SMMTSummit Therapeutics Inc.
Summit Therapeutics Inc. (SMMT) sells oncology-focused therapies, including its late-stage asset ivonescimab, targeting B7-H3, a promising but historically underexploited antigen. The next catalyst is Oct 1, 2026 — Summit Packs A Punch For Merck's Keytruda — But Not Everyone Is Sold, which will test the company’s ability to differentiate its asset in a crowded checkpoint inhibitor space.
- Revenue is $0, with a net loss of $826.34M in the latest quarter.
- Free cash flow is -$736.92M over the trailing twelve months.
- Shareholders’ equity stands at $658.86M, with a diluted EPS of -0.28.
The Read
Summit Therapeutics' stock plunged after a major clinical setback for ivonescimab in Q1 2026, continued to decline following mixed trial results and a dilutive equity raise in mid-2026, but rallied briefly on China approval news in August 2026.
The schedule
- Thu1Oct
Summit Packs A Punch For Merck's Keytruda — But Not Everyone Is Sold
- Thu22Oct
Quarterly earnings report with guidance on clinical progress and revenue outlook.
- Thu22Oct
- Sat14Nov
November 14 Is The Make-Or-Break Moment For Summit Therapeutics' Cancer Bet
- Mon23Nov
WCLC 2026 Data Presentation
- Sun27Dec
- Thu21Jan
- Thu22Apr
Past
- Thu23Jul
Actual outcome: Bear · $13.11 at outcome
Summit Therapeutics reported an EPS actual of -0.28, matching the estimate, but the stock fell 12.5% from the event date to the outcome date. The earnings call highlighted updated survival data for ivonescimab and a potential FDA decision in November, which should have been positive, but the stock reacted negatively, likely due to the ongoing legal investigation and concerns over cash utilization, overshadowing the positive clinical updates.
The Q2 earnings call will force management to clarify the regulatory timeline for ivonescimab and address post-setback cash utilization.
- Wed22Jul
Actual outcome: Bear · $13.11 at outcome
The stock fell 11.1% from the event date to the outcome date, reflecting investor concerns over SMMT's cash runway and the dilutive equity raise. While the company reported better-than-expected Q2 results and shared positive updated survival data for ivonescimab, the market reacted negatively to the capital structure action and the associated financial pressure, leading to the bear classification.
SMMT must address its critically constrained cash runway before its Q2 print, likely triggering a dilutive equity raise.
- Mon8Jun
Actual outcome: Bear · $13.08 at outcome
Summit Therapeutics reported an EPS actual of -0.24, matching the estimate, but the stock fell 7.3% following the event. The key development was the HARMONi-3 trial update, which showed mixed results, leading to investor uncertainty and a bearish price reaction.
Q4 financial print paired with a make-or-break update on the HARMONi-3 Phase 3 interim analysis.
- Thu30Apr
Actual outcome: Bear · $17.89 at outcome
Summit Therapeutics reported an in-line Q1 EPS of -$0.29, but announced a major clinical setback for its late-stage cancer asset, ivonescimab. The stock plunged below the $18.50 bear floor as the pipeline delay raised serious concerns over the company's clinical progress, completely overshadowing the quarterly financial results.
