Summit Therapeutics Inc.SMMT

Summit Therapeutics Inc. Segments Disclosure

10-KFiled Feb 23, 20261 min read
Segment Reporting
The Company’s chief operating decision makers (the “CODM function”), which are the Company’s Co-Chief Executive Officers, Mr. Duggan and Dr. Zanganeh, and Chief Operating Officer and Chief Financial Officer, Mr. Soni, utilize consolidated net loss that is reported on the consolidated statement of operations and comprehensive loss to make decisions about allocating resources and assessing performance for the entire Company. The CODM function approves of key operating and strategic decisions, including key decisions in clinical development and clinical operating activities, entering into significant contracts, such as revenue contracts and collaboration agreements and approves the Company’s consolidated operating budget. The CODM function views the Company's operations and manages its business on a consolidated basis and as a single reportable operating segment. The CODM function is regularly provided with the following significant segment expenses:

Year Ended December 31,
 202520242023
Oncology clinical trial related costs$266,439 $100,937 $35,224 
Acquired in-process research and development— 15,007 520,915 
Compensation related costs, excluding stock-based compensation75,575 48,295 31,371 
Stock-based compensation732,420 50,981 14,108 
Other expenses (1)
19,990 10,778 8,032 
Total segment expenses
1,094,424 225,998 609,650 
Other income, net14,838 13,369 11,183 
Interest expense— (8,686)(16,461)
Net loss$(1,079,586)$(221,315)$(614,928)

(1) Other expenses include general and administrative expenses excluding compensation and stock-based compensation.

As of December 31, 2025 and 2024, substantially all of our long-lived assets are located in the United States.

Historical Timeline

Fiscal YearFiled
2025Feb 23, 2026Showing above
2024Feb 24, 2025
2023Feb 20, 2024
2022Mar 9, 2023
2021Mar 17, 2022
2020Mar 31, 2021

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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