$SMMT
Summit Therapeutics Inc.

2021 Q4 Form 10-Q Financial Statement

#000159929821000036 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $251.0K $1.309M $181.0K
YoY Change 35.68% 623.2% 22.3%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.780M $5.662M $6.846M
YoY Change 34.09% -17.29% 470.5%
% of Gross Profit
Research & Development $23.11M $19.94M $13.73M
YoY Change 87.86% 45.29% 37.94%
% of Gross Profit
Depreciation & Amortization $328.0K $337.0K $397.0K
YoY Change -28.38% -15.11% 16.76%
% of Gross Profit
Operating Expenses $26.30M $25.61M $21.43M
YoY Change 91.48% 19.48% 69.63%
Operating Profit -$19.49M -$16.94M
YoY Change 15.02% 173.68%
Interest Expense -$2.216M $0.00
YoY Change -4203.7%
% of Operating Profit
Other Income/Expense, Net $1.164M -$113.0K -$858.0K
YoY Change -1837.31% -86.83% 1044.0%
Pretax Income -$27.10M -$19.60M -$17.80M
YoY Change 99.82% 10.11% 184.1%
Income Tax $0.00 $0.00 -$56.00K
% Of Pretax Income
Net Earnings -$27.10M -$19.60M -$17.74M
YoY Change 101.6% 10.46% 178.28%
Net Earnings / Revenue -10796.41% -1497.25% -9802.76%
Basic Earnings Per Share -$0.20 -$0.26
Diluted Earnings Per Share -$276.9K -$0.20 -$0.26
COMMON SHARES
Basic Shares Outstanding 97.71M shares 97.45M shares 67.23M shares
Diluted Shares Outstanding 97.45M shares 67.23M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $71.79M $80.25M $21.27M
YoY Change 8.09% 277.28% 1.92%
Cash & Equivalents $71.79M $80.25M $21.30M
Short-Term Investments
Other Short-Term Assets $1.201M $1.191M $1.667M
YoY Change -21.14% -28.55%
Inventory
Prepaid Expenses $7.161M $8.409M $7.141M
Receivables $1.464M $2.300M $4.080M
Other Receivables $15.69M $10.07M $7.919M
Total Short-Term Assets $97.31M $102.2M $42.08M
YoY Change 10.99% 142.91% 20.39%
LONG-TERM ASSETS
Property, Plant & Equipment $694.0K $656.0K $724.0K
YoY Change -4.28% -9.39% -47.15%
Goodwill $2.009M $2.000M $2.335M
YoY Change -1.03% -14.35%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $170.0K
YoY Change
Total Long-Term Assets $16.06M $26.46M $14.79M
YoY Change 8.35% 78.95% 9.78%
TOTAL ASSETS
Total Short-Term Assets $97.31M $102.2M $42.08M
Total Long-Term Assets $16.06M $26.46M $14.79M
Total Assets $113.4M $128.7M $56.87M
YoY Change 10.61% 126.28% 17.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.374M $5.875M $2.493M
YoY Change -28.76% 135.66% -61.65%
Accrued Expenses $7.197M $7.432M $4.398M
YoY Change 119.55% 68.99%
Deferred Revenue $7.939M $7.511M $7.111M
YoY Change -5.15% 5.63%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.62M $22.79M $14.74M
YoY Change 28.82% 54.59% 46.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $2.776M $2.690M $2.277M
YoY Change 10.55% 18.14% -10.35%
Total Long-Term Liabilities $2.776M $2.690M $2.277M
YoY Change 10.55% 18.14% -24.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.62M $22.79M $14.74M
Total Long-Term Liabilities $2.776M $2.690M $2.277M
Total Liabilities $30.09M $26.38M $20.00M
YoY Change 30.57% 31.85% 35.9%
SHAREHOLDERS EQUITY
Retained Earnings -$299.5M -$272.4M -$199.2M
YoY Change 42.0% 36.75%
Common Stock $980.0K $976.0K $672.0K
YoY Change 18.64% 45.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.28M $102.3M $38.55M
YoY Change
Total Liabilities & Shareholders Equity $113.4M $128.7M $56.87M
YoY Change 10.61% 126.28% 17.44%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$27.10M -$19.60M -$17.74M
YoY Change 101.6% 10.46% 178.28%
Depreciation, Depletion And Amortization $328.0K $337.0K $397.0K
YoY Change -28.38% -15.11% 16.76%
Cash From Operating Activities -$9.179M -$23.56M -$16.65M
YoY Change 15.15% 41.54% 99.87%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K $4.000K -$44.00K
YoY Change 140.0% -109.09% -80.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$120.0K $4.000K -$44.00K
YoY Change 140.0% -109.09% -80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.261M 676.0K 0.000
YoY Change -97.51% -100.0%
NET CHANGE
Cash From Operating Activities -9.179M -23.56M -16.65M
Cash From Investing Activities -120.0K 4.000K -44.00K
Cash From Financing Activities 1.261M 676.0K 0.000
Net Change In Cash -8.038M -22.88M -16.69M
YoY Change -118.9% 37.09% 93.21%
FREE CASH FLOW
Cash From Operating Activities -$9.179M -$23.56M -$16.65M
Capital Expenditures -$120.0K $4.000K -$44.00K
Free Cash Flow -$9.059M -$23.57M -$16.61M
YoY Change 14.37% 41.94% 104.75%

Facts In Submission

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Nature of the Business and Operations and Recent Events <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Nature of Business and Operations</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 terms "Summit" and the "Company" refer to Summit Therapeutics Inc. and its subsidiaries. Summit is a biopharmaceutical company focused on the discovery, development and commercialization of novel antibiotics for serious infectious diseases. Summit is conducting a Phase III 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 ("U.K."), 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 data for periods prior to the Redomiciliation Transaction in the financial statements were retroactively reflected to be presented as shares of our common stock, par value $0.01 per share.</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%;text-decoration:underline">Recent Events</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:115%">On May 12, 2021, the Company closed its rights offering, which was fully subscribed. The Company received aggregate gross proceeds from the rights offering of $75.0 million from the sale of 14,312,976 shares of the Company’s common stock, par value $0.01, at a price per share of $5.24. Issuance costs associated with the rights offering were immaterial. In connection with the closing of the rights offering, the Second Note (see Note 11)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">matured and became due and the Company repaid all principal and accrued interest thereunder using a portion of the proceeds from the rights offering.</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 August 11, 2021, based on a thorough review of the design and enrollment status of its two ongoing blinded Phase III Ri-CoDIFy trials, the Company announced that it combined its two blinded pivotal Phase III clinical trials evaluating ridinilazole versus vancomycin into a single study and presented this decision to the United States ("U.S.") Food and Drug Administration (the "FDA") as such. During September 2021, the Company received feedback from the FDA that the FDA did not agree with the change to the primary endpoint that the Company proposed and has subsequently implemented in its ongoing Phase III Ri-CoDIFy studies when combining the trials. The Company will provide the combined results to all stakeholders, as the top line results become available. These top line results will best inform all parties as to the next appropriate course of action regarding ridinilazole. The Company anticipates communicating these results during the first quarter of 2022.</span></div>
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