Summit spent big on its collaboration and licensing agreement with Akeso to market ivonescimab, a bispecific antibody being tested in two phase 3 trials to treat non-small cell lung cancer (NSCLC). In its quarterly report, Summit said it lost $542.4 million, compared to a loss of $21.4 million in the same period a year ago, citing $520.9 million of expenses of in-licensing ivonescimab from Akeso. Summit gained the rights to market the therapy, which it calls SMT-112, in the U.S., Canada, Europe, and Japan while Akeso retains the marketing rights for the therapy elsewhere, including in China.