Summit Therapeutics reported Q2 2024 financial results, with a net loss of $60.4 million and $103.9 million for the three and six months ended June 30, 2024, respectively. Research and development expenses increased to $30.8 million in Q2, primarily due to continued investment in ivonescimab development. The company entered a $15 million amendment with Akeso to expand licensed territories for ivonescimab.Summit's cash position stood at $325.4 million as of June 30, 2024, including $28.4 million in cash and $297 million in short-term investments. The company expects this to fund operations into Q4 2025. Summit is advancing two Phase III trials for ivonescimab in non-small cell lung cancer: HARMONi and HARMONi-3, with patient enrollment ongoing.Management highlighted positive data from partner Akeso's trials of ivonescimab, including meeting the primary endpoint in a Phase III NSCLC study. Summit plans to continue investing in ivonescimab's clinical development across its expanded licensed territories, which now include Latin America, Middle East and Africa. The company is also pursuing partnerships for its antibiotic assets ridinilazole and SMT-738.

Summit Therapeutics reported Q2 2024 financial results, with a net loss of $60.4 million and $103.9 million for the three and six months ended June 30, 2024, respectively. Research and development expenses increased to $30.8 million in Q2, primarily due to continued investment in ivonescimab development. The company entered a $15 million amendment with Akeso to expand licensed territories for ivonescimab.Summit's cash position stood at $325.4 million as of June 30, 2024, including $28.4 million in cash and $297 million in short-term investments. The company expects this to fund operations into Q4 2025. Summit is advancing two Phase III trials for ivonescimab in non-small cell lung cancer: HARMONi and HARMONi-3, with patient enrollment ongoing.Management highlighted positive data from partner Akeso's trials of ivonescimab, including meeting the primary endpoint in a Phase III NSCLC study. Summit plans to continue investing in ivonescimab's clinical development across its expanded licensed territories, which now include Latin America, Middle East and Africa. The company is also pursuing partnerships for its antibiotic assets ridinilazole and SMT-738.