Tillkännagivande • Sep 19
Surface Oncology, Inc. Files Form 15 Surface Oncology, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Common Stock was $0.0001 per share. Tillkännagivande • Jul 11
Nasdaq Approves Surface Oncology, Inc.'s Common Stock Transfer the Listing from the Nasdaq Global Market to the Nasdaq Capital Market As previously disclosed, on January 6, 2023, Surface Oncology, Inc. (the “Company”) received a deficiency letter from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company’s common stock (the “Common Stock”) has been below the minimum $1.00 per share required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5550(a)(2) (“Rule 5550(a)(2)”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial period of 180 calendar days, or until July 5, 2023 (the “Compliance Date”), to regain compliance with Rule 5550(a)(2). On June 28, 2023, the Company applied to transfer the listing of the Common Stock from the Nasdaq Global Market to the Nasdaq Capital Market (the “Transfer”). On July 6, 2023, Nasdaq notified the Company that the Transfer was approved, and that, in connection with the Transfer, the Company was eligible for an additional 180 calendar day period, or until January 2, 2024 (the “Extended Compliance Date”), to regain compliance with Rule 5550(a)(2). Effective at the opening of business on July 10, 2023, the Common Stock will be transferred to the Nasdaq Capital Market. The Common Stock will continue to trade under the symbol “SURF.” The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market, but with less stringent listing requirements, although listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements. The Company intends to continue to monitor the closing bid price of the Common Stock and will consider available options, including a reverse stock split, to regain compliance with Rule 5550(a)(2). There can be no assurance that the Company will be able to regain compliance with Rule 5550(a)(2) or will otherwise be in compliance with other Nasdaq listing criteria. Tillkännagivande • Jun 18
Coherus BioSciences, Inc. (NasdaqGM:CHRS) entered into a definitive merger agreement to acquire Surface Oncology, Inc. (NasdaqGM : SURF) for transaction value of $65 million. Coherus BioSciences, Inc. (NasdaqGM:CHRS) entered into a definitive merger agreement to acquire Surface Oncology, Inc. (NasdaqGM : SURF) for transaction value of $65 million on June 15, 2023. Under the terms of the agreement, Coherus will issue shares of its common stock at a price of $5.2831 per share to acquire all outstanding shares of Surface stock for a total value equal to the sum of $40 million plus Surface’s net cash at closing of the transaction (currently expected to be between $20 and $25 million). Surface shareholders will also receive CVRs (contingent value right) for 70% of milestone and royalty-based value of existing programs with Novartis AG (NZV930) and GSK plc (GSK4381562), as well as CVRs for 25% of upfront payments made pursuant to potential ex-US licensing agreements for SRF114 and 50% of upfront payments made pursuant to potential ex-US licensing agreements for SRF388, subject to certain deductions as set forth in the contingent value rights agreement. Amounts under these CVRs are payable for a period of ten years following the closing of this transaction.
The closing of the transaction is subject to certain conditions, including Surface shareholder approval; the availability at closing of at least $19.6 million of Surface cash net of short-term and long-term liabilities, transaction expenses, and other obligations; and other customary conditions. In conjunction with the transaction announcement, Surface is implementing a workforce reduction of approximately 50% of its employees. The transaction was unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2023.
