Summit Therapeutics Inc. (SMMT) reported financial results for the first quarter ended March 31, 2026, reflecting a wider net loss and provided clinical and operational progress for its lead candidate, Ivonescimab.
Company Profile
Summit Therapeutics focuses on oncology therapies, and Ivonescimab is its lead development candidate for the treatment of non-small cell lung cancer (NSCLC) and colorectal cancer (CRC).
First Quarter 2026 Results
For the first quarter of 2026, the firm reported a wider net loss of $189.4 million, or $0.24 per share, compared to $62.9 million, or $0.09 per share, in the prior year.
Adjusted net loss expanded to $116.6 million or $0.15 per share compared to $51.8 million or $0.07 per share in the prior year.
As of March 31, 2026, aggregate cash and cash equivalents and short-term investments were $598.7 million. Near-Term Milestones
In January 2026, Summit announced a clinical collaboration with GSK plc to evaluate Ivonescimab in combination with GSK's novel B7-H3, Isvutatug Rezetecan, in multiple solid tumours. The initial study under this collaboration agreement is expected to begin dosing patients in mid-2026.
Also in February 2026, the firm announced a clinical collaboration with GORTEC, a European Head and Neck Oncology and Radiotherapy Group based in France, to evaluate Ivonescimab monotherapy and Ivonescimab in combination with Ligufalimab, Akeso's proprietary anti-CD47 monoclonal antibody, against monotherapy pembrolizumab in a randomised three-arm study.
The Phase III study, GORTEC 2024-04 ILLUMINE trial sponsored by GORTEC, will begin patient enrolment in the second quarter of 2026.
In addition, Summit's global Phase III trials, the non-squamous cohort of HARMONi-3, HARMONi-7, and HARMONi-GI3, continue to enrol according to the firm.
In the HARMONi-3 squamous cohort of the global Phase III 1L NSCLC study, final Progression-Free Survival or PFS data are expected in the second half of 2026, with interim OS analyses planned.
SMMT has traded between $13.83 and $30.98 over the last year. The stock closed at $20.83 on Thursday.
In the overnight market, SMMT is down at $18.22, down 15.10%.
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