Summit Therapeutics Inc. SMMT
Summit Therapeutics Inc. ("we", "Summit" or the "Company") is a biopharmaceutical company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs. The Company's pipeline of product candidates is designed with the goal to become the patient-friendly, new-era standard-of-care medicines, in the therapeutic area of oncology.
The Company's current lead development candidate is ivonescimab, a novel, potential first-in-class bispecific antibody intending to combine the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects of an anti-VEGF (as defined in Part I, Item I Business, Company Overview, Ivonescimab) compound into a single molecule. On December 5, 2022, the Company entered into the License Agreement with Akeso, Inc. and its affiliates (collectively, "Akeso") pursuant to which the Company has in-licensed intellectual property rights related to ivonescimab (as amended, the "License Agreement"). Through the License Agreement, the Company obtained the rights to develop and commercialize ivonescimab in the United States, Canada, Europe, and Japan. The License Agreement and transaction closed in January 2023 following customary waiting periods. On June 3, 2024, the Company entered into the Second Amendment with Akeso to expand its territories covered under the License Agreement to also include Latin America, including Mexico and all countries in Central America and South America, the Middle East and Africa. The Company's operations are focused on the development of ivonescimab and other future activities, as the Company determines.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $0 | $0 | $705.0K | $1.8M | $860.0K | $743.0K | $57.1M | $16.1M |
| R&D | — | — | $59.5M | $52.0M | $85.4M | $53.3M | $39.8M | $52.0M | $37.7M |
| SG&A | $556.8M | $60.2M | $29.3M | $26.7M | $23.6M | $19.2M | $11.3M | $17.0M | $15.7M |
| Total operating expenses | $1.09B | $226.0M | $609.6M | $87.2M | $109.0M | $73.4M | $51.1M | $74.3M | $53.4M |
| Operating income | — | -$226.0M | -$609.6M | -$72.1M | -$86.2M | -$53.2M | -$27.5M | $5.4M | -$28.4M |
| Interest expense | $0 | $8.7M | $16.5M | $4.4M | $242.0K | $255.0K | $291.0K | $620.0K | $1.5M |
| Pre-tax income | -$1.08B | -$221.3M | -$614.9M | -$78.8M | -$88.6M | -$52.9M | -$29.1M | $9.1M | -$25.9M |
| Income tax | $0 | $0 | $0 | — | $0 | $213.0K | $36.0K | $1.8M | $471.0K |
| Net income | -$1.08B | -$221.3M | -$614.9M | -$78.8M | -$88.6M | -$52.7M | -$29.1M | $10.9M | -$26.4M |
| EPS, basic | -1.44 | -0.31 | -0.99 | -0.41 | -0.67 | -0.76 | -0.89 | 0.63 | -2.01 |
| EPS, diluted | -1.44 | -0.31 | -0.99 | -0.41 | -0.67 | -0.76 | -0.89 | 0.63 | -2.01 |
| Shares, diluted (wtd. avg.) | 747.7M | 718.5M | 619.6M | 193.3M | 131.7M | 69.5M | 32.8M | 17.2M | 13.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $225.3M | $104.9M | $71.4M | $648.6M | $71.8M | $66.4M | $63.8M | $35.2M | $28.5M |
| Short-term investments | $488.2M | $307.5M | $114.8M | $0 | — | — | — | — | — |
| Receivables | — | — | $0 | $349.0K | $1.5M | $331.0K | $541.0K | — | — |
| Total current assets | $720.3M | $423.8M | $189.7M | $656.7M | $97.3M | $87.7M | $79.6M | — | — |
| Property, plant and equipment | $1.1M | $254.0K | $204.0K | $906.0K | $694.0K | $725.0K | $518.0K | — | — |
| Goodwill | $2.0M | $1.9M | $1.9M | $1.8M | $2.0M | $2.0M | $2.0M | $2.0M | — |
| Other intangibles | — | $0 | $0 | $0 | $10.4M | $11.5M | $13.1M | — | — |
| Total assets | $751.2M | $435.6M | $202.9M | $664.2M | $113.4M | $102.5M | $96.2M | — | — |
| Accounts payable | $20.3M | $4.6M | $2.7M | $355.0K | $4.4M | $6.1M | $4.5M | — | — |
| Total current liabilities | $73.0M | $41.7M | $20.4M | $38.8M | $25.6M | $19.9M | $13.8M | — | — |
| Total liabilities | $92.3M | $46.8M | $125.3M | $537.5M | $30.1M | $23.0M | $17.4M | — | — |
| Retained earnings | -$2.29B | -$1.21B | -$993.3M | -$378.3M | -$299.5M | -$210.9M | -$158.2M | — | — |
| Total equity | $658.9M | $388.7M | $77.7M | $126.7M | $83.3M | $79.5M | $78.9M | $57.6M | -$3.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$322.9M | -$142.1M | -$76.8M | -$41.6M | -$72.6M | -$48.1M | -$20.8M | -$35.1M | -$21.5M |
| Depreciation and amortisation | $146.0K | $89.0K | $198.0K | $349.0K | $330.0K | $302.0K | $321.0K | $409.0K | $198.0K |
| Stock-based compensation | $732.4M | $51.0M | $14.1M | $11.9M | $12.8M | $1.8M | $845.0K | $6.3M | $2.1M |
| Capital expenditure | $657.0K | $139.0K | $128.0K | $624.0K | $306.0K | $421.0K | $205.0K | $157.0K | $668.0K |
| Investing cash flow | -$174.3M | -$205.3M | -$587.8M | -$624.0K | -$306.0K | -$421.0K | -$341.0K | -$331.0K | -$7.0M |
| Financing cash flow | $617.5M | $381.2M | $86.5M | $620.2M | $77.9M | $50.6M | $49.5M | $44.5M | $18.8M |
| Dividends paid | — | — | — | — | — | $0 | $0 | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001599298-26-000029.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.1M | $57.1M | $743.0K | $860.0K | $1.8M | $705.0K | $0 | $0 | — |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | -$26.4M | $10.9M | -$29.1M | -$52.7M | -$88.6M | -$78.8M | -$614.9M | -$221.3M | -$1.08B |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Other event Item 8.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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