$SMMT reports Q4 and year-end results; signs agreement for bispecific antibody.
Mar 9th 2023, 9:16 pm
Analyst Summary: Summit Therapeutics has reported its financial results and operational progress for the fourth quarter and year ended on December 31, 2022. The company and Akeso have entered into a Collaboration and License Agreement for ivonescimab, a breakthrough bispecific antibody. Summit has received the rights to develop and commercialize ivonescimab in the United States, Canada, Europe, and Japan, and will do so first in non-small cell lung cancer indications. Under the agreement, Akeso will be eligible to receive regulatory and commercial milestones of up to $4.5 billion and low double-digit royalties. Michelle Xia, Ph.D., CEO of Akeso, has been appointed to Summit's Board of Directors. Summit Therapeutics has appointed renowned biotech executive and scientific leader Robert Booth, PhD, and experienced clinical leader Alessandra Cesano, MD, to its Board of Directors. The company's aggregate cash and cash equivalents, restricted cash, accounts receivable, and tax credits receivable on December 31, 2022, totaled $654.7 million, with a net loss of $78.8 million for the year ended December 31, 2022. Summit has initiated a note purchase agreement with its Chairman and CEO, Robert W. Duggan, and the Company's Co-Chief Executive Officer, President, and a member of its Board of Directors, Dr. D. The company's management team will host an earnings call to discuss its fourth quarter 2022 financial results and provide an operational update for the company on March 9, 2023, at 9:00 am ET. Forward-looking statements include Summit's belief that it has sufficient capital resources to fund its operating costs and working capital needs, including planned clinical trials for ivonescimab, into the second half of 2024, and the amounts and timing of payments to Akeso.