Surface Oncology NasdaqGM:SURF Stock Report

Surface Oncology, Inc. Announces Publication of New Study Demonstrating the Role of the IL-27 Pathway in Hepatocellular Carcinoma

Surface Oncology, Inc. Presents New SRF388 Clinical Data At 2022 American Society of Clinical Oncology Annual Meeting

Surface Oncology announced the presentation of new clinical data on SRF388, a potential first-in-class IL-27 antibody. Data from the Phase 1/1b clinical trial of SRF388 as a monotherapy and in combination with pembrolizumab, Merck’s anti-PD-1 therapy, will be presented in an oral abstract session at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting. SRF388 Data Highlights: Confirmed partial responses (PR) were observed in two patients who received SRF388 monotherapy treatment: one in non-small-cell lung cancer (NSCLC) (previously reported) and one in clear cell renal cell carcinoma (RCC). In addition, a PR was observed in a patient who was treated with SRF388 in combination with pembrolizumab for hepatocellular carcinoma (HCC). The patient with HCC was refractory to two prior VEGFR TKIs, while the patients with NSCLC and RCC had both progressed on prior anti-PD-(L)1 therapy.; SRF388 was well tolerated at all doses investigated (up to 20 mg/kg), with no dose-limiting toxicity or high-grade safety signals observed.; Encouraging pharmacodynamic data demonstrated that, after SRF388 administration, circulating IFNg increased —an on-target mechanism of action indicating increased immune activation.; Based on these efficacy data, the criteria for opening Stage 2 of the RCC monotherapy cohort was met. SRF388 is also being evaluated in NSCLC as a monotherapy and in combination with pembrolizumab, as well as in triplet therapy with atezolizumab and bevacizumab in first-line HCC. SRF388 Clinical Program Updates: Surface will initiate a new Simon two-stage expansion study of SRF388 in combination with pembrolizumab in up to 40 patients with relapsed/refractory NSCLC.; Data from multiple SRF388 cohorts, including in NSCLC and first-line HCC, are anticipated in the first half of 2023.

Consensus revenue estimates increase by 46%

The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from US$23.3m to US$34.1m. Forecast losses expected to reduce from -US$1.51 to -US$1.25 per share. Biotechs industry in the US expected to see average net income decline 49% next year. Consensus price target down from US$13.00 to US$11.25. Share price fell 6.0% to US$1.88 over the past week.