2024 Q1 Form 10-K Financial Statement

#000159929824000031 Filed on February 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
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 $30.30M
YoY Change 53.07% 13.3%
% of Gross Profit
Research & Development $30.87M $24.80M $59.47M
YoY Change 212.38% 360.45% 14.37%
% of Gross Profit
Depreciation & Amortization $27.00K $30.00K $198.0K
YoY Change -70.0% -90.16% -43.27%
% of Gross Profit
Operating Expenses $42.60M $36.20M $610.7M
YoY Change -92.08% 205.98% 600.21%
Operating Profit -$42.39M -$609.7M
YoY Change -92.11% 745.69%
Interest Expense -$253.0K -$5.026M
YoY Change -96.87% -214.2%
% of Operating Profit
Other Income/Expense, Net -$1.084M -$400.0K -$5.278M
YoY Change -79.24% -104.37% -21.14%
Pretax Income -$36.60M -$614.9M
YoY Change 90.34% 680.54%
Income Tax
% Of Pretax Income
Net Earnings -$43.47M -$36.60M -$614.9M
YoY Change -91.98% 90.34% 680.54%
Net Earnings / Revenue
Basic Earnings Per Share -$0.06 -$0.99
Diluted Earnings Per Share -$0.06 -$0.05 -$0.99
COMMON SHARES
Basic Shares Outstanding 701.7M shares 700.8M shares 619.6M shares
Diluted Shares Outstanding 701.8M shares 619.6M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $156.7M $186.2M $186.2M
YoY Change -35.24% -46.58% -46.58%
Cash & Equivalents $61.29M $71.43M $71.43M
Short-Term Investments $95.39M $114.8M $114.8M
Other Short-Term Assets $5.640M $181.0K $2.622M
YoY Change 1278.97% -62.76% -99.13%
Inventory
Prepaid Expenses $2.441M
Receivables $0.00 $0.00
Other Receivables $848.0K $848.0K
Total Short-Term Assets $163.3M $189.7M $189.7M
YoY Change -34.17% -71.11% -71.11%
LONG-TERM ASSETS
Property, Plant & Equipment $181.0K $204.0K $6.063M
YoY Change -56.07% -77.48% 19.33%
Goodwill $1.875M $1.893M
YoY Change 1.96% 5.28%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.875M $4.322M $4.322M
YoY Change 1101.92% 649.05% 649.05%
Total Long-Term Assets $13.52M $13.24M $13.24M
YoY Change 96.74% 77.53% 77.53%
TOTAL ASSETS
Total Short-Term Assets $163.3M $189.7M $189.7M
Total Long-Term Assets $13.52M $13.24M $13.24M
Total Assets $176.8M $202.9M $202.9M
YoY Change -30.65% -69.44% -69.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.371M $2.667M $2.667M
YoY Change 797.32% 651.27% 651.27%
Accrued Expenses $6.547M $8.783M $17.02M
YoY Change -46.79% -17.64% -5.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.44M $20.41M $20.41M
YoY Change 34.37% -47.39% -47.39%
LONG-TERM LIABILITIES
Long-Term Debt $100.0M $100.0M $100.0M
YoY Change 0.0% -79.78% -79.78%
Other Long-Term Liabilities $3.310M $1.562M $4.852M
YoY Change 123.5% 9.31% 15.74%
Total Long-Term Liabilities $3.310M $1.562M $104.9M
YoY Change 123.5% 9.31% -78.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.44M $20.41M $20.41M
Total Long-Term Liabilities $3.310M $1.562M $104.9M
Total Liabilities $132.6M $125.3M $125.3M
YoY Change 9.19% -76.7% -76.7%
SHAREHOLDERS EQUITY
Retained Earnings -$1.037B -$993.3M
YoY Change 12.6% 162.54%
Common Stock $7.020M $7.017M
YoY Change 0.63% 232.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $44.21M $77.69M $77.69M
YoY Change
Total Liabilities & Shareholders Equity $176.8M $202.9M $202.9M
YoY Change -30.65% -69.44% -69.44%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$43.47M -$36.60M -$614.9M
YoY Change -91.98% 90.34% 680.54%
Depreciation, Depletion And Amortization $27.00K $30.00K $198.0K
YoY Change -70.0% -90.16% -43.27%
Cash From Operating Activities -$30.13M -$19.46M -$76.76M
YoY Change 129.49% -474.86% 84.6%
INVESTING ACTIVITIES
Capital Expenditures $4.000K $2.000K $128.0K
YoY Change -92.45% -120.0% -79.49%
Acquisitions
YoY Change
Other Investing Activities $19.88M $60.57M -$587.6M
YoY Change -103.08%
Cash From Investing Activities $19.87M $60.57M -$587.8M
YoY Change -103.08% 605580.0% 94094.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $104.7M
YoY Change 4.69%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $485.0K 6.252M $86.51M
YoY Change -99.39% -98.8% -86.05%
NET CHANGE
Cash From Operating Activities -$30.13M -19.46M -$76.76M
Cash From Investing Activities $19.87M 60.57M -$587.8M
Cash From Financing Activities $485.0K 6.252M $86.51M
Net Change In Cash -$9.814M 47.36M -$577.2M
YoY Change -98.3% -90.98% -200.06%
FREE CASH FLOW
Cash From Operating Activities -$30.13M -$19.46M -$76.76M
Capital Expenditures $4.000K $2.000K $128.0K
Free Cash Flow -$30.14M -$19.46M -$76.89M
YoY Change 128.6% -474.18% 82.17%

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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><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. (</span><span style="color:#2c2c2c;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">“</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">we”, </span><span style="color:#2c2c2c;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">“</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Summit” or the </span><span style="color:#2c2c2c;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">“</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">’</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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’s current lead development candidate is ivonescimab, 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. 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 has in-licensed ivonescimab. Through the License Agreement (as defined in Note </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, 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. The Company’s 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 (</span><span style="color:#2c2c2c;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">“</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NSCLC”), specifically launching Phase III clinical trials in the following indications:</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">a) ivonescimab combined with chemotherapy in patients with epidermal growth factor receptor (</span><span style="color:#2c2c2c;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">“</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">EGFR”)-mutated, locally advanced or metastatic non-squamous NSCLC who have progressed after treatment with a third-generation EGFR tyrosine kinase inhibitor (</span><span style="color:#2c2c2c;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">“</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">TKI”) (“HARMONi”); and</span></div><div><span><br/></span></div><div style="padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">b) ivonescimab combined with chemotherapy in first-line metastatic squamous NSCLC patients (“HARMONi-3”)</span></div><div style="padding-left:36pt"><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%">As of the date of these financial statements, both studies are enrolling patients.