Logo

SMMT

Summit Therapeutics Inc.

SMMT

Summit Therapeutics Inc. • NASDAQ
$17.88 ▲ 0.34% (+0.06)
Market Cap $13.31 B
52w High $36.91
52w Low $15.55
Dividend Yield 0%
P/E -14.3
Volume 1.39M
Outstanding Shares 744.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $234.169M ▼ $-231.793M ▲ 0% $-0.31 ▲ $-231.751M ▲
Q2-2025 $0 $568.4M ▲ $-565.708M ▼ 0% $-0.76 ▼ $-565.671M ▼
Q1-2025 $0 $66.851M ▲ $-62.913M ▼ 0% $-0.085 ▼ $-62.888M ▼
Q4-2024 $0 $65.614M ▲ $-61.203M ▼ 0% $-0.083 ▼ $-61.145M ▼
Q3-2024 $0 $58.378M $-56.254M 0% $-0.08 $-53.515M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $238.875M ▼ $261.729M ▼ $69.466M ▲ $192.263M ▼
Q2-2025 $297.872M ▼ $324.037M ▼ $64.598M ▲ $259.439M ▼
Q1-2025 $361.315M ▼ $383.822M ▼ $39.492M ▼ $344.33M ▼
Q4-2024 $412.349M ▼ $435.56M ▼ $46.812M ▼ $388.748M ▼
Q3-2024 $486.897M $502.852M $64.932M $437.92M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-231.793M ▲ $-95.019M ▼ $-1.286M ▼ $34.66M ▲ $-59.316M ▼ $-95.091M ▼
Q2-2025 $-565.708M ▼ $-66.744M ▼ $150.808M ▼ $2.222M ▼ $86.347M ▼ $-66.744M ▼
Q1-2025 $-62.913M ▼ $-61.168M ▼ $160.11M ▲ $7.677M ▲ $106.657M ▲ $-61.59M ▼
Q4-2024 $-61.203M ▼ $-48.673M ▼ $83.482M ▲ $-23.612M ▼ $11.089M ▼ $-48.687M ▼
Q3-2024 $-56.254M $-30.449M $-108.615M $204.142M $65.344M $-30.355M

Revenue by Products

Product Q1-2022Q2-2022Q3-2022Q4-2022
License and Service
License and Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Summit is still a pure development‑stage biotech: it has no product revenue yet, and all spending goes into research, clinical development, and overhead. Losses have been consistent over the past several years, with a notable step‑up in expenses and net loss recently as the company ramped activity around its lead drug. The most recent year shows continued losses, but somewhat smaller than the prior year’s peak, suggesting some normalization after a big scale‑up. Overall, the income statement reflects a company investing heavily ahead of any commercial payoff, with results highly sensitive to trial progress and future approvals.

Balance Sheet

Balance Sheet The balance sheet is small but has strengthened versus the recent past. Cash and total assets have moved up from the prior year, giving the company a better cushion to fund near‑term operations, though resources are still limited in absolute terms. Debt appeared in the last few years and rose, then was pared back, so the company is not heavily leveraged but does carry some financial obligations. Equity has increased meaningfully most recently, likely from capital raises, which reduces balance‑sheet strain but also signals ongoing reliance on external financing until the business can generate its own cash.

Cash Flow

Cash Flow Summit consistently uses cash rather than generating it, which is normal for a pre‑revenue biotech. Operating cash outflows have gradually increased as clinical programs expanded, and free cash flow is essentially the same as operating cash flow because capital spending on equipment and facilities is minimal. This pattern highlights a straightforward story: most cash goes straight into trials and R&D, with little spent on fixed assets. The key risk is that continued clinical progress will require additional funding rounds unless a partnership, milestone payment, or eventual product launch changes the cash picture.

Competitive Edge

Competitive Edge Competitively, Summit is a focused, high‑risk, high‑reward story centered on one major asset: ivonescimab. The company holds exclusive rights to this drug in large, attractive markets through its partnership with Akeso, backed by long‑dated patent protection. Early late‑stage data suggest the drug could outperform a leading standard of care in certain lung cancer patients, which—if confirmed globally—would be a significant commercial and strategic advantage. On the other hand, Summit is a smaller player competing against very large oncology companies, and its fortunes are heavily tied to the success of a single product in a crowded and rapidly evolving cancer market.

Innovation and R&D

Innovation and R&D Innovation is the core of Summit’s value. Ivonescimab is a novel bispecific antibody designed to hit two cancer pathways at once—immune evasion and blood‑vessel growth—using a “two‑in‑one” approach that aims for stronger tumor attack with manageable side effects. The cooperative binding design is scientifically distinctive and could translate into better real‑world performance if Phase III results hold up. Beyond oncology, Summit has an early‑stage precision antibiotic candidate aimed at highly drug‑resistant infections, which diversifies its longer‑term pipeline but is still at a formative stage. Overall, R&D is concentrated but conceptually strong, with a clear lead program and a small but meaningful secondary asset.

Summary

Summit Therapeutics is a pre‑revenue biotech making a concentrated bet on a potentially transformative cancer therapy. Financially, it shows the typical profile of a development‑stage company: no sales, ongoing losses, steady cash burn, a modest but improved cash balance, and reliance on external funding, though with only moderate use of debt. Strategically, its strength lies in a differentiated, late‑stage antibody with promising comparative data and strong territorial rights, supported by intellectual property that could secure long‑term exclusivity. The major opportunities are tied to successful Phase III outcomes, regulatory approvals, and effective commercialization in major markets. The main risks are scientific, regulatory, and competitive, all amplified by dependence on a single lead asset and the ongoing need to finance operations until a product can reach the market.

NEWS

November 7, 2025 · 9:00 AM UTC

Ivonescimab Plus Chemotherapy Demonstrates a Statistically Significant Benefit in Overall Survival with a Hazard Ratio of 0.74 in 2L+ Treatment of Patients with EGFRm NSCLC in HARMONi-A Study Conducted by Akeso in China

Read more

November 4, 2025 · 7:00 AM UTC

Summit Therapeutics to Present at Upcoming Investor Conferences

Read more

October 31, 2025 · 7:00 AM UTC

Overall Survival Data from HARMONi-A, Featuring Ivonescimab in Combination with Chemotherapy vs. Chemotherapy in 2L+ Treatment of Patients with EGFRm NSCLC in China, to be Showcased at SITC 2025

Read more

October 22, 2025 · 8:00 AM UTC

Summit Therapeutics Raises $500 Million in Private Placement

Read more

October 20, 2025 · 6:45 AM UTC

Summit Therapeutics Reports Financial Results and Operational Progress for the Third Quarter and Nine Months Ended September 30, 2025

Read more