Summit Therapeutics FY2022 net loss $78.8M; Akeso ivonescimab deal closed with $500M upfront

Summit Therapeutics Inc.

Net loss Q4 2022: $19.2M, FY 2022: $78.8M; operating cash outflow FY2022: $41.6M.
Cash and equivalents at Dec31,2022: $648.6M, up from $71.8M a year ago, driven by financing.
Completed $500M upfront payment to Akeso for ivonescimab rights in US, Canada, Europe, Japan.
Rights offering raised $500M gross; proceeds used to repay $401.3M note to CEO Robert Duggan.
As of Feb28,2023, cash ~$240M including $100M notes; expected to fund operations into H2 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Summit Therapeutics Inc. reported the year ended December 31, 2022 results: net income $78.8 million.

Period: the year ended December 31, 2022
Net income: $78.8 million
Result: reported results

Exact text from the filing

Net loss for the year ended December 31, 2022 and 2021 was $78.8 million and $88.6 million, respectively.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Summit Therapeutics Inc. reported the three months ended December 31, 2022 results: net income $19.2 million.

Period: the three months ended December 31, 2022
Net income: $19.2 million
Result: reported results

Exact text from the filing

Net loss for the three months ended December 31, 2022 and 2021 was $19.2 million and $27.1 million, respectively.

View on SEC.gov

8 earnings releases filed in the last 30 days. Browse all earnings releases →

Summit Therapeutics Inc. filing history →

Source: SEC EDGAR

accession 0001599298-23-000031

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