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Sep 30, 2025
Summit Therapeutics Q3 2025 Earnings Report
Summit Therapeutics reported a net loss and no revenue in Q3 2025, while continuing to invest heavily in clinical development of ivonescimab.
Key Takeaways
Summit Therapeutics had no revenue and reported a higher net loss due to increased R&D and G&A expenses, primarily from stock-based compensation and clinical expansion. The company is progressing toward a BLA submission for ivonescimab and expanding its clinical programs.
No revenue reported for Q3 2025.
GAAP net loss widened to $231.8 million due to increased expenses.
Non-GAAP net loss was $101.0 million, adjusting for stock-based compensation.
Summit plans to submit a BLA for ivonescimab in Q4 2025 based on positive Phase III results.
Forward Guidance
Summit Therapeutics is focused on regulatory submissions and clinical development expansion, with a key milestone being the upcoming BLA filing for ivonescimab.
Positive Outlook
- Planned BLA submission for ivonescimab in Q4 2025.
- Initiation of global Phase III trial HARMONi-GI3 in CRC.
- Expansion of Phase III program for ivonescimab in multiple indications.
- Consistent PFS and OS trends in multiregional HARMONi study.
- Clinical collaborations with top cancer centers continue to expand.
Challenges Ahead
- No revenue generated in the quarter.
- Large GAAP net loss driven by stock-based compensation.
- Increased operating expenses due to clinical program expansion.
- No statistically significant OS benefit yet achieved in primary analysis.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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