Summit Therapeutics (SMMT) is a clinical-stage biopharmaceutical company focused on the development and marketing of medicinal therapies to treat oncology indications with serious unmet needs. In the past month, the company's stock has risen 57.1%. This upside came after management reported encouraging results from the phase III HARMONi-2 study, wherein treatment with ivonescimab bested Merck's (MRK) blockbuster oncology drug Keytruda in treating certain patients with non-small cell lung cancer (NSCLC). Per ...

Core Insights - Investors are reacting negatively to the late-stage results of Summit Therapeutics' experimental cancer therapy, ivonescimab, leading to a significant decline in stock price [1][2] - The therapy showed a median progression-free survival of 7.06 months when combined with chemotherapy, compared to 4.8 months for chemotherapy alone, but had a high incidence of severe adverse events [2] - Summit received its first regulatory approval in China for ivonescimab as a second-line treatment for advanced or metastatic NSCLC with EGFR mutations [3] - The majority of serious adverse events reported were related to chemotherapy rather than ivonescimab, suggesting a potential silver lining in the safety profile [4] - Some investors may see the stock pullback as a buying opportunity, although many analysts recommend caution due to more attractive options in the market [5]

Financial Data and Key Metrics - Non-GAAP operating expenses were $33 million, with $28.3 million allocated to research and development, primarily focused on the clinical development of ivonescimab [27] - GAAP R&D expenses increased to $30.9 million in Q1 2024 from $24.8 million in Q4 2023, while non-GAAP R&D expenses rose to $28.5 million from $22.4 million [68] - GAAP G&A expenses were $11.7 million in Q1 2024, slightly up from $11.6 million in Q4 2023, while non-GAAP G&A expenses decreased to $4.6 million from $5.3 million [55] - The company ended Q1 2024 with a strong cash position of $157 million, sufficient to fund operations through Q1 2025 [54] Business Line Data and Key Metrics - Over 1,600 patients have been treated with ivonescimab, with 19 clinical trials globally evaluating its efficacy, including 4 Phase III trials and 15 Phase I/II trials [13] - The HARMONi trial, a Phase III study for non-small cell lung cancer (NSCLC) patients with EGFR mutations, is on track to complete enrollment in H2 2024 [43] - The HARMONi-3 trial, evaluating ivonescimab as a frontline treatment for squamous NSCLC, began enrollment in Q4 2023 and is expanding rapidly [18] - Akeso's HARMONi-A trial in China, which overlaps with the HARMONi trial, completed enrollment and submitted an NDA for marketing approval in China, with a decision expected in Q2 2024 [16][44] Market Data and Key Metrics - Ivonescimab has shown promising Phase II data in NSCLC patients with brain metastases, achieving a 34% intracranial response rate and a median intracranial progression-free survival of 19.3 months [48] - The company is actively engaging health authorities to design Phase III trials based on upcoming Phase II data from Akeso, with plans to expand ivonescimab's development beyond NSCLC [61][50] - Akeso's Phase II AK112-201 trial demonstrated a median progression-free survival of 8.5 months and a median overall survival of 22.5 months in NSCLC patients with EGFR mutations [20] Company Strategy and Industry Competition - The company is focused on advancing ivonescimab, a PD-1/VEGF bispecific antibody, through Phase III trials, aiming to improve efficacy and safety profiles compared to existing therapies [41][42] - Summit is collaborating with Akeso to leverage data from multiple solid tumor studies, supporting the clinical development of ivonescimab in licensed territories [41] - The company plans to expand ivonescimab's clinical program beyond NSCLC, exploring potential indications in gynecological tumors, head and neck cancer, triple-negative breast cancer, and colorectal cancer [51] Management Commentary on Operating Environment and Future Outlook - Management remains optimistic about ivonescimab's potential, citing strong Phase II data and ongoing collaborations with Akeso as key drivers for future success [22][46] - The company expects to share more details on its clinical development plan for ivonescimab in the next 6-9 months, including potential investigator-sponsored trials (ISTs) [50][51] - Summit is preparing for technology transfer to enable a second supply source for ivonescimab manufacturing, ensuring scalability for future demand [25] Other Important Information - The company strengthened its leadership team with the appointment of Dr. Mostafa Ronaghi, a renowned genomicist, to its Board of Directors [37] - Summit continues to participate in key medical conferences, including ASCO, to educate healthcare leaders about ivonescimab's potential [24][36] Summary of Q&A Session Question: How does the Phase II data from ELCC support the strategy of pursuing frontline squamous NSCLC in Phase III trials? - The Phase II data remains consistent and strong, supporting the decision to pursue frontline squamous NSCLC in Phase III trials [57] Question: What is the status of Akeso's 303 interim analysis plan? - No interim analysis has been performed yet, with data expected in Q2 2024 [59] Question: Are there any changes planned for the HARMONi trial based on Akeso's data? - No changes are currently contemplated for the HARMONi trial [73] Question: Will Summit receive Akeso's HARMONi-A data simultaneously with the public? - Summit will become aware of the HARMONi-A data when it is publicly disclosed, with no prior access [72] Question: What are the broader plans for ivonescimab at ASCO? - The company is actively engaging health authorities to design Phase III trials based on upcoming Phase II data from Akeso, with plans to expand ivonescimab's development beyond NSCLC [61]

Summit Therapeutics Reports Financial Results and Operational Progress for the First Quarter Ended March 31, 2024 Miami, Florida, May 1, 2024 - Summit Therapeutics Inc. (NASDAQ: SMMT) ("Summit," "we," or the "Company") today reports its financial results and provides an update on its operational progress for the first quarter ended March 31, 2024. Operational & Corporate Updates • Our operational progress continues with ivonescimab (SMT112), an investigational, potentially first-in-class bispecific antibody ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM 10-Q _________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-36866 Summit Therapeutics Inc. (Exact name of registrant as specified i ...

