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Jun 30, 2024
Summit Therapeutics Q2 2024 Earnings Report
Summit Therapeutics' Q2 2024 financial results and operational progress were reported, highlighted by significant advancements in the development of ivonescimab and a strengthened financial position.
Key Takeaways
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.
Ivonescimab monotherapy achieved statistically significant improvement over pembrolizumab monotherapy in the HARMONi-2 Phase III trial for 1L advanced NSCLC.
Positive HARMONi-A data, supporting ivonescimab's first regulatory approval in China for 2L+ EGFRm advanced NSCLC, was featured at ASCO and published in JAMA.
Enrollment continues for HARMONi and HARMONi-3 trials, with HARMONi expected to complete enrollment in the second half of 2024.
The company raised $200 million in net proceeds, supporting updated cash guidance for operations into Q4 2025.
Forward Guidance
Based on the company’s current operating plans and its existing cash, cash equivalents, and short-term investments, we updated our cash guidance. We believe we have sufficient cash to fund operations into the fourth quarter of 2025.
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