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Midas Edge

Summit Therapeutics Inc.

For the period ended Sep 30, 2025. Filed Oct 20, 2025.

View on SEC.gov

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.

Sep 30, 2025 · Filed Oct 20, 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 exhibits
Contents

Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024

Condensed Consolidated Balance Sheets

September 30, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$238,554$104,862
Restricted cash321325
Short-term investments—307,487
Prepaid expenses and other current assets7,59111,076
Total current assets246,466423,750
Non-current assets:
Property and equipment, net810254
Operating lease right-of-use assets5,4207,144
Goodwill1,9991,864
Other assets7,0342,548
Total assets$261,729$435,560
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$22,245$4,636
Accrued liabilities27,04219,554
Accrued compensation10,96511,977
Operating lease liabilities, current portion2,7203,765
Other current liabilities1,9561,797
Total current liabilities64,92841,729
Non-current liabilities:
Operating lease liabilities, net of current portion2,7083,453
Other non-current liabilities1,8301,630
Total liabilities69,46646,812
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.01 par value, 20,000,000 shares authorized; none issued and outstanding at September 30, 2025 and December 31, 2024, respectively——
Common stock, $0.01 par value: 1,000,000,000 shares authorized; 744,442,533 and 737,626,004 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively7,4447,376
Additional paid-in capital2,262,5151,598,230
Accumulated other comprehensive loss(2,709)(2,285)
Accumulated deficit(2,074,987)(1,214,573)
Total stockholders' equity192,263388,748
Total liabilities and stockholders' equity$261,729$435,560

Condensed Consolidated Statements of Operations and Comprehensive Loss

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Operating expenses:
Research and development$131,096$37,724$390,382$99,395
Acquired in-process research and development———15,007
General and administrative103,11520,654479,11745,982
Total operating expenses234,21158,378869,499160,384
Other income, net2,4184,5789,0858,949
Interest expense—(2,454)—(8,677)
Net loss$(231,793)$(56,254)$(860,414)$(160,112)
Net loss per share:
Basic and diluted$(0.31)$(0.08)$(1.16)$(0.22)
Weighted average common shares outstanding:
Basic and diluted743,415,917726,656,045741,388,536712,168,381
Other comprehensive gain (loss):
Foreign currency translation adjustments43(155)(291)(175)
Reclassification of unrealized loss on short-term investments to other expense, net———3
Unrealized gain (loss) on short-term investments—346(133)312
Comprehensive loss$(231,750)$(56,063)$(860,838)$(159,972)

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 December 31, 2024737,626,004$7,376$1,598,230$(2,285)$(1,214,573)$388,748
Issuance of common stock under stock purchase plans and exercise of stock options and warrants3,983,386407,637——7,677
Stock-based compensation——11,096——11,096
Net other comprehensive loss———(278)—(278)
Net loss————(62,913)(62,913)
Balance at March 31, 2025741,609,390$7,416$1,616,963$(2,563)$(1,277,486)$344,330
Issuance of common stock upon exercise of stock options and warrants1,197,282122,210——2,222
Stock-based compensation——478,784——478,784
Net other comprehensive loss———(189)—(189)
Net loss————(565,708)(565,708)
Balance at June 30, 2025742,806,672$7,428$2,097,957$(2,752)$(1,843,194)$259,439
Issuance of common stock under stock purchase plans and exercise of stock options313,06832,046——2,049
Proceeds from at-the-market offering, net of commissions and fees of $7941,322,7931331,751——31,764
Stock-based compensation——130,761——130,761
Net other comprehensive gain———43—43
Net loss————(231,793)(231,793)
Balance at September 30, 2025744,442,533$7,444$2,262,515$(2,709)$(2,074,987)$192,263
Common Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Loss · Accumulated Deficit · Total Stockholders' Equity
Shares · Amount
Balance at December 31, 2023701,660,053$7,017$1,066,381$(2,448)$(993,258)$77,692
Issuance of common stock under stock purchase plans and exercise of stock options314,5433482——485
Stock-based compensation——9,507——9,507
Net other comprehensive loss———(1)(1)
Net loss————(43,473)(43,473)
Balance at March 31, 2024701,974,596$7,020$1,076,370$(2,449)$(1,036,731)$44,210
Private placement of common stock22,222,222222199,778——200,000
Issuance of common stock upon exercise of stock options and warrants123,3831211——212
Stock-based compensation——11,088——11,088
Net other comprehensive loss———(50)—(50)
Net loss————(60,385)(60,385)
Balance at June 30, 2024724,320,201$7,243$1,287,447$(2,499)$(1,097,116)$195,075
Private placement of common stock, net of offering costs of $14010,352,418104234,756——234,860
Issuance of common stock under stock purchase plans and exercise of stock options and warrants615,25361,638——1,644
Proceeds from at-the-market offering, net of commissions and fees of $1,1901,807,0931843,015——43,033
Stock-based compensation——19,371——19,371
Net other comprehensive gain———191—191
Net loss————(56,254)(56,254)
Balance at September 30, 2024737,094,965$7,371$1,586,227$(2,308)$(1,153,370)$437,920
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.