$SMMT
Summit Therapeutics Inc.

2024 Q3 Form 10-Q Financial Statement

#000159929824000117 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $20.39M
YoY Change 275.23%
% of Gross Profit
Research & Development $37.72M $30.80M
YoY Change 146.19% 225.87%
% of Gross Profit
Depreciation & Amortization $20.00K $20.00K
YoY Change -28.57% -56.52%
% of Gross Profit
Operating Expenses $58.11M $59.78M
YoY Change 179.97% 279.12%
Operating Profit -$58.38M -$59.62M
YoY Change 184.88% 277.47%
Interest Expense $2.124M
YoY Change -398.31%
% of Operating Profit
Other Income/Expense, Net $2.124M -$768.0K
YoY Change -373.71% -171.31%
Pretax Income -$56.25M
YoY Change 164.5%
Income Tax
% Of Pretax Income
Net Earnings -$56.25M -$60.39M
YoY Change 164.5% 310.31%
Net Earnings / Revenue
Basic Earnings Per Share -$0.08 -$0.09
Diluted Earnings Per Share -$0.08 -$0.09
COMMON SHARES
Basic Shares Outstanding 724.5M shares 702.0M shares
Diluted Shares Outstanding 726.7M shares 707.9M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $486.9M $325.5M
YoY Change 144.74% 51.37%
Cash & Equivalents $93.78M $28.43M
Short-Term Investments $393.1M $297.0M
Other Short-Term Assets $2.733M $2.372M
YoY Change 2177.5% 32.74%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $490.3M $328.8M
YoY Change 139.22% 44.52%
LONG-TERM ASSETS
Property, Plant & Equipment $265.0K $223.0K
YoY Change 15.72% -0.89%
Goodwill $1.991M $1.880M
YoY Change 9.76% -0.16%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.863M $1.879M
YoY Change -56.99% 639.76%
Total Long-Term Assets $12.56M $13.06M
YoY Change -7.12% 32.33%
TOTAL ASSETS
Total Short-Term Assets $490.3M $328.8M
Total Long-Term Assets $12.56M $13.06M
Total Assets $502.9M $341.9M
YoY Change 130.16% 44.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.252M $3.340M
YoY Change -1.87% 238.4%
Accrued Expenses $18.48M $12.46M
YoY Change 405.67% 222.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $24.50M $100.0M
YoY Change
Total Short-Term Liabilities $59.01M $140.2M
YoY Change -48.12% 1074.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.716M $1.596M
YoY Change 16.26% 5.63%
Total Long-Term Liabilities $1.716M $1.596M
YoY Change 16.26% 5.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.01M $140.2M
Total Long-Term Liabilities $1.716M $1.596M
Total Liabilities $64.93M $146.8M
YoY Change -45.48% 24.63%
SHAREHOLDERS EQUITY
Retained Earnings -$1.153B -$1.097B
YoY Change 20.56% 17.29%
Common Stock $7.371M $7.243M
YoY Change 5.63% 3.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $437.9M $195.1M
YoY Change
Total Liabilities & Shareholders Equity $502.9M $341.9M
YoY Change 130.16% 44.02%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$56.25M -$60.39M
YoY Change 164.5% 310.31%
Depreciation, Depletion And Amortization $20.00K $20.00K
YoY Change -28.57% -56.52%
Cash From Operating Activities -$30.30M -$33.00M
YoY Change 103.32% 12.74%
INVESTING ACTIVITIES
Capital Expenditures $58.00K $63.00K
YoY Change 3.57% 215.0%
Acquisitions
YoY Change
Other Investing Activities -$108.6M -$200.0M
YoY Change 3059.4% -88212.78%
Cash From Investing Activities -$108.6M -$200.1M
YoY Change 3019.33% -96756.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 204.1M 200.2M
YoY Change 88273.16% -250365.0%
NET CHANGE
Cash From Operating Activities -30.30M -33.00M
Cash From Investing Activities -108.6M -200.1M
Cash From Financing Activities 204.1M 200.2M
Net Change In Cash 65.23M -32.87M
YoY Change -459.35% 12.77%
FREE CASH FLOW
Cash From Operating Activities -$30.30M -$33.00M
Capital Expenditures $58.00K $63.00K
Free Cash Flow -$30.36M -$33.07M
YoY Change 102.95% 12.88%

