Summit Therapeutics Inc
For the period ended Sep 30, 2024. Filed Oct 30, 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.
Sep 30, 2024 · Filed Oct 30, 2024
SMMT$16.33+15.1%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023
Condensed Consolidated Balance Sheets
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $93,775 | $71,425 |
| Restricted cash | 323 | — |
| Short-term investments | 393,122 | 114,817 |
| Prepaid expenses and other current assets | 2,410 | 2,622 |
| Research and development tax credit receivable | 660 | 848 |
| Total current assets | 490,290 | 189,712 |
| Non-current assets: | ||
| Property and equipment, net | 265 | 204 |
| Right-of-use assets | 7,976 | 5,859 |
| Goodwill | 1,991 | 1,893 |
| Research and development tax credit receivable | 467 | 959 |
| Other assets | 1,863 | 4,322 |
| Total assets | $502,852 | $202,949 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable | $3,252 | $2,667 |
| Accrued liabilities | 18,477 | 8,783 |
| Accrued compensation | 7,961 | 5,429 |
| Lease liabilities | 3,792 | 2,809 |
| Other current liabilities | 1,027 | 717 |
| Promissory note payable to a related party | 24,500 | — |
| Total current liabilities | 59,009 | 20,405 |
| Non-current liabilities: | ||
| Lease liabilities, net of current portion | 4,207 | 3,290 |
| Other non-current liabilities | 1,716 | 1,562 |
| Promissory note payable to a related party | — | 100,000 |
| Total liabilities | 64,932 | 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 September 30, 2024 and December 31, 2023, respectively | — | — |
| Common stock, $0.01 par value: 1,000,000,000 shares authorized; 737,094,965 and 701,660,053 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 7,371 | 7,017 |
| Additional paid-in capital | 1,586,227 | 1,066,381 |
| Accumulated other comprehensive loss | (2,308) | (2,448) |
| Accumulated deficit | (1,153,370) | (993,258) |
| Total stockholders' equity | 437,920 | 77,692 |
| Total liabilities and stockholders' equity | $502,852 | $202,949 |
Condensed Consolidated Statements of Operations and Comprehensive Loss
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | $— | $— | $— | $— |
| Operating expenses: | ||||
| Research and development | 37,724 | $15,323 | 99,395 | 34,657 |
| Acquired in-process research and development | — | — | 15,007 | 520,915 |
| General and administrative | 20,390 | 5,434 | 46,090 | 18,690 |
| Total operating expenses | 58,114 | 20,757 | 160,492 | 574,262 |
| Other operating (expense) income, net | (264) | 265 | 108 | 822 |
| Operating loss | (58,378) | (20,492) | (160,384) | (573,440) |
| Other income (expense), net | 2,124 | (776) | 272 | (4,921) |
| Net loss | $(56,254) | $(21,268) | $(160,112) | $(578,361) |
| Net loss per share: | ||||
| Basic and diluted | $(0.08) | $(0.03) | $(0.22) | $(0.98) |
| Weighted-average shares used to compute net loss per share: | ||||
| Basic and diluted | 726,656,045 | 697,739,477 | 712,168,381 | 592,366,880 |
| Comprehensive loss: | ||||
| Net loss | $(56,254) | $(21,268) | $(160,112) | $(578,361) |
| Other comprehensive (loss) income: | ||||
| Foreign currency translation adjustments | (155) | 108 | (175) | (20) |
| Reclassification of cumulative currency translation gain to other expense, net | — | — | — | (419) |
| Reclassification of unrealized loss on short-term investments to other expense, net | — | — | 3 | — |
| Net unrealized gains on short-term investments | 346 | 6 | 312 | 9 |
| Comprehensive loss | $(56,063) | $(21,154) | $(159,972) | $(578,791) |
Condensed Consolidated Statements of Stockholders' Equity
(in thousands, except share data)
