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Summit Therapeutics amended its distribution agreement with J.P. Morgan Securities LLC to expand its at-the-market capacity, increasing the aggregate amount of common stock it may sell by $360,000,000. The company previously filed a prospectus supplement covering up to $90.0 million of sales, with approximately $45.8 million remaining available under that supplement.

The amendment permits the Sales Agent to sell shares from time to time, including on Nasdaq, to market makers, in block or negotiated transactions, or by other lawful methods, and the Sales Agent will receive a commission of up to 3.0% of gross proceeds. The company is not obligated to sell any shares; any issuance would be pursuant to its effective Form S-3 registration statement and the related prospectus supplements.

Summit Therapeutics Inc. is offering up to $360,000,000 of common stock via an amendment to its distribution agreement with J.P. Morgan, expanding available at-the-market sales; the Sales Agent may earn up to 3.0% commission and sales will occur on Nasdaq under the symbol SMMT (closing price $28.66 on August 8, 2025).

The company鈥檚 lead program, ivonescimab (a PD-1/VEGF bispecific licensed from Akeso), produced positive Phase III results: the multiregional HARMONi topline showed a statistically significant PFS benefit (HR 0.52; 95% CI 0.41鈥�0.66; p<0.00001) and an OS trend (HR 0.79; p=0.057). Akeso-sponsored trials and Chinese approvals were also reported. Summit paid upfront consideration under the license (including $474.9M cash plus 10M shares and a subsequent $15M territorial amendment).

Material financials and risks disclosed include a noted substantial doubt about going concern, net tangible book value of approximately $257.4M ($0.35 per share) as of June 30, 2025, and projected as-adjusted net tangible book value of $611.7M ($0.81 per share) after the illustrative sale鈥攑roducing $27.85 per-share dilution to new investors. Outstanding shares and option pools are also substantial.

Summit Therapeutics Inc. reported a large increase in operating activity as it advances ivonescimab, its lead bispecific antibody licensed from Akeso. The company recorded cash and cash equivalents of $297,872 (reported in thousands) and total assets of $324,037, while total stockholders' equity decreased to $259,439. For the three and six months ended June 30, 2025, Summit reported net losses of $(565,708) and $(628,621) (in thousands), respectively, with basic and diluted net loss per share of $(0.76) and $(0.85) for the three- and six-month periods.

Clinical progress is material: Summit announced topline HARMONi Phase III results showing a statistically significant improvement in progression-free survival (PFS) with ivonescimab plus chemotherapy (hazard ratio 0.52; 95% CI 0.41鈥�0.66; p<0.00001) and a positive, non-significant overall survival trend (HR 0.79; p=0.057). The company intends to consider filing a BLA. Liquidity and going-concern items are notable: management states cash is not sufficient to fund planned operations for at least one year, and the filing discloses substantial doubt about the company鈥檚 ability to continue as a going concern.

Summit Therapeutics Inc. (SMMT) filed an 8-K disclosing that, effective June 16 2025, it entered into a Sub-Sublease Agreement with Ascendis Pharma for approximately 36,406 sq ft of office space in Palo Alto, California.

The lease term runs from January 1 2026 through October 28 2033, spanning nearly eight years. Average annual lease payments are expected to be about $2.8 million, subject to landlord and sub-landlord consent. The full agreement will be filed as an exhibit to the company鈥檚 Q2 2025 Form 10-Q.

The filing constitutes an Item 1.01 Material Definitive Agreement disclosure and does not include additional financial or operational updates.