Summit Therapeutics Q2 net loss $60.4M; ivonescimab achieves first Phase III win over Keytruda

Summit Therapeutics Inc.

2024-Q2 EPS reported -$0.15

GAAP net loss $60.4M ($0.09/sh) vs $14.7M ($0.02) in Q2 2023; non-GAAP loss $34.3M.
Cash $325.8M (up from $186.2M) after $200M June equity offering; runway into Q4 2025.
HARMONi-2: ivonescimab monotherapy beat pembrolizumab in 1L NSCLC, first drug to do so in Phase III.
HARMONi-A: ivonescimab+chemo reduced progression/death by 54% (HR 0.46) in EGFR-mutated NSCLC post-TKI.
Expanded license to Latin America, Middle East, Africa; five-year strategic collaboration with MD Anderson.

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