Summit Therapeutics Inc Stock Price, News & Analysis

Summit Therapeutics (SMMT) reported its financial results for the fourth quarter and year ending December 31, 2022. The company is progressing with its Collaboration and License Agreement with Akeso, acquiring rights to ivonescimab, a bispecific antibody for cancer treatment, for an upfront payment of $500 million. Key financials include a net loss of $78.8 million for the year, a significant decrease from $88.6 million in 2021. Summit raised $500 million in a Rights Offering to fund ongoing operations, with sufficient capital expected to cover expenses into late 2024. An earnings call is scheduled for March 9, 2023.

Summit Therapeutics has announced the successful closing of a $500 million rights offering, resulting in the sale of approximately 476.2 million shares at $1.05 per share. This offering generated net proceeds of about $499.5 million after expenses. With these funds, the company aims to support its operations, particularly focusing on ivonescimab (SMT112), into the second half of 2024. The company will host a Q4 earnings call on March 9, 2023, at 9:00 am ET.

Summit Therapeutics Inc. (NASDAQ: SMMT) is conducting a rights offering aimed at raising up to $500 million before the expiration date of March 1, 2023. Each shareholder is entitled to purchase 2.152353 shares per existing share owned, at a subscription price of either $1.05 or the volume-weighted average price leading up to the expiration date. The rights are non-transferable and will expire if not exercised. The offering is linked to a registration statement effective from February 3, 2023, and details are available in the filed prospectus with the SEC.