Facts In Submission

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us-gaap Nature Of Operations
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Nature of Business and Operations<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%">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. </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’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 as further described in Note </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">7</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. Through the License Agreement, the Company obtained the rights to develop and commercialize ivonescimab in the United States, Canada, Europe, Japan, and through the subsequent amendment with Akeso signed on June 3, 2024, expanded the Company's licensed territories to include the Latin America, Middle East and Africa regions (collectively, and as expanded, the “Licensed Territory”). The License Agreement and transaction closed in January 2023 following customary waiting periods. The Company’s operations are 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:112%">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><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%">a) 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><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%">b) ivonescimab combined with chemotherapy in first-line metastatic squamous NSCLC patients (“HARMONi-3”)</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%">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:112%">The entry into the License Agreement with Akeso represented a significant change in the Company’s strategy and its future operations are focused on the development of ivonescimab and other future activities as the Company determines.</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company’s portfolio also 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: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, and SMT-738, the first of a novel class of precision antibiotics for combating multidrug resistant infections, specifically carbapenem-resistant Enterobacteriaceae (“CRE”) infections. All prior development activities related to ridinilazole and SMT-738 have been terminated; the Company will continue to pursue partnerships for both assets.</span></div>
us-gaap Basis Of Accounting
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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%;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 SEC. 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 June 30, 2024 and for the three and six months ended June 30, 2024 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, 2023 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 Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024. The financial results of the Company's activities are reported in United States Dollars.</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 accrued research and development expenses, stock-based compensation, 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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<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 accrued research and development expenses, stock-based compensation, 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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SaleOfStockRegistrationStatementEffectiveDatePeriodMaximum
P75D
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11088000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1875000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20595000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4650000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11088000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1875000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20595000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4650000 usd
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4945669 shares
CY2024Q2 smmt Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
4945669 shares
CY2023Q4 smmt Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
5015642 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
5015642 shares
CY2024Q2 smmt Class Of Warrant Or Right Weighted Average Exercise Price
ClassOfWarrantOrRightWeightedAverageExercisePrice
1.58
CY2023Q4 smmt Class Of Warrant Or Right Weighted Average Exercise Price
ClassOfWarrantOrRightWeightedAverageExercisePrice
1.57
smmt Class Of Warrant Or Right Exercises In Period
ClassOfWarrantOrRightExercisesInPeriod
69973 shares
smmt Class Of Warrant Or Right Weighted Average Exercise Price Exercises In Period
ClassOfWarrantOrRightWeightedAverageExercisePriceExercisesInPeriod
1.44
CY2024Q2 smmt Other Commitment Period For Which The Majority Of Commitments Are To Be Paid
OtherCommitmentPeriodForWhichTheMajorityOfCommitmentsAreToBePaid
P1Y

Files In Submission

Name View Source Status
smmt-20240630_def.xml Edgar Link unprocessable
0001599298-24-000117-index-headers.html Edgar Link pending
0001599298-24-000117-index.html Edgar Link pending
0001599298-24-000117.txt Edgar Link pending
0001599298-24-000117-xbrl.zip Edgar Link pending
a2024-06x24subleasexdugg.htm Edgar Link pending
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amd3tosublease-for10xqwi.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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report.css Edgar Link pending
Show.js Edgar Link pending
smmt-20240630.htm Edgar Link pending
smmt-20240630.xsd Edgar Link pending
smmt-20240630_g1.jpg Edgar Link pending
smmt-20240630_g2.jpg Edgar Link pending
sum-ex311_20240630xduggan.htm Edgar Link pending
sum-ex312_20240630xzanganeh.htm Edgar Link pending
sum-ex313_20240630x10qsoni.htm Edgar Link pending
sum-ex321_20240630x10q.htm Edgar Link pending
summit-akesoxamendment2t.htm Edgar Link pending
summit-akesoxamendment2t001.jpg Edgar Link pending
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smmt-20240630_lab.xml Edgar Link unprocessable
smmt-20240630_pre.xml Edgar Link unprocessable
smmt-20240630_htm.xml Edgar Link completed
smmt-20240630_cal.xml Edgar Link unprocessable