NASDAQ$STRO
Sutro Biopharma Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Sutro Biopharma reported financial results for the first quarter of 2023 and provided business highlights.
Sutro Biopharma reported a revenue of $12.7 million for Q1 2023, primarily from collaborations with Astellas, Merck, and BMS. The company's cash and investments totaled $251.5 million, with Vaxcyte common stock valued at $25.0 million, providing a cash runway into the second half of 2024. Sutro plans to initiate REFRaME, a registration-directed trial for luveltamab tazevibulin.
- Data from the Phase 1 dose-expansion study for luveltamab tazevibulin will be featured as an oral presentation at ASCO 2023.
- STRO-003 demonstrated potent anti-tumor activity and immune-modulating properties in preclinical models.
- Sutro plans to initiate REFRaME, a Phase 2/3 registration-directed study for patients with platinum-resistant ovarian cancer, in the second quarter of 2023.
- As of March 31, 2023, Sutro had cash and investments of $251.5 million and shares of Vaxcyte common stock valued at $25.0 million, which together provide a projected cash runway into the second half of 2024.
Headline financials
Revenue & EPS history
Sutro · Revenue · Quarterly
$12.7M
Revenue by segment
Sutro · $14.5M total across 2 segments · Q1 2026
- Astellas Pharma Inc.$14.5M—99.9%
- Vaxcyte, Inc.$15K—0.1%
Forward guidance
Sutro is focused on advancing its pipeline, including the imminent initiation of REFRaME, a registration-directed trial for luveltamab tazevibulin, and data readout from ongoing dose expansion Cohort C in ovarian cancer anticipated in the second half of 2023.
Tailwinds
- Initiation of REFRaME trial for luveltamab tazevibulin in Q2 2023.
- Data readout from Cohort C in ovarian cancer anticipated in the second half of 2023.
- Advancement of STRO-003 with IND planned for Q1 2024.
- Ongoing collaborations with Astellas, Merck and BMS.
- Sutro has completed the Phase 1 dose-escalation study in patients with non-Hodgkin’s lymphoma (NHL) and multiple myeloma (MM).
Headwinds
- Unrealized loss of $7.0 million due to decrease in the estimated fair value of Sutro’s holdings of Vaxcyte common stock.
- Total operating expenses increased to $54.9 million compared to $45.0 million for the same period in 2022.
- Net loss of $50.05 million for the quarter ended March 31, 2023.
- Dependence on collaborations and license revenue which may fluctuate.
- Trevor Hallam, Ph.D., will be stepping down from his role as President of Research & Chief Scientific Officer, effective May 31, 2023.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q1 2023
-0.8%
Avg return
Earnings day
-1.3%
Avg return
5 days after
+3.4%
Avg return
30 days after
42%
13 / 31 earnings
Positive
+22.2%
Q4 2023
Best reaction
-29.4%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +2.8% | -1.6% | — | |
| Q1 2026 | -3.1% | -20.2% | -27.0% | |
| Q3 2025 | -15.8% | -13.8% | -7.9% | |
| Q2 2025 | -2.1% | -4.9% | +29.3% | |
| Q1 2025 | -3.8% | -1.1% | -3.3% | |
| Q4 2024 | -11.7% | -20.3% | +21.6% | |
| Q3 2024 | -15.4% | -32.6% | -48.0% | |
| Q2 2024 | +10.8% | +29.9% | +37.3% | |
| Q1 2024 | +4.6% | -3.4% | -6.0% | |
| Q4 2023 | +22.2% | +65.2% | +1.5% | |
| Q3 2023 | +13.9% | +29.3% | +88.9% | |
| Q2 2023 | +0.9% | +1.2% | +7.1% | |
| Q1 2023 | +1.6% | -4.1% | -5.3% | |
| Q4 2022 | -3.1% | -9.6% | -10.7% | |
| Q3 2022 | -2.5% | -3.7% | +4.6% | |
| Q2 2022 | +14.6% | +23.1% | -2.4% | |
| Q1 2022 | -6.8% | -19.6% | -19.2% | |
| Q4 2021 | -2.5% | -8.0% | -8.3% | |
| Q3 2021 | -5.3% | -11.3% | -32.2% | |
| Q2 2021 | -0.2% | +2.3% | +12.4% | |
| Q1 2021 | +8.3% | +9.7% | -0.5% | |
| Q4 2020 | +4.2% | -3.7% | -16.5% | |
| Q3 2020 | +17.8% | +12.4% | +62.7% | |
| Q2 2020 | +1.7% | +1.0% | +48.9% | |
| Q1 2020 | -9.8% | -8.1% | +0.4% | |
| Q4 2019 | -29.4% | -19.9% | -3.4% | |
| Q3 2019 | -1.1% | -1.2% | -7.5% | |
| Q2 2019 | -7.0% | -3.8% | +19.6% | |
| Q1 2019 | -7.6% | -7.9% | +1.8% | |
| Q4 2018 | +5.4% | -1.2% | -12.6% | |
| Q3 2018 | -5.0% | -13.1% | -23.2% | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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