---
schema_version: "secwatch.filing_event.v1"
accession: "0001599298-23-000055"
form_type: "8-K"
ticker: "SMMT"
cik: "0001599298"
company_name: "Summit Therapeutics Inc."
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T04:10:27.360707+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001599298-23-000055
- form_type: 8-K
- ticker: SMMT
- cik: 0001599298
- company_name: Summit Therapeutics Inc.
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000055/0001599298-23-000055-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000055/smmt-20230511.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001599298-23-000055
- JSON: https://secwatch.observer/filing/0001599298-23-000055.json
- Plain text: https://secwatch.observer/filing/0001599298-23-000055.txt

## Key facts
- Earnings Releases
  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
  source text: Net loss for the three months ended March 31, 2023 and 2022 was $542.4 million and $21.4 million, respectively.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1599298/000159929823000055/0001599298-23-000055-index.htm

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