“The third quarter of 2020 was one of strong execution for Surface on several fronts,” said
Recent Corporate Highlights:
- Continued patient enrollment in ongoing Phase 1 clinical studies of our lead programs, SRF617 (targeting CD39) and SRF388 (targeting IL-27).
- Presented new preclinical data demonstrating how the crystal structure of IL-27 in complex with SRF388 inhibits downstream signaling events and provides a basis to measure therapeutic impact of IL-27 inhibition at the International Cytokine and Interferon Society’s (ICIS) Cytokines 2020
- Advanced SRF813, a high affinity, fully human IgG1 antibody targeting PVRIG (or CD112R) into IND-enabling studies. Preclinical studies support SRF813’s differentiated profile compared to the most advanced competitor currently in clinical development and PVRIG inhibition by SRF813 activates both NK and T cells, resulting in robust anti-tumor activity and immunological memory.
- Continued progression of the ongoing Phase 1/1b trial of NZV930 (targeting CD73) by Surface Oncology’s partner, Novartis.
Selected Anticipated Near-term Corporate Milestones:
- Preclinical data presentations anticipated at
Society for Immunotherapy of Cancer(SITC) 35th Anniversary Annual Meeting, November 11–14 2020.
- Initial clinical updates for both SRF617 and SRF388 anticipated by the end of 2020.
- Additional data presentations anticipated at scientific and medical conferences during the first half of 2021, including detailed clinical data presentations for SRF617 and SRF388.
- Investigational new drug (IND) filing for SRF813 anticipated in mid-2021.
Research and development (R&D) expenses were
General and administrative (G&A) expenses were
For the third quarter ended
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, SRF617 and SRF813, will not be successfully developed or commercialized, the risks related to Surface Oncology’s dependence on third-parties in connection with its manufacturing, clinical trials and preclinical studies, and the potential impact of COVID-19 on our clinical and preclinical development timelines and results of operations. 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
Selected Financial Information:
(In thousands, except share and per share amounts)
|Three months ended
||Nine months ended
|Statement of Operations Items||2020||2019||2020||2019|
|Collaboration revenue - related party||$||—||$||344||$||38,592||$||14,921|
|Research and development||9,454||12,916||30,290||40,461|
|General and administrative||4,904||4,984||14,686||15,494|
|Total operating expenses||14,358||17,900||44,976||55,955|
|Loss from operations||(14,358||)||(17,556||)||(6,384||)||(41,034||)|
|Interest and other income, net||(1,416||)||678||(1,627||)||2,199|
|Net loss per share attributable to common stockholders — basic and diluted||$||(0.39||)||$||(0.61||)||$||(0.24||)||$||(1.39||)|
|Weighted average common shares outstanding— basic and diluted||40,004,555||27,862,544||33,822,682||27,844,591|
|Selected Balance Sheet Items:|
|Cash, cash equivalents and marketable securities||$||102,473||$||105,161|
|Accounts payable and accrued expenses||8,051||11,396|
|Deferred revenue – related party||—||38,592|
|Total stockholders’ equity||86,064||56,666|
Source: Surface Oncology, Inc.