</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 with Akeso represents a significant change in the Company’s strategy and its future operations will be focused on the development of ivonescimab and other future activities as the Company determines. The Company’s portfolio includes ridinilazole, a product candidate 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:120%">Clostridioides difficile </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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: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, or CDI. All prior development and marketing activities related to ridinilazole have been terminated. The Company’s anti-infectives portfolio includes SMT-738, the first of a novel class of precision antibiotics for combating multidrug resistant infections, specifically carbapenem-resistant Enterobacteriaceae (“CRE”) infections. The Company will continue to pursue partnerships for further development of SMT-738. </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%">In addition to the events detailed in the Company Overview section above, the following other recent developments have occurred. </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%">As noted above, on December 5, 2022, the Company entered into a Collaboration and License Agreement (the “License Agreement”) with Akeso pursuant to which the Company is in-licensing breakthrough bispecific antibody, ivonescimab (Note </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">6).</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </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”), with Mr. Robert Duggan and Dr. Maky 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 (Note </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">18)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. </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><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 February 7, 2023, the Company commenced its previously announced rights offering (“2023 Rights Offering”). On March 1, 2023, the Company closed the 2023 Rights Offering, which was fully subscribed. The Company received aggregate gross proceeds from the 2023 Rights Offering of $500,000 from the sale of 476,190,471 shares of its common stock at a price per share of $1.05. Issuance costs associated with the 2023 Rights Offering were approximately $619. In connection with the closing of the 2023 Rights Offering, $400,000 of the unsecured promissory notes, issued by the Company to Mr. Duggan, matured and became due and the Company repaid the principal amount and all outstanding accrued interest thereunder using a portion of the proceeds from this 2023 Rights Offering (Note </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">18</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</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 February 15, 2023, $20,000 of the unsecured promissory notes, issued by us to Dr. Zanganeh, matured and the Company repaid the outstanding principal balance.</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 its 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 its Chief Executive Officers, Mr. Robert 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. Zanganeh and the Company (Note </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">18</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). On April 27, 2023, the SEC issued 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</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">’</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">’</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">’</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">s common stock.</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 February 17, 2024 the Duggan February Note was amended to extend the maturity date from September 6, 2024 to April 1, 2025. For all applicable periods commencing February 17, 2024, interest shall accrue on the outstanding principal balance at the greater of 12% or the US prime interest 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%">plus 350 basis points, as adjusted monthly, compounded quarterly (Note </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">18</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). Interest shall be paid upon maturity of the loan.</span></div>
CY2023Q1 smmt Common Stock Shares Authorized Increase Decrease
CommonStockSharesAuthorizedIncreaseDecrease
650000000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023 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%">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. Any reference in these notes to applicable guidance is meant to refer to authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). 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 </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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>
CY2023 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 <div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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>
CY2023 us-gaap Net Income Loss
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2023 us-gaap Concentration Risk Credit Risk
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<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. </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>
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CY2022Q4 us-gaap Restricted Cash Current
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CY2022Q4 us-gaap Noncurrent Assets
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 smmt Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
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CY2023 smmt Contract With Customer Liability Revenue Recognized Including Opening Balance
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CY2022 smmt Contract With Customer Liability Revenue Recognized Including Opening Balance
ContractWithCustomerLiabilityRevenueRecognizedIncludingOpeningBalance
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CY2022 smmt Contract With Customer Liability Foreign Currency Translation
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CY2023Q4 us-gaap Contract With Customer Liability
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CY2023 smmt Research And Development Tax Credit
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CY2022 smmt Research And Development Tax Credit
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CY2023 us-gaap Other Operating Income
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CY2022 us-gaap Other Operating Income
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CY2023Q4 smmt Research And Development Tax Credit Receivable