Summit Therapeutics Inc. (NASDAQ:SMMT) Q4 2023 Earnings Conference Call February 20, 2024 9:00 AM ET Company Participants Dave Gancarz - Chief Business and Strategy Officer Bob Duggan - Chairman of the Board and CEO Maky Zanganeh - CEO and President Ankur Dhingra - CFO Dr. Allen Yang - CMO Manmeet Soni - COO Conference Call Participants Brad Canino - Stifel Hartaj Singh - Oppenheimer Operator Good morning and welcome to Summit's Fourth Quarter and Year End 2023 Earnings Call. [Operator Instructions] Please ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-K _____________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36866 Summit Therapeutics Inc. (Exact Name of Registrant as Specified in ...

Summit Therapeutics Inc. (NASDAQ:SMMT) Q3 2023 Results Conference Call November 7, 2023 9:00 AM ET Company Participants Dave Gancarz - Chief Business and Strategy Officer Bob Duggan - Chairman of the Board and Chief Executive Officer Dr. Maky Zanganeh - Chief Executive Officer and President Ankur Dhingra - Chief Financial Officer Dr. Allen Yang - Chief Medical Officer Manmeet Soni - Chief Operating Officer Conference Call Participants Brad Canino - Stifel Operator Good morning, and welcome to the Summit The ...

[Information Regarding Forward-Looking Statements](index=3&type=section&id=INFORMATION%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section cautions that forward-looking statements in the Form 10-Q involve substantial risks, and actual results may differ materially - The report contains forward-looking statements regarding strategy, future operations, financial position, revenues, costs, prospects, plans, and objectives[10](index=10&type=chunk) - Key forward-looking statements encompass the ability to develop successful product candidates like **ivonescimab**, raise additional funds, manage clinical trial timing, achieve market acceptance, and secure intellectual property[13](index=13&type=chunk) - Readers are cautioned against undue reliance on these statements, as actual results could materially differ due to factors outlined in the 'Risk Factors' section[11](index=11&type=chunk) [PART I - Financial Information](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, with detailed explanatory notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and cash significantly decreased from December 2022 to September 2023, primarily due to short-term investments and Akeso payments, while total liabilities also saw a substantial reduction Condensed Consolidated Balance Sheet Summary | Metric | Sep 30, 2023 (in thousands) | Dec 31, 2022 (in thousands) | Change (in thousands) | % Change | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------- | :------- | | Cash and cash equivalents | $23,792 | $348,607 | $(324,815) | -93.18% | | Restricted cash | — | $300,000 | $(300,000) | -100.00% | | Short-term investments | $175,153 | — | $175,153 | N/A | | Total current assets | $204,951 | $656,712 | $(451,761) | -68.80% | | Total assets | $218,476 | $664,168 | $(445,692) | -67.11% | | Total current liabilities | $113,742 | $38,782 | $74,960 | 193.29% | | Total liabilities | $119,097 | $537,514 | $(418,417) | -77.84% | | Total stockholders' equity | $99,379 | $126,654 | $(27,275) | -21.54% | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Net loss significantly increased for the nine months ended September 30, 2023, driven by a substantial in-process research and development expense for the ivonescimab license agreement Condensed Consolidated Statements of Operations Summary | Metric (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue | $— | $220 | $— | $705 | | R&D Expenses | $15,323 | $17,049 | $34,657 | $46,613 | | In-process R&D | $— | $— | $520,915 | $— | | G&A Expenses | $5,434 | $5,573 | $18,690 | $19,165 | | Total Operating Exp. | $20,757 | $22,622 | $574,262 | $65,778 | | Operating Loss | $(20,492) | $(16,940) | $(573,440) | $(51,790) | | Net Loss | $(21,268) | $(21,385) | $(578,361) | $(59,553) | | Basic & Diluted EPS | $(0.03) | $(0.10) | $(0.98) | $(0.37) | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity decreased from **$126.65 million** to **$99.38 million** due to a significant net loss, partially offset by a rights offering and common stock issuance for the Akeso upfront payment Condensed Consolidated Statements of Stockholders' Equity Summary | Metric (in thousands) | Dec 31, 2022 | Sep 30, 2023 | | :-------------------- | :----------- | :----------- | | Common Stock (shares) | 211,091,425 | 697,851,308 | | Common Stock (amount) | $2,110 | $6,978 | | Additional Paid-In Capital | $504,767 | $1,051,415 | | Accumulated Deficit | $(378,330) | $(956,691) | | Total Stockholders' Equity | $126,654 | $99,379 | - The **2023 Rights Offering** generated **$499.38 million** (net of costs) from the sale of **476,190,471** shares[21](index=21&type=chunk) - **10,000,000** shares of common stock were issued for **$45.90 million** as part of the **Akeso** upfront payment[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Significant cash outflows from investing activities, primarily for the Akeso upfront payment and short-term investments, were partially offset by cash provided by financing activities from a rights offering Condensed Consolidated Statements of Cash Flows Summary | Cash Flow Activity (in thousands) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------------------- | :-------------------------- | :-------------------------- | | Net cash used in operating activities | $(57,301) | $(46,773) | | Net cash used in investing activities | $(648,342) | $(634) | | Net cash provided by financing activities | $80,261 | $100,184 | | Decrease in cash and cash equivalents | $(624,815) | $50,180 | | Cash and cash equivalents at end of period | $23,792 | $121,971 | - Investing activities included **$475.02 million** cash payment to **Akeso** for upfront milestone payments and **$321.02 million** for short-term investments[23](index=23&type=chunk) - Financing activities included **$104.69 million** from the **2023 Rights Offering** and repayment of **$24.69 million** in related party promissory notes[23](index=23&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the unaudited condensed consolidated financial statements, covering business, accounting policies, liquidity, and significant transactions [Note 1. Nature of Business and Operations and Recent Events](index=9&type=section&id=1.