Summit Therapeutics (SMMT)
NASDAQ:SMMT
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Summit Therapeutics
(NASDAQ:SMMT)
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Rating:54Neutral
Price Target:
$18.50
▲(11.58% Upside)
Action:ReiteratedDate:02/24/26
The score is held back primarily by very weak operating performance (minimal revenue with accelerating losses and cash burn) and limited valuation support (negative P/E, no dividend). Offsetting these are a strong balance sheet (low leverage, substantial cash) and a constructive earnings call with clear clinical/regulatory milestones, while technicals remain mixed and not yet supportive of a sustained uptrend.
Positive Factors
Strong cash position and no debt
A cash balance of ~$713M with no debt materially reduces near-term solvency risk and funds late‑stage trials, manufacturing transfer, and commercial readiness activities. This durable liquidity supports pivotal readouts and regulatory interactions over the next 2–6 months without immediate financing pressure.
Negative Factors
Severe cash burn and widening losses
A large 2025 net loss and negative operating/free cash flow create persistent funding needs absent commercialization or major partner payments. Even with a strong cash balance, continued high burn raises dilution risk, reliance on external financing, or need for milestone/licensing deals to sustain development beyond pivotal readouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash position and no debt
A cash balance of ~$713M with no debt materially reduces near-term solvency risk and funds late‑stage trials, manufacturing transfer, and commercial readiness activities. This durable liquidity supports pivotal readouts and regulatory interactions over the next 2–6 months without immediate financing pressure.
Read all positive factors
Summit Therapeutics (SMMT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.86B
Dividend YieldN/A
Average Volume (3M)2.24M
Price to Earnings (P/E)―
Beta (1Y)2.64
Revenue GrowthN/A
EPS Growth-348.63%
CountryUS
Employees159
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.29
Shares Outstanding775,372,700
10 Day Avg. Volume2,782,627
30 Day Avg. Volume2,242,613
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)19.85
Price to Sales (P/S)0.00
P/FCF Ratio-40.41
Enterprise Value/Market Cap0.94
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-111.98K
Enterprise Value/Ebitda-15.14
Forecast
1Y Price Target
$31.78Price Target Upside91.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
EPS Forecast (FY)-1.12
Revenue Forecast (FY)$5.47M
Summit Therapeutics Business Overview & Revenue Model
Company Description
Summit Therapeutics Inc., a biopharmaceutical company, discovers, develops, and commercializes medicines to treat infectious diseases in the United States and Latin America. It conducts clinical programs focusing on Clostridioides difficile infect...
How the Company Makes Money
Summit Therapeutics makes money primarily through (1) collaboration and licensing-related arrangements and (2) other non-product revenue sources that may include milestone-related or similar payments when contractual development or regulatory even...
Summit Therapeutics Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 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
12
Very Negative
Balance Sheet
78
Positive
Cash Flow
26
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 704.29K | 1.81M |
| Gross Profit | -108.36K | -15.01M | -2.05M | -1.81M | 1.81M |
| EBITDA | -801.12M | -212.85M | -69.45M | -73.12M | -85.91M |
| Net Income | -1.08B | -221.31M | -614.93M | -78.78M | -88.60M |
Balance Sheet | |||||
| Total Assets | 751.18M | 435.56M | 202.95M | 664.17M | 113.37M |
| Cash, Cash Equivalents and Short-Term Investments | 713.45M | 412.35M | 186.24M | 348.61M | 71.79M |
| Total Debt | 15.50M | 7.22M | 106.10M | 518.76M | 2.78M |
| Total Liabilities | 92.32M | 46.81M | 125.26M | 537.51M | 30.09M |
| Stockholders Equity | 658.86M | 388.75M | 77.69M | 126.65M | 83.28M |
Cash Flow | |||||
| Free Cash Flow | -323.59M | -142.25M | -76.89M | -42.21M | -72.89M |
| Operating Cash Flow | -322.93M | -142.11M | -76.76M | -41.58M | -72.59M |
| Investing Cash Flow | -174.31M | -205.34M | -587.77M | -624.00K | -306.00K |
| Financing Cash Flow | 617.53M | 381.23M | 86.51M | 620.24M | 77.92M |
Summit Therapeutics Technical Analysis
Neutral
16.58
Price Trends
15.76
Positive
16.79
Negative
19.86
Negative
Market Momentum
0.24
Negative
54.11
Neutral
70.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SMMT, the sentiment is Neutral. The current price of 16.58 is above the 20-day moving average (MA) of 15.91, above the 50-day MA of 15.76, and below the 200-day MA of 19.86, indicating a neutral trend. The MACD of 0.24 indicates Negative momentum. The RSI at 54.11 is Neutral, neither overbought nor oversold. The STOCH value of 70.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SMMT.
Summit Therapeutics Risk Analysis
Summit Therapeutics disclosed 70 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 |
|---|---|---|---|---|---|---|---|
85 Outperform | $22.91B | 16.17 | 19.30% | ― | 13.50% | 17.16% | |
74 Outperform | $17.97B | 14.98 | 29.15% | ― | 18.09% | 3563.21% | |
66 Neutral | $15.97B | 19.82 | 14.32% | ― | 24.98% | 127.06% | |
57 Neutral | $13.32B | -50.22 | 127.54% | ― | 103.32% | 47.55% | |
57 Neutral | $21.53B | -17.95 | -6.03% | ― | 7.04% | -25.24% | |
54 Neutral | $12.86B | -14.92 | -296.82% | ― | ― | -348.63% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
SMMT
Summit Therapeutics
16.58
-2.71
-14.05%
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Summit Therapeutics Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Summit Therapeutics Reports 2025 Results, Advances Ivonescimab Programs
Positive
Feb 23, 2026
On February 23, 2026, Summit Therapeutics reported its fourth-quarter and full-year 2025 results, highlighting rapid advancement of ivonescimab across a broad Phase III oncology program and multiple collaborations. The company’s global HARMO...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Summit Therapeutics’ Ivonescimab BLA Accepted by FDA
Positive
Jan 29, 2026
On January 29, 2026, Summit Therapeutics announced that the U.S. Food Drug Administration accepted for filing its Biologics License Application for ivonescimab in combination with chemotherapy for patients with EGFR‑mutated locally advanced...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Summit Therapeutics Expands Ivonescimab Program With GSK Collaboration
Positive
Jan 12, 2026
On January 12, 2026, Summit Therapeutics presented at the 44th Annual J.P. Morgan Healthcare Conference and disclosed that it had submitted a Biologics License Application in the fourth quarter of 2025 to the U.S. Food and Drug Administration for ...
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.