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CY2022Q4 smmt Research And Development Tax Credit Receivable
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CY2023 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2023Q1 smmt Cumulative Currency Translation Gains Losses Realized Upon Sale Or Liquidation Reclassified From Other Comprehensive Income
CumulativeCurrencyTranslationGainsLossesRealizedUponSaleOrLiquidationReclassifiedFromOtherComprehensiveIncome
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2023 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2022Q4 us-gaap Deferred Tax Assets Other
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2023 smmt Research And Development Tax Credit
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CY2022 us-gaap Net Income Loss
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CY2023Q4 us-gaap Assets Fair Value Disclosure
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CY2022Q4 us-gaap Assets Fair Value Disclosure
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CY2023Q4 us-gaap Cash
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CY2022Q4 us-gaap Cash
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CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest Before Allowance For Credit Loss
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CY2022Q4 us-gaap Short Term Investments
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1042000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1297000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
204000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
906000 usd
CY2023 us-gaap Depreciation
Depreciation
198000 usd
CY2022 us-gaap Depreciation
Depreciation
349000 usd
CY2023 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
474000 usd
CY2022 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 usd
CY2023Q4 smmt Research And Development Prepaid Expenses Current
ResearchAndDevelopmentPrepaidExpensesCurrent
1466000 usd
CY2022Q4 smmt Research And Development Prepaid Expenses Current
ResearchAndDevelopmentPrepaidExpensesCurrent
442000 usd
CY2023Q4 smmt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
7289000 usd
CY2022Q4 smmt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
8911000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5859000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4175000 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
2214000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
1384000 usd
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
83000 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
137000 usd
CY2023 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 usd
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
31000 usd
CY2023 us-gaap Lease Cost
LeaseCost
2297000 usd
CY2022 us-gaap Lease Cost
LeaseCost
1552000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.066
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y4M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.057
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M24D
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
2208000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
1092000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2810000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2886000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
893000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6589000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
490000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
6099000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2809000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3290000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
6099000 usd
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q4 smmt Business Combination Assumed Contingent Liability Noncurrent
BusinessCombinationAssumedContingentLiabilityNoncurrent
1356000 usd
CY2022Q4 smmt Business Combination Assumed Contingent Liability Noncurrent
BusinessCombinationAssumedContingentLiabilityNoncurrent
1209000 usd
CY2022 smmt Business Combination Assumed Contingent Liability Remeasurement Gain Loss
BusinessCombinationAssumedContingentLiabilityRemeasurementGainLoss
1265000 usd
CY2023 smmt Business Combination Assumed Contingent Liability Remeasurement Gain Loss
BusinessCombinationAssumedContingentLiabilityRemeasurementGainLoss
0 usd
CY2023Q1 smmt Common Stock Shares Authorized Increase Decrease
CommonStockSharesAuthorizedIncreaseDecrease
650000000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000 shares
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
5821137 shares
CY2022Q4 smmt Class Of Warrant Or Right Weighted Average Exercise Price
ClassOfWarrantOrRightWeightedAverageExercisePrice
1.56
CY2022 smmt Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerm
P6Y11M26D
CY2022Q4 smmt Class Of Warrant Or Right Aggregate Intrinsic Value Outstanding
ClassOfWarrantOrRightAggregateIntrinsicValueOutstanding
15640000 usd
CY2023 smmt Class Of Warrant Or Right Exercises In Period
ClassOfWarrantOrRightExercisesInPeriod
805495 shares
CY2023 smmt Class Of Warrant Or Right Weighted Average Exercise Price Exercises In Period
ClassOfWarrantOrRightWeightedAverageExercisePriceExercisesInPeriod
1.49
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
5015642 shares
CY2023Q4 smmt Class Of Warrant Or Right Weighted Average Exercise Price
ClassOfWarrantOrRightWeightedAverageExercisePrice
1.57
CY2023 smmt Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerm
P5Y11M1D
CY2023Q4 smmt Class Of Warrant Or Right Aggregate Intrinsic Value Outstanding
ClassOfWarrantOrRightAggregateIntrinsicValueOutstanding
5194000 usd
CY2022Q3 smmt Common Stock Shares Authorized Increase Decrease
CommonStockSharesAuthorizedIncreaseDecrease
100000000 shares
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.41
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.87
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
474000 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
142000 usd
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1 shares
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14108000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11948000 usd
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14108000 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11948000 usd
CY2023Q4 us-gaap Purchase Obligation
PurchaseObligation
0 usd
CY2022Q4 us-gaap Purchase Obligation
PurchaseObligation
0 usd
CY2023Q4 us-gaap Other Commitment
OtherCommitment
37700000 usd
CY2023Q4 smmt Other Commitment Period For Which The Majority Of Commitments Are To Be Paid
OtherCommitmentPeriodForWhichTheMajorityOfCommitmentsAreToBePaid
P1Y
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01

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