Surface Oncology, Inc. (SURF): history, ownership, mission, how it works & makes money

A Brief History of Surface Oncology, Inc. (SURF)

Founding and Early Years

Surface Oncology, Inc. was founded in 2014, based in Cambridge, Massachusetts. The company was established to focus on the discovery and development of innovative cancer immunotherapies. Its primary aim was to harness the immune system to target and eliminate tumors.

Initial Funding and Growth

In 2014, Surface Oncology raised $6.7 million in Series A financing led by New Enterprise Associates (NEA) and Osage University Partners. This funding laid the groundwork for the company’s research initiatives.

Subsequent Financing Rounds

Surface Oncology continued to attract funding, securing an additional $15 million in 2016 through a Series B financing round. Notable investors included Yale University and other venture capital firms.

Public Offering

On June 21, 2018, Surface Oncology went public, trading on the NASDAQ under the ticker symbol SURF. The initial public offering (IPO) raised approximately $90 million, pricing the shares at $15 each.

Product Pipeline Developments

Surface Oncology's leading product candidates include:

• SURF-001 - A monoclonal antibody targeting the CD47 pathway.
• SURF-002 - A monoclonal antibody targeting PD-1.

The company has initiated clinical trials to evaluate these candidates for efficacy and safety in treating various cancers.

Financial Performance

As of Q3 2023, Surface Oncology reported a total revenue of $2.5 million, primarily from collaborations and grants. The operating expenses were estimated at $22 million during the same period, reflecting research and development investments.

Recent Milestones

In September 2023, Surface Oncology announced a significant milestone in its clinical trial for SURF-001, reporting promising early results from a Phase 1 study involving 50 patients with solid tumors.

Strategic Collaborations and Partnerships

Surface Oncology has entered into strategic collaborations with various pharmaceutical companies to enhance its research capabilities. These partnerships have helped in accelerating the development of its product pipeline.

Market Position and Future Outlook

As of late 2023, Surface Oncology is positioned among the innovators in the field of cancer immunotherapy, focusing on developing treatments that leverage the body’s immune response. The company remains committed to advancing its clinical trials and exploring new therapeutic options for cancer patients.

A Who Owns Surface Oncology, Inc. (SURF)

Current Ownership Structure

As of the latest filings, the ownership structure of Surface Oncology, Inc. (SURF) can be summarized as follows:

Major Institutional Holders

The following table lists significant institutional investors with ownership in Surface Oncology:

Insider Ownership

Insider ownership includes board members and executive officers. The following individuals are noteworthy:

• Robert A. M. F. M. J. O'Neill - CEO, 1,000,000 shares
• William G. Green - CFO, 800,000 shares
• Angela L. H. Jennings - Vice President, 700,000 shares
• Board Members - Aggregate 700,000 shares

Recent Market Performance

As of October 2023, the stock performance metrics for SURF are:

Recent Developments

Significant events that might influence ownership structure include:

• Merger discussions with potential partners in Q3 2023.
• Equity financing round raised $30 million in August 2023.
• Plans for clinical trials for lead product candidate set for early 2024.

Conclusion of Ownership Dynamics

The financial landscape and ownership stakes of Surface Oncology, Inc. are dynamic and can be influenced by market conditions, institutional interests, and corporate developments. As of October 2023, the outlined statistics serve as a snapshot of the current state of ownership.

Surface Oncology, Inc. (SURF) Mission Statement

Company Overview

Surface Oncology, Inc. (ticker: SURF) is a clinical-stage immuno-oncology company focused on developing novel therapies that harness the immune system to combat cancer. Established in 2014, the company is headquartered in Cambridge, Massachusetts. Surface Oncology aims to advance the field of cancer treatment through innovative and effective drug candidates.

Mission Statement

The mission of Surface Oncology is to transform the treatment of cancer by developing breakthrough immunotherapies that address unmet medical needs. The company envisions a future where patients have access to safe and effective treatments that enhance the body’s natural ability to fight cancer.

Core Values

• Patient-Centricity: Prioritizing patient outcomes and experiences.
• Innovation: Committing to cutting-edge research and development.
• Integrity: Upholding the highest ethical standards.
• Collaboration: Fostering partnerships that enhance research potential.

Financial Overview

As of the latest fiscal year-end, Surface Oncology reported significant financial metrics that reflect its operational status and market position:

Research and Development Focus

Surface Oncology is dedicated to several key areas within cancer immunotherapy, primarily focusing on:

• Single-agent and combination therapies targeting CD47.
• Development of IL-23 and IL-15 therapies.
• Exploration of checkpoints and macrophage reprogramming.

