$SMMT
Summit Therapeutics Inc.

2021 Q1 Form 10-Q Financial Statement

#000159929821000019 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $192.0K $324.0K
YoY Change -40.74% -36.47%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.185M $520.0K
YoY Change 704.81% -82.78%
% of Gross Profit
Research & Development $18.38M $12.91M
YoY Change 42.34% 35.35%
% of Gross Profit
Depreciation & Amortization $80.00K $72.00K
YoY Change 11.11% 80.0%
% of Gross Profit
Operating Expenses $22.56M $16.48M
YoY Change 36.88% 157.97%
Operating Profit -$16.92M -$9.340M
YoY Change 81.19%
Interest Expense -$27.00K -$50.00K
YoY Change -46.0% 0.0%
% of Operating Profit
Other Income/Expense, Net -$565.0K $3.261M
YoY Change -117.33%
Pretax Income -$17.49M -$6.079M
YoY Change 187.68% 2.51%
Income Tax $0.00 $55.00K
% Of Pretax Income
Net Earnings -$17.49M -$6.134M
YoY Change 185.1% 18.88%
Net Earnings / Revenue -9108.33% -1893.21%
Basic Earnings Per Share -$0.21 -$0.09
Diluted Earnings Per Share -$0.21 -$0.09
COMMON SHARES
Basic Shares Outstanding 82.82M shares 67.22M shares
Diluted Shares Outstanding 82.82M shares 67.22M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.2M $44.40M
YoY Change 130.17% 65.3%
Cash & Equivalents $102.2M $54.94M
Short-Term Investments
Other Short-Term Assets $985.0K
YoY Change
Inventory
Prepaid Expenses $7.995M
Receivables $447.0K $9.780M
Other Receivables $13.60M $4.880M
Total Short-Term Assets $125.2M $59.06M
YoY Change 112.02% -3.58%
LONG-TERM ASSETS
Property, Plant & Equipment $684.0K $1.050M
YoY Change -34.86% 61.79%
Goodwill $2.047M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $15.58M $12.73M
YoY Change 22.36% -30.5%
TOTAL ASSETS
Total Short-Term Assets $125.2M $59.06M
Total Long-Term Assets $15.58M $12.73M
Total Assets $140.8M $71.79M
YoY Change 96.12% -9.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.114M $10.15M
YoY Change -59.47% 74.91%
Accrued Expenses $4.915M
YoY Change
Deferred Revenue $7.423M
YoY Change
Short-Term Debt $54.96M $0.00
YoY Change
Long-Term Debt Due $340.0K
YoY Change -5.56%
Total Short-Term Liabilities $73.05M $12.30M
YoY Change 493.92% -28.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $300.0K
YoY Change -100.0% -53.85%
Other Long-Term Liabilities $2.603M $2.950M
YoY Change -11.76% 21.45%
Total Long-Term Liabilities $2.603M $3.250M
YoY Change -19.91% 33.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.05M $12.30M
Total Long-Term Liabilities $2.603M $3.250M
Total Liabilities $76.39M $17.26M
YoY Change 342.58% -27.33%
SHAREHOLDERS EQUITY
Retained Earnings -$228.4M
YoY Change
Common Stock $829.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.41M $68.41M
YoY Change
Total Liabilities & Shareholders Equity $140.8M $71.79M
YoY Change 96.12% -9.78%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$17.49M -$6.134M
YoY Change 185.1% 18.88%
Depreciation, Depletion And Amortization $80.00K $72.00K
YoY Change 11.11% 80.0%
Cash From Operating Activities -$20.67M -$4.959M
YoY Change 316.8% 6.42%
INVESTING ACTIVITIES
Capital Expenditures $39.00K $30.00K
YoY Change 30.0% -142.86%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$39.00K -$194.0K
YoY Change -79.9% -22.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $55.90M $3.000K
YoY Change 1863133.33% -99.98%
NET CHANGE
Cash From Operating Activities -$20.67M -$4.959M
Cash From Investing Activities -$39.00K -$194.0K
Cash From Financing Activities $55.90M $3.000K
Net Change In Cash $35.78M -$8.899M
YoY Change -502.03% -161.25%
FREE CASH FLOW
Cash From Operating Activities -$20.67M -$4.959M
Capital Expenditures $39.00K $30.00K
Free Cash Flow -$20.71M -$4.989M
YoY Change 315.07% 8.69%

