Surface Oncology Reports Financial Results and Corporate Highlights for Fourth Quarter and Full Year 2018
07 Março 2019 - 6:01PM
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 fourth quarter and full
year 2018, as well as anticipated corporate milestones for 2019.
“At Surface, we strive to break through and
deliver on the promise of next-generation immunotherapies to create
a meaningful impact on patients’ lives,” said Jeff Goater, chief
executive officer of Surface Oncology. “2018 was a landmark year
for the company as two of our products advanced into phase 1
clinical development and we successfully completed our IPO. With
three wholly-owned product candidates either in, or approaching the
clinic, and a strong balance sheet, we remain focused on execution
across all fronts. Our team of Surfers is ready for, and excited
about, the road ahead.”
Recent Corporate
Highlights:
- Continued dose escalation for the phase 1 trial of NZV930
(CD73), with trial sites now recruiting in four countries
- Initiation of IND-enabling studies for SRF617 (CD39) and SRF388
(IL-27)
- Retention of worldwide rights for SRF388, a first-in-class
antibody targeting IL-27
- Publication in ImmunoHorizons of research highlighting the role
of IL-27 in the upregulation of multiple checkpoint proteins
- Deprioritization of SRF231 (CD47) clinical program based upon
dose escalation data and competitive landscape
- Appointment of F. Stephen Hodi, MD to the Scientific Advisory
Board
- Promotion of Jessica Fees to senior vice president, finance and
business operations
- Addition of Surface Oncology to the NASDAQ Biotechnology
Index
Selected Anticipated 2019 Corporate
Milestones:
- Presentation at the Brisbane Immunotherapy Conference,
highlighting recent discoveries in tumor microenvironment biology
in May 2019
- IND filing for SRF617 in Q4 2019
- IND filing for SRF388 in Q4 2019
- Introduction of new program and clinical candidate in Q4
2019
- Inaugural Surface Oncology Investor and Analyst Day in New York
City in Q4 2019
- Additional findings and learnings related to the
deprioritization of SRF231 in H2 2019
Financial Results:As of
December 31, 2018, cash, cash equivalents and marketable securities
were $158.8 million, compared to $63.3 million on December 31,
2017. This increase was due to the $108.7 million in net
proceeds from Surface’s initial public offering and concurrent
private placement completed in April 2018 and receipt of a $45.0
million milestone payment from Novartis related to NZV930, offset
by operating costs during the year.
Research and development (R&D) expenses were
$10.5 million for the fourth quarter ended December 31, 2018,
compared to $16.3 million for the same period in 2017. The
decrease was primarily driven by a reduction in costs associated
with the SRF231 program, in accordance with the deprioritization of
the program in the fourth quarter of 2018. R&D expenses
were $52.5 million for the full year 2018, compared to $47.8
million for the same period in 2017. The increase was
primarily driven by expenditures associated with Surface’s
advancing product pipeline as well as increased R&D personnel
costs associated with the growth of the company. R&D expenses
included $2.5 million in stock-based compensation
expenses for the full year 2018.
General and administrative (G&A) expenses
were $4.8 million for the fourth quarter ended December 31, 2018,
compared to $2.8 million for the same period in 2017. G&A
expenses were $16.1 million for the full year 2018, compared to
$11.0 million for the same period in 2017. The increase in
G&A expenses for both the fourth quarter of 2018 and the full
year 2019 was primarily due to increased personnel costs and
professional fees associated with the growth of the company and
operating as a public company. G&A expenses included $2.7
million in stock-based compensation expenses for the full year
2018.
For the fourth quarter ended December 31, 2018,
net loss was $4.7 million, or basic and diluted net loss per share
attributable to common stockholders of $0.17. Net loss was
$15.8 million for the same period in 2017, or basic and diluted net
loss per share attributable to common stockholders of $6.16. For
the full year ended December 31, 2018, net loss was $6.6 million,
or basic and diluted net loss per share attributable to common
stockholders of $0.33. Net loss was $45.4 million for the same
period in 2017, or basic and diluted net loss per share
attributable to common stockholders of $18.35.
