Summit Therapeutics Inc.
Business
Summit Therapeutics Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing medicinal therapies for oncology. The company's lead product candidate is ivonescimab, a novel PD-1/VEGF-A bispecific antibody licensed from Akeso. Summit is conducting Phase III clinical trials of ivonescimab in non-small cell lung cancer and colorectal cancer across North America, Europe, Japan, Latin America, the Middle East, and Africa under its exclusive license agreement.
Summary from 10-K filed 2026-02-23
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Research and development | 538 | 151 | 59 | 52 | — | |
| Acquired in-process research and development | 0 | 15 | 521 | 0 | — | |
| General and administrative | 557 | 60 | 29 | 27 | 24 | |
| Total operating expenses | 1,094 | 226 | 610 | 87 | 109 | |
| Other income, net | 15 | 13 | 11 | −2 | −2 | |
| Interest expense | 0 | −9 | −16 | −4 | — | |
| Net loss | −1,080 | −221 | −615 | −79 | −89 | |
| Basic (in dollars per share) | −1.44 | −0.31 | −0.99 | −0.41 | −0.67 | |
| Diluted (in dollars per share) | −1.44 | −0.31 | −0.99 | −0.41 | −0.67 | |
| Basic (in shares) | 748 | 719 | 620 | 193 | 132 | |
| Diluted (in shares) | 748 | 719 | 620 | 193 | 132 | |
| Foreign currency translation adjustments | −327,000 | 60,000 | −172,000 | 304,000 | — | |
| Reclassification of unrealized loss on short-term investments to other income, net | 0 | 3,000 | 0 | 0 | — | |
| Reclassification of cumulative currency translation gain to other income, net | 0 | 0 | −419,000 | 0 | — | |
| Unrealized gain on short-term investments | 72,000 | 100,000 | 36,000 | 0 | — | |
| Comprehensive loss | −1,080 | −221 | −615 | −78 | −87 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2022 2022-11-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 225 | 105 | 71 | 349 | — | |
| Restricted cash | 316,000 | 325,000 | 0 | 300 | 300 | |
| Short-term investments | 488 | 307 | 115 | 0 | — | |
| Prepaid expenses and other current assets | 7 | 11 | 3 | — | — | |
| Total current assets | 720 | 424 | 190 | 657 | — | |
| Property and equipment, net | 1 | 254,000 | 204,000 | 906,000 | — | |
| Operating lease right-of-use assets | 21 | 7 | 6 | 4 | — | |
| Goodwill | 2 | 2 | 2 | 2 | — | |
| Other assets | 7 | 3 | 4 | 577,000 | — | |
| Total assets | 751 | 436 | 203 | 664 | — | |
| Accounts payable | 20 | 5 | 3 | 355,000 | — | |
| Accrued liabilities | 32 | 20 | 9 | 11 | — | |
| Accrued compensation | 15 | 12 | 5 | 6 | — | |
| Operating lease liabilities, current portion | 3 | 4 | 3 | 2 | — | |
| Other current liabilities | 2 | 2 | 717,000 | 662,000 | — | |
| Total current liabilities | 73 | 42 | 20 | 39 | — | |
| Operating lease liabilities, net of current portion | 18 | 3 | 3 | 3 | — | |
| Other non-current liabilities | 2 | 2 | 2 | 1 | — | |
| Total liabilities | 92 | 47 | 125 | 538 | — | |
| Commitments and contingencies (Note 16) | — | — | — | — | — | |
| Preferred stock, $0.01 par value, 20,000,000 shares authorized; none issued and outstanding at December 31, 2025 and 2024, respectively | 0 | 0 | 0 | 0 | — | |
| Common stock, $0.01 par value: 1,000,000,000 shares authorized; 775,371,200 and 737,626,004 shares issued and outstanding at December 31, 2025 and 2024, respectively | 8 | 7 | 7 | 2 | — | |
| Additional paid-in capital | 2,948 | 1,598 | 1,066 | 505 | — | |
| Accumulated other comprehensive loss | −3 | −2 | −2 | −2 | — | |
| Accumulated deficit | −2,294 | −1,215 | −993 | −378 | — | |
| Total stockholders' equity | 659 | 389 | 78 | 127 | — | |
| Total liabilities and stockholders' equity | 751 | 436 | 203 | 664 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Non-cash interest expense | 0 | 0 | 6 | 4 | 196,000 | |
