Summit Therapeutics PLC (SMMT)
NASDAQ:SMMT
Want to see SMMT full AI Analyst Report?
Top Page
Summit Therapeutics
(NASDAQ:SMMT)
Select Model
Select Model
Rating:47Neutral
Price Target:
$14.00
▼(-44.33% Downside)
Action:Reiterated
Date:06/13/26
The score is driven primarily by very weak financial performance (minimal revenue with sharply expanding losses and cash burn) and bearish technicals (price below major moving averages with negative MACD). Positive clinical updates and other corporate actions provide some support, but valuation remains difficult to justify on earnings given ongoing losses.
Positive Factors
Clinical efficacy (ivonescimab)
Robust interim Phase II results materially de-risk the lead bispecific candidate by showing high response and durable control in first-line metastatic colorectal cancer. This strengthens the clinical thesis, improves probability of Phase III success, and increases partner/milestone optionality over the medium term.
Negative Factors
High cash burn
Rapidly increasing negative free cash flow signals substantial ongoing funding needs that will likely require external capital or material partner payments. Persistent burn elevates dilution risk, compresses runway if milestones slip, and increases the likelihood of financing-dependent delays or restructurings over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Clinical efficacy (ivonescimab)
Robust interim Phase II results materially de-risk the lead bispecific candidate by showing high response and durable control in first-line metastatic colorectal cancer. This strengthens the clinical thesis, improves probability of Phase III success, and increases partner/milestone optionality over the medium term.
Read all positive factors
Summit Therapeutics (SMMT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.67B
Dividend YieldN/A
Average Volume (3M)5.56M
Price to Earnings (P/E)―
Beta (1Y)3.02
Revenue GrowthN/A
EPS Growth-384.68%
CountryUS
Employees159
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.40
Shares Outstanding776,162,660
10 Day Avg. Volume6,848,523
30 Day Avg. Volume5,556,692
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)26.74
Price to Sales (P/S)0.00
P/FCF Ratio-54.45
Enterprise Value/Market Cap1.02
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-10.29
Forecast
1Y Price Target
$29.06Price Target Upside15.56% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)-1.13
Revenue Forecast (FY)$3.85M
Summit Therapeutics Business Overview & Revenue Model
Company Description
Summit Therapeutics Inc. is a biopharmaceutical firm dedicated to discovering, developing, and commercializing therapeutic solutions, primarily targeting infectious diseases across the United States and Latin America. The company's clinical develo...
How the Company Makes Money
Summit Therapeutics primarily makes money through collaboration-related payments and other income associated with its licensing arrangements, rather than through product sales (as it is a clinical-stage company). A key driver is its partnership wi...
Summit Therapeutics Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presented a strong set of clinical and operational achievements: multiple positive Phase III readouts, broad global development, robust patient exposure, strategic collaborations, a healthy cash balance ($713.4M), manufacturing transfer to the U.S., and an accepted BLA with a November 14, 2026 PDUFA date. Key risks remain around demonstrating statistically significant overall survival for U.S. approval in the EGFR setting, OS immaturity at the interim PFS readout for HARMONi-3 squamous, increased near-term R&D spending (non-GAAP op expenses +~9.6% Q/Q), and reliance on partner-generated data from China which may require bridging for global regulatory bodies. On balance, the highlights (clinical momentum, approvals in China, partnerships, cash runway, manufacturing readiness) outweigh the challenges, but the path to full U.S. approval and broader commercialization depends on forthcoming OS data and regulatory interactions.Positive Updates
Strong cash position and no debt
Ended FY2025 with approximately $713.4 million in cash and no debt, supporting continued clinical development and commercial readiness activities.
Negative Updates
Regulatory requirement for overall survival in EGFR setting
FDA noted that a statistically significant overall survival (OS) benefit is necessary to support marketing authorization in the EGFR post-TKI setting; OS immaturity at interim PFS analyses means approval risk remains contingent on future OS data.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong cash position and no debt
Ended FY2025 with approximately $713.4 million in cash and no debt, supporting continued clinical development and commercial readiness activities.
