$SMMT
Summit Therapeutics Inc. Stock $smmt

$smmt Overview Financials Valuation SEC Filings Company Website

2021 Q4 Form 10-K Financial Statement

#000159929822000032 Filed on March 17, 2022

Income Statement

Concept	2021 Q4	2021	2020 Q4
Revenue	$251.0K	$1.809M	$185.0K
YoY Change	35.68%	110.35%	54.17%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$7.780M	$23.61M	$5.802M
YoY Change	34.09%	22.77%	32.77%
% of Gross Profit
Research & Development	$23.11M	$85.35M	$12.30M
YoY Change	87.86%	60.21%	70.36%
% of Gross Profit
Depreciation & Amortization	$328.0K	$330.0K	$458.0K
YoY Change	-28.38%	9.27%	27.22%
% of Gross Profit
Operating Expenses	$26.30M	$109.0M	$13.73M
YoY Change	91.48%	48.52%	75.63%
Operating Profit		-$86.19M
YoY Change		62.03%
Interest Expense	-$2.216M	$281.0K	$54.00K
YoY Change	-4203.7%	10.2%	-190.0%
% of Operating Profit
Other Income/Expense, Net	$1.164M	-$2.416M	-$67.00K
YoY Change	-1837.31%	-953.71%
Pretax Income	-$27.10M	-$88.60M	-$13.56M
YoY Change	99.82%	67.46%	74.77%
Income Tax	$0.00	$0.00	-$120.0K
% Of Pretax Income
Net Earnings	-$27.10M	-$88.60M	-$13.44M
YoY Change	101.6%	68.13%	91.21%
Net Earnings / Revenue	-10796.41%	-4897.84%	-7265.95%
Basic Earnings Per Share		-$0.96
Diluted Earnings Per Share	-$276.9K	-$0.96	-$175.9K
COMMON SHARES
Basic Shares Outstanding	97.71M shares	92.24M shares	82.26M shares
Diluted Shares Outstanding		92.24M shares

Balance Sheet

Concept	2021 Q4	2021	2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$71.79M	$71.79M	$66.42M
YoY Change	8.09%	8.09%	388.36%
Cash & Equivalents	$71.79M	$71.79M	$66.42M
Short-Term Investments
Other Short-Term Assets	$1.201M	$8.362M	$1.523M
YoY Change	-21.14%	-24.46%	8.86%
Inventory
Prepaid Expenses	$7.161M		$9.547M
Receivables	$1.464M	$1.464M	$331.0K
Other Receivables	$15.69M	$15.69M	$9.856M
Total Short-Term Assets	$97.31M	$97.31M	$87.67M
YoY Change	10.99%	10.99%	10.1%
LONG-TERM ASSETS
Property, Plant & Equipment	$694.0K	$3.484M	$725.0K
YoY Change	-4.28%	172.4%	39.96%
Goodwill	$2.009M		$2.030M
YoY Change	-1.03%		3.52%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$170.0K	$170.0K	$0.00
YoY Change
Total Long-Term Assets	$16.06M	$16.06M	$14.82M
YoY Change	8.35%	8.35%	-10.81%
TOTAL ASSETS
Total Short-Term Assets	$97.31M	$97.31M	$87.67M
Total Long-Term Assets	$16.06M	$16.06M	$14.82M
Total Assets	$113.4M	$113.4M	$102.5M
YoY Change	10.61%	10.61%	6.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$4.374M	$4.374M	$6.140M
YoY Change	-28.76%	-28.76%	37.33%
Accrued Expenses	$7.197M	$12.41M	$3.278M
YoY Change	119.55%	166.89%	-42.88%
Deferred Revenue	$7.939M		$8.370M
YoY Change	-5.15%		220.08%
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$25.62M	$25.62M	$19.89M
YoY Change	28.82%	28.82%	44.48%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change			-100.0%
Other Long-Term Liabilities	$2.776M	$4.467M	$2.511M
YoY Change	10.55%	41.58%	-7.1%
Total Long-Term Liabilities	$2.776M	$4.467M	$2.511M
YoY Change	10.55%	41.58%	-7.1%
TOTAL LIABILITIES
Total Short-Term Liabilities	$25.62M	$25.62M	$19.89M
Total Long-Term Liabilities	$2.776M	$4.467M	$2.511M
Total Liabilities	$30.09M	$30.09M	$23.05M
YoY Change	30.57%	30.57%	32.56%
SHAREHOLDERS EQUITY
Retained Earnings	-$299.5M		-$210.9M
YoY Change	42.0%		33.3%
Common Stock	$980.0K		$826.0K
YoY Change	18.64%		22.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$83.28M	$83.28M	$79.45M
YoY Change
Total Liabilities & Shareholders Equity	$113.4M	$113.4M	$102.5M
YoY Change	10.61%	10.61%	6.49%

