NASDAQ$SMMT
Summit Therapeutics Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Summit Therapeutics reported its Q3 2024 financial results and provided an update on operational progress, highlighted by positive Phase III trial results for ivonescimab and a strengthened cash position.
Summit Therapeutics reported a net loss of $56.3 million for Q3 2024. The company highlighted positive results from the Phase III HARMONi-2 trial of ivonescimab, which demonstrated a significant reduction in disease progression or death compared to pembrolizumab in NSCLC patients. Summit also completed a $235 million private financing, increasing its cash reserves to $487 million.
- Ivonescimab monotherapy showed clinically meaningful benefit over pembrolizumab in Phase III HARMONi-2 trial for first-line PD-L1 positive advanced NSCLC in China.
- Enrollment completed in global Phase III HARMONi trial in 2L+ EGFRm advanced NSCLC with topline data expected in mid-2025.
- Summit intends to expand HARMONi-3 global Phase III trial in 1L metastatic NSCLC to include patients with tumors of non-squamous histology.
- Summit to initiate global Phase III HARMONi-7 trial in 1L PD-L1 high, metastatic NSCLC in early 2025.
Headline financials
Revenue & EPS history
Summit Therapeutics · Revenue · Quarterly
$0
Forward guidance
Summit Therapeutics plans to continue investing in ivonescimab trials, expanding and initiating new studies in 2025, supported by a strengthened cash balance.
Tailwinds
- Expansion of clinical study and development costs related to ivonescimab
- Initiation of HARMONi-7 trial in early 2025
- Amendment of HARMONi-3 trial to include patients with both squamous and non-squamous histologies
- Focus on advancing ivonescimab in NSCLC
- Promising anti-tumor activity and safety data for ivonescimab
Headwinds
- Uncertainties inherent in the initiation of future clinical trials
- Dependence on Akeso Inc. for data generation and analysis
- Potential delays and increased expenses due to changes in ongoing trials
- Reliance on forward-looking statements with inherent risks and uncertainties
- Potential impact of global public health crises on clinical trials and operations
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
-2.5%
Avg return
Earnings day
-0.5%
Avg return
5 days after
+6.7%
Avg return
30 days after
29%
12 / 42 earnings
Positive
+48.6%
Q1 2021
Best reaction
-18.9%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +1.2% | +3.1% | +7.3% | |
| Q3 2025 | -4.6% | -8.1% | -21.1% | |
| Q1 2025 | +12.9% | -1.5% | -26.2% | |
| Q4 2024 | -14.8% | -6.5% | -10.1% | |
| Q3 2024 | -14.8% | -8.6% | -15.4% | |
| Q2 2024 | -6.2% | +7.6% | +24.8% | |
| Q1 2024 | +3.3% | +13.7% | +121.0% | |
| Q4 2023 | -18.9% | -8.5% | -30.0% | |
| Q3 2023 | -16.3% | -12.6% | +1.8% | |
| Q2 2023 | +1.7% | +13.1% | -12.0% | |
| Q1 2023 | -18.9% | -27.4% | -17.5% | |
| Q4 2022 | -2.0% | +14.5% | +0.7% | |
| Q3 2022 | -2.0% | +2.9% | +284.3% | |
| Q2 2022 | +1.9% | -2.9% | +24.0% | |
| Q1 2022 | +5.4% | -6.3% | -14.5% | |
| Q4 2021 | +8.3% | +19.0% | -25.2% | |
| Q3 2021 | -5.4% | -0.9% | -12.0% | |
| Q2 2021 | -2.2% | -7.9% | -19.8% | |
| Q1 2021 | +48.6% | +56.4% | +22.2% | |
| Q4 2020 | -4.3% | -5.2% | -12.3% | |
| Q3 2020 | -5.6% | -9.3% | +14.4% | |
| Q2 2020 | -0.9% | -5.2% | -4.3% | |
| Q4 2019 | -13.8% | +3.2% | -2.9% | |
| Q1 2020 | -2.7% | -5.1% | -11.3% | |
| Q3 2019 | -2.6% | -3.6% | +0.7% | |
| Q2 2019 | -7.4% | -9.1% | -4.6% | |
| Q1 2019 | -12.5% | -2.4% | -6.9% | |
| Q4 2018 | +4.0% | +7.4% | +8.6% | |
| Q3 2018 | -10.1% | -12.9% | +11.5% | |
| Q2 2018 | -2.6% | -4.3% | -19.7% | |
| Q1 2018 | -1.4% | -4.4% | -81.8% | |
| Q3 2017 | -3.0% | -2.9% | -6.2% | |
| Q2 2017 | +4.3% | +3.0% | -2.5% | |
| Q1 2017 | +4.9% | +2.9% | +15.9% | |
| Q4 2016 | -2.2% | +1.2% | -15.6% | |
| Q3 2016 | -4.5% | -6.3% | +4.7% | |
| Q2 2016 | -7.3% | -6.1% | +78.7% | |
| Q1 2016 | -4.9% | — | — | |
| Q3 2015 | +1.9% | — | — | |
| Q2 2015 | -0.9% | — | — | |
| Q4 2014 | -4.3% | — | — | |
| Q1 2015 | -4.3% | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q4 2011 | — | — | — | |
| Q3 2011 | — | — | — |
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