Summit Therapeutics reported significant progress in Q2 2024, highlighted by positive Phase III trial results for ivonescimab. The HARMONi-2 trial demonstrated statistically significant improvement in progression-free survival compared to pembrolizumab monotherapy in first-line advanced NSCLC patients with PD-L1 expression. The company's HARMONi-A trial data was featured at ASCO and published in JAMA.The company strengthened its financial position by raising $200 million through a private placement, extending its cash runway into Q4 2025. As of June 30, 2024, Summit reported cash and investments of $325.8 million. Operating expenses increased to $59.8 million in Q2 2024 from $15.8 million in Q2 2023, primarily due to expanded clinical development activities.Summit expanded its license territories for ivonescimab to include Latin America, the Middle East, and Africa, in addition to existing rights in North America, Europe, and Japan. The company also established a five-year strategic collaboration with MD Anderson Cancer Center to accelerate ivonescimab's development across multiple solid tumors.

Summit Therapeutics reported significant progress in Q2 2024, highlighted by positive Phase III trial results for ivonescimab. The HARMONi-2 trial demonstrated statistically significant improvement in progression-free survival compared to pembrolizumab monotherapy in first-line advanced NSCLC patients with PD-L1 expression. The company's HARMONi-A trial data was featured at ASCO and published in JAMA.The company strengthened its financial position by raising $200 million through a private placement, extending its cash runway into Q4 2025. As of June 30, 2024, Summit reported cash and investments of $325.8 million. Operating expenses increased to $59.8 million in Q2 2024 from $15.8 million in Q2 2023, primarily due to expanded clinical development activities.Summit expanded its license territories for ivonescimab to include Latin America, the Middle East, and Africa, in addition to existing rights in North America, Europe, and Japan. The company also established a five-year strategic collaboration with MD Anderson Cancer Center to accelerate ivonescimab's development across multiple solid tumors.