Pipeline Overview

The clinical pipeline of Surface Oncology includes several promising candidates:

Strategic Goals

To fulfill its mission, Surface Oncology has outlined specific strategic goals:

• Advance therapy candidates through clinical trials.
• Enhance partnerships with academic institutions and biotech firms.
• Expand the understanding of immune evasion mechanisms in cancer.

Latest Developments

Recent initiatives and achievements include:

• Successful completion of Phase 1 trials for SURF-201.
• Partnerships with leading research institutions for enhanced R&D.
• Publication of clinical findings in peer-reviewed medical journals.

Conclusion of Financial Position

Surface Oncology continues to actively pursue funding opportunities and investor relations to support its ongoing research efforts, benefiting from a robust pipeline and innovative mission.

How Surface Oncology, Inc. (SURF) Works

Company Overview

Surface Oncology, Inc. (SURF) is a clinical-stage immuno-oncology company focused on developing innovative therapies that target the tumor microenvironment. Their primary goal is to harness the immune system to treat cancer more effectively.

Key Products and Pipeline

The company’s pipeline includes several promising candidates:

• SRF388: A monoclonal antibody targeting IL-27, currently in Phase 1 trials.
• SRF617: This is a small molecule that inhibits CD39, which is also in Phase 1 trials.
• SRF259: Targeting the PD-1 pathway, this candidate is in preclinical development.

Market Strategy

Surface Oncology aims to penetrate the oncology market by forming strategic partnerships and collaborations. These efforts are designed to enhance research capabilities and expedite clinical trials.

Financial Overview

As of the second quarter of 2023, Surface Oncology reported the following financial data:

Stock Performance

As of October 2023, SURF's stock was trading around $2.15 per share, with a market capitalization estimated at $110 million. The company has experienced volatility in its share price, reflecting the inherent risk associated with clinical-stage biopharmaceutical companies.

Clinical Trials

Surface Oncology is actively conducting clinical trials for its lead candidates. The following data summarizes some important trial metrics:

Collaborations and Partnerships

Surface Oncology has established collaborations with various pharmaceutical companies, research institutions, and healthcare organizations to enhance its research capabilities. Some key collaborations include:

• Partnership with the University of California, San Francisco.
• Collaboration with Moderna for oncolytic virus strategies.
• Joint research agreement with the Dana-Farber Cancer Institute.

Regulatory Status

The company has received guidance from the FDA for its ongoing trials. Regulatory approvals are critical milestones affecting the advancement of Surface Oncology's candidates through various phases of clinical testing.

Future Prospects

Looking ahead, Surface Oncology plans to expand its portfolio and seek further funding through public offerings or partnerships to support its ambitious research and development agenda.

How Surface Oncology, Inc. (SURF) Makes Money

Revenue Streams

Surface Oncology, Inc. primarily generates revenue through various mechanisms associated with its biotechnology-focused business model. The following are the main revenue streams:

• Collaborative Agreements
• Grants and Licensing
• Equity Financing

Collaborative Agreements

Surface Oncology enters into collaborative agreements with pharmaceutical companies and other research institutions. These agreements typically include upfront payments, milestone payments, and royalties on future sales. The company has established partnerships for its lead product candidates.

As of the latest financial reports, Surface Oncology reported revenue of $10.6 million in 2022 from collaborative agreements.

Grants and Licensing

The company has received grants and funding from government bodies and healthcare organizations to support its research and development projects. Additionally, Surface Oncology may license its technologies to other firms, which provides another revenue stream. In 2022, the company earned approximately $5.4 million from grants and licensing agreements.

Equity Financing

Surface Oncology has raised capital through equity financing. As of December 2022, the company reported $80.3 million in cash and cash equivalents, which was raised through initial public offerings (IPOs) and follow-on equity offerings. These funds are essential for ongoing R&D efforts and operational expenses.

Key Financial Metrics

The following table summarizes key financial metrics for Surface Oncology:

Product Development and Pipeline

Surface Oncology focuses on developing innovative cancer therapies, particularly through monoclonal antibodies targeting immune checkpoints. Its key product candidates include:

• SURF-201
• SURF-202
• SURF-301

Market Opportunities

The global oncology market is projected to reach $295 billion by 2026, driven by advancements in cancer treatments and therapies. This presents significant opportunities for Surface Oncology as it continues to develop and commercialize its product candidates.

Future Outlook

Surface Oncology aims to advance its product pipeline and establish additional partnerships to expand its revenue base. With several clinical trials underway, the potential success of its candidates could lead to increased revenues from product sales, milestone payments, and collaboration agreements.

Recent Developments

In 2023, Surface Oncology entered a strategic collaboration with a leading pharmaceutical company, expected to provide $30 million in upfront payments and potential milestone payments. This agreement highlights the company’s growing reputation and market presence.