| Amortization of discount on short-term investments | −7 | −3 | −2 | 0 | — | |
| Unrealized foreign exchange loss (gain) | −320,000 | 229,000 | −812,000 | 3 | 326,000 | |
| Reclassification of currency translation gain | 0 | 0 | −419,000 | 0 | — | |
| Impairment of fixed assets | 0 | 0 | 474,000 | 0 | — | |
| Depreciation | 146,000 | 89,000 | 198,000 | 349,000 | 330,000 | |
| Stock-based compensation | 732 | 51 | 14 | 12 | 13 | |
| Loss on disposal of assets | 0 | 0 | −109,000 | 0 | — | |
| Prepaid expenses and other current assets | 5 | −7 | 4 | 5 | — | |
| Other assets | −5 | 2 | −3 | 215,000 | 104,000 | |
| Accounts payable | 15 | 2 | 2 | −4 | −2 | |
| Accrued liabilities and other current liabilities | 13 | 12 | −2 | 5 | 5 | |
| Accrued compensation | 3 | 7 | −235,000 | 2 | 3 | |
| Other long-term liabilities | 80,000 | 95,000 | 0 | 0 | — | |
| Operating lease right-of-use assets and lease liabilities, net | 203,000 | −167,000 | −359,000 | — | — | |
| Net cash used in operating activities | −323 | −142 | −77 | −42 | −73 | |
| Maturities and sales of short-term investments | 311 | 490 | 208 | 0 | — | |
| Purchase of short-term investments | −485 | −680 | −321 | 0 | — | |
| Purchase of property and equipment | −657,000 | −139,000 | −128,000 | −624,000 | −306,000 | |
| Proceeds from sale of property, plant and equipment | 0 | 0 | 226,000 | 0 | — | |
| Payments to Akeso for upfront milestone payments and associated direct transaction costs | 0 | −15 | −475 | 0 | — | |
| Net cash used in investing activities | −174 | −205 | −588 | −624,000 | −306,000 | |
| Proceeds from the issuance of common stock via private placements, net of offering costs | 500 | 435 | 5 | 0 | — | |
| Proceeds from exercise of warrants | 7 | 598,000 | 1 | 0 | — | |
| Proceeds received related to employee stock purchase plan and exercise of stock options | 6 | 3 | 929,000 | 399,000 | — | |
| Transaction costs from the issuance of common stock for rights offering | 0 | 0 | −619,000 | −111,000 | −118,000 | |
| Re-payment of related party promissory notes | 0 | −100 | −25 | −25 | −110 | |
| Net cash provided by financing activities | 618 | 381 | 87 | 620 | 78 | |
| Effect of exchange rates on cash and cash equivalents | 102,000 | −18,000 | 839,000 | −1 | 351,000 | |
| Increase (decrease) in cash, cash equivalents and restricted cash | 120 | 34 | −577 | 577 | 5 | |
| Cash paid for interest on related party promissory note | 0 | 9 | 11 | 434,000 | 85,000 | |
| Cash paid for income taxes | 0 | 0 | 52,000 | 0 | 7,000 | |
| Leased assets obtained in exchange for operating lease liabilities | 17 | 4 | 4 | 3 | 3 | |
| Unpaid amounts related to purchase of property, plant and equipment | 291,000 | 0 | 0 | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Summit Therapeutics Inc.'s CIK number?
Summit Therapeutics Inc.'s SEC CIK number is 0001599298 (1599298). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Summit Therapeutics Inc.'s SEC filings?
All of Summit Therapeutics Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Summit Therapeutics Inc. last report earnings?
Summit Therapeutics Inc. (SMMT) most recently filed an earnings 8-K with the SEC on Apr 30, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001599298-26-000037). This is Summit Therapeutics Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Summit Therapeutics Inc.'s most recent earnings 8-K?
Summit Therapeutics Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 30, 2026 under accession 0001599298-26-000037. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Summit Therapeutics Inc.'s latest earnings 8-K →
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