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Jun 30, 2023
Summit Therapeutics Q2 2023 Earnings Report
Summit Therapeutics' financial performance and operational progress were reported for Q2 2023. Updated Phase II data for Ivonescimab was presented at ASCO 2023, and the first US patient was treated in the Ivonescimab Phase III clinical trial.
Key Takeaways
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.
First patient treated in Ivonescimab Phase III clinical trial.
Promising Phase II data from AK112-201 presented at ASCO 2023 for Ivonescimab.
Summit is actively engaged in development activities for SMT112.
Cash, cash-equivalents, short-term investments, and receivables totaled $220.1 million on June 30, 2023.
Summit Therapeutics
Summit Therapeutics
Forward Guidance
Based on our current cash and investments position, we believe that we have sufficient capital resources to fund our operating costs and working capital needs, including our planned clinical trials for ivonescimab, for at least twelve months following the issuance of our Q2 financial statements filed on Form 10-Q.