Summit Therapeutics Inc.
- Open
- 13.55
- Day high
- 13.73
- Day low
- 13.44
- Prev close
- 13.73
- Volume
- 5.4M
- Mkt cap
- $10.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 17.2
- P/S
- —
- Yield
- —
- Per share
- —
- ▲Insiders net buying $103.3M over the last 3 months (5 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Summit Therapeutics Inc. (SMMT) is a Healthcare company listed on NASDAQ. The stock is down 43% over the past year. Over the trailing 3 months, insiders filed 5 open-market buys and 0 sales (SEC Form 4).
Summit Therapeutics Inc. (SMMT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SMMT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 23, 2026 | $-0.27 | $-0.28 | -2.0% | — | — |
| Jun 1, 2026 | $-0.28 | $-0.24 | +13.1% | — | — |
| Oct 20, 2025 | $-0.18 | $-0.31 | -76.4% | — | — |
| May 1, 2025 | $-0.09 | $-0.09 | +3.2% | — | — |
| Oct 30, 2024 | $-0.07 | $-0.08 | -14.3% | — | — |
| May 1, 2024 | $-0.06 | $-0.06 | +0.0% | — | — |
| Feb 20, 2024 | — | $-0.04 | — | — | — |
| May 11, 2023 | — | $-0.06 | — | — | — |
| Mar 9, 2023 | $-0.26 | $-0.07 | +73.1% | $705 | — |
| Nov 9, 2022 | $-0.26 | $-0.14 | +46.2% | $220000 | — |
| Aug 11, 2022 | $-0.27 | $-0.17 | +37.0% | $235000 | — |
| Mar 17, 2022 | $-0.27 | $-0.28 | -3.7% | $251000 | — |
SMMT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Zanganeh Mahkamdirector, 10 percent owner, officer: Co-Chief Executive Officer | Buy | 3,810,000 | $13.12 |
| Jun 12, 2026 | DUGGAN ROBERT Wdirector, 10 percent owner, officer: Co-Chief Executive Officer | Buy | 3,810,000 | $13.12 |
| Jun 4, 2026 | Zanganeh Mahkamdirector, 10 percent owner, officer: Co-Chief Executive Officer | Buy | 100,000 | $14.60 |
| Jun 4, 2026 | DUGGAN ROBERT Wdirector, 10 percent owner, officer: Co-Chief Executive Officer | Buy | 100,000 | $14.60 |
| Jun 4, 2026 | Soni Manmeet Singhdirector, officer: COO and CFO | Buy | 25,000 | $14.46 |
| Jan 12, 2026 | Anand Bhaskarofficer: Chief Accounting Officer | Grant | 30,000 | $18.83 |
| Jan 6, 2026 | Clark Kenneth Adirector | Grant | 17,796 | $17.52 |
| Jan 6, 2026 | Cesano Alessandradirector | Grant | 35,000 | $17.52 |
| Jan 6, 2026 | Cesano Alessandradirector | Grant | 3,219 | $17.52 |
| Jan 6, 2026 | Ronaghi Mostafadirector | Grant | 35,000 | $17.52 |
| Jan 6, 2026 | Clark Kenneth Adirector | Grant | 35,000 | $17.52 |
| Jan 6, 2026 | Xia Yudirector | Grant | 35,000 | $17.52 |
| Jan 6, 2026 | Booth Robert F.director | Grant | 35,000 | $17.52 |
| Jan 6, 2026 | DUGGAN ROBERT Wdirector, 10 percent owner, officer: Co-Chief Executive Officer | Grant | 11,232 | $17.52 |
| Jan 6, 2026 | Zanganeh Mahkamdirector, 10 percent owner, officer: Co-Chief Executive Officer | Grant | 11,232 | $17.52 |
Source: SMMT SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full SMMT insider & 13F page →Summit Therapeutics Inc. company profile
Overview
Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical company founded in 2003 and headquartered in Cambridge, Massachusetts. Originally focused on developing treatments for infectious diseases, the company underwent a strategic transformation in 2022 when it pivoted entirely to oncology. Summit acquired the rights to develop and commercialize ivonescimab, a promising cancer immunotherapy, through a landmark $500 million licensing agreement with Chinese biotech company Akeso. The company is now focused exclusively on advancing this bispecific antibody through late-stage clinical trials for various cancer indications, particularly non-small cell lung cancer.