Cashflow Statement

Concept	2021 Q4	2021	2020 Q4
OPERATING ACTIVITIES
Net Income	-$27.10M	-$88.60M	-$13.44M
YoY Change	101.6%	68.13%	91.21%
Depreciation, Depletion And Amortization	$328.0K	$330.0K	$458.0K
YoY Change	-28.38%	9.27%	27.22%
Cash From Operating Activities	-$9.179M	-$72.59M	-$7.971M
YoY Change	15.15%	50.87%	26.93%
INVESTING ACTIVITIES
Capital Expenditures	-$120.0K	$306.0K	-$50.00K
YoY Change	140.0%	-27.32%	400.0%
Acquisitions
YoY Change
Other Investing Activities			$0.00
YoY Change
Cash From Investing Activities	-$120.0K	-$306.0K	-$50.00K
YoY Change	140.0%	-27.32%	400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net		$75.00M
YoY Change		50.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	1.261M	$77.92M	50.55M
YoY Change	-97.51%	54.13%	-56264.44%
NET CHANGE
Cash From Operating Activities	-9.179M	-$72.59M	-7.971M
Cash From Investing Activities	-120.0K	-$306.0K	-50.00K
Cash From Financing Activities	1.261M	$77.92M	50.55M
Net Change In Cash	-8.038M	$5.374M	42.53M
YoY Change	-118.9%	108.7%	-766.57%
FREE CASH FLOW
Cash From Operating Activities	-$9.179M	-$72.59M	-$7.971M
Capital Expenditures	-$120.0K	$306.0K	-$50.00K
Free Cash Flow	-$9.059M	-$72.89M	-$7.921M
YoY Change	14.37%	50.2%	26.33%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2021	dei	Auditor Firm AuditorFirmId	238
CY2021	dei	Entity Central Index Key EntityCentralIndexKey	0001599298
CY2021	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2021
CY2021	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	FY
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CY2020Q3	us-gaap	Stockholders Equity Note Stock Split Conversion Ratio1 StockholdersEquityNoteStockSplitConversionRatio1	0.2
CY2021	dei	Document Type DocumentType	10-K
CY2021	dei	Document Annual Report DocumentAnnualReport	true
CY2021	dei	Document Period End Date DocumentPeriodEndDate	2021-12-31
CY2021	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2021	dei	Document Transition Report DocumentTransitionReport	false
CY2021	dei	Entity File Number EntityFileNumber	001-36866
CY2021	dei	Entity Registrant Name EntityRegistrantName	Summit Therapeutics Inc.
CY2021	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
CY2021	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	37-1979717
CY2021	dei	Entity Address Address Line1 EntityAddressAddressLine1	One Broadway, 14th Floor
CY2021	dei	Entity Address City Or Town EntityAddressCityOrTown	Cambridge,
CY2021	dei	Entity Address State Or Province EntityAddressStateOrProvince	MA
CY2021	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	02142
CY2021	dei	Local Phone Number LocalPhoneNumber	514-7149
CY2021	dei	City Area Code CityAreaCode	617
CY2021	dei	Security12b Title Security12bTitle	Common Stock, par value $0.01 per share
CY2021	dei	Trading Symbol TradingSymbol	SMMT
CY2021	dei	Security Exchange Name SecurityExchangeName	NASDAQ
CY2021	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2021	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2021	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2021	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
CY2021	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
CY2021	dei	Entity Small Business EntitySmallBusiness	true
CY2021	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
CY2021	dei	Icfr Auditor Attestation Flag IcfrAuditorAttestationFlag	false
CY2021	dei	Entity Shell Company EntityShellCompany	false
CY2021Q2	dei	Entity Public Float EntityPublicFloat	186000000	USD
CY2022Q1	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	98122356	shares
CY2020	dei	Auditor Firm AuditorFirmId	876
CY2021	dei	Auditor Name AuditorName	PricewaterhouseCoopers LLP
CY2021	dei	Auditor Location AuditorLocation	Boston, Massachusetts
CY2020	dei	Auditor Name AuditorName	PricewaterhouseCoopers LLP
CY2020	dei	Auditor Location AuditorLocation	Reading, United Kingdom
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CY2020Q4	us-gaap	Cash Cash	66417000	USD
CY2021Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	1464000	USD
CY2020Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	331000	USD
CY2021Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	7161000	USD
CY2020Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	9547000	USD
CY2021Q4	us-gaap	Other Assets Current OtherAssetsCurrent	1201000	USD
CY2020Q4	us-gaap	Other Assets Current OtherAssetsCurrent	1523000	USD
CY2021Q4	smmt	Research And Development Tax Credit Receivable Current ResearchAndDevelopmentTaxCreditReceivableCurrent	15695000	USD
CY2020Q4	smmt	Research And Development Tax Credit Receivable Current ResearchAndDevelopmentTaxCreditReceivableCurrent	9856000	USD
CY2021Q4	us-gaap	Assets Current AssetsCurrent	97312000	USD
CY2020Q4	us-gaap	Assets Current AssetsCurrent	87674000	USD
CY2021Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	694000	USD
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CY2021Q4	us-gaap	Goodwill Goodwill	2009000	USD
CY2020Q4	us-gaap	Goodwill Goodwill	2030000	USD
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CY2021Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	170000	USD
