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HowSurface Oncology Inc. (SURF) turn around from negativity on Tuesday?

Surface Oncology Inc. (SURF) gained 19.72% in the after-hours trading on Tuesday, March 30, 2021, after losing 8.92%in the morning session. The company made an announcement that took its stock price to rise.


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Surface Oncology’s SRF617 Receives Orphan Drug Designation from FDA for Treatment of Pancreatic Cancer

Orphan Drug Designation for SRF617 from FDA

On March 30, 2021, Surface Oncology announced that its lead therapeutic candidate, SRF617, which is used for the treatment of patients with pancreatic cancer, has obtained the FDA’s Drug Designation

FDA granted Orphan Drug Designation to drugs or biologics intended to treat a rare disease or condition, defined as one that affects fewer than 200,000 people in the United States

Participation in AACR2021 Annual Meeting

On March 10, 2021, SURF confirmed its participation at the American Association for Cancer Research (AACR) 2021 Annual Meeting, to be held virtually April 10-15 and May 17-21, 2021.

The company is going to present two scientific e-posters sharing updated preclinical data from Surface Oncology’s two lead clinical-stage antibody therapies: SRF617 (targeting CD39) and SRF388 (targeting IL-27).

Recent financial results

On March 09, 2021, SURF reported financial results for the fourth quarter and full-year 2020.

Q4 financial highlights

  • SURF reported revenue of $87.6 million for the fourth quarter 2020, compared to revenue of $1.0 million for the same period in 2019
  • Research and development  expenses were $10.7 million for the fourth quarter ended December 31, 2020, compared to $11.7 million for the same period in 2019
  • Surf spent $8.9 million in general and administrative expenses for the fourth quarter ended December 31, 2020, compared to $5.1 million for the same period in 2019.
  • SURF net income was $67.3 million or $1.66 basic net income per share and diluted net income per share of$1.56 for the reported quarter, compared to $16.0 million net loss or $0.57 basic and diluted net loss per share for the same period in 2019.

Full-year 2020 highlights

  • Revenue recognized in the full year ended December 31, 2020, was $126.2 million, compared to $15.4 million for the same period in 2019. 
  • Research and development expenses were $41.0 million for the reported year ended December 31, 2020, compared to $52.1 million for the same period in 2019.
  • G&A expenses were $23.6 million for the full year ended December 31, 2020, compared to $20.6 million for the same period in 2019.
  • Surf net income was $59.3 million for the full year ended December 31, 2020, or $1.67basic net income per share and diluted net income per share of $1.57 compared to $54.8 million net loss or $1.97basic and diluted net loss per share in 2019.
  • cash, cash equivalents, and marketable securities were $175.1 million, as of December 31, 2020, compared to $105.2 million on December 31, 2019.

Conclusion: Regulatory approvals are big wins for biotech companies. It is no different for Surface Oncology hence the shares went up in the Tuesday after-hours trading. The positive momentum can continue for the next few days.

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