Summit Therapeutics Posts Wider Loss In Q3

(RTTNews) - Summit Therapeutics Inc. (SMMT) posted a GAAP net loss in the third quarter of $231.8 million or $0.31 per share, compared to a loss of $56.3 million or $0.08 per share, a year ago. Non-GAAP net loss in the third quarter was $101.0 million or $0.13 per compared to a loss of $36.9 million or $0.05 per share, prior year.

Summit also announced that, based on the results of the HARMONi clinical trial, it plans to submit a Biologics License Application in order to seek approval for ivonescimab plus chemotherapy. The company intends to submit the BLA in the fourth quarter of 2025. Summit also announced its intention to expand its ivonescimab clinical development program with an additional set of Phase III clinical studies.

Shares of Summit are down 5% in pre-market trade on Monday.

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