Surface Oncology Discontinues Work On One Phase 2 Cancer Program, Lays Off 20% Workforce

Surface Oncology Inc SURF observed confirmed partial responses from SRF388 monotherapy data in non-small cell lung cancer (NSCLC) patients.
The partial responses were observed in patients treated at or above the recommended Phase 2 dose (22% ORR (2/9)), which includes 100% (2/2) of patients with squamous NSCLC.
Additionally, a patient with adenocarcinoma has experienced durable disease stabilization, ongoing for more than 56 weeks.
Surface has initiated a single-arm Phase 2 study evaluating SRF388 in combination with pembrolizumab in patients with NSCLC who have progressed after 1-3 prior lines of therapy. The study is anticipated to enroll up to 40 patients with NSCLC.
Surface anticipates additional data from SRF388 studies in the first half of 2023.
Surface has stopped enrollment in the renal cell carcinoma (RCC) study to focus efforts on NSCLC and HCC based on encouraging data in those indications.
The company has also stopped the development of SRF617, which will reduce approximately 20% of its workforce.
Management now projects that current cash and cash equivalents are sufficient to fund Surface into the second quarter of 2024.
Price Action: SURF shares are down 7.36% at $1.25 on the last check Wednesday.