$SMMT
Summit Therapeutics Inc.

2023 Q4 Form 10-Q Financial Statement

#000159929823000098 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.60M $5.434M
YoY Change 53.07% -2.49%
% of Gross Profit
Research & Development $24.80M $15.32M
YoY Change 360.45% -10.12%
% of Gross Profit
Depreciation & Amortization $30.00K $28.00K
YoY Change -90.16% -90.97%
% of Gross Profit
Operating Expenses $36.20M $20.76M
YoY Change 205.98% -8.24%
Operating Profit -$20.49M
YoY Change 20.97%
Interest Expense -$253.0K -$712.0K
YoY Change -96.87% -202.89%
% of Operating Profit
Other Income/Expense, Net -$400.0K -$776.0K
YoY Change -104.37% -82.54%
Pretax Income -$36.60M -$21.27M
YoY Change 90.34% -0.55%
Income Tax
% Of Pretax Income
Net Earnings -$36.60M -$21.27M
YoY Change 90.34% -0.55%
Net Earnings / Revenue
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$0.05 -$0.03
COMMON SHARES
Basic Shares Outstanding 700.8M shares 697.7M shares
Diluted Shares Outstanding 697.7M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $186.2M $198.9M
YoY Change -46.58% 63.11%
Cash & Equivalents $71.43M $23.79M
Short-Term Investments $114.8M $175.2M
Other Short-Term Assets $181.0K $120.0K
YoY Change -62.76% -71.96%
Inventory
Prepaid Expenses $2.441M $5.074M
Receivables $0.00 $0.00
Other Receivables $848.0K $812.0K
Total Short-Term Assets $189.7M $205.0M
YoY Change -71.11% 49.47%
LONG-TERM ASSETS
Property, Plant & Equipment $204.0K $229.0K
YoY Change -77.48% -75.38%
Goodwill $1.893M $1.814M
YoY Change 5.28% 9.61%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.322M $4.332M
YoY Change 649.05% 2994.29%
Total Long-Term Assets $13.24M $13.53M
YoY Change 77.53% -25.72%
TOTAL ASSETS
Total Short-Term Assets $189.7M $205.0M
Total Long-Term Assets $13.24M $13.53M
Total Assets $202.9M $218.5M
YoY Change -69.44% 40.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.667M $3.314M
YoY Change 651.27% 131.59%
Accrued Expenses $8.783M $3.654M
YoY Change -17.64% -67.2%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $100.0M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.41M $113.7M
YoY Change -47.39% 581.82%
LONG-TERM LIABILITIES
Long-Term Debt $100.0M $0.00
YoY Change -79.78%
Other Long-Term Liabilities $1.562M $1.476M
YoY Change 9.31% -39.11%
Total Long-Term Liabilities $1.562M $1.476M
YoY Change 9.31% -39.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.41M $113.7M
Total Long-Term Liabilities $1.562M $1.476M
Total Liabilities $125.3M $119.1M
YoY Change -76.7% 439.41%
SHAREHOLDERS EQUITY
Retained Earnings -$993.3M -$956.7M
YoY Change 162.54% 166.41%
Common Stock $7.017M $6.978M
YoY Change 232.56% 246.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $77.69M $99.38M
YoY Change
Total Liabilities & Shareholders Equity $202.9M $218.5M
YoY Change -69.44% 40.66%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$36.60M -$21.27M
YoY Change 90.34% -0.55%
Depreciation, Depletion And Amortization $30.00K $28.00K
YoY Change -90.16% -90.97%
Cash From Operating Activities -$19.46M -$14.90M
YoY Change -474.86% 74.18%
INVESTING ACTIVITIES
Capital Expenditures $2.000K $56.00K
YoY Change -120.0% 180.0%
Acquisitions
YoY Change
Other Investing Activities $60.57M -$3.436M
YoY Change
Cash From Investing Activities $60.57M -$3.482M
YoY Change 605580.0% -17510.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.252M 231.0K
YoY Change -98.8% -99.69%
NET CHANGE
Cash From Operating Activities -19.46M -14.90M
Cash From Investing Activities 60.57M -3.482M
Cash From Financing Activities 6.252M 231.0K
Net Change In Cash 47.36M -18.15M
YoY Change -90.98% -127.31%
FREE CASH FLOW
Cash From Operating Activities -$19.46M -$14.90M
Capital Expenditures $2.000K $56.00K
Free Cash Flow -$19.46M -$14.96M
YoY Change -474.18% 74.43%

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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:120%">Summit Therapeutics Inc. ("we", "Summit" or 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 potential duration of life, and resolve serious unmet medical needs. The Company's pipeline of product candidates is designed with the goal to become the patient-friendly, new-era standard-of-care medicines, in the therapeutic area of oncology.</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 recently in-licensed from Akeso, Inc. ("Akeso") its breakthrough bispecific antibody, ivonescimab. Ivonescimab, known as AK112 in China and Australia, and also as SMT112 in the United States, Canada, Europe, and Japan, is a novel, potential first-in-class bispecific antibody intending to combine the benefits of immunotherapy via a blockade of PD-1 with the anti-angiogenesis benefits of an anti-VEGF into a single molecule. Ivonescimab was engineered to bring two well-established oncology targeted mechanisms together. Through the License Agreement (as defined below), Summit obtained the rights to develop and commercialize SMT112 in the United States, Canada, Europe, and Japan (the "Licensed Territory").</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 entry into the License Agreement represents a significant change in the Company’s strategy. All business activities related to anti-infectives are being reviewed for partnership opportunities for potential further development. The Company's future operations will be focused on the development of ivonescimab and other future activities, as the Company determines.