Surface Oncology Inc Stock Research

Market Summary

USD0.72+0.03

Market Closed

4.38%

SURF Stock Price

SURF RSI Chart

SURF Valuation

Market Cap

43.5M

Price/Earnings (Trailing)

-0.68

Price/Sales (Trailing)

1.45

EV/EBITDA

0.19

Price/Free Cashflow

-0.72

SURF Price/Sales (Trailing)

SURF Profitability

EBT Margin

-2920.92%

Return on Equity

-68.08%

Return on Assets

-39.76%

Free Cashflow Yield

-137.96%

SURF Fundamentals

SURF Revenue

Revenue (TTM)

30.0M

Revenue Y/Y

-100%

Revenue Q/Q

-100%

SURF Earnings

Earnings (TTM)

-63.6M

Earnings Y/Y

11.3%

Earnings Q/Q

8.21%

Price Action

52 Week Range

0.603.17

(Low)(High)

Last 7 days

4.2%

Last 30 days

-15.3%

Last 90 days

-14.0%

Trailing 12 Months

-74.6%

SURF Financial Health

Current Ratio

7.94

SURF Investor Care

Shares Dilution (1Y)

29.00%

Diluted EPS (TTM)

-1.14

Peers (Alternatives to Surface Oncology)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
AMGN	125.3B	26.3B	-2.75%	3.76%	19.12	4.76	1.32%	11.18%
GILD	99.6B	27.3B	-8.96%	41.01%	21.68	3.65	-0.09%	-26.23%
MRNA	58.4B	19.3B	-12.76%	1.00%	6.99	3.03	4.29%	-31.47%
BIIB	38.3B	10.2B	-9.67%	32.94%	12.57	3.76	-7.36%	95.80%
MID-CAP
NBIX	9.1B	1.5B	-9.09%	3.35%	58.87	6.11	31.34%	72.43%
DNLI	3.2B	108.5M	-21.10%	-19.55%	-9.78	29.38	122.90%	-12.19%
BEAM	2.5B	60.9M	-18.47%	-36.46%	-8.76	41.55	17.51%	22.00%
BBIO	2.1B	107.9M	22.95%	67.45%	-4.29	19.27	54.84%	17.36%
SMALL-CAP
RCUS	1.2B	112.0M	-14.86%	-46.41%	-4.63	11.04	-70.76%	-603.77%
REPL	1.1B	7.0M	-22.18%	24.65%	-7.11	158.97	131.81%	-45.39%
FATE	541.9M	96.3M	-12.99%	-82.24%	-1.92	5.63	72.44%	-32.79%
NVAX	513.7M	2.0B	-39.67%	-92.01%	-0.78	0.26	72.89%	62.27%
SGMO	355.3M	111.3M	-30.55%	-58.78%	-1.85	3.19	0.54%	-7.86%
VXRT	101.4M	159.0K	-16.47%	-82.96%	-0.97	637.62	-86.46%	-64.56%
IBIO	25.1M	-	94.03%	-77.12%	-0.31	3.21	0.51%	-185.61%

Financials for Surface Oncology

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-0.5%	30,000,000	30,155,000	20,999,000	11,843,000	2,687,000
Operating Expenses	-2.5%	91,869,000	94,213,000	91,199,000	85,678,000	78,700,000
S&GA Expenses	-5.0%	24,866,000	26,175,000	26,018,000	26,026,000	25,128,000
R&D Expenses	-1.5%	67,003,000	68,038,000	65,181,000	59,652,000	53,572,000
EBITDA	0.4%	-74,506,000	-74,773,000	-	-	-
EBITDA Margin	0.4%	-27.73	-27.83	-	-	-
EBT Margin	0%	-29.21	-29.21	-	-	-
Interest Expenses	7.4%	3,146,000	2,929,000	2,521,000	2,204,000	2,546,000
Net Income	4.1%	-63,586,000	-66,304,000	-62,957,000	-56,725,000	-78,485,000
Net Income Margin	3.6%	-2.12	-2.20	-23.43	-	-
Free Cahsflow	-11.4%	-60,049,000	-53,928,000	-50,352,000	-67,102,000	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-12.0%	160	182	194	218	191
Current Assets	-14.0%	129	150	162	184	157
Cash Equivalents	-21.8%	51.00	65.00	75.00	66.00	56.00
Net PPE	-1.2%	5.00	5.00	5.00	5.00	6.00
Liabilities	-3.3%	67.00	69.00	68.00	71.00	72.00
Current Liabilities	-9.6%	16.00	18.00	20.00	20.00	20.00
Shareholder's Equity	-17.2%	93.00	113	126	147	119
Retained Earnings	-11.7%	-204	-183	-159	-134	-140
Additional Paid-In Capital	0.5%	299	297	287	282	260
Accumulated Depreciation	-	8.00	-	-	-	-
Shares Outstanding	0.1%	61.00	61.00	55.00	54.00	47.00