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CY2020Q4	us-gaap	Employee Related Liabilities Current EmployeeRelatedLiabilitiesCurrent	983000	USD
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CY2020Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	390000	USD
CY2021Q4	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	7939000	USD
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CY2020Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	729000	USD
CY2021Q4	us-gaap	Liabilities Current LiabilitiesCurrent	25623000	USD
CY2020Q4	us-gaap	Liabilities Current LiabilitiesCurrent	19890000	USD
CY2021Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	1691000	USD
CY2020Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	75000	USD
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CY2020Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		USD
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CY2020	us-gaap	Depreciation Depreciation	302000	USD
CY2021	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	1017000	USD
CY2020	us-gaap	Amortization Of Intangible Assets AmortizationOfIntangibleAssets	1250000	USD
CY2021	us-gaap	Impairment Of Intangible Assets Excluding Goodwill ImpairmentOfIntangibleAssetsExcludingGoodwill	0	USD
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CY2021	us-gaap	Share Based Compensation ShareBasedCompensation	12804000	USD
CY2020	us-gaap	Share Based Compensation ShareBasedCompensation	1766000	USD
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CY2020	us-gaap	Other Noncash Income Expense OtherNoncashIncomeExpense	56000	USD
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CY2020	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	-212000	USD
CY2021	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	-2345000	USD
CY2020	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	447000	USD
CY2021	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	-104000	USD
CY2020	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	24000	USD
CY2021	smmt	Increase Decrease In Research And Development Tax Credit Receivable IncreaseDecreaseInResearchAndDevelopmentTaxCreditReceivable	6015000	USD
CY2020	smmt	Increase Decrease In Research And Development Tax Credit Receivable IncreaseDecreaseInResearchAndDevelopmentTaxCreditReceivable	4381000	USD
CY2021	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-813000	USD
CY2020	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	5372000	USD
CY2021	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-1711000	USD
CY2020	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	1642000	USD
CY2021	smmt	Increase Decrease In Accrued Liabilities And Employee Related Liabilities IncreaseDecreaseInAccruedLiabilitiesAndEmployeeRelatedLiabilities	8229000	USD
CY2020	smmt	Increase Decrease In Accrued Liabilities And Employee Related Liabilities IncreaseDecreaseInAccruedLiabilitiesAndEmployeeRelatedLiabilities	-1296000	USD
CY2021	us-gaap	Increase Decrease In Operating Lease Liability IncreaseDecreaseInOperatingLeaseLiability	-1068000	USD
CY2020	us-gaap	Increase Decrease In Operating Lease Liability IncreaseDecreaseInOperatingLeaseLiability	-459000	USD
CY2021	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-72587000	USD
CY2020	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-48111000	USD
CY2021	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	306000	USD
CY2020	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	421000	USD
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CY2021	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	75000000	USD
CY2020	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	50000000	USD
CY2021	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	118000	USD
CY2020	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	48000	USD
CY2021	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	110000000	USD
CY2020	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	0	USD
CY2021	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	110000000	USD
CY2020	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	0	USD
CY2021	us-gaap	Payments Of Debt Issuance Costs PaymentsOfDebtIssuanceCosts	54000	USD
CY2020	us-gaap	Payments Of Debt Issuance Costs PaymentsOfDebtIssuanceCosts	0	USD
CY2021	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	3088000	USD
CY2020	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	599000	USD
CY2021	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	77916000	USD
CY2020	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	50551000	USD
CY2021	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	351000	USD
CY2020	us-gaap	Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	556000	USD
CY2021	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	5374000	USD
CY2020	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	2575000	USD
CY2020Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	66417000	USD
CY2019Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	63842000	USD