Facts In Submission

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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54943000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6000 USD
CY2021Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
38000 USD
CY2020Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 USD
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
Nature of the business and operations <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Summit Therapeutics Inc. ("Summit" or the "Company") is a biopharmaceutical company focused on the discovery, development and commercialization of novel antibiotics for serious infectious diseases. Summit is conducting a Phase 3 clinical program focused on the infectious disease C. difficile infection, or CDI. It is also seeking to expand the product candidate portfolio through the development of new mechanism, precision antibiotics using the proprietary Discuva Platform.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 18, 2020, Summit, a Delaware corporation, became the successor issuer to Summit Therapeutics plc, a public limited company incorporated under the laws of England and Wales with the Registrar of Companies of England and Wales, United Kingdom, for certain purposes under both the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such succession occurred pursuant to a statutory scheme of arrangement under U.K. law pursuant to which all Summit Therapeutics plc outstanding ordinary shares were exchanged on a five-for-one basis for newly issued shares of Summit common stock and Summit became the holding company of Summit Therapeutics plc (the predecessor registrant and former holding company) and its subsidiaries, which is referred to as the Redomiciliation Transaction. Concurrently, Summit Therapeutics plc was converted into a private limited company under the laws of England and Wales and renamed Summit Therapeutics Limited. In addition, the warrants and stock options to purchase shares of Summit Therapeutics plc were canceled and replacement warrants and stock options to purchase common stock in Summit Therapeutics Inc. were issued. The scheme of arrangement was accounted for as an exchange of equity interests among entities under common control. All assets and liabilities of Summit Therapeutics plc were assumed by Summit, resulting in the retention of the historical basis of accounting as if they had always been combined for accounting purposes and the historical consolidated financial statements of Summit Therapeutics plc became the historical consolidated financial statements of Summit Therapeutics Inc. All share and per share amounts for periods prior to the Redomiciliation Transaction in the financial statements have been retroactively reflected to be presented in shares of our common stock, par value $0.01 per share.</span></div>
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div>
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
102200000 USD
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-228400000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-17500000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-20700000 USD
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021Q1 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
2 segment
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
192000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
324000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
192000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
324000 USD
CY2021Q1 smmt Research And Development Credit Tax Rebate
ResearchAndDevelopmentCreditTaxRebate
3679000 USD
CY2020Q1 smmt Research And Development Credit Tax Rebate
ResearchAndDevelopmentCreditTaxRebate
1764000 USD
CY2021Q1 us-gaap Other Operating Income
OtherOperatingIncome
5449000 USD
CY2020Q1 us-gaap Other Operating Income
OtherOperatingIncome
6820000 USD
CY2021Q1 smmt Research And Development Credit Tax Rebate Small And Medium Enterprise
ResearchAndDevelopmentCreditTaxRebateSmallAndMediumEnterprise
3500000 USD
CY2020Q1 smmt Research And Development Credit Tax Rebate Small And Medium Enterprise
ResearchAndDevelopmentCreditTaxRebateSmallAndMediumEnterprise
1600000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-17488000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-6134000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82817836 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67217701 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82817836 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67217701 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11360940 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12651602 shares
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
20341000 USD
CY2021Q1 smmt Finite Lived Intangible Assets Accumulated Amortization And Impairment
FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairment
8982000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
11359000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
20170000 USD
CY2020Q4 smmt Finite Lived Intangible Assets Accumulated Amortization And Impairment
FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairment
8655000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
11515000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000 USD
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3672968 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.90
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2196350 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.77
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
11980 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.57
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
317535 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.82
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5539803 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.64
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
616503 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.13
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
12900000 USD
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2300000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
869000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
297000 USD
CY2021Q1 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
28980 USD

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