Summit Therapeutics Inc
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
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FY2023 · Filed Feb 20, 2024
SMMT$17.83-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| Cash flows used in operating activities: | ||
| Net loss | $(614,928) | $(78,782) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Gain on remeasurement of liabilities | — | (1,265) |
| Non-cash interest expense | 6,253 | 4,303 |
| Amortization of discount on short-term investments | (1,924) | — |
| Unrealized foreign currency (gain) loss | (812) | 2,616 |
| Reclassification of currency translation gain | (419) | — |
| Impairment of fixed assets | 474 | — |
| Amortization of operating right-of-use assets | 1,852 | 1,251 |
| Depreciation | 198 | 349 |
| Amortization of intangible assets | — | 914 |
| Impairment of intangible assets | — | 8,468 |
| Stock-based compensation | 14,108 | 11,948 |
| Loss on disposal of assets | (109) | — |
| In-process research and development expense | 520,915 | — |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 359 | 975 |
| Prepaid expenses | (914) | 5,107 |
| Other current and long-term assets | (3,421) | 215 |
| Research and development tax credit receivable | 4,168 | 8,437 |
| Deferred revenue and other income | — | (7,278) |
| Accounts payable | 2,263 | (4,132) |
| Accrued liabilities | (2,377) | 4,782 |
| Accrued compensation | (235) | 1,609 |
| Operating lease liabilities | (2,211) | (1,099) |
| Net cash used in operating activities | (76,760) | (41,582) |
| Cash flows used in investing activities: | ||
| Purchase of property and equipment | (128) | (624) |
| Proceeds from sale of property. plant and equipment | 226 | — |
| Purchase of short-term investments | (321,022) | — |
| Maturities and sales of short-term investments | 208,165 | — |
| Payments to Akeso for upfront milestone payments and associated direct transaction costs | (475,015) | — |
| Net cash used in investing activities | (587,774) | (624) |
| Cash flows provided by financing activities: | ||
| Proceeds from the issuance of common stock for rights offering | 104,686 | 100,000 |
| Transaction costs from the issuance of common stock for rights offering | (619) | (111) |
| Proceeds from the issuance of common stock via private placement | 5,000 | — |
| Net receipts related to the exercise of warrants | 1,203 | — |
| Proceeds received related to employee stock purchase plan and exercise of stock options | 929 | 399 |
| Proceeds from related party promissory notes | — | 545,000 |
| Re-payment of related party promissory notes | (24,686) | (25,000) |
| Payments of related party promissory notes issuance costs | — | (44) |
| Net cash provided by financing activities | 86,513 | 620,244 |
| Effect of exchange rates on cash and cash equivalents | 839 | (1,222) |
| (Decrease) Increase in cash, cash equivalents and restricted cash | (577,182) | 576,816 |
| Cash, cash equivalents and restricted cash at beginning of period | 648,607 | 71,791 |
| Cash, cash equivalents and restricted cash at end of period | $71,425 | $648,607 |
| Supplemental Disclosure of Cash Flow Information | ||
| Cash paid for interest on related party promissory note | $10,650 | $434 |
| Cash paid for income taxes | $52 | $— |
| Debt issuance costs in accrued expenses | $— | $31 |
| Consideration for the issuance of common stock for rights offering used to satisfy a portion of a related party promissory note (Note 18) | $395,314 | $— |
| Deferred transaction costs included in other non-current assets | $— | $425 |
| Leased assets obtained in exchange for operating lease liabilities | $4,245 | $2,860 |
| Issuance of common stock pursuant to the Akeso License Agreement (Note 6) | $45,900 | $— |
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