Summit Therapeutics reported a Q2 2024 net loss of $60.4 million, with research and development expenses increasing to $30.8 million compared to $9.5 million in Q2 2023. The company's cash position included $28.4 million in cash and cash equivalents plus $297 million in short-term investments as of June 30, 2024. Revenue details were not provided as the company remains in clinical development phase.The company strengthened its financial position through a $200 million private placement in June 2024, selling 22.2 million shares at $9.00 per share to Baker Brothers affiliates. Additionally, Summit expanded its ivonescimab licensing agreement with Akeso to include Latin America, Middle East and Africa regions for a $15 million upfront payment, with potential milestone payments of up to $4.56 billion.Summit continues to advance its lead candidate ivonescimab through two Phase III clinical trials - HARMONi for EGFR-mutated NSCLC and HARMONi-3 for first-line metastatic squamous NSCLC. The company expects to complete HARMONi enrollment in second half of 2024 and plans to expand HARMONi-3 trial sites across multiple regions through early 2025. Management noted that current funding should support operations into Q4 2025.

Summit Therapeutics reported a Q2 2024 net loss of $60.4 million, with research and development expenses increasing to $30.8 million compared to $9.5 million in Q2 2023. The company's cash position included $28.4 million in cash and cash equivalents plus $297 million in short-term investments as of June 30, 2024. Revenue details were not provided as the company remains in clinical development phase.The company strengthened its financial position through a $200 million private placement in June 2024, selling 22.2 million shares at $9.00 per share to Baker Brothers affiliates. Additionally, Summit expanded its ivonescimab licensing agreement with Akeso to include Latin America, Middle East and Africa regions for a $15 million upfront payment, with potential milestone payments of up to $4.56 billion.Summit continues to advance its lead candidate ivonescimab through two Phase III clinical trials - HARMONi for EGFR-mutated NSCLC and HARMONi-3 for first-line metastatic squamous NSCLC. The company expects to complete HARMONi enrollment in second half of 2024 and plans to expand HARMONi-3 trial sites across multiple regions through early 2025. Management noted that current funding should support operations into Q4 2025.