</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 has begun its development for ivonescimab in non-small cell lung cancer ("NSCLC"), specifically launching Phase III clinical trials in the following indications:</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:119%">a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:119%;padding-left:10.24pt">ivonescimab combined with chemotherapy in patients with epidermal growth factor receptor ("EGFR")-mutated, locally advanced or metastatic non-squamous NSCLC who have progressed after treatment with a third-generation EGFR tyrosine kinase inhibitor ("TKI") (“HARMONi”); and</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:119%">b)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:119%;padding-left:9.67pt">ivonescimab combined with chemotherapy in first-line metastatic squamous NSCLC patients (“HARMONi-3”)</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:119%">The Company has been treating patients in the HARMONi clinical trial and has recently commenced enrollment in its second Phase III HARMONi-3 clinical trial.</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:112%">On December 5, 2022, the Company entered into a Collaboration and License Agreement (the “License Agreement”) with Akeso, Inc. and its affiliates (“Akeso”) pursuant to which the Company is in-licensing breakthrough bispecific antibody, ivonescimab. Ivonescimab, is a novel, potential first-in-class bispecific antibody intending to combine the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects of an anti-VEGF compound into a single molecule. Through the License Agreement, the Company obtained the rights to develop and commercialize ivonescimab in the United States, Canada, Europe, and Japan (the “Licensed Territory”). The License Agreement and transaction closed in January 2023 following customary waiting periods. See Note 8 for further information. </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 December 6, 2022, the Company announced a rights offering for its existing shareholders to participate in the purchase of additional shares of its common stock (the "2023 Rights Offering"). The 2023 Rights Offering commenced on February 7, 2023 and the associated subscription rights expired on March 1, 2023. Aggregate gross proceeds from the Rights Offering were $500,000 from the sale of 476,190,471 shares of the Company's common stock at a price of $1.05 per share, net of issuance costs of $619.</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 December 6, 2022, the Company entered into a Note Purchase Agreement (the "Note Purchase Agreement", further defined in Note 14), with its Co-CEOs, Mr. Robert W. Duggan and Dr. Mahkam Zanganeh, pursuant to which the Company agreed to sell to each of Mr. Duggan and Dr. Zanganeh unsecured promissory notes in the aggregate amount of $520,000.</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 January 19, 2023, the Company filed Amendment No. 2 to the Restated Certificate of Incorporation (the “Amendment No. 2”) with the Secretary of State of the State of Delaware to increase the number of authorized shares of its common stock by 650,000,000 (from 350,000,000 to 1,000,000,000), which became effective on such date.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 15, 2023, the $20,000 Zanganeh Note, as defined in Note 14, matured and the Company repaid the outstanding principal balance. In connection with the closing of the 2023 Rights Offering, the $400,000 Duggan Promissory Note, as defined in Note 14, matured and became due, and the Company satisfied all principal and accrued interest thereunder using a combination of a portion of the cash proceeds from the 2023 Rights Offering and the extinguishment of a portion of the amount due equal to the subscription price for shares subscribed by Mr. Duggan in the 2023 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 March 17, 2023, the Company filed a registration statement on Form S-3 to register for resale the following shares of the Company's common stock at $0.01 par value: (i) 10,000,000 shares of Common Stock issued on January 17, 2023 in connection with the License Agreement with Akeso pursuant to which the Company issued Akeso such shares; and (ii) the 9,346,434 and 373,857 shares of Common Stock issued in December 2022 to the Company's Co-CEOs, Mr. Duggan and Dr. Mahkam Zanganeh, respectively, as payment of prepaid interest in connection with the Note Purchase Agreement dated December 6, 2022 between Mr. Duggan, Dr. Mahkam Zanganeh and the Company. On April 27, 2023, the SEC issued the Company a Notice of Effectiveness for the registration statement on Form S-3 filed with the SEC.</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 October 12, 2023, the Company held a Special Meeting of Stockholders (the "October Special Meeting") whereby an amendment to the Summit Therapeutics Inc. 2020 Stock Incentive Plan (the "Plan") to increase the number of shares of the Company's common stock issuable under the Plan by 70,000,000 shares was approved by a vote of the Company's stockholders at the Special Meeting and subsequently ratified by the Board of Directors.</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 October 16, 2023, the Company announced the appointment of Mr. Manmeet Soni as its Chief Operating Officer, effective immediately. Mr. Soni has been a part of the Company's Board of Directors since 2019. He will remain a member of the Board of Directors. In conjunction with his appointment, Mr. Soni entered into a share purchase agreement with the Company to purchase $5,000 of its common stock via a private placement. The transaction was effective October 13, 2023 with a closing price of $1.68, resulting in the purchase of 2,976,190 shares of the Company's common stock.</span></div>
CY2023Q1 smmt Common Stock Shares Authorized Increase Decrease
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CY2023Q1 us-gaap Common Stock Shares Authorized