Truist Securities is acting as financial advisor and Lowell Dashefsky, Michael Penney, David Sausen, Uri Horowitz, Howard Sklamberg, Daniel Reisner, Debbie Feinstein and Jami Vibbert of Arnold & Porter Kaye Scholer LLP and Latham & Watkins LLP are acting as legal advisors to Coherus. Wedbush Securities Inc. is acting as exclusive strategic financial advisor and Goodwin Procter LLP is acting as legal advisor to Surface. Reported Earnings • Mar 10
Full year 2022 earnings released: US$1.14 loss per share (vs US$1.77 loss in FY 2021) Full year 2022 results: US$1.14 loss per share (improved from US$1.77 loss in FY 2021). Revenue: US$30.0m (up US$27.3m from FY 2021). Net loss: US$63.6m (loss narrowed 19% from FY 2021). Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in Europe. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Jan 13
Surface Oncology Receives A Deficiency Letter from the Nasdaq Regarding Minimum Bid Price Requirement On January 6, 2023, Surface Oncology, Inc. ("the Company") received a deficiency letter from the Nasdaq Listing Qualifications Department (the Staff") of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the last 30 consecutive business days, the closing bid price for the Company's common stock has been below the minimum $1.00 per share required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5550(a)(2) (Rule 5550(a)(2)"). The Nasdaq deficiency letter has no immediate effect on the listing of the Company's common stock, and its common stock will continue to trade on The Nasdaq Global Market under the symbol SURF" at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been given 180 calendar days, or until July 5, 2023, to regain compliance with Rule 5550(a)(2). If the Company chooses to implement a reverse stock split, it must complete the split no later than ten business days prior to July 5, 2023 to regain compliance. If at any time before July 5, 2023, the bid price of the Company's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Staff will provide written confirmation that the Company has achieved compliance. If the Company does not regain compliance with Rule 5550(a)(2) by July 5, 2023, the Company may be afforded a second 180 calendar day period to regain compliance or be subject to delisting. To qualify for an additional compliance period, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the deficiency during the second compliance period. The Company intends to actively monitor the closing bid price for its common stock and will consider available options to resolve the deficiency and regain compliance with Rule 5550(a)(2). However, there can be no assurance that the Company will be able to regain compliance with Rule 5550(a)(2). Tillkännagivande • Jan 10
Vaccinex, Inc. Announces First Patient Dosed with Anti-Ccr8 Antibody Licensed to Surface Oncology Vaccinex, Inc. announced that its licensee, Surface Oncology dosed the first patient in its Phase 1/2 clinical study investigating SRF114, an antibody discovered using Vaccinex’s ActivMAb® antibody discovery platform and licensed to Surface Oncology in 2021. RF114 is a potential best-in-class, fully human monoclonal antibody targeting, CCR8. SRF114 was designed to selectively deplete immuno-suppressive tumor T regulatory cells (Tregs) while sparing peripheral Tregs. The highly specific binding properties of the antibody are believed to position SRF114 as a potential best-in-class anti-CCR8 antibody as a monotherapy for the treatment of advanced solid tumors. Under the terms of the antibody discovery agreement, Vaccinex has the potential to receive progress-related clinical milestone payments and royalties on sales. Vaccinex has developed a proprietary mammalian cell-based antibody discovery platform with unique multi-pass membrane target capabilities. The ActivMAb technology now has four main applications: complex membrane antigen presentation, antibody or antigen discovery, and protein optimization. Vaccinex has an antibody license agreement with Surface Oncology (Cambridge, MA) and the company is engaged in multiple other biopharmaceutical collaborations employing this enabling technology for drug discovery. Tillkännagivande • Jan 06
Surface Oncology Announces First Patient Dosed in a Phase 1/2 Study Evaluating SRF114, a Potential Best-In-Class Anti-CCR8 Antibody, in Patients with Advanced Solid Tumors Surface Oncology announced that the first patient has been dosed in its Phase 1/2 clinical study investigating SRF114, a potential best-in-class, fully human, afucosylated anti-CCR8 antibody, as a monotherapy in patients with advanced solid tumors. The Phase 1/2 trial is an open-label, first-in-human, dose-escalation and expansion study of SRF114 as a monotherapy in patients with advanced solid tumors that will be conducted in two parts. Part A, the monotherapy dose-escalation portion of the study, will evaluate the safety, tolerability, pharmacokinetics, pharmacodynamics, and preliminary efficacy of SRF114 in patients with advanced solid tumors. Once Part A is completed, Part B will evaluate SRF114 in up to 40 patients with head and neck squamous cell carcinoma (HNSCC) as a monotherapy. Surface expects to provide initial clinical data in 2024. Reported Earnings • Nov 03
