Summit Therapeutics Inc. - Common Stock (SMMT)

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today announced the grant of inducement awards of options to purchase a collective total of up to 145,550 shares of common stock. Awards were made to nine new employees of the Company. The awards were granted as an inducement material to the new employees becoming employees of the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and have been approved by the Company’s Compensation Committee. The inducement awards were granted on January 10, 2025. The options have a ten (10) year term and an exercise price of $17.85 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on January 10, 2025. The options were granted from a pool of equity incentives reserved by the Compensation Committee on May 3, 2024 for issuance as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

Summit Therapeutics Inc. (NASDAQSMMT) (“Summit,” “we,” or the “Company”) today announced that it will participate in and present at the 43rd Annual J.P. Morgan Healthcare Conference in San Francisco, California, on Monday, January 13, 2025 at 3:00 PM PT. Robert W. Duggan, Chairman and Chief Executive Officer, and Dr. Maky Zanganeh, Chief Executive Officer and President, will present a corporate overview and an update on the progress of our organization, including the development of our innovative investigational bispecific antibody, ivonescimab.

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today announced the grant of inducement awards of options to purchase a collective total of up to 98,000 shares of common stock. Awards were made to six new employees of the Company. The awards were granted as an inducement material to the new employees becoming employees of the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and have been approved by the Company’s Compensation Committee. The inducement awards were granted on December 10, 2024. The options have a ten (10) year term and an exercise price of $17.97 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on December 10, 2024. The options were granted from a pool of equity incentives reserved by the Compensation Committee on May 3, 2024 for issuance as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

Summit Therapeutics Inc. (NASDAQSMMT) (“Summit,” “we,” or the “Company”) today announced that it will participate in and present at the 7th Annual Evercore HealthCONx Conference and Citi’s 2024 Global Healthcare Conference, both being held in Miami. Our management team will participate in fireside chats surrounding the development of our innovative investigational bispecific antibody, ivonescimab, at the Evercore HealthCONx Conference on Tuesday December 3, 2024 at 8:45am ET, and the Citi Global Healthcare Conference on Wednesday December 4, 2024 at 8:45am ET.

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today announced the grant of inducement awards of options to purchase a collective total of up to 227,600 shares of common stock. Awards were made to 15 new employees of the Company. The awards were granted as an inducement material to the new employees becoming employees of the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and have been approved by the Company’s Compensation Committee. The inducement awards were granted on November 15, 2024. The options have a ten (10) year term and an exercise price of $18.31 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on November 15, 2024. The options were granted from a pool of equity incentives reserved by the Compensation Committee on May 3, 2024 for issuance as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today reported an update on its operational progress and financial results for the third quarter and nine months ended September 30, 2024.

Summit Therapeutics Inc. (NASDAQSMMT) (“Summit,” “we,” or the “Company”) will host an earnings call to announce its third quarter 2024 financial results and provide an operational update for the Company on Wednesday, October 30, 2024, before the market opens.

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today announced the grant of inducement awards of options to purchase a collective total of up to 249,550 shares of common stock. Awards were made to ten new employees of the Company. The awards were granted as an inducement material to the new employees becoming employees of the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and have been approved by the Company’s Compensation Committee. The inducement awards were granted on October 1, 2024. The options have a ten (10) year term and an exercise price of $20.10 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on October 1, 2024. The options were granted from a pool of equity incentives reserved by the Compensation Committee on May 3, 2024 for issuance as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

Summit Therapeutics Inc. (NASDAQSMMT) (“Summit,” “we,” or the “Company”) today announced that we have completed enrollment in our HARMONi clinical trial, a multi-regional Phase III study sponsored by Summit evaluating ivonescimab plus platinum-doublet chemotherapy vs. placebo plus platinum-doublet chemotherapy with epidermal growth factor receptor (EGFR)-mutated, locally advanced or metastatic non-squamous non-small cell lung cancer (NSCLC) who have progressed after treatment with a 3rd generation EGFR tyrosine kinase inhibitor (TKI). HARMONi completed enrolling patients from sites in North America, Europe, and China. This is a clinical setting with a patient population where PD-1 monoclonal antibodies have previously been unsuccessful in Phase III global clinical trials.

Summit Therapeutics (NASDAQSMMT) recently captured headlines with the release of its Phase 3 data for ivonescimab, a targeted NSCLC therapy that has generated substantial buzz. The results from its trial conducted in China showed a dramatic 49% reduction in the risk of disease progression or death compared to Merck’s Keytruda, signaling a potentially disruptive force in NSCLC treatment. However, the news wasn’t without its concerns—since the trial data originates from China, there are questions about its applicability to broader, global populations. As noted by BMO Capital Markets’ Evan Seigerman: “Results may or may not be generalizable beyond the China-focused patient population initially assessed.” Despite this, Summit’s valuation has risen by over 100%, now approximating $19 billion. With such a high valuation, the company could see limited room for further significant gains, leading many in the industry to explore other emerging opportunities in precision oncology.

Summit Therapeutics Inc. (NASDAQSMMT) (“Summit,” “we,” or the “Company”) today announced that data for the novel, potential first-in-class investigational bispecific antibody, ivonescimab, was presented at the 2024 European Society for Medical Oncology Annual Meeting (ESMO 2024) in Barcelona, Spain, including two presentations and one poster featuring updated ivonescimab data in advanced triple-negative breast cancer (TNBC), recurrent / metastatic head and neck squamous cell carcinoma (HNSCC), and metastatic microsatellite-stable (MSS) colorectal cancer (CRC). Each trial from which the data was generated was a Phase II study conducted in China sponsored by Akeso Inc. (HKEX Code: 9926.HK) with data generated and analyzed by Akeso.

