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Mar 31, 2023
Summit Therapeutics Q1 2023 Earnings Report
Summit Therapeutics reported financial results and operational progress, highlighted by the first US patient treated in the Ivonescimab clinical trial and the closing of a $500M rights offering.
Key Takeaways
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.
Collaboration and License Agreement with Akeso Inc. for ivonescimab closed on January 17, 2023.
First patient was treated in the Phase III HARMONi clinical trial in May 2023.
Fully subscribed Rights Offering raised $500.0 million in gross proceeds.
Net loss for the three months ended March 31, 2023 was $542.4 million, including one-time in-process R&D expenses of $520.9 million.
Forward Guidance
Based on the current cash and investments position, Summit believes it has sufficient capital resources to fund operating costs and working capital needs, including planned clinical trials for ivonescimab, going into the second half of 2024.
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