“The Surface team’s focus on execution across the pipeline has delivered a next wave of programs on the cusp of entering clinical development and a new development candidate for our first NK cell targeted program, SRF813. We look forward to walking through our phase 1 trial plans for SRF617 and SRF388, as well as our differentiated approach towards targeting the immune checkpoint protein CD112R at our inaugural R&D day,” said
The R&D day will be introduced by keynote speaker and
Recent & Upcoming Corporate Highlights:
- Appointment of
Ramy Ibrahim, Ph.D., to the Surface Oncologyboard of directors. Dr. Ibrahim is a medical oncologist currently serving as chief medical officer and vice president of clinical development at the Parker Institute for Cancer Immunotherapy. He is an acknowledged immunotherapy expert and played an important role in the development of several approved immune checkpoint inhibitor therapies such as durvalumab (Imfinzi®), ipilimumab (Yervoy®) and nivolumab (Opdivo®).
- Presentation of three scientific posters at the
Society for Immunotherapy of Cancer( SITC) conference in National Harbor, Maryland, sharing insights from the SRF617, SRF388 and SRF231 programs. These posters will be hosted on the Company’s corporate website.
- A new development program, SRF813, to be discussed in detail at the Company’s R&D day. SRF813 is Surface’s first natural killer (NK) cell targeting program, focused on the recently identified immune checkpoint protein CD112R, the blockade of which promotes anti-tumor responses through both innate and adaptive arms of the immune system.
- Continued progression of SRF617 (CD39) and SRF388 (IL-27) towards IND filings this year.
- Continued enrollment of the ongoing phase 1b study of NZV930 (CD73), licensed to
Novartis, which is evaluating combinations of NZV930 with PDR001 (anti PD-1), NIR178 (A2aR inhibitor), as well as a combination of all three therapies. Novartisis responsible for all development costs associated with NZV930. Surface Oncologyis currently entitled to cumulative potential milestones in excess of $500 million, as well as tiered royalties on annual net sales by Novartisranging from high single-digit to mid-teens percentages upon the successful commercialization of NZV930.
R&D expenses were
General and administrative (G&A) expenses were
For the third quarter ended
Based upon its current operating plan, which includes anticipated milestones from
Surface Oncology is an immuno-oncology company developing next-generation antibody therapies focused on the tumor microenvironment with lead programs targeting CD73, CD39, IL-27, CD112R and CD47. Surface’s novel cancer immunotherapies are designed to achieve a clinically meaningful and sustained anti-tumor response and may be used alone or in combination with other therapies. The Company has a pipeline of six novel immunotherapies and a strategic collaboration with Novartis focused on NZV930 (CD73) and potentially one additional undisclosed program. For more information, please visit www.surfaceoncology.com.
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, SRF813 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 product candidate development, manufacturing, clinical trials and preclinical studies, including Surface Oncology’s dependence on its collaboration with
Additional information on potential risks will be made available in other filings that Surface Oncology makes from time to time with the Securities and Exchange Commission. In addition, any forward-looking statements contained in this press release are based on assumptions that Surface Oncology believes to be reasonable as of this date. Except as required by law, Surface Oncology assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Ten Bridge Communications
|Selected Financial Information:|
|(In thousands, except share and per share amounts)
|Three months ended
|Nine months ended
|Statement of Operations Items||2019||2018||2019||2018|
|Collaboration revenue — related party||$||344||$||1,730||$||14,921||$||49,653|
|Research and development||12,916||15,783||40,461||41,971|
|General and administrative||4,984||3,977||15,494||11,252|
|Total operating expenses||17,900||19,760||55,955||53,223|
|Loss from operations||(17,556||)||(18,030||)||(41,034||)||(3,570||)|
|Interest and other income, net||678||808||2,199||1,708|
|Accretion of redeemable convertible preferred stock to redemption value||—||$||—||—||(11||)|
|Net loss attributable to common stockholders||(16,878||)||(17,222||)||(38,835||)||(1,873||)|
|Net loss per share attributable to common stockholders — basic and diluted||$||(0.61||)||$||(0.62||)||$||(1.39||)||$||(0.11||)|
|Weighted average common shares outstanding — basic and diluted||27,862,544||27,598,251||27,844,591||17,398,249|
|September 30,||December 31,|
|Selected Balance Sheet Items:||2019||2018|
|Cash, cash equivalents and marketable securities||$||111,804||$||158,835|
|Accounts payable and accrued expenses||10,080||12,215|
|Deferred revenue — related party||39,031||53,952|
|Total stockholders’ equity||68,985||102,862|
Source: Surface Oncology, Inc.