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CY2023Q1 us-gaap Common Stock Shares Authorized
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us-gaap Basis Of Accounting
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Basis of Presentation, Use of Estimates, and Risks and Uncertainties<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Basis of Presentation</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 accompanying unaudited condensed 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. Accordingly, certain information and disclosures required by U.S. GAAP for complete consolidated financial statements are not included herein. All intercompany accounts and transactions have been eliminated in consolidation. The interim financial data as of September 30, 2023 and for the three and nine months ended September 30, 2023 are unaudited; however, in the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The condensed consolidated balance sheet presented as of December 31, 2022 has been derived from the consolidated audited financial statement as of that date. The results of the period are not necessarily indicative of full year results or any other interim period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto of the Company which are included in the Summit Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 9, 2023. The financial results of the Company's activities are reported in United States Dollars.</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%">Our accounting policies are consistent with the Notes to Consolidated Financial Statements in our 2022 Form 10-K, except as updated below:</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-style:italic;font-weight:400;line-height:112%">Cash equivalents</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%">During the nine months ended September 30, 2023, cash consisted of non-interest-bearing deposits denominated in the U.S. dollar and British pound, and the Company invested cash in money market funds and U.S. treasury securities. All highly liquid investments with a maturity date of 90 days or less at the date of purchase are considered to be cash equivalents. The appropriate classification of investments in securities as to whether it is classified as a cash equivalent is determined by the Company at the time of purchase. </span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Marketable securities</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%">Marketable securities consist of investments with original maturities greater than ninety days from the date of acquisition. The Company classifies investments with maturities of greater than 90 days as short-term, based on the liquid nature of the securities and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of investments as available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices or other observable inputs. Unrealized gains and losses are recorded as a component of other comprehensive income (loss). Realized gains and losses are determined on a specific identification basis and are included in other (expense) income. Amortization and accretion of discounts and premiums is also recorded in other (expense) income.</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%">When the fair value is below the amortized cost of the asset, an estimate of expected credit losses is made, this estimate is limited to the amount by which fair value is less than amortized cost. The credit-related impairment amount is recognized in the condensed consolidated statements of operations and comprehensive loss and the remaining impairment amount and unrealized gains are reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity. Credit losses are recognized through the use of an allowance for credit losses account and subsequent improvements in expected credit losses are recognized as a reversal of the allowance account. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis the allowance for credit loss is written off and the excess of the amortized cost basis of the asset over its fair value is recorded in the condensed consolidated statements of operations and comprehensive loss.</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%;text-decoration:underline">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:115%">The preparation of these unaudited condensed consolidated 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 unaudited condensed consolidated 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:115%;text-decoration:underline">Risks and Uncertainties</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%">While the impact of COVID-19 decreased during the Company’s fiscal 2022 year and the first, second and third quarters of its fiscal 2023 year, outbreaks of COVID-19 or its variants, either locally, nationally or globally, as well as related supply chain issues, could adversely impact the Company’s business.</span></div>
us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;text-decoration:underline">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:115%">The preparation of these unaudited condensed consolidated 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 unaudited condensed consolidated 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>
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RetainedEarningsAccumulatedDeficit
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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ShortTermInvestments
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NotesPayableCurrent
