Summit Therapeutics Q1 2024 Earnings Report

Summit Therapeutics reported its financial results and operational progress for the first quarter ended March 31, 2024.

Key Takeaways

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.

Ivonescimab continues operational progress with over 1,600 patients treated in clinical studies globally.

HARMONi Phase III trial enrollment completion is expected in the second half of 2024.

Promising intracranial anti-tumor activity and safety data were featured at the 2024 European Lung Cancer Congress with Ivonescimab.

Dr. Mostafa Ronaghi was appointed to the Board of Directors.

Previous year: -$1.43

-95.8%

R&D Expenses

$30.9M