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Dec 31, 2022
Summit Therapeutics Q4 2022 Earnings Report
Summit Therapeutics reported financial results and operational progress.
Key Takeaways
Summit Therapeutics reported a net loss of $19.2 million for the fourth quarter of 2022. The company's cash and cash equivalents totaled $648.6 million. Summit entered into a collaboration and license agreement with Akeso Inc. for ivonescimab.
Summit entered into a Collaboration and License Agreement with Akeso Inc. for ivonescimab.
Summit received rights to develop and commercialize ivonescimab in the United States, Canada, Europe, and Japan.
Summit committed to an upfront payment of $500 million to Akeso.
Summit is initiating development activities for SMT112 in non-small cell lung cancer (NSCLC) indications.
Summit Therapeutics
Summit Therapeutics
Forward Guidance
Based on the current cash balance, including the net proceeds received from the Rights Offering, repayments of certain notes, and payments to Akeso in accordance with the Collaboration and License Agreement during the first quarter of 2023, the company believes that it has sufficient capital resources to fund operating costs and working capital needs, including planned clinical trials for ivonescimab, into the second half of 2024.