Summit Therapeutics Q1 net loss $43.5M; cash $157M; ivonescimab shows 34% intracranial response in NSCLC brain mets

Summit Therapeutics Inc.

2024-Q1 EPS reported -$0.06

GAAP net loss $43.5M ($0.06/sh) vs $542.3M ($1.43/sh) prior year; non-GAAP net loss $34.0M ($0.05/sh).
Cash and investments $157M at March 31; operating cash outflow $30.1M; guidance cash runway through Q1 2025.
R&D expenses $30.9M GAAP, up from $9.9M; non-GAAP R&D $28.5M as trial enrollment expands.
Ivonescimab Phase II data: 34% intracranial response rate; median intracranial PFS 19.3 months in NSCLC brain metastases; mPFS 11.1 months in first-line squamous NSCLC.
HARMONi (EGFR-mutant NSCLC) enrollment completion expected H2 2024; HARMONi-3 (first-line squamous) first patient treated Q4 2023.

item 2.02 item 7.01 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

Summit Therapeutics Inc. reported financial results for the first quarter ended March 31, 2024.

Period: the first quarter ended March 31, 2024
Result: reported results

Exact text from the filing

On May 1, 2024, Summit Therapeutics Inc. (the “Company”) issued a press release announcing its financial results and operational progress for the first quarter ended March 31, 2024.

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Summit Therapeutics Inc. filing history →

Source: SEC EDGAR

accession 0001599298-24-000087

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