%20Nature%20of%20Business%20and%20Operations%20and%20Recent%20Events) Summit Therapeutics Inc. strategically shifted its focus to oncology, centered on the in-licensed bispecific antibody **ivonescimab**, initiating Phase III trials and completing a major rights offering - The company's strategy has significantly shifted to oncology, focusing on the development of **ivonescimab** (**SMT112**) for non-small cell lung cancer (**NSCLC**)[28](index=28&type=chunk)[141](index=141&type=chunk) - Phase III clinical trials (**HARMONi** and **HARMONi-3**) for **ivonescimab** in **EGFR-mutated** and first-line metastatic squamous **NSCLC** have commenced[29](index=29&type=chunk)[33](index=33&type=chunk)[142](index=142&type=chunk)[151](index=151&type=chunk) - A **2023 Rights Offering** generated **$500 million** in gross proceeds from the sale of **476,190,471** shares of common stock[31](index=31&type=chunk)[145](index=145&type=chunk) - The company entered into a **Note Purchase Agreement** for **$520 million** in unsecured promissory notes with its **Co-CEOs**, with a significant portion repaid through the rights offering[32](index=32&type=chunk)[145](index=145&type=chunk) [Note 2. Basis of Presentation, Use of Estimates, and Risks and Uncertainties](index=10&type=section&id=2.%20Basis%20of%20Presentation%2C%20Use%20of%20Estimates%2C%20and%20Risks%20and%20Uncertainties) The unaudited condensed consolidated financial statements are prepared under **U.S. GAAP**, relying on management's estimates and judgments, while acknowledging potential adverse impacts from COVID-19 and supply chain issues - Financial statements are prepared under **U.S. GAAP**, and management's estimates are crucial for reported amounts[39](index=39&type=chunk)[44](index=44&type=chunk) - The company considers highly liquid investments with a maturity of **90** days or less as cash equivalents, including money market funds and U.S. treasury securities[40](index=40&type=chunk) - Potential adverse impacts from COVID-19 outbreaks and supply chain issues are noted as risks[45](index=45&type=chunk) [Note 3. Recently Issued or Adopted Accounting Pronouncements](index=11&type=section&id=3.%20Recently%20Issued%20or%20Adopted%20Accounting%20Pronouncements) The company adopted **ASU 2016-13** on January 1, 2023, which had no material impact on its financial statements, and other recent guidance is not expected to have a material effect - **ASU 2016-13** (**CECL model**) was adopted on January 1, 2023, with no material impact on financial statements[46](index=46&type=chunk) - **ASU No. 2021-04**, related to equity-classified written call options, had no modifications or exchanges during **2023** or **2022**[47](index=47&type=chunk)[49](index=49&type=chunk) [Note 4. Liquidity and Capital Resources](index=12&type=section&id=4.%20Liquidity%20and%20Capital%20Resources) Significant net losses and cash outflows resulted in a substantial accumulated deficit, raising doubt about the company's ability to continue as a going concern without raising additional capital Liquidity and Capital Resources Summary | Metric (in thousands) | 9 Months Ended Sep 30, 2023 | | :-------------------- | :-------------------------- | | Net loss | $(578,361) | | Cash flows used in operating activities | $(57,301) | | Accumulated deficit | $(956,691) | | Cash and cash equivalents | $23,792 | | Short-term investments | $175,153 | | R&D tax credit receivable | $1,559 | - The company has a **$100 million** promissory note payable to a related party maturing on September 6, 2024, and intends to raise additional capital to repay it[51](index=51&type=chunk) - These conditions raise substantial doubt about the company's ability to continue as a going concern for at least one year from the issuance date of the financial statements[51](index=51&type=chunk) [Note 5. Segment Reporting](index=12&type=section&id=5.%20Segment%20Reporting) The company operates as a single reportable operating segment focused on oncology product research and development, with long-lived assets distributed across the U.K. and the U.S - The company's chief operating decision makers view and manage the business as a single operating segment, primarily oncology product research activities[54](index=54&type=chunk) Long-Lived Assets by Geographic Region | Geographic Region | Sep 30, 2023 (in thousands) | Dec 31, 2022 (in thousands) | | :---------------- | :-------------------------- | :-------------------------- | | United Kingdom | $832 | $2,517 | | United States | $5,800 | $2,564 | | Total | $6,632 | $5,081 | [Note 6. Revenue](index=13&type=section&id=6.