SRF-388 is a monoclonal antibody commercialized by Surface Oncology, with a leading Phase II program in Metastatic Hepatocellular Carcinoma (HCC). According to Globaldata, it is involved in 5 clinical trials, of which 3 are ongoing, and 2 are planned. GlobalData uses proprietary data and analytics to provide a complete picture of SRF-388’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for SRF-388 is expected to reach an annual total of $28 mn by 2038 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

SRF-388 Overview

SRF-388 is under development for the treatment of solid tumors including renal cell cancer, non-small-cell lung cancer, squamous cell non-small-cell lung carcinoma, hepatocellular cancer and metastatic hepatocellular cancer. It is a monoclonal antibody acts by targeting cytokine IL-27. It is administered through intravenous route.

It was also under development for the treatment of lung cancer.

Surface Oncology Overview

Surface Oncology is an immuno-oncology company. It develops novel antibody therapies for the treatment of cancer. The company’s product portfolio includes SRF388, to treat various diseases like renal cell carcinoma, hepatocellular carcinoma, and non-small-cell lung cancer; SRF617, to treat various tumors like gastric cancer, prostate cancer, PD-(L)1 relapsed cancer, and pancreatic cancer. Surface Oncology also provides SRF114, NZV930 and GSK4381562 antibodies. It also carries out research and development activities and pre-clinical studies. The company has entered two strategic collaborations to advance our next-generation cancer therapies partners which include Novartis and GSK. Surface Oncology is headquartered in Cambridge, Massachusetts, the US.

The company reported revenues of (US Dollars) US$2.7 million for the fiscal year ended December 2021 (FY2021), a decrease of 97.9% over FY2020. The operating loss of the company was US$76 million in FY2021, compared to an operating profit of US$59.3 million in FY2020. The net loss of the company was US$78.5 million in FY2021, compared to a net profit of US$59.3 million in FY2020.

For a complete picture of SRF-388’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.