Summit Therapeutics Inc. announced a clinical trial collaboration with Pfizer Inc. to evaluate ivonescimab in combination with several of Pfizer’s antibody drug conjugates (ADCs) across multiple solid tumor settings. Under the agreement, Summit will provide ivonescimab, and Pfizer will conduct the studies, which are expected to begin in mid-2025.
For the fourth quarter ended December 31, 2024, Summit reported a net loss of $(61.2) million, or $(0.08) per share, compared to $(36.6) million, or $(0.05) per share, in Q4 2023. Full-year 2024 net loss was $(221.3) million, or $(0.31) per share, a decrease from $(614.9) million, or $(0.99) per share, in 2023.
The company ended 2024 with $412.3 million in cash, cash equivalents, and short-term investments. Research and development expenses for Q4 2024 were $51.4 million, and general and administrative expenses were $14.4 million, reflecting ongoing investments in its global Phase III clinical programs for ivonescimab.
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