%20Revenue) The company recognized no revenue for the three and nine months ended September 30, 2023, as prior period revenue from the **Eurofarma** agreement concluded in 2022 Revenue Summary | Revenue Category | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :--------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Licensing agreements | $— | $220 | $— | $705 | - Revenue from the **Eurofarma** agreement was fully recognized by **2022**, and no additional milestone payments are expected[57](index=57&type=chunk)[159](index=159&type=chunk) [Note 7. Other Operating Income, net](index=14&type=section&id=7.%20Other%20Operating%20Income%2C%20net) Other operating income significantly decreased due to the conclusion of funding from **BARDA** and **CARB-X**, and a reduction in U.K. research and development tax credits Other Operating Income Summary | Income Category (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :----------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Funding income from BARDA | $— | $3,889 | $— | $7,774 | | Research and development tax credits | $265 | $1,224 | $768 | $3,730 | | Grant income from CARB-X | $— | $349 | $45 | $1,779 | | Total | $265 | $5,462 | $822 | $13,283 | - **BARDA** contract ended in **2022**, and **CARB-X** arrangement concluded in **2022**, leading to no further income from these sources[63](index=63&type=chunk)[68](index=68&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk) - R&D tax credits decreased due to reduced clinical and manufacturing activity for **ridinilazole** and changes in U.K. tax legislation[170](index=170&type=chunk) [Note 8. Akeso Collaboration and License Agreement](index=15&type=section&id=8.%20Akeso%20Collaboration%20and%20License%20Agreement) Summit in-licensed **ivonescimab** from **Akeso** in January 2023, involving a **$500 million** upfront payment expensed as in-process R&D, with potential future milestones up to **$4.5 billion** - Summit in-licensed **ivonescimab** (**SMT112**) from **Akeso**, a bispecific antibody combining PD-1 blockade and anti-VEGF effects for oncology, with rights in the US, Canada, Europe, and Japan[27](index=27&type=chunk)[30](index=30&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) - An upfront payment of **$500 million** was made to **Akeso**, consisting of **$274.9 million** cash, **10 million** shares of common stock (fair value **$45.9 million**), and a remaining **$200 million** cash payment[71](index=71&type=chunk)[72](index=72&type=chunk)[166](index=166&type=chunk) - The upfront payment was expensed as **$520.9 million** in-process research and development due to the asset being in clinical development[72](index=72&type=chunk)[166](index=166&type=chunk) - **Akeso** is eligible for up to **$4.5 billion** in regulatory and commercial milestones, plus low double-digit royalties on net sales[73](index=73&type=chunk) [Note 9. Other (Expense) Income, net](index=16&type=section&id=9.%20Other%20(Expense)%20Income%2C%20net) Other (expense) income, net, for the nine months ended September 30, 2023, was a net expense of **$4.92 million**, primarily due to interest expense on related party promissory notes, partially offset by interest income Other (Expense) Income Summary | Metric (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Foreign currency gains (losses) | $(475) | $(3,799) | $344 | $(6,281) | | Interest expense on promissory notes | $(2,722) | $(692) | $(13,564) | $(1,497) | | Interest income | $2,485 | $— | $8,028 | $— | | Total | $(776) | $(4,445) | $(4,921) | $(7,763) | - Interest expense increased significantly due to the **$520 million** promissory notes issued to **Co-CEOs** in December **2022**[76](index=76&type=chunk)[176](index=176&type=chunk) - Interest income increased due to investments in money market funds and U.S. treasury securities[76](index=76&type=chunk)[176](index=176&type=chunk) [Note 10. Loss per Share](index=16&type=section&id=10.%20Loss%20per%20Share) Basic and diluted net loss per share for the nine months ended September 30, 2023, was **$(0.98)**, reflecting a higher net loss, with potentially dilutive securities excluded as anti-dilutive Loss per Share Summary | Metric | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :----- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net loss per share (Basic & Diluted) | $(0.03) | $(0.10) | $(0.98) | $(0.37) | | Weighted-average shares (Basic & Diluted) | 697,739,477 | 208,909,351 | 592,366,880 | 161,846,345 | - Potentially dilutive securities, including stock options and warrants, were excluded from diluted EPS calculation due to the company being in a net loss position[77](index=77&type=chunk)[79](index=79&type=chunk) [Note 11. Fair Value Measurements and Investments](index=17&type=section&id=11.%20Fair%20Value%20Measurements%20and%20Investments) The company's financial assets measured at fair value primarily consist of money market funds and U.S. Government treasury bills, with short-term investments totaling **$175.15 million** as of September 30, 2023 Fair Value Measurements and Investments Summary | Asset Category (in thousands) | Level 1 | Level 2 | Level 3 | Total | | :---------------------------- | :------ | :------ | :------ | :---- | | Money market funds | $4,711 | $— | $— | $4,711 | | U.S. Government treasury bills | $— | $175,153 | $— | $175,153 | | Total financial assets | $4,711 | $175,153 | $— | $179,864 | - All short-term investments, primarily U.S. Government treasury bills, are due within one year[88](index=88&type=chunk) [Note 12. Goodwill and Intangible Assets](index=19&type=section&id=12.