Third quarter 2022 earnings released: US$0.39 loss per share (vs US$0.44 loss in 3Q 2021) Third quarter 2022 results: US$0.39 loss per share. Net loss: US$23.2m (loss widened 17% from 3Q 2021). Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Biotechs industry in Germany. Tillkännagivande • Sep 15
Surface Oncology to Present Preclinical Data Highlighting the IL-27 Gene Expression Signature in Treatment-Resistant Cancers at the 10th Annual International Cytokine and Interferon Society Meeting Surface Oncology announced that the company will present new preclinical data on the role of IL-27 in therapy resistance at the 10th Annual Cytokines Meeting of the International Cytokine and Interferon Society (ICIS) being held September 20 – 23 at Big Island, Hawaii. The poster, entitled IL-27 Inhibits Immune Cell Reinvigoration Mediated by PD-(L)1 Blockade and Induces a Type 1 Interferon Gene Expression Signature Associated with Resistance to Therapy in Cancer Patients (#297), will first be presented in a virtual preview session at 2:00 - 3:30 pm HST/8:00 - 9:30 pm EDT. IL-27 induces the expression of several immunoregulatory receptors (e.g., PD-L1, TIM-3, LAG-3, and TIGIT) and reduces inflammatory cytokine production An IFN-stimulated gene signature is expressed in a variety of human tumors and associated with resistance to cancer therapies including chemotherapy, radiotherapy, and immune checkpoint inhibition. These IFN-stimulated genes are also upregulated by IL-27. IL-27 and Type 1 interferons (IFNa2, IFNß1) counteract the immune cell reinvigoration seen after PD-(L)1 pathway blockade in human PBMCs, while IFN? does not. Loss of IL-27 function, through either genetic deficiency or pharmacologic inhibition by SRF388, a first-in-class anti-IL-27 monoclonal antibody, leads to tumor growth inhibition in mouse models and early clinical data have shown monotherapy activity of SRF388 in patients with cancer (NCT04374877). Reported Earnings • Aug 04
Second quarter 2022 earnings released: US$0.46 loss per share (vs US$0.43 loss in 2Q 2021) Second quarter 2022 results: US$0.46 loss per share (down from US$0.43 loss in 2Q 2021). Revenue: US$0 (down 100% from 2Q 2021). Net loss: US$25.2m (loss widened 33% from 2Q 2021). Profit margin: (up from net loss in 2Q 2021). The move to profitability was primarily driven by lower revenue. Over the next year, revenue is expected to shrink by 38% compared to a 31% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Tillkännagivande • Jun 30
Surface Oncology Appoints Carsten Brunn to Board of Directors Surface Oncology announced that Carsten Brunn, Ph.D., will join the company’s board of directors. Dr. Brunn brings more than 25 years of senior leadership experience spanning multiple biotech and pharmaceutical companies around the globe. Dr. Brunn is president and chief executive officer at Selecta Biosciences. Before joining Selecta, he was president of pharmaceuticals for the Americas region at Bayer, and prior to that he served as president of Bayer Pharmaceuticals in Japan. Dr. Brunn previously served on the board of directors of the Biotechnology Innovation Organization (BIO), and he was chairman of the European Federation of Pharmaceutical Industries and Associations (EFPIA) Japan. Over his extensive career, Dr. Brunn has held leadership positions at Eli Lilly, Novartis, Basilea and Bausch and Lomb. He graduated from the University of Freiburg in Germany with a M.S. in pharmaceutical sciences, and he earned his Ph.D. in chemistry from the University of Hamburg, Germany. He also studied at the University of Washington and completed his executive education at London Business School. Tillkännagivande • Jun 21
Surface Oncology, Inc. Announces Publication of New Study Demonstrating the Role of the IL-27 Pathway in Hepatocellular Carcinoma Surface Oncology, Inc. announced that findings from a study interrogating the role of the IL-27 pathway in the development of hepatocellular carcinoma (HCC) have been published in the online edition of Cancer Discovery, a journal of the American Association for Cancer Research (AACR). The study was conducted by Cedars-Sinai Medical Center and Fox Chase Cancer Center in collaboration with Surface. Researchers found that IL-27 receptor signaling promoted HCC development in mice, and that IL-27 served as an immunological checkpoint that regulates natural killer (NK) cell and innate immune cell activation. The study also demonstrated that pharmacological neutralization of IL-27 using an antibody developed by Surface led to increased NK and innate immune cell activation and reduced HCC development. The study incorporated observations on the effect of IL-27 on several models of HCC development, including a model of non-alcoholic steatohepatitis (NASH), a known risk factor for the development of liver cancer, which is increasing in prevalence. Surface’s lead IL-27 antibody, SRF388, is currently being evaluated in multiple clinical studies, including a randomized Phase 2 trial designed to evaluate its efficacy and safety in combination with atezolizumab plus bevacizumab in patients with first-line advanced or metastatic HCC. SRF388 was granted Orphan Drug designation and Fast Track designation for the treatment of HCC from the FDA. Tillkännagivande • May 27
