CAMBRIDGE, Mass., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Surface Oncology (Nasdaq: SURF), a clinical-stage immuno-oncology company developing next-generation immunotherapies that target the tumor microenvironment, today reported financial results and corporate highlights for the third quarter 2020, as well as anticipated corporate milestones for the remainder of the year.
“The third quarter of 2020 was one of strong execution for Surface on several fronts,” said Jeff Goater, chief executive officer. “We continued to enroll patients in the dose escalation studies of our lead clinical programs, SRF617 and SRF388, while also advancing our preclinical programs towards the clinic. We look forward to sharing the initial clinical updates for both our SRF617 and SRF388 programs shortly, with detailed clinical data presentations for each in the first half of 2021. Our team continues to make remarkable progress, with no impact to date from the COVID-19 global pandemic to our development timelines.”
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 Virtual Conference.
- 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.
Financial Results:
As of September 30, 2020, cash, cash equivalents and marketable securities were $102.5 million, compared to $105.2 million on December 31, 2019.
Research and development (R&D) expenses were $9.5 million for the third quarter ended September 30, 2020, compared to $12.9 million for the same period in 2019. This decrease was primarily driven by a reduction in expenses associated with contract manufacturing and other IND-enabling activities, as a result of the SRF617 and SRF388 IND filings in 2019, offset by an increase in spend on the SRF617 and SRF388 Phase 1 clinical trials, which began in 2020. R&D expenses included $0.7 million in stock-based compensation expense for the third quarter ended September 30, 2020.
General and administrative (G&A) expenses were $4.9 million for the third quarter ended September 30, 2020, compared to $5.0 million for the same period in 2019. This decrease was primarily due to decreased personnel costs and professional fees as a result of the strategic restructuring announced in January 2020. G&A expenses included $1.3 million in stock-based compensation expense for the third quarter ended September 30, 2020.
For the third quarter ended September 30, 2020, net loss was $15.8 million, or basic and diluted net loss per share attributable to common stockholders of $0.39. Net loss was $16.9 million for the same period in 2019, or basic and diluted net loss per share attributable to common stockholders of $0.61.
Financial Outlook:
Surface Oncology continues to project that current cash and cash equivalents are sufficient to fund the Company into 2022.
About Surface Oncology:
Surface Oncology is an immuno-oncology company developing next-generation antibody therapies focused on the tumor microenvironment. Its pipeline includes two wholly-owned lead programs targeting CD39 (SRF617) and IL-27 (SRF388), a clinical-stage collaboration with Novartis targeting CD73 (NZV930), and two preclinical programs, each focused primarily on activating natural killer cells (via targeting PVRIG, also known as CD112R (SRF813)), or depleting regulatory T cells (via targeting CCR8 (SRF114)). 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.
