Summit Therapeutics Q4 net loss widens on rise in expenses

Reuters02-24
<a href="https://laohu8.com/S/SMMT">Summit</a> <a href="https://laohu8.com/S/LENZ">Therapeutics</a> Q4 net loss widens on rise in expenses

Overview

  • Biopharmaceutical oncology firm's Q4 operating expenses rose significantly yr/yr

  • Company reported Q4 net loss of $219.2 mln, widening from last year

  • Summit advances ivonescimab trials in NSCLC and CRC

Outlook

  • Summit expects interim PFS analysis for HARMONi-3 squamous cohort in Q2 2026

  • Company plans to complete enrollment for HARMONi-3 non-squamous cohort in H2 2026

  • Summit anticipates FDA decision on BLA for ivonescimab by November 14, 2026

Result Drivers

  • CLINICAL TRIAL EXPANSION - Increase in operating expenses attributed to expansion of clinical studies and development costs related to ivonescimab

  • STOCK-BASED COMPENSATION - Significant rise in operating expenses due to stock-based compensation modifications

Company press release: ID:nBw9hskxca

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q4 EPS

-$0.29

Q4 Net Income

-$219.20 mln

Q4 Operating Expenses

$225 mln

Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

  • The average consensus recommendation for the biotechnology & medical research peer group is "buy"

  • Wall Street's median 12-month price target for Summit Therapeutics Inc is $34.50, about 116.4% above its February 20 closing price of $15.94

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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