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. Reported Earnings • May 10
First quarter 2022 earnings released: EPS: US$0.13 (vs US$0.37 loss in 1Q 2021) First quarter 2022 results: EPS: US$0.13 (up from US$0.37 loss in 1Q 2021). Revenue: US$30.0m (up US$28.4m from 1Q 2021). Net income: US$6.20m (up US$21.8m from 1Q 2021). Profit margin: 21% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is expected to shrink by 22% compared to a 37% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 28
Surface Oncology, Inc. to Present Clinical Update on SRF388 at American Society of Clinical Oncology Annual Meeting Surface Oncology, Inc. announced that it will share a clinical update on SRF388 in an oral presentation at the American Society of Clinical Oncology (ASCO) 2022 Annual Meeting, to be held June 3-7, 2022 in Chicago, Il. SRF388 is a fully human anti-IL-27 antibody designed to inhibit the activity of this immunosuppressive cytokine. Surface Oncology has identified particular tumor types, including liver, kidney and lung cancer, where IL-27 appears to play an important role in the immunosuppressive tumor microenvironment and may contribute to resistance to treatment with checkpoint inhibitors. SRF388 targets the rate-limiting p28 subunit of IL-27, and preclinical studies have shown that treatment with SRF388 blocks the immunosuppressive biologic effects of IL-27, resulting in immune cell activation in combination with other cancer therapies including anti-PD-1 therapy, as well as potent anti-tumor effects as a monotherapy. Furthermore, Surface Oncology has identified a potential biomarker associated with IL-27 that may be useful in helping to identify patients most likely to respond to SRF388. In November 2020, Surface announced that SRF388 was granted Orphan Drug designation and Fast Track designation for the treatment of hepatocellular carcinoma from the FDA. Tillkännagivande • Apr 16
Surface Oncology, Inc. Announces Initiation of Phase 2 Studies Evaluating SRF388 in Patients with Hepatocellular Carcinoma and Non-Small-Cell Lung Cancer Surface Oncology announced the initiation of two Phase 2 clinical studies evaluating SRF388, a potential first-in-class antibody against IL-27. The trials include a randomized Phase 2 clinical study evaluating SRF388 in combination with Roche’s atezolizumab and bevacizumab in patients with treatment-naïve hepatocellular carcinoma (HCC) and a Phase 2 monotherapy study in patients with previously-treated non-small-cell lung cancer (NSCLC). The blinded, randomized Phase 2 study is enrolling approximately 100 patients with treatment-naïve unresectable or metastatic HCC. Patients are randomized to receive either SRF388 or a placebo in combination with atezolizumab and bevacizumab. The study will evaluate the ability of SRF388 to improve progression-free survival in combination with atezolizumab and bevacizumab compared to placebo plus atezolizumab and bevacizumab. Key secondary endpoints will include the safety, overall response rates and duration of response of the combinations. Due to the blinded nature of the study, Surface does not expect to have detailed clinical data prior to study conclusion but anticipates a futility analysis in early 2023 and final data in the first half of 2024. The single-arm, Phase 2 study is enrolling up to 40 patients with NSCLC who have previously received treatment with one or more lines of therapy, including PD-1 blockade-based regimens or targeted therapies in disease cases with driver mutations. The primary endpoint will be overall response rate according to Response Evaluation Criteria in Solid Tumors with an anticipated data readout in 2023. Tillkännagivande • Apr 01
Surface Oncology Achieves $30 Million Milestone with First Patient Dosed in GlaxoSmithKline Phase 1 Study Surface Oncology announced the first patient has been dosed by GlaxoSmithKline (GSK) in the Phase 1 study of GSK4381562 in patients with solid tumors. GSK4381562 is a fully human IgG1 antibody targeting PVRIG, an inhibitory protein expressed on natural killer cells (NK cells) and T cells. As a result of this Phase 1 initiation, Surface will receive a $30 million milestone payment and is eligible to receive an additional $700 million in potential future milestone payments, as well as tiered royalties on global net sales. Tillkännagivande • Mar 04
Surface Oncology Announces Stepping Down of Geoffrey McDonough from the Board of Directors Surface Oncology announced that Geoffrey McDonough, M.D., is stepping down from the Surface board of directors effective immediately. Tillkännagivande • Dec 03