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	71791000	USD
CY2020Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	66417000	USD
CY2021	us-gaap	Interest Paid Net InterestPaidNet	85000	USD
CY2020	us-gaap	Interest Paid Net InterestPaidNet	0	USD
CY2021	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	7000	USD
CY2020	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	-70000	USD
CY2021	smmt	Stock Issuance Costs Incurred During Noncash Or Partial Noncash Transaction StockIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction	41000	USD
CY2020	smmt	Stock Issuance Costs Incurred During Noncash Or Partial Noncash Transaction StockIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction	0	USD
CY2021	us-gaap	Right Of Use Asset Obtained In Exchange For Operating Lease Liability RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability	3389000	USD
CY2020	us-gaap	Right Of Use Asset Obtained In Exchange For Operating Lease Liability RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability	0	USD
CY2021	us-gaap	Nature Of Operations NatureOfOperations	Nature of 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:112%">The Company is a biopharmaceutical company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase life expectancy, and resolve serious unmet needs. The Company's novel mechanism pipeline of product candidates is designed with the goal to become the patient-friendly, new-era standard-of-care medicines, and to work in harmony with the human microbiome. Currently, the Company's lead product candidate, ridinilazole, is a novel first-in-class drug that is engaged in a global Phase III clinical trial program. On December 20, 2021, the Company announced topline results for the Phase III Ri-CoDIFy study evaluating ridinilazole for treating patients suffering from </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Clostridioides difficile </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">infection, also known as </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">C. difficile </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">infection, or CDI. The Company's second product candidate, SMT-738, was announced in May 2021 for combating multidrug resistant infections, specifically Carbapenem-resistant Enterobacteriaceae (“CRE”) infections. SMT-738 is the first of a novel class of precision antibiotics that has entered into preclinical development. The Company intends to expand its portfolio by developing further new mechanism, new era product offerings that are designed to work in harmony with the human gut microbiome in the therapeutic areas of oncology and infectious diseases. </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 Therapeutics Inc. ("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 the Company's 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:120%">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 $75,000 from the sale of 14,312,976 shares of its common stock 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, a promissory note, dated April 20, 2021, was issued by the Company in favor of the Company's Chairman, Chief Executive Officer, and the beneficial owner of approximately 70% of its outstanding common stock prior to this rights offering, Robert W. Duggan, in the principal amount of $55,000, 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 subsequently implemented in its ongoing Phase III Ri-CoDIFy studies when combining the trials. </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 20, 2021, the Company announced topline results for the Phase III Ri-CoDIFy study evaluating ridinilazole, for the treatment of and Sustained Clinical Response (“SCR”), as defined below, for patients suffering from </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">C. difficile</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> infection ("</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">C. diff.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> infection" or "CDI"). The study showed that ridinilazole resulted in a numerically higher SCR rate than vancomycin, but did not meet the study’s primary endpoint for superiority. The pivotal Phase III clinical trial consisted of two Phase III clinical trials combined into a single study, designed to assess, as the primary endpoint, the superiority of ridinilazole compared to vancomycin in SCR, which is defined as clinical response of the treated episode of CDI and no recurrence of CDI through 30 days after the end of treatment. Additional endpoints included safety, tolerability, analyses of the gut microbiome and metabolome, in addition to quality of life and health economic outcome measures. We are in the process of evaluating the future path forward with respect to ridinilazole, including potential partnership opportunities.</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 March 10, 2022, the Company’s Chief Executive Officer, Robert W. Duggan, entered into a Note Purchase Agreement (the “2022 Note”), pursuant to which he has loaned the Company $25,000 in exchange for the issuance by the Company of an unsecured promissory note in the amount of $25,000. The 2022 Note is to accrue interest at a rate per annum equal to the prime rate as reported in the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Wall Street Journal</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, which is 3.25% as of the effective date. The 2022 Note becomes due upon the earlier of (i) the consummation of a registered public offering with net proceeds of no less than $25,000 or (ii) 18 months from the date of issuance of the 2022 Note.</span></div>
