Summit Therapeutics reports Q3 loss on higher R&D spending
SMMT•Summit Therapeutics posted a third-quarter net loss of $208.4 million, or $0.26 per share, as research and development expenses rose. It ended the quarter with $629.8 million in cash and investments and received a $2 billion equity investment from AstraZeneca after quarter-end.
1. Quarterly results
Summit Therapeutics reported a third-quarter net loss of $208.4 million, or $0.26 per share, and operating expenses of $214.6 million. The company said higher research and development expenses mainly reflected expanded clinical studies and ivonescimab development costs; general and administrative expenses rose with infrastructure and headcount growth.
2. Development outlook
Summit ended the quarter with $629.8 million in cash and investments and received a $2 billion equity investment from AstraZeneca after quarter-end to fund ivonescimab development. The company expects an FDA decision on the drug’s biologics license application by November 14, 2026, primary analysis of the HARMONi-3 squamous NSCLC cohort in the fourth quarter of 2026, and progression-free survival analysis of the non-squamous cohort in the first half of 2027.