Surface Oncology to Present New Clinical Data from Ongoing SRF617 Phase 1 Trial at the European Society for Medical Oncology Immuno-Oncology Congress (ESMO-IO) 2021 Surface Oncology announced that a poster presentation sharing new clinical data from the ongoing SRF617 Phase 1 trial will be presented at the European Society for Medical Oncology Immuno-Oncology Congress (ESMO-IO) 2021, to be held virtually from December 8 to 11, 2021. The poster includes new data from the ongoing Phase 1 study of SRF617, an antibody targeting CD39, as both a monotherapy and in combination, in patients with advanced solid tumors. Tillkännagivande • Dec 02
Surface Oncology Announces FDA Clearance of IND Application for GSK4381562 Surface Oncology announced that the U.S. Food and Drug Administration (FDA) has cleared the Investigational New Drug Application (IND) for GSK4381562 (formerly SRF813) to proceed into a first-in-human clinical trial. GSK4381562 is a fully human IgG1 antibody targeting PVRIG (also known as CD112R), an inhibitory protein expressed on natural killer cells (NK cells) and T cells. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €5.62, the stock trades at a trailing P/E ratio of 23.3x. Average forward P/E is 36x in the Biotechs industry in Europe. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improved over the past week After last week's 18% share price gain to €5.97, the stock trades at a trailing P/E ratio of 19.6x. Average forward P/E is 31x in the Biotechs industry in Europe. Total loss to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$4.31, the stock trades at a trailing P/E ratio of 9.5x. Average forward P/E is 19x in the Biotechs industry in Europe. Total loss to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$6.24, the stock trades at a trailing P/E ratio of 14.1x. Average forward P/E is 34x in the Biotechs industry in Europe. Total loss to shareholders of 49% over the past three years. Tillkännagivande • Jun 05
Surface Oncology Announces the Presentation of New Data from the Ongoing Phase 1 Studies of SRF388 and SRF617 Surface Oncology announced the presentation of new data from the ongoing Phase 1 studies of SRF388 and SRF617. Data from the SRF388 study are to be presented in a scientific poster at the American Society of Clinical Oncology (ASCO) 2021 Annual Meeting, being held virtually June 4-8, 2021. In conjunction, Surface will host a webcast on Friday, June 4, 2021, at 8:00 a.m. ET to provide updates on both SRF388 and SRF617. SRF388 Highlights: Preliminary SRF388 results indicate promising single-agent activity in a heavily pretreated population, including a confirmed partial response demonstrating 66% tumor shrinkage and symptomatic improvement in a patient with squamous cell non-small-cell lung carcinoma (NSCLC), whose disease was resistant to three prior regimens including chemotherapy and PD-1 blockade. In addition, there was evidence of disease stabilization, with 6 of 18 (33%) of evaluable patients experiencing disease stabilization at eight weeks and five (28%) persisting beyond 16 weeks. SRF388 was well tolerated at all doses tested, with no dose-limiting toxicity observed to date, and with only low-grade treatment-related adverse events. The recommended Phase 2 dose of 10 mg/kg was confirmed based on observed efficacy, tolerability, optimal pSTAT1 inhibition and pharmacokinetics. SRF617 Highlights: Early data from combination cohorts point to SRF617’s potential as a combination therapy, including an unconfirmed partial response with an approximately 50% tumor shrinkage in a patient with pancreatic cancer receiving second-line treatment with SRF617 in combination with gemcitabine/albumin-bound paclitaxel (Abraxane®). In addition, with SRF617 monotherapy, 7 of 19 evaluable patients (37%) achieved disease stabilization at eight weeks, with 4 (21%) persisting beyond 16 weeks. SRF617 was well tolerated at all tested doses as a monotherapy and has a tolerability profile that is conducive to combination strategies. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 17% share price gain to US$7.22, the stock trades at a trailing P/E ratio of 15.9x. Average forward P/E is 35x in the Biotechs industry in Europe. Total loss to shareholders of 43% over the past three years. Reported Earnings • May 07
First quarter 2021 earnings released: US$0.37 loss per share (vs US$0.81 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$1.63m (down 96% from 1Q 2020). Net loss: US$15.6m (down 169% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Tillkännagivande • May 04
Surface Oncology, Inc. (NasdaqGM:SURF) acquired worldwide, exclusive, sublicensable license of Vaccinex, Inc. (NasdaqCM:VCNX). Surface Oncology, Inc. (NasdaqGM:SURF) acquired worldwide, exclusive, sublicensable license of Vaccinex, Inc. (NasdaqCM:VCNX) on March 23, 2021. Pursuant to the License Agreement, Surface Oncology paid Vaccinex a one-time fee of $850,000. Vaccinex is eligible to receive up to an aggregate of $3,500,000 based on achievement of certain clinical milestones and up to an aggregate of $11,500,000 based on achievement of certain regulatory milestones per Licensed Product.
