Summit Therapeutics Inc. reported its financial results for the first quarter ended March 31, 2025, with cash, cash equivalents, and short-term investments totaling $361.3 million. Management stated that this cash position is sufficient to fund operating needs for at least the next 12 months from the May 1, 2025, filing date.
The net loss for Q1 2025 was $(62.9) million, or $(0.09) per share, compared to a net loss of $(43.5) million, or $(0.06) per share, for Q1 2024. Research and development expenses increased to $51.2 million from $30.9 million year-over-year, reflecting the ongoing expansion of clinical programs.
Operational highlights included the previously announced statistically significant PFS superiority of ivonescimab in Akeso's HARMONi-6 study and the NMPA approval in China for ivonescimab monotherapy based on HARMONi-2 results. The company also confirmed the initiation of enrollment in the HARMONi-7 global Phase III trial and the start of two clinical trials under the MD Anderson collaboration.
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