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Monday, February 19, 2024 9:59:57 AM
Third Quarter 2023
Financial Highlights
Aggregate cash and cash equivalents, restricted cash, short-term investments, and receivables on September 30, 2023 totaled $200.5 million as compared to $654.7 million on December 31, 2022.
Our cash, cash equivalents, restricted cash, and short-term investments on September 30, 2023 was $198.9 million as compared to $648.6 million on December 31, 2022. Accounts receivable and research and development tax credits receivable on September 30, 2023 were $1.6 million as compared to $6.1 million on December 31, 2022.
Our short-term investments consist of U.S. treasury securities.
Our current notes payable balance at September 30, 2023 was $100.0 million, which is due in September 2024.
Based on our current cash and investments position, current operating plans, and with the $100.0 million notes payable due in September 2024, we have sufficient funds to operate into the second half of 2024.
Net loss for the three and nine months ended September 30, 2023 was $21.3 million and $578.4 million, respectively. Net loss for the three and nine months ended September 30, 2022 was $21.4 million and $59.6 million, respectively.
The net loss for the nine months ended September 30, 2023 includes one-time in-process research and development expenses associated with the in-licensing of ivonescimab from Akeso of $520.9 million.
Operating cash outflow for the nine months ended September 30, 2023 and 2022 was $57.3 million and $46.8 million, respectively.
Recent SMMT News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/09/2024 11:23:04 AM
- Ivonescimab Monotherapy Reduced the Risk of Disease Progression or Death by 49% Compared to Pembrolizumab Monotherapy in First-Line Treatment of Patients with PD-L1 Positive Advanced NSCLC in China • Business Wire • 09/08/2024 03:45:00 PM
- Summit Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) • Business Wire • 09/06/2024 08:15:00 PM
- HARMONi-2, Featuring Ivonescimab Monotherapy vs. Pembrolizumab Monotherapy, to be Showcased in Presidential Symposium at WCLC 2024 • Business Wire • 08/12/2024 11:00:00 AM
- Two Ivonescimab (PD-1/VEGF) Results including Phase 3 Monotherapy versus Pembrolizumab Monotherapy in First-Line Treatment for PD-L1 Positive NSCLC to Be Presented at WCLC 2024 • PR Newswire (US) • 08/11/2024 11:30:00 PM
- Summit Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) • Business Wire • 08/09/2024 08:15:00 PM
- Form S-3ASR - Automatic shelf registration statement of securities of well-known seasoned issuers • Edgar (US Regulatory) • 08/06/2024 01:03:29 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/06/2024 11:37:21 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/06/2024 11:14:08 AM
- Summit Therapeutics Reports Financial Results and Operational Progress for the Second Quarter and Six Months Ended June 30, 2024 • Business Wire • 08/06/2024 11:00:00 AM
- Summit Therapeutics to Host Second Quarter 2024 Financial Results & Operational Progress Call on August 6, 2024 • Business Wire • 07/29/2024 08:15:00 PM
- Summit Therapeutics and MD Anderson Announce Strategic Collaboration to Accelerate Development of Ivonescimab • Business Wire • 07/25/2024 12:00:00 PM
- Summit Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) • Business Wire • 07/03/2024 08:15:00 PM
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- Form D - Notice of Exempt Offering of Securities • Edgar (US Regulatory) • 06/18/2024 09:14:58 PM
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- Form 8-K - Current report • Edgar (US Regulatory) • 06/03/2024 10:05:37 AM
- Summit Raises $200 Million; Also Expands License Territories for Ivonescimab • Business Wire • 06/03/2024 09:30:00 AM
- Ivonescimab Manuscript for HARMONi-A Clinical Trial Results Published in JAMA • Business Wire • 06/01/2024 12:00:00 PM
- Ivonescimab in Combination with Chemotherapy Approved in China by NMPA for 2L+ EGFRm NSCLC based on HARMONi-A Clinical Trial: Positive Trend Observed in Overall Survival towards Ivonescimab Plus Chemotherapy • Business Wire • 05/31/2024 11:00:00 PM
- Summit Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) • Business Wire • 05/30/2024 10:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/30/2024 08:48:30 PM
- Ivonescimab Monotherapy Decisively Beats Pembrolizumab Monotherapy Head-to-Head, Achieves Statistically Significant Superiority in PFS in First-Line Treatment of Patients with PD-L1 Positive NSCLC in China • Business Wire • 05/30/2024 06:29:00 PM
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