Financial Outlook:Based upon
its current operating plan, Surface continues to have a projected
cash runway through 2021.
About Surface Oncology:Surface
Oncology is an immuno-oncology company developing
next-generation antibody therapies focused on the tumor
microenvironment with lead programs targeting CD73, CD39, IL-27 and
CD47. 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. The
company has a pipeline of seven novel immunotherapies and a
strategic collaboration with Novartis focused on NZV930
(CD73) and potentially one additional undisclosed program. For more
information, please visit www.surfaceoncology.com.
Selected Financial Information:
(In thousands, except per share
amounts)(Unaudited)
|
|
Three months
endedDecember 31, |
|
|
Twelve months
endedDecember 31, |
|
Statement of
Operations Items |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Collaboration revenue –
related party |
|
$ |
9,764 |
|
|
$ |
2,479 |
|
|
$ |
59,417 |
|
|
$ |
12,826 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
|
|
10,520 |
|
|
|
16,282 |
|
|
|
52,492 |
|
|
|
47,783 |
|
General and
administrative |
|
|
4,825 |
|
|
|
2,832 |
|
|
|
16,076 |
|
|
|
11,033 |
|
Total operating
expenses |
|
|
15,345 |
|
|
|
19,114 |
|
|
|
68,568 |
|
|
|
58,816 |
|
Loss from operations |
|
|
(5,581 |
) |
|
|
(16,635 |
) |
|
|
(9,151 |
) |
|
|
(45,990 |
) |
Total other income |
|
|
846 |
|
|
|
862 |
|
|
|
2,554 |
|
|
|
613 |
|
Net loss |
|
$ |
(4,735 |
) |
|
$ |
(15,773 |
) |
|
$ |
(6,597 |
) |
|
$ |
(45,377 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding—basic and diluted |
|
|
27,684 |
|
|
|
2,561 |
|
|
|
19,991 |
|
|
|
2,475 |
|
Net loss per share
attributable to common stockholders—basic and diluted |
|
$ |
(0.17 |
) |
|
$ |
(6.16 |
) |
|
$ |
(0.33 |
) |
|
$ |
(18.35 |
) |
|
|
December 31, |
|
|
December 31, |
|
Selected Balance
Sheet Items: |
|
2018 |
|
|
2017 |
|
Cash, cash equivalents, and
marketable securities |
|
$ |
158,835 |
|
|
$ |
63,309 |
|
Total assets |
|
|
174,065 |
|
|
|
81,454 |
|
Accounts payable and
accrued expenses |
|
|
12,215 |
|
|
|
13,058 |
|
Deferred revenue – related
party |
|
|
53,952 |
|
|
|
82,105 |
|
Total stockholders’ equity
(deficit) |
|
|
102,862 |
|
|
|
(67,314 |
) |
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 and its other product candidates through
current and future milestones or regulatory filings on the
anticipated timeline, if at all, Surface’s projected cash runway,
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
and SRF617, will not be successfully developed or commercialized
and the risks related to Surface Oncology’s dependence on third
parties in connection with its manufacturing, clinical trials and
preclinical studies. Additional risks and uncertainties that could
affect Surface Oncology’s future results are included in the
section titled “Risk Factors” in Surface’s Quarterly Report on Form
10-Q for the quarter ended March 31, 2018, which is available on
the Securities and Exchange Commission’s website
at www.sec.gov and Surface Oncology’s website
at www.surfaceoncology.com.
Additional information on potential risks will
be made available in other filings that Surface
Oncology makes from time to time with the Securities and
Exchange Commission. In addition, any forward-looking statements
contained in this press release are based on assumptions
that Surface Oncology believes to be reasonable as of
this date. Except as required by law, Surface
Oncology assumes no obligation to update these forward-looking
statements, or to update the reasons if actual results differ
materially from those anticipated in the forward-looking
statements.
Contacts:
Seth Lewisslewis@surfaceoncology.com 617-665-5031
Ten Bridge CommunicationsKrystle
Gibbskrystle@tenbridgecommunications.com508-479-6358
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