Summit Therapeutics Inc
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
SMMT$17.84+9.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023
Condensed Consolidated Balance Sheets
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $61,294 | $71,425 |
| Restricted cash | 317 | — |
| Short-term investments | 95,386 | 114,817 |
| Prepaid expenses and other current assets | 5,323 | 2,622 |
| Research and development tax credit receivable | 945 | 848 |
| Total current assets | 163,265 | 189,712 |
| Non-current assets: | ||
| Property and equipment, net | 181 | 204 |
| Right-of-use assets | 9,373 | 5,859 |
| Goodwill | 1,875 | 1,893 |
| Research and development tax credit receivable | 212 | 959 |
| Other assets | 1,875 | 4,322 |
| Total assets | $176,781 | $202,949 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable | $6,371 | $2,667 |
| Accrued liabilities | 6,547 | 8,783 |
| Accrued compensation | 6,033 | 5,429 |
| Lease liabilities | 3,699 | 2,809 |
| Other current liabilities | 788 | 717 |
| Total current liabilities | 23,438 | 20,405 |
| Non-current liabilities: | ||
| Lease liabilities, net of current portion | 5,823 | 3,290 |
| Other non-current liabilities | 3,310 | 1,562 |
| Promissory note payable to a related party | 100,000 | 100,000 |
| Total liabilities | 132,571 | 125,257 |
| Commitments and contingencies (Note 17) | ||
| Stockholders' equity: | ||
| Preferred stock, $0.01 par value, 20,000,000 shares authorized; none issued and outstanding at March 31, 2024 and December 31, 2023, respectively | — | — |
| Common stock, $0.01 par value: 1,000,000,000 shares authorized; 701,974,596 and 701,660,053 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 7,020 | 7,017 |
| Additional paid-in capital | 1,076,370 | 1,066,381 |
| Accumulated other comprehensive loss | (2,449) | (2,448) |
| Accumulated deficit | (1,036,731) | (993,258) |
| Total stockholders' equity | 44,210 | 77,692 |
| Total liabilities and stockholders' equity | $176,781 | $202,949 |
Condensed Consolidated Statements of Operations and Comprehensive Loss
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating expenses: | ||
| Research and development | $30,873 | $9,883 |
| In-process research and development | — | 520,915 |
| General and administrative | 11,729 | 6,940 |
| Total operating expenses | 42,602 | 537,738 |
| Other operating income, net | 213 | 584 |
| Operating loss | (42,389) | (537,154) |
| Other expense, net | (1,084) | (5,222) |
| Net loss | $(43,473) | $(542,376) |
| Net loss per share: | ||
| Basic and diluted | $(0.06) | $(1.43) |
| Weighted-average shares used to compute net loss per share: | ||
| Basic and diluted | 701,785,250 | 378,163,980 |
| Comprehensive loss: | ||
| Net loss | $(43,473) | $(542,376) |
| Other comprehensive (loss) income: | ||
| Foreign currency translation adjustments | (12) | (51) |
| Reclassification of cumulative currency translation gain to other expense, net | — | (419) |
| Net changes related to short-term investments | 11 | 968 |
| Comprehensive loss | $(43,474) | $(541,878) |
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