Summit Therapeutics Inc. reported its financial results for the third quarter ended September 30, 2024, with cash, cash equivalents, and short-term investments totaling $487.0 million. This cash position was bolstered by a $235 million private placement completed in September 2024.
The company's net loss for Q3 2024 was $(56.3) million, or $(0.08) per share, compared to a net loss of $(21.2) million, or $(0.03) per share, for Q3 2023. Research and development expenses increased to $37.7 million from $15.3 million year-over-year, reflecting increased investment in clinical trials.
Operationally, Summit highlighted that ivonescimab monotherapy demonstrated a clinically meaningful benefit over pembrolizumab monotherapy in the Phase III HARMONi-2 trial in China, reducing the risk of disease progression or death by 49% in first-line PD-L1 positive advanced NSCLC. The company also confirmed the completion of enrollment in its global Phase III HARMONi trial and announced plans to expand the HARMONi-3 trial and initiate the HARMONi-7 trial in early 2025.
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