Summit Therapeutics has surged almost 100% this week, driven by positive Phase III trial results for its cancer therapy Ivonescimab. 

Summit Therapeutics Inc. (NASDAQSMMT) (“Summit,” “we,” or the “Company”) today announced that the Company accepted offers from multiple leading biotech institutional and individual investors to purchase an aggregate of approximately 10.35 million shares of the Company’s common stock at $22.70 per share, the closing price on Wednesday, September 11, 2024, for aggregate gross proceeds to the Company of approximately $235 million. The capital raise was completed without bankers’ fees.

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today announced data from the primary analysis of the Phase III HARMONi-2 trial featuring the novel, potential first-in-class investigational bispecific antibody, ivonescimab. The data was presented this morning as part of the Presidential Symposium at the International Association for the Study of Lung Cancer’s (IASLC) 2024 World Conference on Lung Cancer (WCLC 2024) in San Diego, California.

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today announced the grant of inducement awards of options to purchase a collective total of up to 102,000 shares of common stock. Awards were made to five new employees of the Company. The awards were granted as an inducement material to the new employees becoming employees of the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and have been approved by the Company’s Compensation Committee. The inducement awards were granted on September 4, 2024. The options have a ten (10) year term and an exercise price of $12.00 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on September 4, 2024. The options were granted from a pool of equity incentives reserved by the Compensation Committee on May 3, 2024 for issuance as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today announced that the primary analysis of the Phase III HARMONi-2 trial featuring its novel, potential first-in-class investigational bispecific antibody, ivonescimab, will be presented as part of the Presidential Symposium at the International Association for the Study of Lung Cancer’s (IASLC) 2024 World Conference on Lung Cancer (WCLC 2024) in San Diego, California. The presentation will take place on Sunday, September 8, 2024 at 8:37 am PT (11:37 am ET).

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today announced the grant of inducement awards of options to purchase a collective total of up to 453,250 shares of common stock. Awards were made to fourteen new employees of the Company. The awards were granted as an inducement material to the new employees becoming employees of the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and have been approved by the Company’s Compensation Committee. The inducement awards were granted on August 7, 2024. The options have a ten (10) year term and an exercise price of $9.40 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on August 7, 2024. The options were granted from a pool of equity incentives reserved by the Compensation Committee on May 3, 2024 for issuance as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today reports its financial results and provides an update on its operational progress for the second quarter and six months ended June 30, 2024.

Summit Therapeutics Inc. (NASDAQSMMT) (“Summit,” “we,” or the “Company”) will host an earnings call to announce its second quarter 2024 financial results and provide an operational update for the Company on Tuesday, August 6, 2024, before the market opens.

Summit Therapeutics Inc. (NASDAQSMMT) (“Summit,” “we,” or the “Company”) and The University of Texas MD Anderson Cancer Center (MD Anderson) today announced a strategic five-year collaboration agreement for the purpose of accelerating the development of ivonescimab.

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today announced the grant of inducement awards of options to purchase a collective total of up to 330,000 shares of common stock. Awards were made to six new employees of the Company. The awards were granted as an inducement material to the new employees becoming employees of the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and have been approved by the Company’s Compensation Committee. The inducement awards were granted on June 28, 2024. The options have a ten (10) year term and an exercise price of $7.80 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on June 28, 2024. The options were granted from a pool of equity incentives reserved by the Compensation Committee on May 3, 2024, for issuance as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

Summit Therapeutics Inc. (NASDAQSMMT) (“Summit,” “we,” or the “Company”) today announced that the Company received and accepted an unsolicited offer from an institutional investor to purchase 22,222,222 shares of the Company’s common stock at $9.00 per share, a premium to the closing price on Friday, May, 31, 2024, for aggregate gross proceeds to the Company of approximately $200.0 million.

Summit Therapeutics Inc. (NASDAQSMMT) (“Summit,” “we,” or the “Company”) announced that the Journal of the American Medical Association (JAMA) published a manuscript titled, “Ivonescimab Plus Chemotherapy in Non-Small Cell Lung Cancer with EGFR Variant: A Randomized Clinical Trial.” The publication is based on the results of HARMONi-A, a single region, multi-center, Phase III study conducted in China sponsored by Akeso, Inc. (Akeso, HKEX Code: 9926.HK), with data generated and analyzed by Akeso.

Summit Therapeutics Inc. (NASDAQSMMT) (“Summit,” “we,” or the “Company”) announced that, on May 24, 2024, our partner, Akeso Inc. (Akeso, HKEX Code: 9926.HK), received marketing authorization in China from the National Medical Products Administration (NMPA). The approval is based on the positive dataset associated with HARMONi-A, a single region, multi-center, Phase III study conducted in China sponsored by Akeso with data generated and analyzed by Akeso.

Summit Therapeutics Inc. (NASDAQSMMT) ("Summit," "we," or the "Company") today announced the grant of inducement awards of options to purchase a collective total of up to 200,000 shares of common stock. An award was made to one new employee of the Company. The award was granted as an inducement material to the new employee becoming an employee of the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and has been approved by the Company’s Compensation Committee. The inducement award was granted on May 24, 2024. The options have a ten (10) year term and an exercise price of $3.380 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on May 24, 2024. The options were granted from a pool of equity incentives reserved by the Compensation Committee on May 3, 2024 for issuance as inducements to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).