%20Goodwill%20and%20Intangible%20Assets) Goodwill remained stable at **$1.81 million**, while intangible assets, including the **Discuva** platform and **Utrophin** program, are fully amortized or impaired, resulting in a net carrying amount of zero Goodwill Summary | Metric (in thousands) | Sep 30, 2023 | Dec 31, 2022 | | :-------------------- | :----------- | :----------- | | Goodwill | $1,814 | $1,798 | Intangible Assets Summary | Intangible Asset (in thousands) | Gross Carrying Amount | Accumulated Amortization and Impairment | Net | | :------------------------------ | :-------------------- | :-------------------------------------- | :-- | | Discuva platform acquired | $13,019 | $(13,019) | $— | | Utrophin program acquired | $— | $— | $— | | Other licenses | $134 | $(134) | $— | | Total | $13,977 | $(13,977) | $— | - The **Utrophin** program intangible assets were fully impaired and removed from accounting records due to the dissolution of **Muox Limited**[92](index=92&type=chunk) [Note 13. Leases](index=19&type=section&id=13.%20Leases) The company holds operating leases for office space, with a new lease in Menlo Park, California, and the termination of a U.K. lease due to strategic reprioritization towards **ivonescimab** - A new operating lease for office space in Menlo Park, California, commenced, adding **$4.25 million** in right-of-use assets[94](index=94&type=chunk) - The Cambridge, U.K. laboratory and office space lease was terminated, disposing of **$788 thousand** in right-of-use assets, as the company reprioritized investments to **ivonescimab**[94](index=94&type=chunk) Lease Cost Summary | Lease Cost (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Fixed lease costs | $678 | $444 | $1,535 | $1,033 | | Variable lease costs | $2 | $53 | $71 | $91 | | Total lease cost | $680 | $497 | $1,606 | $1,124 | [Note 14. Promissory Notes Payable to Related Parties](index=20&type=section&id=14.%20Promissory%20Notes%20Payable%20to%20Related%20Parties) The company issued **$520 million** in unsecured promissory notes to its **Co-CEOs** in December 2022, with **$420 million** repaid by September 2023, leaving a **$100 million** note outstanding - The company issued **$520 million** in unsecured promissory notes to **Co-CEOs Mr. Duggan** and **Dr. Zanganeh** in December **2022**[98](index=98&type=chunk)[119](index=119&type=chunk) - The **$20 million Zanganeh Note** and **$400 million Duggan Promissory Note** were repaid in February **2023**, largely through the **2023 Rights Offering**[100](index=100&type=chunk)[121](index=121&type=chunk) - A **$100 million Duggan September Note** remains outstanding, maturing on September 6, 2024[103](index=103&type=chunk)[105](index=105&type=chunk) - Interest expense on these notes for the nine months ended September 30, 2023, was **$13.56 million**[103](index=103&type=chunk) [Note 15. Stock-Based Compensation and Warrants](index=22&type=section&id=15.%20Stock-Based%20Compensation%20and%20Warrants) The company's **2020 Stock Incentive Plan** had **20.55 million** options outstanding, with stockholders approving an increase of **70 million** shares, and total stock-based compensation expense was **$5.36 million** Stock Option Activity Summary | Stock Option Activity | 9 Months Ended Sep 30, 2023 | | :-------------------- | :-------------------------- | | Outstanding at Dec 31, 2022 | 19,476,359 | | Granted | 3,921,450 | | Forfeited | (2,672,305) | | Exercised | (177,237) | | Outstanding at Sep 30, 2023 | 20,548,267 | | Weighted average exercise price | $3.24 | - Stockholders approved an increase of **70,000,000** shares for the **2020 Stock Incentive Plan**[108](index=108&type=chunk) Stock-Based Compensation Expense Summary | Stock-Based Compensation (in thousands) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Research and development | $149 | $1,162 | $1,962 | $3,300 | | General and administrative | $556 | $1,636 | $3,393 | $5,990 | | Total | $705 | $2,798 | $5,355 | $9,290 | [Note 16. Related Party Transactions](index=23&type=section&id=16.%20Related%20Party%20Transactions) The company engaged in various related party transactions, including sublease agreements, the issuance and repayment of **$520 million** in promissory notes to **Co-CEOs**, and the **Akeso License Agreement** - Sublease agreements for office space with **Maky Zanganeh and Associates, Inc.** (**MZA**), an entity related to **Co-CEO Dr. Zanganeh**, resulted in payments of **$730 thousand** for the nine months ended September 30, 2023[113](index=113&type=chunk)[114](index=114&type=chunk) - The **$520 million Note Purchase Agreement** with **Co-CEOs Mr. Duggan** and **Dr. Zanganeh** was a significant related party financing event, with **$420 million** repaid by February **2023**[119](index=119&type=chunk)[121](index=121&type=chunk) - The **Akeso License Agreement** led to **Dr. Yu (Michelle) Xia**, **Akeso's** founder, being appointed to **Summit's** Board of Directors[124](index=124&type=chunk) - In the **2023 Rights Offering**, **Mr. Duggan's $395.31 million** subscription price was satisfied by extinguishing a portion of his outstanding promissory note[125](index=125&type=chunk) [Note 17. Commitments and Contingencies](index=25&type=section&id=17.%20Commitments%20and%20Contingencies) The company has lease commitments, **$6.36 million** in non-cancellable purchase commitments for clinical trials, and unestimable contingent payment obligations for milestones and royalties under various agreements - New lease for office space in Menlo Park, California, with total payments of **$4.7 million** over **36** months[129](index=129&type=chunk)[198](index=198&type=chunk) - Termination of Cambridge, U.K. laboratory and office space lease due to strategic reprioritization[129](index=129&type=chunk)[198](index=198&type=chunk) - Approximately **$6.36 million** in non-cancellable purchase commitments associated with clinical trials as of September 30, 2023[132](index=132&type=chunk)[200](index=200&type=chunk) - Contingent payment obligations for royalties or milestone payments under agreements with **Akeso**, **Wellcome Trust**, **University College London**, and others are currently unestimable[133](index=133&type=chunk)[199](index=199&type=chunk) [Note 18. Subsequent Events](index=26&type=section&id=18.