| Common Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Loss · Accumulated Deficit · Total Stockholders' Equity | ||||||
|---|---|---|---|---|---|---|
| Shares · Amount | ||||||
| Balance at June 30, 2024 | 724,320,201 | $7,243 | $1,287,447 | $(2,499) | $(1,097,116) | $195,075 |
| Private placement of common stock, net of offering costs of $140 | 10,352,418 | 104 | 234,756 | — | — | 234,860 |
| Issuance of common stock under stock purchase plans and exercise of stock options and warrants | 615,253 | 6 | 1,638 | — | — | 1,644 |
| Proceeds from at-the-market offering, net of commissions and offering costs of $1,190 | 1,807,093 | 18 | 43,015 | — | — | 43,033 |
| Stock-based compensation | — | — | 19,371 | — | — | 19,371 |
| Net other comprehensive loss | — | — | — | 191 | — | 191 |
| Net loss | — | — | — | — | (56,254) | (56,254) |
| Balance at September 30, 2024 | 737,094,965 | $7,371 | $1,586,227 | $(2,308) | $(1,153,370) | $437,920 |
| Common Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Loss · Accumulated Deficit · Total Stockholders' Equity | ||||||
| Shares · Amount | ||||||
| Balance at December 31, 2023 | 701,660,053 | $7,017 | $1,066,381 | $(2,448) | $(993,258) | $77,692 |
| Private placements of common stock, net of offering costs of $140 | 32,574,640 | 326 | 434,534 | — | — | 434,860 |
| Issuance of common stock under stock purchase plans and exercise of stock options and warrants | 1,053,179 | 10 | 2,331 | — | — | 2,341 |
| Proceeds from at-the-market offering, net of commissions and offering costs of $1,190 | 1,807,093 | 18 | 43,015 | — | — | 43,033 |
| Stock-based compensation | — | — | 39,966 | — | — | 39,966 |
| Net other comprehensive loss | — | — | — | 140 | — | 140 |
| Net loss | — | — | — | — | (160,112) | (160,112) |
| Balance at September 30, 2024 | 737,094,965 | $7,371 | $1,586,227 | $(2,308) | $(1,153,370) | $437,920 |
| Common Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Loss · Accumulated Deficit · Total Stockholders' Equity | ||||||
|---|---|---|---|---|---|---|
| Shares · Amount | ||||||
| Balance at June 30, 2023 | 697,685,365 | $6,976 | $1,050,483 | $(2,437) | $(935,423) | $119,599 |
| Issuance of common stock under stock purchase plans and exercise of stock options and warrants | 165,943 | 2 | 227 | — | — | 229 |
| Stock-based compensation | — | — | 705 | — | — | 705 |
| Net other comprehensive income | — | — | — | 114 | — | 114 |
| Net loss | — | — | — | — | (21,268) | (21,268) |
| Balance at September 30, 2023 | 697,851,308 | $6,978 | $1,051,415 | $(2,323) | $(956,691) | $99,379 |
| Common Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Loss · Accumulated Deficit · Total Stockholders' Equity | ||||||
| Shares · Amount | ||||||
| Balance at December 31, 2022 | 211,091,425 | $2,110 | $504,767 | $(1,893) | $(378,330) | $126,654 |
| Rights offering of common stock, net of offering costs of $619 | 476,190,471 | 4,762 | 494,619 | — | — | 499,381 |
| Issuance of common stock under stock purchase plans and exercise of stock options and warrants | 569,412 | 6 | 874 | — | — | 880 |
| Issuance of common stock in lieu of cash for Akeso upfront payment | 10,000,000 | 100 | 45,800 | — | — | 45,900 |
| Stock-based compensation | — | — | 5,355 | — | — | 5,355 |
| Net other comprehensive loss | — | — | — | (430) | — | (430) |
| Net loss | — | — | — | — | (578,361) | (578,361) |
| Balance at September 30, 2023 | 697,851,308 | $6,978 | $1,051,415 | $(2,323) | $(956,691) | $99,379 |
Certain prior period amounts have been reclassified to conform to current fiscal year presentation
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.