Summit Therapeutics Inc.
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
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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.
Jun 30, 2025 · Filed Aug 11, 2025
SMMT$17.84+9.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024
Condensed Consolidated Balance Sheets
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $297,872 | $104,862 |
| Restricted cash | 319 | 325 |
| Short-term investments | — | 307,487 |
| Prepaid expenses and other current assets | 11,049 | 11,076 |
| Total current assets | 309,240 | 423,750 |
| Non-current assets: | ||
| Property and equipment, net | 690 | 254 |
| Operating lease right-of-use assets | 5,552 | 7,144 |
| Goodwill | 2,039 | 1,864 |
| Other assets | 6,516 | 2,548 |
| Total assets | $324,037 | $435,560 |
| Liabilities and stockholders' equity | ||
| Current liabilities: | ||
| Accounts payable | $22,982 | $4,636 |
| Accrued liabilities | 26,148 | 19,554 |
| Accrued compensation | 6,592 | 11,977 |
| Operating lease liabilities, current portion | 3,118 | 3,765 |
| Other current liabilities | 1,485 | 1,797 |
| Total current liabilities | 60,325 | 41,729 |
| Non-current liabilities: | ||
| Operating lease liabilities, net of current portion | 2,435 | 3,453 |
| Other non-current liabilities | 1,838 | 1,630 |
| Total liabilities | 64,598 | 46,812 |
| Commitments and contingencies (Note 13) | ||
| Stockholders' equity: | ||
| Preferred stock, $0.01 par value, 20,000,000 shares authorized; none issued and outstanding at June 30, 2025 and December 31, 2024, respectively | — | — |
| Common stock, $0.01 par value: 1,000,000,000 shares authorized; 742,806,672 and 737,626,004 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 7,428 | 7,376 |
| Additional paid-in capital | 2,097,957 | 1,598,230 |
| Accumulated other comprehensive loss | (2,752) | (2,285) |
| Accumulated deficit | (1,843,194) | (1,214,573) |
| Total stockholders' equity | 259,439 | 388,748 |
| Total liabilities and stockholders' equity | $324,037 | $435,560 |
Condensed Consolidated Statements of Operations and Comprehensive Loss
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Operating expenses: | ||||
| Research and development | $208,021 | $30,798 | 259,286 | 61,671 |
| Acquired in-process research and development | — | 15,007 | — | 15,007 |
| General and administrative | 360,416 | 13,812 | 376,002 | 25,328 |
| Total operating expenses | 568,437 | 59,617 | 635,288 | 102,006 |
| Other income, net | 2,729 | 2,334 | 6,667 | 4,371 |
| Interest expense | — | (3,102) | — | (6,223) |
| Net loss | $(565,708) | $(60,385) | $(628,621) | $(103,858) |
| Net loss per share: | ||||
| Basic and diluted | $(0.76) | $(0.09) | $(0.85) | $(0.15) |
| Weighted average common shares outstanding: | ||||
| Basic and diluted | 742,615,007 | 707,904,643 | 740,358,044 | 704,844,946 |
| Other comprehensive loss: | ||||
| Foreign currency translation adjustments | (189) | 92 | (334) | 82 |
| Reclassification of unrealized loss on short-term investments to other expense, net | — | 3 | — | 3 |
| Unrealized loss on short-term investments | — | (45) | (133) | (34) |
| Comprehensive loss | $(565,897) | $(60,335) | $(629,088) | $(103,807) |
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