On 28 May 2020, Sutro Biopharma, Inc. stock identified change of 63.00% away from 52-week low price and recently located move of -23.29% off 52-week high price. STRO stock has been recorded 1.64% away from 50 day moving average and -3.03% away from 200 day moving average. Moving closer, we can see that shares have been trading 2.46% off 20-day moving average.
Sutro Biopharma, Inc. (STRO) recently stated its financial results for the year ended December 31, 2019 and provided a preview of its planned activities for 2020.
Full 2019 Financial Highlights
Cash, Cash Equivalents and Marketable Securities
As of December 31, 2019, Sutro had cash, cash equivalents and marketable securities of $133.5M, as contrast to $204.5M as of December 31, 2018, which represents net cash usage of $16.9M and $71.0M during the fourth quarter and year ended December 31, 2019, respectively.
On February 28, 2020, Sutro entered into a loan and security contract, under which Sutro borrowed $25.0M, with about $9.6M of such amount used to repay the outstanding principal, interest and final payment fees under a previous loan with the same lenders.
Revenue was $42.7M for the year ended December 31, 2019, contrast to $38.4M for 2018, principally related to the Merck, BMS, and EMD Serono collaborations. On January 1, 2019, Sutro adopted Accounting Standards Update No. 2014-09 Revenue from Contracts with Consumers (Accounting Standards Codification Topic 606). For more information on the impact of the adoption of the new revenue standard, see “Notes to Financial Statements” contained in Part II, Item 8 of Sutro’s Yearly Report on Form 10-K filed with the Securities and Exchange Commission on March 16, 2020. Future alliance revenue from Merck, BMS, and EMD Serono, and from any future alliance partners, will fluctuate as a result of the amount and timing of revenue recognition of upfront, milestones and other alliance contract payments.
Total operating expenses for the year ended December 31, 2019, were $98.2M, contrast to $75.6M in 2018, including non-cash stock-based compensation of $10.3M and $2.9M, and depreciation and amortization expense of $4.8M and $4.5M, in 2019 and 2018, respectively. Total operating expenses for 2019 were comprised of research and development expenses of $65.6M and general and administrative expenses of $32.6M, with both expense types predictable 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.
Sutro Biopharma, Inc. noticed change of 1.03% to $9.78 along volume of 11731 shares in recent session compared to an average volume of 72.49K. The stock observed return of -3.78% in 5 days trading activity.