Business
Summit Therapeutics operates in the oncology sector of biotechnology, specifically developing cancer immunotherapies. The company's core focus is on ivonescimab, a bispecific antibody that represents a novel approach to cancer treatment by simultaneously targeting two important pathways in tumor biology. Ivonescimab is what scientists call a PD-1/VEGF bispecific antibody. To understand this, it's helpful to know that cancer cells often evade the immune system by exploiting certain biological pathways. The PD-1 pathway is one mechanism cancer cells use to "hide" from immune cells, while the VEGF pathway helps tumors grow new blood vessels to feed themselves. Traditional cancer immunotherapies typically target only one of these pathways at a time. Ivonescimab is designed to block both simultaneously through a unique "cooperative binding" mechanism, potentially making it more effective than single-target therapies. The drug is being developed primarily for non-small cell lung cancer (NSCLC), which represents about 85% of all lung cancers and is one of the leading causes of cancer deaths worldwide. Summit is conducting multiple Phase III clinical trials targeting different patient populations within NSCLC, including patients with EGFR mutations (a specific genetic alteration found in some lung cancers) and those with high PD-L1 expression (a biomarker that indicates potential responsiveness to immunotherapy). Summit operates as a single-segment company focused entirely on ivonescimab development, with no current revenue from product sales as the drug has not yet received regulatory approval in any market.
Revenue model
Summit Therapeutics currently generates no revenue, as ivonescimab remains in clinical development and has not yet received regulatory approval for commercial sale. The company operates on a traditional biotech development model, funding its operations through equity raises and partnerships while advancing its drug candidate through expensive clinical trials. The company's future revenue model will be based on product sales of ivonescimab once it receives regulatory approval. Summit holds exclusive commercialization rights in the United States, Canada, Europe, and Japan, while partner Akeso retains rights in China and other Asian markets. Under their licensing agreement, Summit will pay Akeso low double-digit royalties on net sales in Summit's territories. The primary customers will be healthcare systems, hospitals, and oncology clinics that treat cancer patients. Ivonescimab, if approved, would likely be administered intravenously in clinical settings and reimbursed through government healthcare programs (like Medicare) and private insurance plans. Several factors could significantly impact Summit's future margins and commercial success. Positive factors include the large addressable market for lung cancer treatments (estimated at over $20 billion globally), potential for premium pricing given the drug's novel mechanism of action, and the possibility of expanding into additional cancer types beyond lung cancer. Negative factors include intense competition from established players like Merck's Keytruda and Bristol Myers Squibb's Opdivo, potential pricing pressure from healthcare payers, the high cost of manufacturing biologic drugs, and the substantial ongoing investment required for clinical trials and regulatory submissions across multiple markets. The company's burn rate is currently around $60 million per quarter, primarily driven by clinical trial costs and general administrative expenses as it prepares for potential commercialization.
