Summit Therapeutics Earnings Reports

Summit Therapeutics posted a larger net loss in Q1 2025 as R&D spending surged due to multiple ongoing Phase III trials for ivonescimab. Despite no revenue, the company maintained a strong cash position and achieved significant clinical milestones.

Summit Therapeutics reported a net loss of $61.2 million for Q4 2024. Operating expenses increased due to higher research and development costs. The company continued clinical advancements, particularly with ivonescimab, including partnerships and ongoing Phase III trials.

Summit Therapeutics reported a net loss of $56.3 million for Q3 2024. The company highlighted positive results from the Phase III HARMONi-2 trial of ivonescimab, which demonstrated a significant reduction in disease progression or death compared to pembrolizumab in NSCLC patients. Summit also completed a $235 million private financing, increasing its cash reserves to $487 million.

Summit Therapeutics reported its Q2 2024 financial results, featuring positive clinical data from the HARMONi-2 and HARMONi-A trials for ivonescimab, a bispecific antibody. The company also expanded its license agreement with Akeso Inc. and announced a strategic collaboration with MD Anderson Cancer Center. Financially, Summit raised $200 million in net proceeds and updated its cash guidance to fund operations into Q4 2025.

Summit Therapeutics reported a GAAP net loss of $43.5 million, or $0.06 per share, for the first quarter of 2024. The company's cash and cash equivalents, restricted cash, and short-term investments totaled $157.0 million as of March 31, 2024. The company updated guidance of cash runway for operations through Q1 2025.

Summit Therapeutics reported a GAAP net loss of $36.6 million for Q4 2023, driven by increased R&D expenses related to ivonescimab. The company updated its cash guidance, now expecting sufficient funds to operate into the first quarter of 2025, following an extension of a $100 million note.

Summit Therapeutics reported a net loss of $21.3 million for the third quarter of 2023. The company is actively engaged in the development of Ivonescimab and has initiated enrollment in the second Phase III clinical study, HARMONi-3.

Summit Therapeutics reported a net loss of $14.7 million for the second quarter of 2023. The company is actively engaged in the development of Ivonescimab (SMT112) and has initiated Phase III clinical trials. As of June 30, 2023, the company's cash, cash equivalents, short-term investments, and receivables totaled $220.1 million.

Summit Therapeutics reported a net loss of $542.4 million for the first quarter of 2023, which included a one-time in-process research and development expense of $520.9 million related to the in-licensing of ivonescimab from Akeso. The company's cash, cash-equivalents, short-term investments, and receivables totaled $246.9 million as of March 31, 2023. They also dosed the first patient in the Phase III HARMONi clinical trial.

Summit Therapeutics reported a net loss of $19.2 million for the fourth quarter of 2022. The company's cash and cash equivalents totaled $648.6 million. Summit entered into a collaboration and license agreement with Akeso Inc. for ivonescimab.