“Surface continues to make considerable progress across our pipeline of novel cancer immunotherapies, highlighted by the announcement of our planned randomized Phase 2 study evaluating SRF388, our potential first-in-class antibody therapy against IL-27, in combination with Roche’s atezolizumab and bevacizumab,” said
Third Quarter and Subsequent Corporate Highlights:
November 2, 2021, Surface announced that two abstracts were accepted for presentation at the Society for Immunotherapy of Cancer(SITC) 36th Annual Meeting, taking place November 10-14, 2021, in Washington D.C.and virtually. The two abstracts will highlight new preclinical data from the Company’s two wholly-owned clinical-stage programs, SRF617 and SRF388.
October 4, 2021, Surface announced details about its plan to initiate a randomized Phase 2 clinical study evaluating SRF388 in combination with Roche’s atezolizumab and bevacizumab, in patients with treatment-naïve hepatocellular carcinoma (HCC). Initiation-enabling activities are underway and the Company expects to dose the first patient in early 2022.
July 8, 2021, Surface announced the appointment of Denice Torresto its board of directors as lead independent director. Ms. Torreshas over 25 years of executive leadership experience in healthcare across the consumer, biopharmaceutical and medical device sectors.
Selected Anticipated Near-term Corporate Milestones:
- Investigational New Drug (IND) filing for GSK4381562, formerly SRF813, targeting the PVRIG checkpoint and partnered with GlaxoSmithKline, will be filed in Q4 2021.
- Data update for SRF617 anticipated at the
European Society for Medical Oncology Immuno-Oncology Congresstaking place December 8-11, 2021.
- Data update for SRF388 anticipated in early 2022.
Research and development (R&D) expenses were
General and administrative (G&A) expenses were
For the third quarter ended
Surface Oncology is an immuno-oncology company developing next-generation antibody therapies focused on the tumor microenvironment. Its pipeline includes two wholly-owned clinical-stage programs targeting CD39 (SRF617) and IL-27 (SRF388), as well as a preclinical program focused on depleting regulatory T cells via targeting CCR8 (SRF114). In addition, Surface has two partnerships with major pharmaceutical companies: a collaboration with Novartis targeting CD73 (NZV930; Phase 1) and a collaboration with GlaxoSmithKline targeting PVRIG (GSK4381562, formerly SRF813; preclinical). 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. 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, SRF114 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 SRF114, 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 Surface Oncology’s 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||2021||2020||2021||2020|
|Collaboration revenue - related party||$||—||$||—||$||—||$||38,592|
|License related revenue||392||—||2,532||—|
|Research and development||14,037||9,454||37,250||30,290|
|General and administrative||5,847||4,904||17,923||14,686|
|Total operating expenses||19,884||14,358||55,173||44,976|
|Loss from operations||(19,492||)||(14,358||)||(52,641||)||(6,384||)|
|Interest and other income (expense), net||(401||)||(1,416||)||(1,794||)||(1,627||)|
|Net loss per share attributable to common stockholders— basic and diluted||$||(0.44||)||$||(0.39||)||$||(1.25||)||$||(0.24||)|
|Weighted average common shares outstanding— basic and diluted||45,236,775||40,004,555||43,510,078||33,822,682|
|Selected Balance Sheet Items:|
|Cash, cash equivalents and marketable securities||$||149,698||$||175,141|
|Accounts payable and accrued expenses||10,363||12,122|
|Total stockholders’ equity||131,197||155,747|
Source: Surface Oncology, Inc.