Ivonescimab HARMONi PFS HR 0.52, NMPA approval; Summit Q2 net loss $565.7M

Summit Therapeutics Inc.

2025-Q2 EPS reported -$0.85

HARMONi PFS HR 0.52 (p<0.00001); OS trend HR 0.79 (p=0.057); BLA filing planned.
Ivonescimab monotherapy approved by NMPA for 1L PD-L1 positive advanced NSCLC in China.
HARMONi-6: ivonescimab + chemo superior to tislelizumab + chemo in 1L squamous NSCLC.
Cash & equivalents $297.9M (down from $412.3M); ATM offering of up to $360M.
GAAP net loss $565.7M ($0.76/sh); non-GAAP $86.9M ($0.12/sh); stock modification $466.6M non-cash.

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