“2019 is an important execution year for Surface and we are off to a fantastic start. During the first quarter, we continued to make strong progress on a number of fronts, including the expansion of both our executive team and scientific advisory board, as well as the advancement of our next wave of product programs, SRF617 and SRF388, towards initial clinical trials,” said
Recent Corporate Highlights:
- Addition of
F. Steven Hodi, M.D., Dana Farber Cancer Institute, to our Scientific Advisory Board. Dr. Hodi is a clinical pioneer in the field of cancer immunotherapy and his groundbreaking work in melanoma with checkpoint inhibitors led to the first wave of cancer immunotherapy drug approvals.
- Appointment of
Wendy Dwyeras chief business officer. Ms. Dwyer brings over 20 years of transactional experience, including prior business development leadership roles at AstraZeneca, Ipsen Biosciences and Endo Pharmaceuticals.
Novartis-sponsored phase 1 trial of NZV930 (CD73) continues to progress, now enrolling patients in seven countries.
- IND filings for both SRF617 (CD39) and SRF388 (IL-27) remain on track for Q4 of 2019.
Surface Oncologyscientists co-authored the paper, "IL-27 and TCR Stimulation Promote T Cell Expression of Multiple Inhibitory Receptors," which was published in ImmunoHorizons.
Research and development (R&D) expenses were
General and administrative (G&A) expenses were
For the first quarter ended
Based upon its current operating plan, Surface continues to have a projected cash runway through 2021.
Cautionary Note Regarding Forward-Looking Statements:
Certain statements set forth in this press release constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by terms such as “believes,” “expects,” “plans,” “potential,” “would” or similar expressions and the negative of those terms. These forward-looking statements are based on Surface Oncology’s management’s current beliefs and assumptions about future events and on information currently available to management.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Surface Oncology’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to Surface Oncology’s ability to successfully develop SRF388, SRF617 and its other product candidates through current and future milestones or regulatory filings on the anticipated timeline, if at all, the therapeutic potential of Surface Oncology’s product candidates, the risk that results from preclinical studies or early clinical trials may not be representative of larger clinical trials, the risk that Surface Oncology’s product candidates, including SRF388 and SRF617, will not be successfully developed or commercialized and the risks related to Surface Oncology’s dependence on third parties in connection with its manufacturing, clinical trials and preclinical studies. Additional risks and uncertainties that could affect Surface Oncology’s future results are included in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ending
Additional information on potential risks will be made available in other filings that
(In thousands, except per share amounts)
|Three months ended March 31,|
|Statement of Operations Items||2019||2018|
|Collaboration revenue – related party||$||14,434||$||45,495|
|Research and development||14,309||11,090|
|General and administrative||5,093||3,362|
|Total operating expenses||19,402||14,452|
|Income (loss) from operations||(4,968||)||31,043|
|Total other income||769||169|
|Net income (loss)||(4,199||)||31,212|
|Accretion of redeemable convertible preferred stock to redemption value||-||(11||)|
|Net income attributable to redeemable convertible preferred stockholders||-||(26,866||)|
|Net income (loss) attributable to common stockholders||$||(4,199||)||$||4,335|
|Net income (loss) per share attributable to common stockholders— basic||$||(0.15||)||$||1.59|
|Weighted average common shares outstanding— basic||27,825,698||2,727,606|
|Net income (loss) per share attributable to common stockholders— diluted||$||(0.15||)||$||1.05|
|Weighted average common shares outstanding— diluted||27,825,698||4,134,644|
|March 31,||December 31,|
|Selected Balance Sheet Items:||2019||2018|
|Cash, cash equivalents and marketable securities||$||140,174||$||158,835|
|Accounts payable and accrued expenses||9,263||12,215|
|Deferred revenue – related party||39,518||53,952|
|Total stockholders’ equity||100,393||102,862|
Source: Surface Oncology, Inc.