SMMT · Summit Therapeutics Inc.

Summit Therapeutics reported its Q1 2026 financial results, reflecting a significant increase in operating expenses driven by the expansion of clinical development for ivonescimab. GAAP net loss widened to $189.4 million ($0.24 per share) from $62.9 million ($0.09 per share) in the same quarter last year, primarily due to a $61.7 million increase in stock-based compensation expense related to modification of performance-based stock option awards in Q2 2025. Non-GAAP net loss was $116.6 million ($0.15 per share), compared to $51.8 million ($0.07 per share) a year ago. Non-GAAP operating expenses rose to $122.4 million from $55.7 million, driven by higher R&D costs as the company initiated and expanded multiple Phase III trials. R&D expenses (GAAP) were $132.6 million versus $51.2 million, while non-GAAP R&D was $108.2 million versus $47.1 million. G&A expenses (GAAP) increased to $62.6 million from $15.6 million, with non-GAAP G&A at $14.2 million versus $8.6 million. Cash and short-term investments stood at $598.7 million as of March 31, 2026, down from $713.4 million at year-end 2025. Operationally, key milestones include the upcoming ASCO 2026 presentation of HARMONi-6 overall survival data, FDA acceptance of the BLA for ivonescimab in EGFR-mutated NSCLC with a PDUFA date of November 14, 2026, and continued enrollment across multiple trials. The company also noted that the interim PFS analysis for the HARMONi-3 squamous cohort did not meet the early stopping bar, with final PFS expected in H2 2026. No forward guidance was provided.