Surface Oncology, Inc. (NasdaqGM:SURF) completed the acqusition of worldwide, exclusive, sublicensable license of Vaccinex, Inc. (NasdaqCM:VCNX) on March 23, 2021. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$6.75, the stock trades at a trailing P/E ratio of 4.8x. Average forward P/E is 35x in the Biotechs industry in Europe. Total returns to shareholders of 299% over the past year. Tillkännagivande • Mar 11
Surface Oncology Collaborates with Merck on Immuno-Oncology Study Evaluating SRF388, Targeting IL-27, in Combination with KEYTRUDA in Patients with Solid Tumors Surface Oncology announced that it has entered into a clinical trial collaboration with Merck to evaluate the safety and efficacy of combining Surface’s SRF388, an investigational antibody therapy targeting IL-27, with Merck’s KEYTRUDA® the first anti-PD-1 therapy approved in the United States. This combination will be studied as a component of the first-in-human Phase 1 study of SRF388 and will be evaluated in patients with solid tumors, with a focus on patients with liver cancer and kidney cancer. Analyst Estimate Surprise Post Earnings • Mar 11
Revenue beats expectations Revenue exceeded analyst estimates by 56%. Over the next year, revenue is expected to shrink by 80% compared to a 57% growth forecast for the Biotechs industry in Germany. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS US$1.67 (vs US$1.97 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$126.2m (up US$110.8m from FY 2019). Net income: US$59.3m (up US$114.1m from FY 2019). Profit margin: 47% (up from net loss in FY 2019). The move to profitability was primarily driven by higher revenue. Is New 90 Day High Low • Mar 05
New 90-day low: €5.95 The company is down 10.0% from its price of €6.60 on 04 December 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 2.0% over the same period. Tillkännagivande • Feb 12
Surface Oncology, Inc. Announces Executive Changes, Effective April 1, 2021 Surface Oncology announced that Robert Ross, M.D., who has served as chief medical officer at Surface Oncology since 2016, will become the company’s chief executive officer. Rob will succeed current CEO Jeff Goater, who will assume the role of chairman of the Surface Oncology board of directors. In addition to the CEO transition, Daniel Lynch, who currently serves as the chairman of the board of directors, will transition to a senior advisory role with the company. Geoffrey McDonough, M.D., who currently serves as a director, will be appointed to the new role of lead independent director of the board. These transitions will also become effective on April 1, 2021. Prior to joining Surface, Rob served as head of oncology at bluebird bio, building a multifaceted oncology program. Before bluebird bio, he worked at Genentech and Infinity Pharmaceuticals on both small molecule and antibody programs from Phase 1 through pivotal trials. Rob was a faculty member at the Dana Farber Cancer Institute as a genitourinary oncologist. He earned his bachelor’s degree from Stanford University, his master’s degree from Harvard Medical School and his medical degree from Columbia University Vagelos College of Physicians and Surgeons. Rob was a resident in internal medicine at the University of California, San Francisco and an oncology fellow in the Dana Farber/Massachusetts General Brigham program. Is New 90 Day High Low • Jan 13
New 90-day high: €9.20 The company is up 16% from its price of €7.90 on 15 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 1.0% over the same period. Tillkännagivande • Dec 19
Surface Oncology Announces Exclusive License Agreement with GSK for Novel Immunotherapy Program Surface Oncology announced an agreement for GSK to exclusively license worldwide development and commercial rights to Surface Oncology’s preclinical program SRF813, a fully human IgG1 antibody targeting PVRIG (also known as CD112R), an inhibitory protein expressed on natural killer cells (NK cells) and T cells. Under the terms of the agreement, GSK will make an $85 million upfront payment. In addition, Surface Oncology may receive up to an additional $730 million in future milestone payments, as well as be eligible to receive
tiered royalties on global net sales. Is New 90 Day High Low • Dec 16
New 90-day high: €8.75 The company is up 56% from its price of €5.60 on 17 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Tillkännagivande • Nov 12
