Summit Therapeutics (SMMT) Q3 2025 Financial Results Summary

Miami, Florida, October 20, 2025 – Summit Therapeutics Inc. (NASDAQ: SMMT) today reports its financial results and provides an update on operational progress for the third quarter ended September 30, 2025.

Highlights from Q3 2025 Financial Results

• Cash and Cash Equivalents:

• $238.6 million at September 30, 2025, down from $412.3 million at December 31, 2024.

• Operating Expenses:

• GAAP operating expenses rose to $234.2 million, compared to $58.4 million in Q3 2024, a 300% increase.

• Non-GAAP operating expenses increased to $103.4 million, compared to $39.0 million in the same quarter last year, reflecting a 164% increase.

• Research and Development (R&D) Expenses:

• GAAP R&D expenses were $131.1 million, compared to $37.7 million in Q3 2024, representing a 248% increase.

• Non-GAAP R&D expenses rose to $90.5 million from $31.9 million, up 184% year-over-year.

• General and Administrative (G&A) Expenses:

• GAAP G&A expenses were $103.1 million, up from $20.7 million, marking a 398% increase.

• Non-GAAP G&A expenses were $12.9 million, experiencing a 82% increase from $7.1 million in Q3 2024.

• Net Loss:

• GAAP net loss for the quarter was $231.8 million, or $(0.31) per share, compared to $56.3 million, or $(0.08) per share in Q3 2024, indicating a 312% increase in loss.
• Non-GAAP net loss was $101.0 million, or $(0.13) per share, up from $36.9 million, or $(0.05) per share from the previous year, a 173% increase.

Clinical and Operational Updates

• Ivonescimab Developments:
• Planned submission for a Biologics License Application (BLA) in Q4 2025 based on HARMONi clinical trial results.

• The HARMONi global Phase III trial observed:

  • 48% reduction in risk of disease progression or death when ivonescimab was used with chemotherapy compared to chemotherapy alone.
  • Median progression-free survival (PFS) of 11.14 months with ivonescimab versus 6.90 months with Tislelizumab plus chemotherapy, a 40% improvement.

• New Clinical Trials:

• Announced initiation of HARMONi-GI3, targeting first-line unresectable metastatic colorectal cancer (CRC).

• Plans for additional Phase III clinical studies for ivonescimab to be disclosed in Q1 2026.

• Patient Treatment Statistics:

• Over 3,000 patients have been treated with ivonescimab in clinical studies globally.
• More than 40,000 patients treated in a commercial setting in China.

Upcoming Clinical and Research Strategies

• Expansion into CRC with HARMONi-GI3 and activation of clinical sites in the United States planned before year-end.
• Trials to analyze Kaposi’s sarcoma in different cohorts based on histology with separate analysis for squamous and non-squamous NSCLC.
• Collaborative efforts with notable institutes to expand clinical studies into other solid tumors.

Dividend and Share Repurchase Information

• Summit Therapeutics did not declare a quarterly dividend or indicate any share repurchase program during this reporting period.

Summary

Summit Therapeutics continues its advancements in the development of ivonescimab, reflected in its significant operational updates and upcoming clinical trial initiatives. However, the financial metrics show a large increase in expenses and losses compared to the previous year, primarily driven by stock-based compensation and expansion costs in R&D. The company remains committed to its clinical development programs and aims to address significant unmet medical needs in oncology.

Summit Therapeutics Inc. GAAP Condensed Consolidated Statements of Operations (Unaudited) (in millions, except per share data)

Summit Therapeutics Inc. GAAP Condensed Consolidated Balance Sheet Information (in millions)