%20Subsequent%20Events) On October 16, 2023, **Mr. Manmeet Soni** was appointed Chief Operating Officer and purchased **2,976,190** shares of common stock for **$5 million** via a private placement - **Mr. Manmeet Soni** was appointed Chief Operating Officer on October 16, 2023[38](index=38&type=chunk)[136](index=136&type=chunk)[153](index=153&type=chunk) - **Mr. Soni** purchased **2,976,190** shares of common stock for **$5 million** in a private placement, effective October 13, 2023[38](index=38&type=chunk)[136](index=136&type=chunk)[153](index=153&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations, emphasizing the strategic shift to oncology with **ivonescimab**, the financial impact of the **Akeso** license, and the ongoing need for additional capital due to significant operating losses and debt obligations [Company Overview](index=27&type=section&id=Company%20Overview) Summit Therapeutics Inc. is a biopharmaceutical company that strategically shifted its focus to oncology, with **ivonescimab** as its primary product candidate in-licensed from **Akeso**, Inc - The company is a biopharmaceutical firm focused on oncology, aiming to develop patient-friendly, new-era standard-of-care medicines[139](index=139&type=chunk) - **Ivonescimab** (**SMT112**), a potential first-in-class bispecific antibody, is the key product candidate, in-licensed from **Akeso** for development and commercialization in the US, Canada, Europe, and Japan[140](index=140&type=chunk) - The company's strategy has significantly changed, with future operations focused on **ivonescimab** development, and anti-infective activities being reviewed for partnership opportunities[141](index=141&type=chunk) [Recent Events](index=27&type=section&id=Recent%20Events) Recent events include the in-licensing of **ivonescimab** and initiation of its Phase III clinical trials, a **$500 million** rights offering, and **$520 million** in related party promissory notes, with most repaid - The Collaboration and License Agreement for **ivonescimab** with **Akeso**, Inc. closed in January **2023**[143](index=143&type=chunk) - Phase III clinical studies for **ivonescimab** in **NSCLC** (**HARMONi** and **HARMONi-3**) were initiated, with the first US patient enrolled in **HARMONi** in May **2023**[149](index=149&type=chunk) - A **$500 million 2023 Rights Offering** was completed, and **$520 million** in promissory notes were issued to **Co-CEOs**, with **$420 million** repaid by February **2023**[145](index=145&type=chunk)[147](index=147&type=chunk) - The **2020 Stock Incentive Plan** was amended to increase authorized shares by **70 million**, and **Mr. Manmeet Soni** was appointed COO, purchasing **$5 million** in common stock[152](index=152&type=chunk)[153](index=153&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) The company reported a net loss of **$578.4 million** for the nine months ended September 30, 2023, primarily due to a **$520.9 million** in-process R&D expense for **ivonescimab** Consolidated Statements of Operations Summary | Metric (in millions) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue | $— | $0.2 | $— | $0.7 | | Operating Loss | $(20.4) | $(16.9) | $(573.5) | $(51.8) | | Net Loss | $(21.2) | $(21.3) | $(578.4) | $(59.6) | [Revenue](index=30&type=section&id=Revenue) Revenue for the three and nine months ended September 30, 2023, was zero, attributed to the full recognition of milestones from the **Eurofarma** license agreement in 2022 Revenue Summary | Metric (in millions) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue | $— | $0.2 | $— | $0.7 | - The decrease in revenue is due to the **Eurofarma** license and commercialization agreement milestones being fully recognized by **2022**, with no additional milestones expected[159](index=159&type=chunk) [Operating Expenses](index=30&type=section&id=Operating%20Expenses) Total operating expenses significantly increased to **$574.3 million** for the nine months ended September 30, 2023, primarily driven by a **$520.9 million** in-process R&D expense for **ivonescimab** Operating Expenses Summary | Metric (in millions) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Research and development | $15.3 | $17.0 | $34.7 | $46.6 | | In-process research and development | $— | $— | $520.9 | $— | | General and administrative | $5.4 | $5.6 | $18.7 | $19.2 | | Total operating expenses | $20.7 | $22.6 | $574.3 | $65.8 | [Research and Development Expenses](index=30&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses decreased by **$11.9 million** due to concluding anti-infectives programs, partially offset by investment in oncology (**ivonescimab**) and compensation-related costs Research and Development Expenses by Category | R&D Category (in millions) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Oncology | $9.4 | $— | $16.7 | $— | | Anti-infectives | $(0.1) | $11.9 | $(1.8) | $28.2 | | Compensation related costs | $4.8 | $3.0 | $14.7 | $12.1 | | Stock-based compensation | $0.1 | $1.2 | $2.0 | $3.3 | | Other R&D costs | $1.1 | $0.9 | $3.1 | $3.0 | | Total | $15.3 | $17.0 | $34.7 | $46.6 | - The company is investing resources in the clinical development of **ivonescimab**, including Phase III **HARMONi** and **HARMONi-3** studies for **NSCLC**[162](index=162&type=chunk)[163](index=163&type=chunk) - Anti-infectives programs for **ridinilazole** and **SMT-738** concluded