SURF · Surface Oncology, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | - | $0 | $0 | $30.00M | - | $392.0K | $515.0K | $38.59M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $13.83M | $13.78M | - | $16.89M | $18.20M | $16.62M | - | $14.04M | $12.67M | $10.54M |
| SG&A | $8.58M | $5.89M | - | $6.00M | $6.43M | $6.54M | - | $5.85M | $6.43M | $5.64M |
| Total Operating Expenses | $25.64M | $19.66M | - | $22.90M | $24.62M | $23.16M | - | $19.88M | $19.10M | $16.18M |
| D&A | - | $318.0K | - | - | - | $345.0K | - | - | - | $406.0K |
| Operating Income | ($25.64M) | ($19.66M) | - | ($22.90M) | ($24.62M) | $6.84M | - | ($19.49M) | ($18.59M) | ($14.56M) |
| Interest Expense | $3.11M | $932.0K | - | $829.0K | $733.0K | $682.0K | - | $421.0K | $427.0K | $340.0K |
| Income Tax | $0 | $0 | - | $0 | $0 | $0 | - | $0 | $0 | $0 |
| Net Income | ($28.19M) | ($19.74M) | - | ($23.24M) | ($25.21M) | $6.20M | - | ($19.89M) | ($18.98M) | ($15.56M) |
| EPS - Basic | ($0.46) | ($0.33) | - | ($0.39) | ($0.46) | $0.13 | - | ($0.44) | ($0.44) | ($0.37) |
| EPS - Diluted | ($0.46) | ($0.33) | - | ($0.39) | ($0.46) | $0.13 | - | ($0.44) | ($0.44) | ($0.37) |
Balance Sheet
| Line item | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $14.84M | $28.98M | $50.91M | $65.10M | $74.82M | $65.66M | $56.05M | $60.85M | $83.33M | $100.53M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $609.0K | $1.11M | $256.0K | $535.0K | $486.0K | $2.63M | $1.55M | $440.0K | $1.19M | $2.32M |
| Current Assets | $60.59M | $107.21M | $129.14M | $150.12M | $161.50M | $184.28M | $157.35M | $154.76M | $170.77M | $179.05M |
| Total Assets | $66.01M | $137.01M | $159.91M | $181.62M | $193.98M | $217.68M | $190.85M | $188.61M | $205.52M | $214.75M |
| Current Liabilities | $16.83M | $14.75M | $16.26M | $17.99M | $19.73M | $19.56M | $20.02M | $15.80M | $18.70M | $14.92M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $16.83M | $61.18M | $66.51M | $68.80M | $68.26M | $70.69M | $71.95M | $57.41M | $57.43M | $55.70M |
| Stockholders' Equity | $49.18M | $75.83M | $93.40M | $112.82M | $125.72M | $146.99M | $118.90M | $131.20M | $148.09M | $159.05M |
| Retained Earnings | ($252.26M) | ($224.07M) | ($204.33M) | ($183.00M) | ($159.76M) | ($134.54M) | ($140.74M) | ($116.69M) | ($96.80M) | ($77.82M) |
Cash Flow
| Line item | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | - | ($23.44M) | - | - | - | ($23.57M) | - | - | - | ($18.96M) |
| Investing Cash Flow | - | $1.43M | - | - | - | $12.46M | - | - | - | ($70.63M) |
| Financing Cash Flow | - | $77.0K | - | - | - | $20.71M | - | - | - | $14.98M |
| CapEx | - | $17.0K | - | - | - | $35.0K | - | - | - | $0 |
| Free Cash Flow | - | ($23.46M) | - | - | - | ($23.60M) | - | - | - | ($18.96M) |
Ratios
| Metric | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 | Q2 '21 | Q1 '21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | 22.8% | - | -4972.4% | -3609.3% | -37.7% |
| EBITDA margin | - | - | - | - | - | 23.9% | - | - | - | -36.7% |
| Net margin | - | - | - | - | - | 20.7% | - | -5074.7% | -3685.6% | -40.3% |
| Free cash flow margin | - | - | - | - | - | -78.7% | - | - | - | -49.1% |
| FCF / Net income | - | 1.19 | - | - | - | -3.81 | - | - | - | 1.22 |
| R&D / Revenue | - | - | - | - | - | 55.4% | - | 3580.9% | 2460.0% | 27.3% |
| SG&A / Revenue | - | - | - | - | - | 21.8% | - | 1491.6% | 1249.3% | 14.6% |
| Effective tax rate | - | - | - | - | - | 0.0% | - | - | - | - |
| Return on assets | -42.7% | -14.4% | - | -12.8% | -13.0% | 2.8% | - | -10.5% | -9.2% | -7.2% |
| Return on equity | -57.3% | -26.0% | - | -20.6% | -20.1% | 4.2% | - | -15.2% | -12.8% | -9.8% |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 3.60 | 7.27 | 7.94 | 8.34 | 8.19 | 9.42 | 7.86 | 9.79 | 9.13 | 12.00 |
| Quick ratio | 3.60 | 7.27 | 7.94 | 8.34 | 8.19 | 9.42 | 7.86 | 9.79 | 9.13 | 12.00 |
| Cash ratio | 0.88 | 1.96 | 3.13 | 3.62 | 3.79 | 3.36 | 2.80 | 3.85 | 4.46 | 6.74 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -8.3x | -21.1x | - | -27.6x | -33.6x | 10.0x | - | -46.3x | -43.5x | -42.8x |
| Equity multiplier | 1.34 | 1.81 | 1.71 | 1.61 | 1.54 | 1.48 | 1.61 | 1.44 | 1.39 | 1.35 |
| Liabilities / Assets | 0.25 | 0.45 | 0.42 | 0.38 | 0.35 | 0.32 | 0.38 | 0.30 | 0.28 | 0.26 |
| Efficiency | ||||||||||
| Asset turnover | 0.00 | 0.00 | - | 0.00 | 0.00 | 0.14 | - | 0.00 | 0.00 | 0.18 |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | -100.0% | - | -100.0% | -100.0% | -22.3% | - | - | - | 0.0% |
| Revenue CAGR (3y) | - | - | - | - | - | 27.6% | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -4.1% | - | - | -17.5% | -32.5% | - | - | -35.8% | -27.8% | - |
| Net income growth (YoY) | -11.8% | - | - | -16.8% | -32.8% | - | - | -26.1% | -28.2% | - |
| EPS growth (YoY) | 0.0% | - | - | 11.4% | -4.5% | - | - | - | 0.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | 0.6% | - | - | - | -24.5% | - | - | - | -21.6% |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -60.9% | -48.4% | -21.4% | -14.0% | -15.1% | -7.6% | -23.7% | 52.4% | 51.6% | 95.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Product / service
$5.37M totalLicense$2.69M · 50.0%
License Supply Services$1.95M · 36.4%
Transition Services$733.0K · 13.6%
Peer comparison
Same SIC group: Biological Products, (No Diagnostic Substances)
Comparing Surface Oncology against the 5 most active filers in the same SIC group.