CY2021Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.01
CY2021	us-gaap	Basis Of Accounting BasisOfAccounting	Basis of Presentation and Use of Estimates <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements include the accounts of Summit Therapeutics Inc. and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.</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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued research and development expenses, stock-based compensation, intangible assets, goodwill, other long-lived assets and income taxes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.</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 progression of the COVID-19 pandemic continues to evolve and its enduring impact on the Company's business remains uncertain. Management believes the estimates and assumptions underlying its financial statements are reasonable and supportable based on the information available as of December 31, 2021, however, the extent to which the COVID-19 pandemic impacts the Company's financial results beyond December 31, 2021 will depend on future developments that are highly uncertain and cannot be predicted at this time.</span></div>
CY2021	us-gaap	Use Of Estimates UseOfEstimates	The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued research and development expenses, stock-based compensation, intangible assets, goodwill, other long-lived assets and income taxes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.<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>
CY2021	us-gaap	Net Income Loss NetIncomeLoss	-88602000	USD
CY2021	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-72587000	USD
CY2021Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-299548000	USD
CY2021Q4	us-gaap	Cash Cash	71791000	USD
CY2021Q4	smmt	Research And Development Tax Credit Receivable ResearchAndDevelopmentTaxCreditReceivable	15695000	USD
CY2021Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	1464000	USD
CY2021	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	-2135000	USD
CY2020	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	54000	USD
CY2021	smmt	Research And Development Tax Credit Cash Rebate Maximum Percentage ResearchAndDevelopmentTaxCreditCashRebateMaximumPercentage	0.333
CY2021	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk and of Significant Supplier</span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of short-term cash deposits and accounts and other receivables. The Company's cash is comprised of short-term cash deposits at a variety of financial institutions with strong credit ratings in amounts that may exceed federally insured limits and has not experienced any losses on such accounts. Cash balances maintained during the year have been principally held with reputable U.K.-based and U.S.-based banks. The Company does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</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 credit risk with respect to customers and funding bodies is limited as the Company has only a small number of these arrangements, including with Eurofarma, BARDA and CARB-X. </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 Company relies, and expects to continue to rely, on a number of vendors to conduct its clinical trials and preclinical studies, manufacture drug product and supply clinical trial and preclinical study materials for its development programs. These programs could be adversely affected by a significant interruption in these services or the availability of materials.</span></div>
CY2021	us-gaap	Number Of Operating Segments NumberOfOperatingSegments	1	segment
CY2021Q4	us-gaap	Number Of Countries In Which Entity Operates NumberOfCountriesInWhichEntityOperates	2	country
CY2021Q4	us-gaap	Noncurrent Assets NoncurrentAssets	3484000	USD
CY2020Q4	us-gaap	Noncurrent Assets NoncurrentAssets	1279000	USD
CY2021	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	1809000	USD
CY2020	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	860000	USD
CY2020Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	8939000	USD
CY2021	smmt	Contract With Customer Liability Additions ContractWithCustomerLiabilityAdditions	5438000	USD
CY2021	us-gaap	Contract With Customer Liability Revenue Recognized ContractWithCustomerLiabilityRevenueRecognized	6438000	USD