development activities, resulting in a **$30.0 million** decrease in expenses[164](index=164&type=chunk) [In-process research and development](index=31&type=section&id=In-process%20research%20and%20development) In-process research and development expense totaled **$520.9 million** for the nine months ended September 30, 2023, representing upfront milestone payments for the **ivonescimab** license agreement with **Akeso** In-process Research and Development Expenses Summary | IPR&D Category (in millions) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :--------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Upfront milestone payments | $— | $— | $520.8 | $— | | Direct transaction costs | $— | $— | $0.1 | $— | | Total | $— | $— | $520.9 | $— | - The **$520.9 million** expense includes **$474.9 million** in cash and **$45.9 million** fair value of **10 million** common shares issued to **Akeso**[166](index=166&type=chunk) [General and Administrative Expenses](index=32&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses slightly decreased by **$0.5 million** due to lower stock-based compensation, partially offset by increases in compensation-related costs and legal/professional services General and Administrative Expenses by Category | G&A Category (in millions) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Compensation related costs | $2.3 | $2.1 | $7.3 | $6.3 | | Stock-based compensation | $0.6 | $1.6 | $3.4 | $6.0 | | Legal fees and professional services | $1.3 | $1.0 | $4.9 | $3.9 | | Other G&A expenses | $1.2 | $0.9 | $3.1 | $3.0 | | Total | $5.4 | $5.6 | $18.7 | $19.2 | - Stock-based compensation decreased due to awards becoming fully amortized, lower fair values, and forfeitures[168](index=168&type=chunk) - Compensation-related expenses and legal/professional services increased to support company growth and corporate projects[168](index=168&type=chunk) [Other Operating Income](index=32&type=section&id=Other%20Operating%20Income) Other operating income significantly decreased to **$0.8 million** due to the conclusion of funding from **BARDA** and **CARB-X**, and reduced U.K. research and development tax credits Other Operating Income by Category | Income Category (in millions) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :---------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Research and development tax credits | $0.3 | $1.2 | $0.8 | $3.7 | | Funding income from BARDA | $— | $3.9 | $— | $7.8 | | Grant income from CARB-X | $— | $0.4 | $— | $1.8 | | Total | $0.3 | $5.5 | $0.8 | $13.3 | - **BARDA** and **CARB-X** contracts ended in **2022**, and no further income is expected from these arrangements[171](index=171&type=chunk)[172](index=172&type=chunk) - U.K. R&D tax credits decreased due to reduced clinical and manufacturing activity for **ridinilazole** and changes in U.K. tax legislation[170](index=170&type=chunk) [Other (Expense) Income, net](index=33&type=section&id=Other%20(Expense)%20Income%2C%20net) Other (expense) income, net, was a net expense of **$4.9 million**, an improvement driven by favorable foreign currency gains and increased interest income, partially offset by higher interest expense on related party notes Other (Expense) Income, Net Summary | Metric (in millions) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Foreign currency (losses) gains | $(0.5) | $(3.8) | $0.3 | $(6.3) |\ | Interest expense on promissory notes | $(2.7) | $(0.6) | $(13.6) | $(1.5) |\ | Interest income | $2.5 | $— | $8.0 | $— |\ | Total | $(0.8) | $(4.4) | $(4.9) | $(7.8) | - Interest expense increased by **$12.1 million** due to the **$520 million** promissory notes issued to **Co-CEOs** in December **2022**[176](index=176&type=chunk) - Interest income increased by **$8.0 million** from investments in money market funds and U.S. government securities[176](index=176&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces significant liquidity concerns with an accumulated deficit of **$956.7 million** and insufficient cash to fund operations, raising substantial doubt about its ability to continue as a going concern [Sources of Liquidity](index=33&type=section&id=Sources%20of%20Liquidity) Historically, funding came from stock issuances, license agreements, government funding, and related party promissory notes, with recent financing including a **$100 million** rights offering and **$520 million** in related party notes - Primary funding sources include common stock issuances, license/collaboration agreements, government/philanthropic funding, and related party promissory notes[177](index=177&type=chunk) - The **2022 Rights Offering** generated **$99.9 million** in net proceeds[178](index=178&type=chunk) - In December **2022**, **$520 million** in unsecured promissory notes were issued to **Co-CEOs**, with **$420 million** repaid by February **2023**, leaving a **$100 million** note outstanding[179](index=179&type=chunk)[180](index=180&type=chunk) [Cash Flows](index=36&type=section&id=Cash%20Flows) Net cash used in operating activities was **$57.3 million**, and investing activities used **$648.3 million** (Akeso payment, short-term investments), while financing activities provided **$80.3 million** (rights offering) Cash Flow Activities Summary | Cash Flow Activity (in millions) | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------------- | :-------------------------- | :-------------------------- | | Net cash used in operating activities | $(57.3) | $(46.8) | | Net cash used in investing activities | $(648.3) | $(0.6) | | Net cash provided by financing activities | $80.3 | $100.2 | - Investing activities included **$475.0 