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Summit Therapeutics SMMT reported fourth-quarter 2024 loss per share of 8 cents, in line with the Zacks Consensus Estimate. In the year-ago period, the company incurred a loss of 5 cents per share.
The reported loss included stock-based compensation expenses. Excluding these expenses, the adjusted loss per share was 7 cents, wider than the year-ago adjusted loss of 4 cents.
As the company lacks any marketed product in its portfolio, it did not record quarterly revenues.
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Post the announcement, shares of Summit fell nearly 15% on Monday as some investors did not appreciate the widening of the quarterly loss compared to the year-ago period.
Year to date, the stock has gained nearly 6%, outperforming the industry’s breakeven growth.
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More on SMMT’s Earnings
Adjusted research and development expenses totaled $47.1 million compared with $22.4 million in the year-ago period. This surge was primarily due to an increase in clinical costs to support the company’s pipeline development.
Adjusted general and administrative expenses amounted to $7.7 million, up 45% year over year.
As of Dec. 31, 2024, Summit had cash, cash equivalents and short-term investments worth $412.3 million compared with $487 million as of Sept. 30, 2024.
Full-Year 2024 Results
Devoid of marketed products, Summit Therapeutics did not record any revenues during the year.
SMMT reported a loss of 31 cents per share for the full year. In the year-ago period, management reported a loss of 99 cents.
SMMT’s Pipeline Updates
Summit has only one pipeline drug in its portfolio, ivonescimab, a first-in-class bispecific antibody that targets two proteins, namely PD-1 and VEGF. It is currently conducting two late-stage studies, HARMONi and HARMONi-3, evaluating ivonescimab in separate settings for metastatic non-small cell lung cancer (NSCLC) indication. The HARMONi study has completed enrolment and data is expected in mid-2025. The HARMONi-3 study is currently enrolling patients.
In a separate press release, Summit announced that it has entered into a clinical trial collaboration with pharma giant Pfizer PFE to evaluate ivonescimab in combination with several of Pfizer’s antibody-drug conjugates across multiple solid tumor settings. Per the deal terms, Summit will provide ivonescimab for use in the proposed clinical studies, while Pfizer will be responsible for conducting the operations of the studies. The studies under this collaboration are expected to start in mid-2025.