Competitive moat
Summit Therapeutics operates in the highly competitive cancer immunotherapy space, where establishing a durable competitive moat is challenging. The company's primary potential moat lies in ivonescimab's unique bispecific mechanism of action, which simultaneously targets PD-1 and VEGF pathways through cooperative binding. This differentiated approach could provide clinical advantages over single-target therapies, potentially leading to better patient outcomes and physician preference. The company has strong intellectual property protection for ivonescimab extending into the late 2030s, which would provide patent exclusivity during the critical early commercial years. Additionally, Summit has developed extensive clinical data across multiple cancer types, with over 2,300 patients treated in clinical trials, creating a substantial regulatory and clinical knowledge base that would be difficult for competitors to replicate quickly. However, Summit's moat is relatively narrow and vulnerable to several competitive threats. The oncology space is dominated by pharmaceutical giants like Merck, Bristol Myers Squibb, and Roche, who have significantly greater resources, established commercial infrastructure, and existing relationships with oncologists. These companies are continuously developing next-generation immunotherapies and combination treatments that could potentially match or exceed ivonescimab's efficacy. The company also faces the risk of biosimilar competition once patents expire, and the regulatory pathway for cancer drugs means that clinical trial failures or safety issues could quickly erode any competitive advantage. Furthermore, Summit's dependence on a single drug candidate creates concentration risk - if ivonescimab fails to meet clinical endpoints or encounters safety problems, the company would have no fallback products. The strength of Summit's ultimate moat will depend heavily on ivonescimab's clinical trial results, particularly the upcoming HARMONi trial data expected in mid-2025, and the company's ability to establish market share quickly upon potential approval.
Risks & safety
Summit Therapeutics presents a mixed margin of safety profile typical of late-stage biotech companies, with strong liquidity but significant execution risk. **Liquidity and Solvency:** - Strong cash position of $361 million as of Q1 2025, providing substantial runway - Minimal debt with debt-to-equity ratio of only 0.019 - Current ratio of 10.6 indicates excellent short-term liquidity - Current quarterly burn rate of approximately $60 million suggests roughly 6 quarters of funding at current spend levels - No immediate solvency concerns **Valuation Metrics:** - Price-to-book ratio of 41.3 indicates significant premium valuation - No meaningful revenue or earnings metrics available due to pre-commercial status - Enterprise value reflects high expectations for clinical trial success - Graham net-net ratio of 0.44 suggests reasonable asset backing relative to market cap **Other Considerations:** - Binary risk profile typical of late-stage biotech - success or failure of pivotal trials will dramatically impact valuation - Single-asset concentration risk with entire value proposition dependent on ivonescimab - Regulatory approval risk across multiple jurisdictions - Potential need for additional funding depending on clinical trial outcomes and commercialization timeline
Recent development
Summit Therapeutics has undergone a dramatic strategic transformation over the past few years, evolving from an infectious disease-focused company to a pure-play oncology developer. The most significant pivot occurred in 2022 when Summit paid $500 million to license ivonescimab from Chinese partner Akeso, completely abandoning its previous focus on treatments for infections like Clostridioides difficile. Since the Akeso partnership, Summit has aggressively expanded its clinical development program for ivonescimab. The company has progressed from leveraging existing Chinese clinical data to conducting its own global Phase III trials, including the pivotal HARMONi trial for EGFR-mutated lung cancer patients and HARMONi-3 for first-line squamous non-small cell lung cancer. In 2024, Summit further expanded with the HARMONi-7 trial targeting PD-L1 high patients, demonstrating its commitment to exploring multiple patient populations. The company has also pursued strategic partnerships to accelerate development and expand ivonescimab's potential applications. Notable collaborations include a $15 million research alliance with MD Anderson Cancer Center and a clinical collaboration with Pfizer to evaluate ivonescimab in combination with antibody-drug conjugates (ADCs). These partnerships reflect Summit's strategy to explore combination therapies and expand beyond its initial lung cancer focus. Summit has been preparing for potential commercialization by hiring key personnel, including Chief Commercial Officer Robert LaCaze, and establishing manufacturing capabilities through contract manufacturers. The company has also secured important regulatory designations, including FDA Fast Track status for its EGFR-mutated lung cancer program, which could expedite the approval process. With over 30 investigator-sponsored trials approved globally and ivonescimab being studied across 17 different tumor types, Summit has positioned itself as a leader in bispecific antibody development, setting the stage for potential approvals and commercial launch in the coming years.
SMMT company profile · for informational purposes only — not investment advice.
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