Summit Therapeutics Q2 net loss $14.7M; cash at $215M; HARMONi trials underway

Summit Therapeutics Inc.

2023-Q2 EPS reported -$1.03

Net loss for Q2 2023 was $14.7M vs $16.8M YoY; six-month net loss $557.1M including $520.9M one-time IPR&D charge for ivonescimab license.
Cash, equivalents, and short-term investments at June 30, 2023 totaled $215M, down from $648.6M at Dec 31, 2022; notes payable $100M due Sept 2024.
First US patient dosed in Phase III HARMONi trial (ivonescimab + chemo in EGFR-mutant NSCLC); HARMONi-3 trial in first-line squamous NSCLC to begin H2 2023.
Phase II data from Akeso's AK112-201 trial: median PFS 11 months, ORR 67% in first-line squamous NSCLC; presented at ASCO 2023.
Collaboration license paid $500M upfront to Akeso; Akeso eligible for up to $4.5B in milestones plus 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 the second quarter ended June 30, 2023 results: net income $14.7 million.

Period: the second quarter ended June 30, 2023
Net income: $14.7 million
Result: reported results

Exact text from the filing

Net loss for the three and six months ended June 30, 2023 was $14.7 million and $557.1 million, respectively.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Summit Therapeutics Inc. reported the six months ended June 30, 2023 results: net income $557.1 million.

Period: the six months ended June 30, 2023
Net income: $557.1 million
Result: reported results

Exact text from the filing

Net loss for the three and six months ended June 30, 2023 was $14.7 million and $557.1 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 0001599298-23-000074

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