---
schema_version: "secwatch.filing_event.v1"
accession: "0001599298-23-000031"
form_type: "8-K"
ticker: "SMMT"
cik: "0001599298"
company_name: "Summit Therapeutics Inc."
filed_at: "2023-03-09T23:59:59+00:00"
generated_at: "2026-06-18T07:04:14.908383+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001599298-23-000031
- form_type: 8-K
- ticker: SMMT
- cik: 0001599298
- company_name: Summit Therapeutics Inc.
- filed_at: 2023-03-09T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000031/0001599298-23-000031-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000031/smmt-20230309.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001599298-23-000031
- JSON: https://secwatch.observer/filing/0001599298-23-000031.json
- Plain text: https://secwatch.observer/filing/0001599298-23-000031.txt

## Key facts
- Earnings Releases
  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
  source text: Net loss for the year ended December 31, 2022 and 2021 was $78.8 million and $88.6 million, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000031/0001599298-23-000031-index.htm
- Earnings Releases
  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
  source text: Net loss for the three months ended December 31, 2022 and 2021 was $19.2 million and $27.1 million, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000031/0001599298-23-000031-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.