$

(1.39

)

Weighted-average shares used in computing
   basic and diluted loss per share

 

 

60,339,475

 

 

 

46,957,196

 

 

 

59,535,918

 

 

 

46,729,663

 

 

See accompanying notes to unaudited interim condensed financial statements.

3


 

Sutro Biopharma, Inc.

Condensed Statements of Comprehensive Loss

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net loss

 

$

(38,524

)

 

$

(26,012

)

 

$

(88,574

)

 

$

(65,122

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized income (loss) on available-for-sale
   securities

 

 

123

 

 

 

(204

)

 

 

634

 

 

 

(1,042

)

Comprehensive loss

 

$

(38,401

)

 

$

(26,216

)

 

$

(87,940

)

 

$

(66,164

)

 

See accompanying notes to unaudited interim condensed financial statements.

4


 

Sutro Biopharma, Inc.

Condensed Statements of Stockholders’ Equity

(Unaudited)

(In thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In-

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balances at December 31, 2022

 

 

57,499,541

 

 

$

58

 

 

$

670,223

 

 

$

(618

)

 

$

(452,615

)

 

$

217,048

 

Exercise of common stock options

 

 

53,060

 

 

 

 

 

 

314

 

 

 

 

 

 

 

 

 

314

 

Issuance of common stock under
   Employee Stock Purchase Plan

 

 

239,060

 

 

 

 

 

 

1,097

 

 

 

 

 

 

 

 

 

1,097

 

Vesting of restricted stock units

 

 

801,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock transaction associated with taxes
   withheld on restricted stock units

 

 

(73,003

)

 

 

 

 

 

(451

)

 

 

 

 

 

 

 

 

(451

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

6,021

 

 

 

 

 

 

 

 

 

6,021

 

Issuance of common stock in connection with
   At-The-Market sale, net of issuance costs of $
308

 

 

1,641,374

 

 

 

2

 

 

 

10,921

 

 

 

 

 

 

 

 

 

10,923

 

Net unrealized income on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

511

 

 

 

 

 

 

511

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,050

)

 

 

(50,050

)

Balances at March 31, 2023

 

 

60,161,801

 

 

$

60

 

 

$

688,125

 

 

$

(107

)

 

$

(502,665

)

 

$

185,413

 

Vesting of restricted stock units

 

 

94,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock transaction associated with taxes
   withheld on restricted stock units

 

 

(1,296

)

 

 

 

 

 

(6

)

 

 

 

 

 

 

 

 

(6

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

6,661

 

 

 

 

 

 

 

 

 

6,661

 

Issuance of common stock in connection with
   At-The-Market sale, net of issuance costs of $
151

 

 

216,036

 

 

 

 

 

 

1,048

 

 

 

 

 

 

 

 

 

1,048

 

Net unrealized income on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

123

 

 

 

 

 

 

123

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,524

)

 

 

(38,524

)

Balances at June 30, 2023

 

 

60,471,041

 

 

$

60

 

 

$

695,828

 

 

$

16

 

 

$

(541,189

)

 

$

154,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In-

 

 

Comprehensive

 

 

Accumulated

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

(Loss)

 

 

Deficit

 

 

Equity

 

Balances at December 31, 2021

 

 

46,327,131

 

 

$

46

 

 

$

586,243

 

 

$

(314

)

 

$

(333,411

)

 

$

252,564

 

Exercise of common stock options

 

 

32,497

 

 

 

 

 

 

180

 

 

 

 

 

 

 

 

 

180

 

Issuance of common stock under
   Employee Stock Purchase Plan

 

 

146,165

 

 

 

 

 

 

1,006

 

 

 

 

 

 

 

 

 

1,006

 

Vesting of restricted stock units

 

 

465,731

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock transaction associated with taxes
   withheld on restricted stock units

 

 

(44,665

)

 

 

 

 

 

(404

)

 

 

 

 

 

 

 

 

(404

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

6,974

 

 

 

 

 

 

 

 

 

6,974

 

Net unrealized loss on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

(838

)

 

 

 

 

 

(838

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,110

)

 

 

(39,110

)

Balances at March 31, 2022

 

 

46,926,859

 

 

$

47

 

 

$

593,998

 

 

$

(1,152

)

 

$

(372,521

)

 

$

220,372

 

Exercise of common stock options

 

 

298

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

2

 

Vesting of restricted stock units

 

 

31,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock transaction associated with taxes
   withheld on restricted stock units

 

 

(1,296

)

 

 

 

 

 

(9

)

 

 

 

 

 

 

 

 

(9

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

6,696

 

 

 

 

 

 

 

 

 

6,696

 

Issuance of common stock in connection with
   At-The-Market sale, net of issuance costs of $
690

 

 

1,716,996

 

 

 

2

 

 

 

8,211

 

 

 

 

 

 

 

 

 

8,213

 

Net unrealized loss on available-for-sale securities