Read all positive updates
Company Guidance
Summit guided that an interim PFS analysis for the HARMONi‑3 squamous cohort will be conducted in Q2 2026 (squamous screening complete with ~600 patients randomized), with final PFS and an interim OS analysis planned in H2 2026; the non‑squamous cohort is expected to complete enrollment in H2 2026 and reach prespecified events for final PFS by H1 2027. The company reminded investors the HARMONi BLA is accepted by FDA with a PDUFA date of Nov 14, 2026 (FDA has indicated a statistically significant OS benefit will be required for approval in the EGFR‑mutant post‑TKI setting). Financial and operational metrics disclosed included cash of ~$713.4M at year‑end 2025 with no debt; Q4 2025 GAAP operating expenses of $225M (vs. $234.2M in Q3), non‑GAAP operating expenses of $113.3M (vs. $103.4M), a $19.1M decrease in stock‑based comp offset by an $8.8M increase in clinical spend, and full‑year 2025 G&A ex‑stock comp of ~$43M (run rate ~$10–11M/quarter). Pipeline and milestone metrics: 4 Phase III readouts to date (all positive), ~15 randomized Phase III trials announced/ongoing, 44 trials initiated since 2019, 142 total trials listed on ClinicalTrials.gov (including ISTs), >4,000 patients enrolled in Summit/Akeso trials, >60,000 patients treated commercially in China across two approved indications, ILLUMINE (GORTEC) Phase III to enroll ~780 patients beginning next quarter, Revolution collaboration first patient dosed, GSK combo study to begin dosing mid‑2026, and production process successfully transferred and validated to a U.S. manufacturer.Summit Therapeutics Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
63
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 583.19K | 1.34M |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | 583.19K | 1.34M |
| EBITDA | -1.05B | -1.08B | -168.46M | -69.45M | -51.58M | -64.31M |
| Net Income | -1.05B | -1.08B | -176.77M | -482.37M | -65.17M | -65.52M |
Balance Sheet | ||||||
| Total Assets | 491.31M | 557.50M | 348.05M | 160.60M | 541.43M | 84.04M |
| Cash, Cash Equivalents and Short-Term Investments | 454.05M | 529.49M | 329.50M | 147.38M | 284.18M | 53.22M |
| Total Debt | 15.20M | 15.50M | 5.77M | 83.96M | 422.89M | 2.06M |
| Total Liabilities | 77.30M | 68.52M | 37.41M | 99.12M | 438.18M | 22.30M |
| Stockholders Equity | 414.01M | 488.98M | 310.64M | 61.48M | 103.25M | 61.74M |
Cash Flow | ||||||
| Free Cash Flow | -286.92M | -240.15M | -113.67M | -60.85M | -34.41M | -54.03M |
| Operating Cash Flow | -286.56M | -239.67M | -113.56M | -60.74M | -33.90M | -53.81M |
| Investing Cash Flow | -249.64M | -129.37M | -164.09M | -465.14M | -508.68K | -226.83K |
| Financing Cash Flow | 455.51M | 458.31M | 304.63M | 68.46M | 505.62M | 57.76M |
Summit Therapeutics Technical Analysis
Negative
25.15
Price Trends
18.09
Negative
17.06
Negative
17.96
Negative
Market Momentum
-1.14
Negative
37.16
Neutral
50.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMMT, the sentiment is Negative. The current price of 25.15 is above the 20-day moving average (MA) of 15.15, above the 50-day MA of 18.09, and above the 200-day MA of 17.96, indicating a bearish trend. The MACD of -1.14 indicates Negative momentum. The RSI at 37.16 is Neutral, neither overbought nor oversold. The STOCH value of 50.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SMMT.
Summit Therapeutics Risk Analysis
Summit Therapeutics disclosed 71 risk factors in its most recent earnings report. Summit Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Summit Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | $19.62B | 13.67 | 29.31% | ― | 21.48% | 1853.63% | |
79 Outperform | $22.78B | 18.13 | 19.24% | ― | 5.87% | 8.18% | |
63 Neutral | $15.09B | 18.67 | 14.53% | ― | 21.02% | -24.83% | |
62 Neutral | $14.40B | 24.51 | -5641.90% | ― | 155.14% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $22.98B | -16.22 | -6.67% | ― | 10.01% | -71.78% | |
47 Neutral | $10.67B | -10.13 | -340.55% | ― | ― | -384.68% |
* Healthcare Sector Average
SMMT
Summit Therapeutics
13.75
-6.81
-33.12%
INCY
Incyte
98.22
29.76
43.47%
UTHR
United Therapeutics
536.59
245.84
84.55%
ASND
Ascendis Pharma
230.83
53.93
30.49%
GMAB
Genmab
25.27
4.11
19.42%
BNTX
BioNTech SE
90.89
-15.64
-14.68%
Summit Therapeutics Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Summit Therapeutics stockholders approve directors and incentive plan
Positive
Jun 12, 2026
Summit Therapeutics Inc. held its 2026 Annual Meeting of Stockholders on June 10, 2026, where shareholders elected nine directors to serve until the 2027 annual meeting and ratified the appointment of PricewaterhouseCoopers LLP as the company̵...
Business Operations and StrategyStock Buyback
Summit Therapeutics Enables Affiliate and Insider Share Purchases
Positive
Jun 3, 2026
On June 2, 2026, Summit Therapeutics Inc.’s audit committee and all independent directors authorized one or more company affiliates to buy Summit’s common stock under its existing at-the-market equity program with JP Morgan Securities ...
Business Operations and StrategyProduct-Related Announcements
Summit Therapeutics Reports Strong Interim Ivonescimab Phase II Data
Positive
Jun 1, 2026
On May 30, 2026, Summit Therapeutics presented interim Phase II data at ASCO 2026 from the global AK112‑206 trial in first‑line unresectable metastatic colorectal cancer, showing ivonescimab plus standard mFOLFOX6 chemotherapy achieved...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.