Summit Therapeutics Q2 Loss Widens to $0.12 per Share

Summit Therapeutics reported a Q2 adjusted loss of $0.12 per share, wider than the estimated loss of $0.10 per share. The company is in talks with AstraZeneca for a potential $15 billion partnership on a lung-cancer drug.

Summit Therapeutics Inc. (SMMT) reported its financial results for the second quarter of 2025, revealing an adjusted loss of $0.12 per share, which was wider than the estimated loss of $0.10 per share [1]. The company's operational progress continues with its investigational bispecific antibody, ivonescimab (SMT112), which has shown promising results in clinical trials.

Ivonescimab, in combination with chemotherapy, demonstrated statistically significant and clinically meaningful improvement in progression-free survival (PFS) in the global Phase III HARMONi trial [2]. The trial evaluated patients with epidermal growth factor receptor (EGFR)-mutated, locally advanced or metastatic non-squamous NSCLC who had progressed after treatment with a third-generation EGFR tyrosine kinase inhibitor (TKI). The drug also showed a positive trend in overall survival (OS) in the primary analysis.

In addition to the HARMONi trial, Summit is conducting several other Phase III clinical trials, including HARMONi-3 and HARMONi-7, which are evaluating ivonescimab in combination with chemotherapy in first-line patients with metastatic NSCLC and ivonescimab monotherapy in patients with first-line metastatic NSCLC whose tumors have high PD-L1 expression, respectively.

The company also announced a clinical collaboration with Revolution Medicines to evaluate ivonescimab in combination with three RAS(ON) inhibitors in solid tumor settings with RAS mutations [2]. Enrollment continues in these global Phase III trials, as well as single-region Phase III studies in China.

Summit's financial highlights for the quarter included aggregate cash and cash equivalents and short-term investments of $297.9 million at June 30, 2025, and $412.3 million at December 31, 2024 [2]. The company also amended its Distribution Agreement with J.P. Morgan Securities LLC to offer and sell additional shares of common stock through an at-the-market (ATM) offering, with an aggregate offering price of up to $360.0 million [2].

In a significant development, Summit is in talks with AstraZeneca for a potential $15 billion partnership on a lung-cancer drug. This partnership, if finalized, would significantly impact the company's financial and operational landscape [2].

References:

[1] https://www.marketscreener.com/news/earnings-flash-smmt-summit-therapeutics-inc-posts-q2-adjusted-loss-0-12-per-share-vs-factset-e-ce7c5ed3d88cf521

[2] https://finance.yahoo.com/news/summit-therapeutics-reports-financial-results-210300076.html