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CY2023Q3 us-gaap Number Of Countries In Which Entity Operates
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2 country
CY2023Q3 us-gaap Noncurrent Assets
NoncurrentAssets
6632000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
5081000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7939000 usd
smmt Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
0 usd
smmt Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
956000 usd
smmt Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
0 usd
smmt Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
8479000 usd
smmt Contract With Customer Liability Foreign Currency Translation
ContractWithCustomerLiabilityForeignCurrencyTranslation
0 usd
smmt Contract With Customer Liability Foreign Currency Translation
ContractWithCustomerLiabilityForeignCurrencyTranslation
-416000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
0 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
0 usd
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
7939000 usd
CY2021Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
0 usd
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
0 usd
CY2023Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
0 usd
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
0 usd
CY2022Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
0 usd
CY2023Q3 smmt Research And Development Tax Credit
ResearchAndDevelopmentTaxCredit
265000 usd
CY2022Q3 smmt Research And Development Tax Credit
ResearchAndDevelopmentTaxCredit
1224000 usd
smmt Research And Development Tax Credit
ResearchAndDevelopmentTaxCredit
768000 usd
smmt Research And Development Tax Credit
ResearchAndDevelopmentTaxCredit
3730000 usd
CY2023Q3 smmt Other Operating Income Other
OtherOperatingIncomeOther
0 usd
CY2022Q3 smmt Other Operating Income Other
OtherOperatingIncomeOther
0 usd
smmt Other Operating Income Other
OtherOperatingIncomeOther
9000 usd
smmt Other Operating Income Other
OtherOperatingIncomeOther
0 usd
CY2023Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
265000 usd
CY2022Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
5462000 usd
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
822000 usd
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
13283000 usd
CY2023Q3 smmt Research And Development Tax Credit Receivable Current
ResearchAndDevelopmentTaxCreditReceivableCurrent
812000 usd
CY2023Q3 smmt Research And Development Tax Credit Receivable Noncurrent
ResearchAndDevelopmentTaxCreditReceivableNoncurrent
747000 usd
CY2022Q4 smmt Research And Development Tax Credit Receivable Current
ResearchAndDevelopmentTaxCreditReceivableCurrent
5766000 usd
CY2022Q4 smmt Research And Development Tax Credit Receivable Noncurrent
ResearchAndDevelopmentTaxCreditReceivableNoncurrent
0 usd
smmt In Process Research And Development Expense
InProcessResearchAndDevelopmentExpense
520915000 usd
CY2023Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-475000 usd
CY2022Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-3799000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
344000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-6281000 usd
CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
2722000 usd
CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
692000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
13564000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
1497000 usd
CY2023Q3 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
2485000 usd
CY2022Q3 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
0 usd
us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
8028000 usd
us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
0 usd
CY2023Q3 smmt Cumulative Currency Translation Gains Losses Realized Upon Sale Or Liquidation Reclassified From Other Comprehensive Income
CumulativeCurrencyTranslationGainsLossesRealizedUponSaleOrLiquidationReclassifiedFromOtherComprehensiveIncome
0 usd
CY2022Q3 smmt Cumulative Currency Translation Gains Losses Realized Upon Sale Or Liquidation Reclassified From Other Comprehensive Income
CumulativeCurrencyTranslationGainsLossesRealizedUponSaleOrLiquidationReclassifiedFromOtherComprehensiveIncome
0 usd
smmt Cumulative Currency Translation Gains Losses Realized Upon Sale Or Liquidation Reclassified From Other Comprehensive Income
CumulativeCurrencyTranslationGainsLossesRealizedUponSaleOrLiquidationReclassifiedFromOtherComprehensiveIncome
419000 usd
smmt Cumulative Currency Translation Gains Losses Realized Upon Sale Or Liquidation Reclassified From Other Comprehensive Income
CumulativeCurrencyTranslationGainsLossesRealizedUponSaleOrLiquidationReclassifiedFromOtherComprehensiveIncome
0 usd
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-64000 usd
CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
46000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-148000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
15000 usd
CY2023Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-776000 usd
CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4445000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4921000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7763000 usd
CY2023Q1 smmt Cumulative Currency Translation Gains Losses Realized Upon Sale Or Liquidation Reclassified From Other Comprehensive Income
CumulativeCurrencyTranslationGainsLossesRealizedUponSaleOrLiquidationReclassifiedFromOtherComprehensiveIncome
419000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
0 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
175153000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-21268000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-21385000 usd
