Summit Therapeutics Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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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, 2026 · Filed Nov 4, 2026
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 1. Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities: | ||
| Net loss | $(613,509) | $(860,414) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Amortization of discount on short-term investments | (11,122) | (3,989) |
| Unrealized foreign exchange loss (gain) | 230 | (414) |
| Depreciation | 175 | 104 |
| Stock-based compensation | 189,183 | 620,641 |
| Change in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (24,087) | 3,658 |
| Other assets | (1,753) | — |
| Accounts payable | 12,714 | 17,448 |
| Accrued liabilities | 23,394 | 7,397 |
| Accrued compensation | 975 | (1,047) |
| Other current liabilities | (455) | 134 |
| Other non-current liabilities | (24) | 82 |
| Other long-term assets | — | (4,528) |
| Operating lease right-of-use assets and lease liabilities, net | 1,050 | (64) |
| Net cash used in operating activities | (423,229) | (220,992) |
| Cash flows from investing activities: | ||
| Maturities and sales of short-term investments | 672,311 | 311,340 |
| Purchase of short-term investments | (652,267) | — |
| Purchases of property and equipment | (1,550) | (493) |
| Net cash provided by investing activities | 18,494 | 310,847 |
| Cash flows from financing activities: | ||
| Proceeds from the issuance of common stock under at-the-market offering, net of commissions (3) | 320,241 | 31,764 |
| Proceeds received related to employee stock purchase plan and exercise of stock options | 10,066 | 4,633 |
| Proceeds from exercise of warrants (3) | — | 7,315 |
| Net cash provided by financing activities | 330,307 | 43,712 |
| Effect of exchange rate changes on cash | (27) | 121 |
| (Decrease) increase in cash, cash equivalents and restricted cash | (74,455) | 133,688 |
| Cash, cash equivalents and restricted cash at beginning of period | 225,582 | 105,187 |
| Cash, cash equivalents and restricted cash at end of period | $151,127 | $238,875 |
| Reconciliation of cash, cash equivalents and restricted cash: | ||
| Cash and cash equivalents | $150,811 | $238,554 |
| Restricted cash | 316 | 321 |
| Total cash, cash equivalents and restricted cash | $151,127 | $238,875 |
| Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||
| Offering costs included in accounts payable and accrued expenses | $— | $85 |
| Leased assets obtained in exchange for operating lease liabilities | $709 | $815 |
| Unpaid amounts related to property and equipment, net | $439 | $164 |
(3) Refer to Note 12 – Related Party Transactions.
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