Sutro Biopharma Q2 revenue $28.1M; Astellas collaboration adds $90M cash, cash runway into H1 2024

SUTRO BIOPHARMA, INC.

2022-Q2 EPS reported -$1.39 revenue$33,993,000

Q2 revenue $28.1M (flat YoY); operating expenses $47.5M vs $37.9M in Q2 2021.
Cash $191.6M at June 30; plus $90M Astellas upfront in July, providing runway into H1 2024.
Entered iADC collaboration with Astellas for up to 3 targets; $90M upfront, $422.5M milestones per candidate.
Merck triggered $10M milestone upon first patient dosed in Phase 1 of MK-1484 (IL-2 agonist).
FDA signaled accelerated approval pathway possible for STRO-002 in platinum-resistant ovarian cancer; data expected H2 2022.

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