Summit Therapeutics reported Q3 2024 financial results, with a net loss of $56.3 million. Research and development expenses increased to $37.7 million, primarily due to continued investment in ivonescimab development. The company raised $235 million through a private placement and $44.2 million via an at-the-market offering to fund ongoing operations.Summit completed enrollment in its HARMONi Phase III trial for ivonescimab in NSCLC, with topline results expected in mid-2025. The company plans to initiate the HARMONi-7 Phase III trial in early 2025, comparing ivonescimab monotherapy to pembrolizumab in first-line metastatic NSCLC patients with high PD-L1 expression. Summit also expanded its licensed territories for ivonescimab to include Latin America, Middle East, and Africa.As of September 30, 2024, Summit had $93.8 million in cash and $393.1 million in short-term investments. The company believes its current resources will fund operations for at least the next 12 months. Summit continues to advance ivonescimab's clinical development and explore opportunities in solid tumor settings beyond NSCLC.

Summit Therapeutics reported Q3 2024 financial results, with a net loss of $56.3 million. Research and development expenses increased to $37.7 million, primarily due to continued investment in ivonescimab development. The company raised $235 million through a private placement and $44.2 million via an at-the-market offering to fund ongoing operations.Summit completed enrollment in its HARMONi Phase III trial for ivonescimab in NSCLC, with topline results expected in mid-2025. The company plans to initiate the HARMONi-7 Phase III trial in early 2025, comparing ivonescimab monotherapy to pembrolizumab in first-line metastatic NSCLC patients with high PD-L1 expression. Summit also expanded its licensed territories for ivonescimab to include Latin America, Middle East, and Africa.As of September 30, 2024, Summit had $93.8 million in cash and $393.1 million in short-term investments. The company believes its current resources will fund operations for at least the next 12 months. Summit continues to advance ivonescimab's clinical development and explore opportunities in solid tumor settings beyond NSCLC.