$SMMT
Summit Therapeutics Inc.

2024 Q4 Form 10-Q Financial Statement

#000159929824000158 Filed on October 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
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
YoY Change 146.19%
% of Gross Profit
Depreciation & Amortization $20.00K
YoY Change -28.57%
% of Gross Profit
Operating Expenses $58.11M
YoY Change 179.97%
Operating Profit -$58.38M
YoY Change 184.88%
Interest Expense $2.124M
YoY Change -398.31%
% of Operating Profit
Other Income/Expense, Net $2.124M
YoY Change -373.71%
Pretax Income -$56.25M
YoY Change 164.5%
Income Tax
% Of Pretax Income
Net Earnings -$56.25M
YoY Change 164.5%
Net Earnings / Revenue
Basic Earnings Per Share -$0.08
Diluted Earnings Per Share -$0.08
COMMON SHARES
Basic Shares Outstanding 737.4M shares 724.5M shares
Diluted Shares Outstanding 726.7M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $486.9M
YoY Change 144.74%
Cash & Equivalents $93.78M
Short-Term Investments $393.1M
Other Short-Term Assets $2.733M
YoY Change 2177.5%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $490.3M
YoY Change 139.22%
LONG-TERM ASSETS
Property, Plant & Equipment $265.0K
YoY Change 15.72%
Goodwill $1.991M
YoY Change 9.76%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.863M
YoY Change -56.99%
Total Long-Term Assets $12.56M
YoY Change -7.12%
TOTAL ASSETS
Total Short-Term Assets $490.3M
Total Long-Term Assets $12.56M
Total Assets $502.9M
YoY Change 130.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.252M
YoY Change -1.87%
Accrued Expenses $18.48M
YoY Change 405.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due $24.50M
YoY Change
Total Short-Term Liabilities $59.01M
YoY Change -48.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.716M
YoY Change 16.26%
Total Long-Term Liabilities $1.716M
YoY Change 16.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.01M
Total Long-Term Liabilities $1.716M
Total Liabilities $64.93M
YoY Change -45.48%
SHAREHOLDERS EQUITY
Retained Earnings -$1.153B
YoY Change 20.56%
Common Stock $7.371M
YoY Change 5.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $437.9M
YoY Change
Total Liabilities & Shareholders Equity $502.9M
YoY Change 130.16%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$56.25M
YoY Change 164.5%
Depreciation, Depletion And Amortization $20.00K
YoY Change -28.57%
Cash From Operating Activities -$30.30M
YoY Change 103.32%
INVESTING ACTIVITIES
Capital Expenditures $58.00K
YoY Change 3.57%
Acquisitions
YoY Change
Other Investing Activities -$108.6M
YoY Change 3059.4%
Cash From Investing Activities -$108.6M
YoY Change 3019.33%
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
YoY Change 88273.16%
NET CHANGE
Cash From Operating Activities -30.30M
Cash From Investing Activities -108.6M
Cash From Financing Activities 204.1M
Net Change In Cash 65.23M
YoY Change -459.35%
FREE CASH FLOW
Cash From Operating Activities -$30.30M
Capital Expenditures $58.00K
Free Cash Flow -$30.36M
YoY Change 102.95%

Facts In Submission

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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: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 proposed 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: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 style="padding-left:36pt"><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: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%">In addition, the Company intends to initiate a Phase III clinical study in the following proposed indication in early 2025:</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">c) ivonescimab monotherapy in first-line metastatic NSCLC patients with high PD-L1 expression (“HARMONi-7”).</span></div><div style="padding-left:36pt"><span><br/></span></div><div style="padding-left:72pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',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%;padding-left:14.5pt">The sample size for this study is currently planned to have an estimated 780 patients with two primary endpoints, progression-free survival (PFS) and overall survival (OS)</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%">In October 2024, the Company completed enrollment in its HARMONi clinical trial. The Company expects to disclose topline results from HARMONi in mid-2025, depending upon maturation of the data per the protocol.</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 also intends to amend the protocol for its HARMONi-3 study to include both squamous and non-squamous patients without actionable genomic alterations, adjust the primary endpoint for HARMONi-3 to include PFS in addition to OS, and adjust the sample size to include an estimated 1,080 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 may explore partnership opportunities 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-style:italic;font-weight:400;line-height:120%">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 September 30, 2024 and for the three and nine months ended September 30, 2024 are unaudited; however, in the </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 statements 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><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to the prior years’ financial statements to conform to current year presentation. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height: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>
us-gaap Prior Period Reclassification Adjustment Description
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Certain reclassifications have been made to the prior years’ financial statements to conform to current year presentation
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height: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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CY2023Q3 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
0 usd
smmt Cumulative Currency Translation Gains Losses Realized Upon Sale Or Liquidation Reclassified From Other Comprehensive Income
CumulativeCurrencyTranslationGainsLossesRealizedUponSaleOrLiquidationReclassifiedFromOtherComprehensiveIncome
419000 usd
CY2024Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 usd
CY2023Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-64000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-148000 usd
CY2024Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2124000 usd
CY2023Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-776000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
272000 usd
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4921000 usd
smmt Cumulative Currency Translation Gains Losses Realized Upon Sale Or Liquidation Reclassified From Other Comprehensive Income
CumulativeCurrencyTranslationGainsLossesRealizedUponSaleOrLiquidationReclassifiedFromOtherComprehensiveIncome
419000 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-56254000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-21268000 usd
us-gaap Net Income Loss
NetIncomeLoss
-160112000 usd
us-gaap Net Income Loss
NetIncomeLoss
-578361000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
726656045 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
697739477 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
712168381 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
592366880 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
726656045 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
697739477 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
712168381 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
592366880 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.98
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.98
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
73611261 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26616761 shares
CY2024Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
474578000 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
175174000 usd
CY2024Q3 us-gaap Cash
Cash
12318000 usd
CY2023Q4 us-gaap Cash
Cash
11068000 usd
CY2024Q3 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest Before Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss
392774000 usd
CY2024Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
348000 usd
CY2024Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 usd
CY2024Q3 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
0 usd
CY2024Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
393122000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest Before Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss
114781000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
36000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
0 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
114817000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2024Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2024Q3 us-gaap Goodwill
Goodwill
1991000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
1893000 usd
CY2024Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0 usd
CY2024Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
323000 usd
CY2024Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7976000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5859000 usd
CY2024Q3 smmt Research And Development Prepaid Expenses Current
ResearchAndDevelopmentPrepaidExpensesCurrent
746000 usd
CY2023Q4 smmt Research And Development Prepaid Expenses Current
ResearchAndDevelopmentPrepaidExpensesCurrent
1466000 usd
CY2024Q3 smmt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
9578000 usd
CY2023Q4 smmt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
7289000 usd
CY2024Q3 us-gaap Notes Payable Current
NotesPayableCurrent
24500000 usd
CY2023Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
100000000 usd
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q3 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
75500000 usd
CY2024Q3 us-gaap Notes Payable Current
NotesPayableCurrent
24500000 usd
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
737094965 shares
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
737094965 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
701660053 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
701660053 shares
CY2024Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
22222222 shares
CY2024Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
9.00
CY2024Q2 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
200000000 usd
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
7050000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19371000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
705000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
39966000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5355000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19371000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
39966000 usd
CY2024Q3 smmt Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
4945669 shares
CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
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
CY2024Q3 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
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
75500000 usd
CY2024Q3 smmt Other Commitment Period For Which The Majority Of Commitments Are To Be Paid
OtherCommitmentPeriodForWhichTheMajorityOfCommitmentsAreToBePaid
P1Y

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