us-gaap Net Income Loss
NetIncomeLoss
-578361000 usd
us-gaap Net Income Loss
NetIncomeLoss
-59553000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
697739477 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
208909351 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
592366880 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
161846345 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
697739477 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
208909351 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
592366880 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
161846345 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.98
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.37
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.98
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.37
CY2023Q1 us-gaap Share Price
SharePrice
1.82
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26616761 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25387813 shares
CY2023Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
179864000 usd
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
286513000 usd
CY2023Q3 us-gaap Cash
Cash
19081000 usd
CY2022Q4 us-gaap Cash
Cash
62094000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest Before Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss
175144000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
175144000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
175153000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss
175144000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
175153000 usd
CY2022Q4 us-gaap Investments
Investments
0 usd
CY2023Q3 us-gaap Goodwill
Goodwill
1814000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
1798000 usd
CY2023Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
13977000 usd
CY2023Q3 smmt Finite Lived Intangible Assets Accumulated Amortization And Impairment
FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairment
13977000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
17864000 usd
CY2022Q4 smmt Finite Lived Intangible Assets Accumulated Amortization And Impairment
FiniteLivedIntangibleAssetsAccumulatedAmortizationAndImpairment
17864000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
217000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
697000 usd
smmt Operating Lease Right Of Use Asset Disposals
OperatingLeaseRightOfUseAssetDisposals
788000 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6403000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4175000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
678000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
444000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1535000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1033000 usd
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
2000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5355000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9290000 usd
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
53000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
71000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
91000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
680000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
497000 usd
us-gaap Lease Cost
LeaseCost
1606000 usd
us-gaap Lease Cost
LeaseCost
1124000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1519000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
891000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M6D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M6D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.065
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.057
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19476359 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.55
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3921450 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.14
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
2672305 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.98
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
177237 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.26
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
20548267 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.24
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5273780 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.14
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5683000 usd
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
280000 usd
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
705000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2798000 usd
CY2023Q3 us-gaap Purchase Obligation
PurchaseObligation
0 usd
CY2022Q4 us-gaap Purchase Obligation
PurchaseObligation
0 usd
CY2023Q3 us-gaap Other Commitment
OtherCommitment
6356000 usd

Files In Submission

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0001599298-23-000098.txt Edgar Link pending
0001599298-23-000098-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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smmt-20230930.htm Edgar Link pending
smmt-20230930.xsd Edgar Link pending
sum-ex101xmsoniemploymenta.htm Edgar Link pending
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sum-ex311_20230930xduggan1.htm Edgar Link pending
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smmt-20230930_cal.xml Edgar Link unprocessable
smmt-20230930_def.xml Edgar Link unprocessable
smmt-20230930_lab.xml Edgar Link unprocessable
smmt-20230930_pre.xml Edgar Link unprocessable
smmt-20230930_htm.xml Edgar Link completed