Summit Therapeutics reports Q1 net loss of $542.4M; first patient dosed in ivonescimab trial

Summit Therapeutics Inc.

2023-Q1 EPS reported -$1.43

Net loss of $542.4M for Q1 2023 includes $520.9M one-time in-process R&D expense for ivonescimab in-licensing.
First US patient treated in Phase III HARMONi trial of ivonescimab in EGFR-mutated NSCLC; HARMONi-3 trial expected H2 2023.
Cash and investments $241.9M at March 31, 2023, down from $648.6M at Dec 31, 2022; notes payable $100M due Sept 2024.
Fully-subscribed rights offering raised $500M gross proceeds (476.2M shares at $1.05); used to repay $400M note to Chairman Duggan.
Collaboration with Akeso closed Jan 2023; $500M upfront paid; Akeso eligible for up to $4.5B milestones and low double-digit royalties.

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 first quarter ended March 31, 2023 results: net income $542.4 million.

Period: first quarter ended March 31, 2023
Net income: $542.4 million
Result: reported results

Exact text from the filing

Net loss for the three months ended March 31, 2023 and 2022 was $542.4 million and $21.4 million, respectively.

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Summit Therapeutics Inc. filing history →

Source: SEC EDGAR

accession 0001599298-23-000055

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