Summit Therapeutics Inc. reported its financial results for the second quarter ended June 30, 2025, with cash, cash equivalents, and short-term investments totaling $297.9 million. The company's net loss for Q2 2025 was $(565.7) million, or $(0.76) per share, a substantial increase from $(60.4) million, or $(0.09) per share, in Q2 2024.
Research and development expenses significantly increased to $208.0 million in Q2 2025 from $30.8 million in the prior year, driven by the ramp-up of global Phase III clinical trials for ivonescimab. General and administrative expenses also rose to $360.4 million from $13.8 million in the same period.
The company reiterated recent operational progress, including the statistically significant PFS benefit from the global Phase III HARMONi trial, the NMPA approval in China for ivonescimab monotherapy, and the PFS superiority in Akeso's HARMONi-6 study. Enrollment continues in the HARMONi-3 and HARMONi-7 global Phase III trials, and the clinical collaboration with Revolution Medicines is progressing.
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