Surface Oncology, Inc. Announces FDA Fast Track Designation Granted by U.S. Food and Drug Administration for SRF388 to Treat Liver Cancer Surface Oncology announced that the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to SRF388 for the treatment of patients with hepatocellular carcinoma (HCC), or liver cancer, who have been previously treated with standard therapies, such as vascular endothelial growth factor targeted agents and programmed death-ligand (PD-L1) blockade. Liver cancer is the most rapidly increasing type of cancer in both men and women in the U.S., with incidences tripling since 1980.There is a significant need to expedite the development of new therapies to treat liver cancer as the five-year survival for patients with unresectable or metastatic liver cancer is less than 5%. SRF388 is currently enrolling patients with advanced solid tumors in a Phase 1 monotherapy dose escalation study with planned expansions in liver and kidney cancer to further evaluate SRF388 as a monotherapy and in combination with other cancer therapies. The FDA’s Fast Track designation is designed to facilitate the development and expedite the review of drugs that are being developed to treat serious conditions and fill an unmet medical need. The purpose of the designation is to bring important new drugs to patients earlier across a wide range of diseases. SRF388 recently received orphan-drug designation for treatment of hepatocellular carcinoma from the FDA. SRF388 is a fully human anti-IL-27 antibody designed to inhibit the activity of this immuno-suppressive cytokine. Surface Oncology has identified particular tumor types, including liver and kidney cancer, where IL-27 appears to play an important role in the immuno-suppressive tumor microenvironment and may contribute to resistance to treatment with checkpoint inhibitors. SRF388 targets the rate-limiting p28 subunit of IL-27, and preclinical studies have shown that treatment with SRF388 blocks the immuno-suppressive biologic effects of IL-27, resulting in immune cell activation in combination with other cancer therapies and potent anti-tumor effects as a monotherapy. Furthermore, Surface Oncology has identified a potential biomarker associated with IL-27 that may be useful in helping identify patients most likely to respond to SRF388. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue in line with expectations Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 65% compared to a 309% growth forecast for the Biotechs industry in Germany. Tillkännagivande • Nov 10
Surface Oncology to Present Srf388 and Srf114 Preclinical Data At the Upcoming Society for Immunotherapy for Cancer 2020 Virtual Conference Surface Oncology, Inc. announced that preclinical data on SRF388, a first in class IL-27 blocking antibody in clinical trials for patients with cancer, and SRF114, a CCR8-selective antibody, will be presented at the Society for Immunotherapy for Cancer’s (SITC). SRF388 is a monoclonal antibody designed to inhibit the immuno-suppressive cytokine IL-27. Circulating levels of the EBI3 subunit of IL-27 are elevated in a subset of patients with HCC and inversely correlated with overall survival. · SRF388 enhances proinflammatory cytokine production in combination with PD-1 blockade in vitro in activated peripheral blood mononuclear cells from healthy donors and patients with HCC. Furthermore, SRF388 demonstrates single-agent activity in vivo in a murine orthotopic model of HCC. Tillkännagivande • Oct 27
Surface Oncology, Inc. Announces Preclinical Data on SRF388 Surface Oncology, Inc. announced that preclinical data on SRF388, a first in class IL-27 blocking antibody in clinical trials for patients with cancer, will be presented at the International Cytokine and Interferon Society's Cytokines (ICIS) 2020 Conference, to be held virtually on November 1 5, 2020. These data further support the growing body of preclinical evidence demonstrating that SRF388 binds to and blocks IL-27 to inhibit downstream signaling events that are important in regulating immune responses in certain tumor microenvironments. SRF388 is a fully human anti-IL-27 antibody designed to inhibit the activity of this immunosuppressive cytokine. Surface Oncology has identified particular tumor types, including hepatocellular and renal cell carcinoma, where IL-27 appears to play an important role in the immunosuppressive tumor microenvironment and may contribute to resistance to treatment with checkpoint inhibitors. Is New 90 Day High Low • Oct 06
New 90-day high: €6.05 The company is up 6.0% from its price of €5.70 on 08 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Tillkännagivande • Jul 02
Surface Oncology, Inc.(NasdaqGM:SURF) dropped from Russell Microcap Value Index Surface Oncology, Inc.(NasdaqGM:SURF) dropped from Russell Microcap Value Index