Summit Therapeutics Inc

For the period ended Jun 30, 2024. Filed Aug 6, 2024.

About this filing

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.

Jun 30, 2024 · Filed Aug 6, 2024

SMMT$16.33+15.1%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023

Condensed Consolidated Balance Sheets

	June 30, 2024	December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$28,434	$71,425
Restricted cash	320	—
Short-term investments	297,035	114,817
Prepaid expenses and other current assets	2,052	2,622
Research and development tax credit receivable	953	848
Total current assets	328,794	189,712
Non-current assets:
Property and equipment, net	223	204
Right-of-use assets	8,716	5,859
Goodwill	1,880	1,893
Research and development tax credit receivable	364	959
Other assets	1,879	4,322
Total assets	$341,856	$202,949
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$3,340	$2,667
Accrued liabilities	12,457	8,783
Accrued compensation	4,877	5,429
Accrued acquired in-process research and development	15,000	—
Lease liabilities	3,688	2,809
Other current liabilities	806	717
Promissory note payable to a related party	100,000	—
Total current liabilities	140,168	20,405
Non-current liabilities:
Lease liabilities, net of current portion	5,017	3,290
Other non-current liabilities	1,596	1,562
Promissory note payable to a related party	—	100,000
Total liabilities	146,781	125,257
Commitments and contingencies (Note 18)
Stockholders' equity:
Preferred stock, $0.01 par value, 20,000,000 shares authorized; none issued and outstanding at June 30, 2024 and December 31, 2023, respectively	—	—
Common stock, $0.01 par value: 1,000,000,000 shares authorized; 724,320,201 and 701,660,053 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	7,243	7,017
Additional paid-in capital	1,287,447	1,066,381
Accumulated other comprehensive loss	(2,499)	(2,448)
Accumulated deficit	(1,097,116)	(993,258)
Total stockholders' equity	195,075	77,692
Total liabilities and stockholders' equity	$341,856	$202,949

Condensed Consolidated Statements of Operations and Comprehensive Loss

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2024	2023	2024	2023
Operating expenses:
Research and development	$30,798	$9,451	$61,671	$19,334
Acquired in process research and development	15,007	—	15,007	520,915
General and administrative	13,971	6,316	25,700	13,256
Total operating expenses	59,776	15,767	102,378	553,505
Other operating income (expense), net	159	(27)	372	557
Operating loss	(59,617)	(15,794)	(102,006)	(552,948)
Other (expense) income, net	(768)	1,077	(1,852)	(4,145)
Net loss	$(60,385)	$(14,717)	$(103,858)	$(557,093)
Net loss per share:
Basic and diluted	$(0.09)	$(0.02)	$(0.15)	$(1.03)
Weighted-average shares used to compute net loss per share:
Basic and diluted	707,904,643	697,685,365	704,844,946	538,807,328
Comprehensive loss:
Net loss	$(60,385)	$(14,717)	$(103,858)	$(557,093)
Other comprehensive (loss) income:
Foreign currency translation adjustments	92	(76)	82	(128)
Reclassification of cumulative currency translation gain to other expense, net	—	—	—	(419)
Reclassification of unrealized loss on investments to other expense, net	3	—	3	—
Net changes related to short-term investments	(45)	(965)	(34)	3
Comprehensive loss	$(60,335)	$(15,758)	$(103,807)	$(557,637)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.