Sutro Biopharma Confirms Non-Emerging Growth Company Status

Ticker: STRO · Form: 8-K · Filed: Jan 8, 2024 · CIK: 1382101

Sutro Biopharma, Inc. 8-K Filing Summary
FieldDetail
CompanySutro Biopharma, Inc. (STRO)
Form Type8-K
Filed DateJan 8, 2024
Risk Levellow
Pages5
Reading Time6 min
Key Dollar Amounts$0.001, $333 m, $42 million
Sentimentneutral

Complexity: simple

Sentiment: neutral

Topics: regulatory-filing, corporate-governance, compliance

TL;DR

**Sutro Biopharma is no longer an emerging growth company, meaning more regulatory oversight.**

AI Summary

Sutro Biopharma, Inc. filed an 8-K on January 8, 2024, reporting an event on January 4, 2024. This filing indicates that Sutro Biopharma, Inc. is not an emerging growth company, as defined by Rule 405 of the Securities Act of 1933. This matters to investors because it means the company is subject to more stringent reporting and disclosure requirements than an emerging growth company, potentially increasing transparency but also compliance costs.

Why It Matters

This filing clarifies Sutro Biopharma's regulatory status, impacting its reporting obligations and the level of scrutiny it faces from regulators and investors. It signals a more mature operational phase for the company.

Risk Assessment

Risk Level: low — This filing is purely administrative and does not indicate any operational or financial changes, thus posing low risk.

Analyst Insight

Investors should be aware that Sutro Biopharma's non-emerging growth company status means more comprehensive financial and operational disclosures will be available, which can aid in more thorough due diligence. This is a standard progression for maturing companies.

Key Players & Entities

  • SUTRO BIOPHARMA, INC. (company) — the registrant filing the 8-K
  • January 4, 2024 (date) — date of the earliest event reported
  • January 8, 2024 (date) — date the 8-K was filed
  • Rule 405 (regulation) — definition of an emerging growth company
  • Securities Act of 1933 (regulation) — act defining emerging growth company status

Forward-Looking Statements

  • Sutro Biopharma will face increased compliance costs due to full public company reporting requirements. (SUTRO BIOPHARMA, INC.) — high confidence, target: 2024-12-31
  • The company's public disclosures will become more extensive and detailed. (SUTRO BIOPHARMA, INC.) — high confidence, target: 2024-12-31

FAQ

What is the purpose of this 8-K filing by Sutro Biopharma, Inc.?

The 8-K filing by Sutro Biopharma, Inc. on January 8, 2024, serves to report that the company is not an emerging growth company, as indicated by the unchecked box for 'emerging growth company' status under Rule 405 of the Securities Act of 1933.

When was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing occurred on January 4, 2024, as stated in the 'Date of Report (Date of earliest event reported)' section.

What is Sutro Biopharma, Inc.'s trading symbol and on which exchange is it registered?

Sutro Biopharma, Inc.'s trading symbol is STRO, and its common stock is registered on The NASDAQ Stock Market LLC, as detailed under 'Securities registered pursuant to Section 12(b) of the Act'.

What does it mean for Sutro Biopharma, Inc. to not be an 'emerging growth company'?

Not being an 'emerging growth company' means Sutro Biopharma, Inc. does not qualify for certain scaled-back disclosure requirements and exemptions under the Securities Act of 1933 and the Securities Exchange Act of 1934, implying it must comply with full public company reporting standards.

What is the business address and phone number of Sutro Biopharma, Inc.?

Sutro Biopharma, Inc.'s business address is 111 Oyster Point Blvd., South San Francisco, California, 94080, and its telephone number is (650) 881-6500, as listed in the 'BUSINESS ADDRESS' section of the filing.

Filing Stats: 1,447 words · 6 min read · ~5 pages · Grade level 16.1 · Accepted 2024-01-08 07:31:03

Key Financial Figures

  • $0.001 — nge on which registered Common stock, $0.001 par value STRO The NASDAQ Stock Mar
  • $333 m — of December 31, 2023, as approximately $333 million, and that the Company held approx
  • $42 million — n estimated fair value of approximately $42 million as of December 31, 2023, which together

Filing Documents

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On January 8, 2024, Sutro Biopharma, Inc. (the “Company”) will be disclosing certain financial information about the Company’s estimated cash balance and estimated fair value of its Vaxcyte common stock holdings as of December 31, 2023. The Company will report the preliminary, unaudited amount of the Company’s cash, cash equivalents and marketable securities as of December 31, 2023, as approximately $333 million, and that the Company held approximately 0.7 million shares of Vaxcyte common stock with an estimated fair value of approximately $42 million as of December 31, 2023, which together the Company expects will enable it to fund its operations into the second half of 2025, based on current business plans and assumptions. The amounts are preliminary, unaudited and may change, were prepared by management and were based on the most current information available to management, and are subject to completion by management of the financial statements as of and for the year ended December 31, 2023, including performance of the Company’s financial closing procedures, any final adjustments and other developments that may arise between now and the time the financial results for this period are finalized, and the completion of the external audit of such financial statements. The Company’s independent registered public accounting firm has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data included herein. Accordingly, the Company’s independent registered public accounting firm does not express an opinion or any other form of assurance with respect thereto.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On January 8, 2024, the Company will be disclosing an updated corporate presentation. A copy of the corporate presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K. The corporate presentation will also be available on the Company’s website in the Investors section at https://www.sutrobio.com/corporate-presentation/. The information in this Item 2.02 and Item 7.01 of this report, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”) , or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

01 Other Events

Item 8.01 Other Events. Additionally, on January 4, 2024, the Company announced updated data and certain milestones for luveltamab tazevibulin (luvelta), a novel folate receptor-α (FolRα) targeting antibody drug conjugate (“ADC”). luvelta FolRα-targeting ADC Franchise Upcoming Milestones : • The registration-directed trial, REFRαME-O1, in platinum-resistant ovarian cancer, is enrolling with 26 active sites across 5 countries and an anticipated approximately 140 sites in approximately 20 countries by the end of 2024. Part 1 of the trial is expected to be completed in the first half of 2024. • Initiation of REFRαME-P1, a registration-enabling trial for pediatric patients with CBF/GLIS AML, is planned for the first half of 2024. • An Investigational New Drug application submission is planned in non-small cell lung cancer (“NSCLC”) in the first half of 2024. • Continued clinical development is planned in endometrial cancer and in combination with bevacizumab for the treatment of ovarian cancer. Updated luvelta Data : • An aggregated analysis of nearly 100 women with ovarian cancer from Company’s Phase 1 program led to the following observations: • Treatment with luvelta demonstrated improved clinical outcomes and tolerability compared to historical results with standard of care chemotherapy in an evaluable patient population matching the eligibility criteria for the REFRαME-O1 trial. • The safety profile across the aggregated analysis remained consistent with previously reported data. • Safety data from an additional cohort with prophylactic G-CSF treatment showed significant reduction of neutropenia and resulting dose delays. • New data in combination with bevacizumab demonstrated clinical activity in treated patients regardless of FolRα expression level. • Preclinical data in a model of NSCLC demon

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Corporate Presentation 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Sutro Biopharma, Inc. Date: January 8, 2024 By: /s/ Edward Albini Edward Albini Chief Financial Officer

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