Cashflow (Last 12 Months)					(In Thousands)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-11.0%	-59,552	-53,655	-50,086	-66,947	-62,344
Share Based Compensation	-4.3%	7,223	7,547	7,825	8,031	8,546
Cashflow From Investing	316.0%	22,757	5,471	-3,032	-16,153	-99,252
Cashflow From Financing	-39.6%	31,660	52,432	44,607	48,231	42,500

Risks for SURF

What is the probability of a big loss on SURF?

95.0%

Probability that Surface Oncology stock will be more than 20% underwater in next one year

94.6%

Probability that Surface Oncology stock will be more than 30% underwater in next one year.

93.4%

Probability that Surface Oncology stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does SURF drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Surface Oncology was unfortunately bought at previous high price.

Drawdowns

Returns for SURF

Cumulative Returns on SURF

-32.9%

3-Year Cumulative Returns

Which funds bought or sold SURF recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-02-21	MACQUARIE GROUP LTD	unchanged	-	-77,000	287,000	-%
2023-02-15	JANE STREET GROUP, LLC	new	-	107,887	107,887	-%
2023-02-15	Belvedere Trading LLC	new	-	2,338	2,338	-%
2023-02-14	TWO SIGMA ADVISERS, LP	reduced	-21.8	-17,464	28,536	-%
2023-02-14	TWO SIGMA SECURITIES, LLC	new	-	12,701	12,701	-%
2023-02-14	SUSQUEHANNA INTERNATIONAL GROUP, LLP	added	108	15,848	40,848	-%
2023-02-14	Bank of New York Mellon Corp	reduced	-26.75	-78,438	108,562	-%
2023-02-14	Laurion Capital Management LP	unchanged	-	-146,372	545,628	-%
2023-02-14	DAFNA Capital Management LLC	reduced	-28.82	-501,940	642,060	0.18%
2023-02-14	MARSHALL WACE, LLP	reduced	-46.4	-125,039	90,961	-%

Latest Funds Activity

Are funds buying SURF calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own SURF

No. of Funds

Surface Oncology News

Schedule 13G FIlings of Surface Oncology

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2023	ecor1 capital, llc	6.5%	3,924,713	SC 13G/A
Jan 31, 2023	atlas venture fund ix, l.p.	4.87%	2,945,453	SC 13G/A
May 09, 2022	blackrock inc.	4.6%	2,502,271	SC 13G
Mar 14, 2022	ecor1 capital, llc	9.9%	4,653,000	SC 13G
Feb 10, 2022	eli lilly & co	3.5%	1,593,997	SC 13G/A
Feb 09, 2022	ark investment management llc	11.54%	5,326,127	SC 13G/A
Feb 09, 2022	fmr llc	-	0	SC 13G/A
Feb 04, 2022	blackrock inc.	5.6%	2,562,685	SC 13G
Jan 25, 2022	atlas venture fund ix, l.p.	6.38%	2,945,453	SC 13G/A
Jul 09, 2021	ark investment management llc	10.31%	4,476,420	SC 13G/A

SURF Fair Value

Recent SEC filings of Surface Oncology

View All Filings

Date Filed	Form Type	Document
Mar 09, 2023	10-K	Annual Report
Mar 09, 2023	8-K	Current Report
Mar 09, 2023	S-8	Employee Benefits Plan
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Feb 13, 2023	SC 13G/A	Major Ownership Report

