Summit Therapeutics Q1 net loss widens to $62.9M; ivonescimab gets second China approval

Summit Therapeutics Inc.

2025-Q1 EPS reported -$0.09

GAAP net loss $62.9M ($0.09/share) vs $43.5M ($0.06) in Q1 2024; R&D expenses rose to $51.2M.
Cash and investments $361.3M at Mar 31, 2025 vs $412.3M at Dec 31, 2024; non-GAAP op expenses $55.7M.
Ivonescimab showed statistically significant PFS superiority vs tislelizumab in HARMONi-6 trial (squamous NSCLC).
China NMPA approved ivonescimab for second indication (1L NSCLC with PD-L1+); interim OS HR=0.777.
Appointed Robert LaCaze as CCO; enrollment ongoing in HARMONi-3 and HARMONi-7; HARMONi topline expected mid-2025.

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