million** cash payment to **Akeso** and **$321.0 million** for short-term investments[192](index=192&type=chunk) - Financing activities included **$104.1 million** net proceeds from the **2023 Rights Offering** and repayment of **$24.7 million** in related party promissory notes[194](index=194&type=chunk) [Critical Accounting Policies and Significant Judgments and Estimates](index=37&type=section&id=Critical%20Accounting%20Policies%20and%20Significant%20Judgments%20and%20Estimates) The financial statements rely on management's estimates and judgments for revenue, R&D, intangible assets, stock-based compensation, and income taxes, with no material changes since the **2022 Form 10-K** - Management evaluates estimates and judgments related to revenue recognition, R&D expenses, stock-based compensation, intangible assets, goodwill, and income taxes[196](index=196&type=chunk) - No material changes to critical accounting policies and estimates were disclosed since the **2022 Form 10-K**[197](index=197&type=chunk) [Contractual obligations and commitments](index=37&type=section&id=Contractual%20obligations%20and%20commitments) The company has lease commitments, **$6.4 million** in non-cancellable purchase commitments for clinical trials, and unestimable contingent payment obligations for milestones and royalties under various agreements - Lease commitments include a new **36**-month lease for office space in Menlo Park, California, with total payments of **$4.7 million**, and the termination of a U.K. lease[198](index=198&type=chunk) - Approximately **$6.4 million** in non-cancellable purchase commitments are associated with clinical trials as of September 30, 2023[200](index=200&type=chunk) - Contingent payment obligations for royalties or milestone payments under agreements with **Akeso**, **Wellcome Trust**, and others are currently unestimable[199](index=199&type=chunk) [Off-Balance Sheet Arrangements](index=37&type=section&id=Off-Balance%20Sheet%20Arrangements) The company did not have any off-balance sheet arrangements during the periods presented or currently - The company has no off-balance sheet arrangements[201](index=201&type=chunk) [Recently Issued Accounting Pronouncements](index=38&type=section&id=Recently%20Issued%20Accounting%20Pronouncements) For a discussion of recently issued accounting pronouncements, refer to **Note 3** of the condensed consolidated financial statements - Refer to **Note 3** for details on recently issued or adopted accounting pronouncements[202](index=202&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a 'smaller reporting company,' Summit Therapeutics Inc. is not required to provide quantitative and qualitative disclosures about market risk - The company is exempt from providing market risk disclosures as it qualifies as a 'smaller reporting company'[203](index=203&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective at a reasonable level of assurance as of September 30, 2023, with no material changes in internal control over financial reporting - Disclosure controls and procedures were evaluated and deemed effective at a reasonable level of assurance as of September 30, 2023[204](index=204&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended September 30, 2023[205](index=205&type=chunk) [PART II - Other Information](index=38&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - The company is not currently subject to any material legal proceedings[135](index=135&type=chunk)[207](index=207&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) The company highlights significant investment risks, including substantial doubt about its ability to continue as a going concern due to insufficient working capital and uncertainty in raising additional funds - There is substantial doubt about the company's ability to continue as a going concern due to insufficient working capital to fund planned operations for the next twelve months and uncertainty in raising additional capital[209](index=209&type=chunk)[210](index=210&type=chunk) - Inadequate funding or disruptions to government agencies (FDA, SEC) could hinder product development, regulatory reviews, and access to capital, negatively impacting the business[211](index=211&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or use of proceeds to report - No unregistered sales of equity securities or use of proceeds to report[212](index=212&type=chunk) [Item 3. Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities to report - No defaults upon senior securities to report[213](index=213&type=chunk) [Item 4. Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) There were no mine safety disclosures to report - No mine safety disclosures to report[215](index=215&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) There was no other information to report - No other information to report[216](index=216&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed or furnished with the Form 10-Q, including employment agreements, certifications, and **XBRL** taxonomy documents - Exhibits include employment agreements, certifications (**Sarbanes-Oxley Act**), and **XBRL** taxonomy documents[218](index=218&type=chunk) [Signatures](index=40&type=section&id=Signatures) The report is duly signed on behalf of Summit Therapeutics Inc. by **Ankur Dhingra**, Chief Financial Officer, on November 7, 2023 - The report was signed by **Ankur Dhingra**, Chief Financial Officer, on November 7, 2023[220](index=220&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM 10-Q _________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-36866 Summit Therapeutics Inc. (Exact name of registrant as specified in ...