Latest Insider Trading transactions for SURF

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-08-03	FEES JESSICA	sold	-10,285	1.72	-5,980	chief financial officer
2022-08-03	ROSS ROBERT W.	sold	-18,221	1.72	-10,594	chief executive officer
2022-08-03	RATH HENRY C.	sold	-9,762	1.72	-5,676	chief business officer
2022-08-03	Palombella Vito J.	sold	-7,676	1.72	-4,463	chief scientific officer
2022-08-03	ONEILL ALISON	sold	-7,676	1.72	-4,463	chief medical officer
2022-03-01	FEES JESSICA	acquired	-	-	38,000	chief financial officer
2022-03-01	ONEILL ALISON	acquired	-	-	38,000	chief medical officer
2022-03-01	ROSS ROBERT W.	acquired	-	-	56,000	chief executive officer
2022-03-01	RATH HENRY C.	acquired	-	-	38,000	chief business officer
2022-03-01	Palombella Vito J.	acquired	-	-	38,000	chief scientific officer

About Surface Oncology

Robert W. Ross

www.surfaceoncology.com

Surface Oncology, Inc., a clinical-stage immuno-oncology company, engages in the development of cancer therapies in the United States. The company develops various antibodies that include NZV930, a fully human immunoglobulin isotype G4 monoclonal antibody for the production of extracellular adenosine; SRF617, a fully human IgG4 monoclonal antibody that inhibits CD39 enzymatic activity for the production of adenosine and the breakdown of adenosine triphosphate; SRF388 targeting interleukin 27; GSK4381562, an antibody targeting CD112R, an inhibitory protein expressed on natural killer and T cells; and SRF114 targeting the chemokine receptor CCR8. Surface Oncology, Inc. has a license agreement with GlaxoSmithKline Intellectual Property (No. 4) Limited to develop, manufacture, and commercialize antibodies that targets SRF813; and license agreement with Vaccinex, Inc. to develop, manufacture, and commercialize antibodies, which targets SRF114. The company was incorporated in 2014 and is headquartered in Cambridge, Massachusetts.

SURF Income Statement

2022-12-31

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Collaboration revenue - related party	$ 0	$ 0	$ 38,592
License-related revenue	30,000	2,687	87,570
Total revenue	30,000	2,687	126,162
Operating expenses:
Research and development	67,003	53,572	41,018
General and administrative	24,866	25,128	23,558
Total operating expenses	91,869	78,700	64,576
Income (loss) from operations	(61,869)	(76,013)	61,586
Interest expense	(3,146)	(2,546)	(2,855)
Other income, net	1,429	74	606
Net income (loss)	$ (63,586)	$ (78,485)	$ 59,337
Net income (loss) per share - basic (in dollars per share)	$ (1.14)	$ (1.77)	$ 1.67
Weighted average commons shares outstanding—basic (shares)	55,761,386	44,243,317	35,545,121
Net income (loss) per share - diluted (in dollars per share)	$ (1.14)	$ (1.77)	$ 1.57
Weighted average common shares outstanding—diluted (shares)	55,761,386	44,243,317	38,141,793
Comprehensive income (loss):
Net income (loss)	$ (63,586)	$ (78,485)	$ 59,337
Other comprehensive loss:
Unrealized loss on marketable securities, net of tax	(794)	(221)	(103)
Comprehensive income (loss)	$ (64,380)	$ (78,706)	$ 59,234

SURF Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 50,910	$ 56,045
Marketable securities	73,913	98,104
Prepaid expenses and other current assets	4,317	3,197
Total current assets	129,140	157,346
Property and equipment, net	4,866	5,651
Operating lease right-of-use asset	24,307	25,870
Restricted cash	1,595	1,595
Other assets	2	385
Total assets	159,910	190,847
Current liabilities:
Accounts payable	256	1,550
Accrued expenses and other current liabilities	10,214	13,089
Operating lease liability	5,790	5,384
Total current liabilities	16,260	20,023
Operating lease liability, non-current	24,662	26,909
Convertible note payable, non-current	25,585	25,015
Total liabilities	66,507	71,947
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value per share; 5,000,000 shares authorized at December 31, 2022 and December 31, 2021; no shares issued and outstanding at December 31, 2022 and December 31, 2021	0	0
Common stock, $0.0001 par value; 150,000,000 authorized at December 31, 2022 and December 31, 2021; 60,578,956 and 46,958,776 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	6	5
Additional paid-in capital	298,741	259,859
Accumulated other comprehensive loss	(1,015)	(221)
Accumulated deficit	(204,329)	(140,743)
Total stockholders’ equity	93,403	118,900
Total liabilities and stockholders’ equity	$ 159,910	$ 190,847