CY2021Q4	us-gaap	Contract With Customer Liability ContractWithCustomerLiability	7939000	USD
CY2020Q4	us-gaap	Contract With Customer Liability Current ContractWithCustomerLiabilityCurrent	8370000	USD
CY2020Q4	us-gaap	Contract With Customer Liability Noncurrent ContractWithCustomerLiabilityNoncurrent	569000	USD
CY2021	smmt	Research And Development Tax Credit ResearchAndDevelopmentTaxCredit	15206000	USD
CY2020	smmt	Research And Development Tax Credit ResearchAndDevelopmentTaxCredit	9363000	USD
CY2021	us-gaap	Other Operating Income OtherOperatingIncome	20968000	USD
CY2020	us-gaap	Other Operating Income OtherOperatingIncome	19312000	USD
CY2021Q4	smmt	Research And Development Tax Credit Receivable Current ResearchAndDevelopmentTaxCreditReceivableCurrent	15695000	USD
CY2020Q4	smmt	Research And Development Tax Credit Receivable Current ResearchAndDevelopmentTaxCreditReceivableCurrent	9856000	USD
CY2021	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	-2135000	USD
CY2020	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	54000	USD
CY2021	smmt	Gain Loss On Remeasurement Of Liabilities Nonoperating GainLossOnRemeasurementOfLiabilitiesNonoperating	0	USD
CY2020	smmt	Gain Loss On Remeasurement Of Liabilities Nonoperating GainLossOnRemeasurementOfLiabilitiesNonoperating	480000	USD
CY2021	us-gaap	Investment Income Interest InvestmentIncomeInterest	0	USD
CY2020	us-gaap	Investment Income Interest InvestmentIncomeInterest	4000	USD
CY2021	us-gaap	Interest Expense InterestExpense	281000	USD
CY2020	us-gaap	Interest Expense InterestExpense	255000	USD
CY2021	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-2416000	USD
CY2020	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	283000	USD
CY2021Q4	us-gaap	Deferred Income Tax Liabilities DeferredIncomeTaxLiabilities	2654000	USD
CY2021	us-gaap	Income Loss From Continuing Operations Before Income Taxes Foreign IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign	-72244000	USD
CY2020	us-gaap	Income Loss From Continuing Operations Before Income Taxes Foreign IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign	-51197000	USD
CY2021	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	-16358000	USD
CY2020	us-gaap	Income Loss From Continuing Operations Before Income Taxes Domestic IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic	-1713000	USD
CY2021	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	-88602000	USD
CY2020	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	-52910000	USD
CY2021	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit	0	USD
CY2020	us-gaap	Current Federal Tax Expense Benefit CurrentFederalTaxExpenseBenefit	-215000	USD
CY2021	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	0	USD
CY2020	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	2000	USD
CY2021	us-gaap	Current Foreign Tax Expense Benefit CurrentForeignTaxExpenseBenefit	0	USD
CY2020	us-gaap	Current Foreign Tax Expense Benefit CurrentForeignTaxExpenseBenefit	0	USD
CY2021	us-gaap	Current Income Tax Expense Benefit CurrentIncomeTaxExpenseBenefit	0	USD
CY2020	us-gaap	Current Income Tax Expense Benefit CurrentIncomeTaxExpenseBenefit	-213000	USD
CY2021	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	0	USD
CY2020	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	0	USD
CY2021	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	0	USD
CY2020	us-gaap	Deferred State And Local Income Tax Expense Benefit DeferredStateAndLocalIncomeTaxExpenseBenefit	0	USD
CY2021	us-gaap	Deferred Foreign Income Tax Expense Benefit DeferredForeignIncomeTaxExpenseBenefit	0	USD
CY2020	us-gaap	Deferred Foreign Income Tax Expense Benefit DeferredForeignIncomeTaxExpenseBenefit	0	USD
CY2021	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	0	USD
CY2020	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	0	USD
CY2021	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	0	USD
CY2020	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	-213000	USD
CY2020Q4	us-gaap	Deferred Tax Liabilities Other DeferredTaxLiabilitiesOther	71000	USD
CY2021Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards DeferredTaxAssetsOperatingLossCarryforwards	49422000	USD
CY2020Q4	us-gaap	Deferred Tax Assets Operating Loss Carryforwards DeferredTaxAssetsOperatingLossCarryforwards	29831000	USD
CY2021Q4	us-gaap	Deferred Tax Assets Tax Credit Carryforwards Research DeferredTaxAssetsTaxCreditCarryforwardsResearch	941000	USD
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CY2021Q4	us-gaap	Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost	2560000	USD
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Files In Submission

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Summit Therapeutics Inc. Stock $smmt

2021 Q4 Form 10-K Financial Statement

#000159929822000032 Filed on March 17, 2022

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$SMMT Summit Therapeutics Inc. Stock $smmt

2021 Q4 Form 10-K Financial Statement

#000159929822000032 Filed on March 17, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$SMMT
Summit Therapeutics Inc. Stock $smmt