Summit Therapeutics
Develops Akeso-origin ivonescimab through multinational late-stage oncology trials.
Something off on this page? Send us feedback.
Profile
Develops ivonescimab, an Akeso-engineered PD-1/VEGF bispecific antibody, through multinational late-stage trials in lung and colorectal cancers. Its in-licensed oncology model depends on clinical results, regulatory review, external financing, and the Akeso agreement, while the drug remains unapproved in Summit’s territories.
Develops ivonescimab, an Akeso-engineered PD-1/VEGF bispecific antibody, across multinational late-stage oncology programs. The pipeline focuses on non-small cell lung cancer and metastatic colorectal cancer, with multiple registrational studies described in early 2026.
Operates through an in-licensed model: Akeso retains China and other excluded markets, while Summit controls development and commercialization across the United States, Canada, Europe, Japan, Latin America, the Middle East, and Africa. Clinical execution and regulatory filings are concentrated around this single externally engineered asset.
Depends on trial outcomes, regulatory review, continued access to capital, and obligations under the Akeso license. Ivonescimab remained unapproved in Summit’s territories in the latest context disclosure, while China’s authorization sits under Akeso’s territorial rights.
Company facts
Key statistics
Year to date −21.7% · Average volume (30d) 5.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Summit Redstone Partners | Target | $18 | $11.90 | ||
| Aug 25, 2026 | Bernstein | Upgrade | Underperform | Market Perform | ||
| Aug 12, 2026 | Leerink Partners | Upgrade | Underperform | Market Perform | ||
| Jul 24, 2026 | Jefferies | Target | $44 | $15 | ||
| Jul 24, 2026 | Stifel Nicolaus | Target | $40 | $38 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | −$0.27 | −$0.28 | −2.0% | $113.8K | — | — | −8.81% |
| Apr 30, 2026Q1 FY26 | −$0.33 | −$0.24 | +27.3% | $54.4K | — | — | −24.93% |
| Feb 23, 2026Q4 FY25 | −$0.10 | −$0.29 | −182.5% | $56.8M | — | — | +0.19% |
| Oct 20, 2025Q3 FY25 | −$0.18 | −$0.31 | −76.4% | $76.5M | — | — | −6.49% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | $0 | $0 | $0 | $0 | $0 | |
| Operating income | −$51.7M | −$414.1M | −$234.2M | −$224.9M | −$195.2M | −$220.5M | |
| Net income | −$48.7M | −$412.2M | −$231.8M | −$219.2M | −$189.4M | −$215.7M | |
| Diluted EPS | −$0.07 | −$0.56 | −$0.31 | −$0.29 | −$0.24 | −$0.28 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $1.3M · FY22 $580.4K · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $690.7M · Total debt $20.4M · Total assets $752.2M · Shareholders' equity $630.0M
Dividends
No dividends on record.
Ownership
Shares outstanding 797.75M · Float 110.35M · 13.8% free float
Insiders — filings are in another share unit.
The Form 4 positions here total more than the shares outstanding, so the filings and the share count are not on the same basis — usually an unlisted unit behind the listed one — and no insider percentage is shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Baker Bros. Advisors LP | 32.79M | 4.11% | 13F | Aug 14, 2026 |
| FMR LLC | 10.04M | 1.26% | 13F | Aug 13, 2026 |
| State Street Corp | 9.54M | 1.20% | 13F | Aug 7, 2026 |
| BlackRock, Inc. | 9.53M | 1.19% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 5.73M | 0.72% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 12, 2026 | Robert W. Duggan | director, 10 percent owner, officer: Co-Chief Executive Officer | +3,810,000 | $13.12 |
| Jun 12, 2026 | Mahkam Zanganeh | director, 10 percent owner, officer: Co-Chief Executive Officer | +3,810,000 | $13.12 |
| Jun 4, 2026 | Manmeet Singh Soni | director, officer: COO and CFO | +50,000 | $14.45 |
| Jun 4, 2026 | Mahkam Zanganeh | director, 10 percent owner, officer: Co-Chief Executive Officer | +100,000 | $14.60 |
| Jun 4, 2026 | Robert W. Duggan | director, 10 percent owner, officer: Co-Chief Executive Officer | +100,000 | $14.60 |
Peers
- Merck
Benchmark checkpoint franchise and direct PD-1/VEGF pipeline rival
- Bristol-Myers Squibb
Co-developer of pumitamig and incumbent Opdivo oncology franchise
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Summit Therapeutics | $13.71 | +0.03% | $10.95B | — | — | — | — |
| Merck | $148.19 | −0.08% | $366.18B | 118.7 | 17.2 | 5.5 | +5.1% |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| Median | 66.7 | 13.8 | 4.1 | +5.4% |