Summit reports Q3 net loss $56.3M; ivonescimab HARMONi-2 shows 49% risk reduction vs Keytruda

Summit Therapeutics Inc.

2024-Q3 EPS reported -$0.22

Cash and short-term investments $487M (vs $186.2M Dec 2023) after $235M private financing in Sep 2024.
GAAP net loss $56.3M ($0.08/share) vs $21.2M ($0.03/share) in Q3 2023; R&D spend $37.7M.
Ivonescimab in HARMONi-2 (NSCLC) reduced disease progression/death by 49% vs pembrolizumab (HR 0.51; p<0.0001).
HARMONi (2L+ EGFRm) enrollment complete; topline mid-2025. HARMONi-3 to expand to non-squamous; HARMONi-7 to start early 2025.
Phase II data at ESMO/WCLC showed 71.8% MPR in perioperative NSCLC, 84.6% ORR in MSS CRC, 72.4% ORR in TNBC.

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