Summit Therapeutics Inc (SMMT) Reports Q3 Financial Results and Operational Progress
Summit Therapeutics Inc (NASDAQ:SMMT) reported a net loss of $21.3 million for Q3 2023 and $578.4 million for the nine months ended September 30, 2023.
The company's cash and cash equivalents, restricted cash, short-term investments, and receivables totaled $200.5 million as of September 30, 2023.
Enrollment initiated in the second Phase III clinical study for Ivonescimab, HARMONi-3, with completion expected in the second half of 2024.
Manmeet S. Soni joined Summit as COO, investing $5 million in the company.
Summit Therapeutics Inc (NASDAQ:SMMT) released its financial results and operational progress for the third quarter and nine months ended September 30, 2023, on November 7, 2023. The company reported a net loss of $21.3 million for the third quarter and $578.4 million for the nine months ended September 30, 2023. The net loss for the nine months includes one-time in-process research and development expenses associated with the in-licensing of ivonescimab from Akeso of $520.9 million.
Operational and Corporate Updates
The company has made significant progress with ivonescimab (SMT112), an innovative, potentially first-in-class bispecific antibody. Over 950 patients have been treated with ivonescimab in clinical studies in China and Australia, with enrollment beginning recently in Summit's license territories. The company has also strengthened its leadership team with the addition of Manmeet S. Soni as Chief Operating Officer and several other key appointments.
Financial Highlights
As of September 30, 2023, Summit Therapeutics Inc (NASDAQ:SMMT)'s aggregate cash and cash equivalents, restricted cash, short-term investments, and receivables totaled $200.5 million, compared to $654.7 million on December 31, 2022. The company's current notes payable balance at September 30, 2023, was $100.0 million, due in September 2024. Based on current cash and investments position, current operating plans, and with the $100.0 million notes payable due in September 2024, the company has sufficient funds to operate into the second half of 2024.
Net Loss Details
The net loss for the three and nine months ended September 30, 2023, was $21.3 million and $578.4 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.
Future Outlook
Summit Therapeutics Inc (NASDAQ:SMMT) is actively engaged in development activities for SMT112. The company expects to complete enrollment for the HARMONi Phase III Study in the second half of 2024. With a strengthened leadership team and promising clinical trials, the company is well-positioned to continue its mission of improving quality of life, increasing potential duration of life, and resolving serious medical healthcare needs.
Explore the complete 8-K earnings release (here) from Summit Therapeutics Inc for further details.
This article first appeared on GuruFocus.
