Summit Therapeutics Inc
For the period ended Dec 31, 2024. Filed Feb 24, 2025.
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FY2024 · Filed Feb 24, 2025
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)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows used in operating activities: | |||
| Net loss | $(221,315) | $(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 | (2,576) | (1,924) | — |
| Unrealized foreign currency loss (gain) | 229 | (812) | 2,616 |
| Reclassification of currency translation gain | — | (419) | — |
| Impairment of fixed assets | — | 474 | — |
| Depreciation | 89 | 198 | 349 |
| Amortization of intangible assets | — | — | 914 |
| Impairment of intangible assets | — | — | 8,468 |
| Stock-based compensation | 50,981 | 14,108 | 11,948 |
| Loss on disposal of assets | — | (109) | — |
| Acquired in-process research and development expense | 15,007 | 520,915 | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | — | 359 | 975 |
| Prepaid expenses and other current assets | (7,905) | (914) | 5,107 |
| Other assets | 2,470 | (3,421) | 215 |
| Research and development tax credit receivable | 535 | 4,168 | 8,437 |
| Deferred revenue and other income | — | — | (7,278) |
| Accounts payable | 2,015 | 2,263 | (4,132) |
| Accrued liabilities and other current liabilities | 11,879 | (2,377) | 4,782 |
| Accrued compensation | 6,557 | (235) | 1,609 |
| Other long-term liabilities | 95 | — | — |
| Operating lease right-of-use assets and lease liabilities, net | (167) | (359) | 152 |
| Net cash used in operating activities | (142,106) | (76,760) | (41,582) |
| Cash flows used in investing activities: | |||
| Purchase of property and equipment | (139) | (128) | (624) |
| Proceeds from sale of property, plant and equipment | — | 226 | — |
| Purchase of short-term investments | (680,032) | (321,022) | — |
| Maturities and sales of short-term investments | 489,837 | 208,165 | — |
| Payments to Akeso for upfront milestone payments and associated direct transaction costs | (15,007) | (475,015) | — |
| Net cash used in investing activities | (205,341) | (587,774) | (624) |
| Cash flows provided by financing activities: | |||
| Proceeds from the issuance of common stock via private placements, net of offering costs | 434,860 | 5,000 | — |
| Proceeds from the issuance of common stock under at-the-market offering, net of commissions and offering costs | 43,033 | — | — |
| 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) |
| Net receipts related to the exercise of warrants | 598 | 1,203 | — |
| Proceeds received related to employee stock purchase plan and exercise of stock options | 2,736 | 929 | 399 |
| Proceeds from related party promissory notes | — | — | 545,000 |
| Re-payment of related party promissory notes | (100,000) | (24,686) | (25,000) |
| Payments of related party promissory notes issuance costs | — | — | (44) |
| Net cash provided by financing activities | 381,227 | 86,513 | 620,244 |
| Effect of exchange rates on cash and cash equivalents | (18) | 839 | (1,222) |
| Increase (decrease) in cash, cash equivalents and restricted cash | 33,762 | (577,182) | 576,816 |
| Cash, cash equivalents and restricted cash at beginning of period | 71,425 | 648,607 | 71,791 |
| Cash, cash equivalents and restricted cash at end of period | $105,187 | $71,425 | 648,607 |
| Supplemental Disclosure of Cash Flow Information: | |||
| Cash paid for interest on related party promissory note | $8,806 | $10,650 | $434 |
| Cash paid for income taxes | $— | $52 | $— |
| Supplemental Disclosure of Non-Cash Investing and Financing Activities: | |||
| 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 16) | $— | $395,314 | $— |
| Deferred transaction costs included in other non-current assets | $— | $— | $425 |
| Leased assets obtained in exchange for operating lease liabilities | $4,216 | $4,245 | $2,860 |
| Issuance of common stock pursuant to the Akeso License Agreement (Note 5) | $— | $45,900 | $— |
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