Summit Therapeutics notes ‘doubt’ about ability to continue as ‘going concern’

In the company’s quarterly filing, Summit Therapeutics (SMMT) stated: “During the three and six months ended June 30, 2025, the company incurred a net loss of $565,708 and $628,621, respectively, and cash used in operating activities for the six months ended June 30, 2025 was $127,912. As of June 30, 2025, the company had an accumulated deficit of $1,843,194 and cash and cash equivalents of $297,872. The company expects to continue to generate operating losses for the foreseeable future. The company’s cash and cash equivalents are not sufficient to fund the company’s planned operations for a period of at least one year from the date these unaudited condensed consolidated financial statements are issued. Until the company can generate substantial revenue and achieve profitability, the company will need to raise additional capital to fund its ongoing operations and capital needs. The company continues to evaluate options to further finance its operating cash needs for its product candidates through a combination of some, or all, of the following: equity and debt offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organizations, and marketing, distribution or licensing arrangements. There is no assurance, however, that additional financing will be available when needed or that management of the company will be able to obtain financing on terms acceptable to the company. If the company is unable to obtain funding when required in the future, the company could be required to delay or reduce research and development programs, product portfolio expansion, or future commercialization efforts, which could adversely affect its business prospects. These conditions raise substantial doubt about the company’s ability to continue as a going concern.”