SURF - Surface Oncology gains after Q1 updates; cash runway extends to 2024

The shares of Surface Oncology (NASDAQ:SURF) traded higher in the premarket Monday after the cancer-focused biotech announced its upcoming milestones and highlighted the solid cash position with its 1Q 2022 financials. The company beat Street forecasts for both revenue and net income after reporting a $30M milestone payment from GlaxoSmithKline (GSK) following the dosing initiation of an early-stage cancer trial. While R&D expenses rose ~58% YoY to $16.6M, the biotech reported $6.2M of net income compared to $15.6M of net loss in the prior-year period. The cash, cash equivalents, and marketable securities dropped ~2% from 2021 year-end to $150.4M. However, Surface (SURF) projects its cash runway to extend into 2024 based on its current operating plan. On the clinical front, the company expects to report new data on the IL-27-targeting antibody, SRF388 in an oral session at the 2022 ASCO Annual Meeting in June. Following an expansion of a mid-stage

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Surface Oncology gains after Q1 updates; cash runway extends to 2024