SURFACE ONCOLOGY, INC. : Costs Associated with Exit or Disposal Activities (form 8-K)

Item 2.05. Costs Associated with Exit or Disposal Activities.

On January 21, 2020, the Board of Directors of Surface Oncology, Inc. (the "Company") approved a corporate restructuring to focus resources on its SRF617 and SRF388 programs. The restructuring will reduce the Company's workforce by approximately 35%. The majority of the personnel and program restructuring will be completed by mid-February 2020. The Company currently estimates that it will record a charge in the first quarter of 2020 of approximately $1.3 million, consisting of severance, benefits and outplacement services.

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