Summit Therapeutics reported Q3 2024 financial results with a net loss of $56.3 million and revenue of nil. Research and development expenses increased to $37.7 million, primarily due to continued investment in ivonescimab clinical development. The company ended the quarter with $93.8 million in cash and $393.1 million in short-term investments.The company completed enrollment in its Phase III HARMONi trial for ivonescimab in NSCLC and expects topline results in mid-2025. Summit also plans to initiate HARMONi-7, a new Phase III trial comparing ivonescimab monotherapy to pembrolizumab in first-line metastatic NSCLC patients with high PD-L1 expression, in early 2025. The company continues patient enrollment in its HARMONi-3 trial.During Q3, Summit raised $235 million through a private placement and $44.2 million through an at-the-market offering. The company also expanded its ivonescimab license agreement with Akeso to include Latin America, Middle East and Africa regions for an upfront payment of $15 million. Management believes current cash resources will fund operations for at least 12 months.

Summit Therapeutics reported Q3 2024 financial results with a net loss of $56.3 million and revenue of nil. Research and development expenses increased to $37.7 million, primarily due to continued investment in ivonescimab clinical development. The company ended the quarter with $93.8 million in cash and $393.1 million in short-term investments.The company completed enrollment in its Phase III HARMONi trial for ivonescimab in NSCLC and expects topline results in mid-2025. Summit also plans to initiate HARMONi-7, a new Phase III trial comparing ivonescimab monotherapy to pembrolizumab in first-line metastatic NSCLC patients with high PD-L1 expression, in early 2025. The company continues patient enrollment in its HARMONi-3 trial.During Q3, Summit raised $235 million through a private placement and $44.2 million through an at-the-market offering. The company also expanded its ivonescimab license agreement with Akeso to include Latin America, Middle East and Africa regions for an upfront payment of $15 million. Management believes current cash resources will fund operations for at least 12 months.