1. Summit Therapeutics Inc. (NASDAQ:SMMT)
Year-to-Date Performance as of September 23: 722.61%
Market Cap as of September 23: $15.35 billion
Number of Hedge Fund Holders: 17
Summit Therapeutics Inc. (NASDAQ:SMMT) is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient, physician, caregiver, and societal-friendly medicinal therapies intended to improve quality of life and increase the potential duration of life, with a mission to address unmet medical needs in rare genetic diseases.
Over the past few months, Summit Therapeutics Inc. (NASDAQ:SMMT) has made significant progress in raising awareness of ivonescimab and its mission to develop innovative treatments for serious oncology needs. Its partner Akeso conducted two successful Phase 3 clinical trials, HARMONi-A and HARMONi-2, for ivonescimab in non-small cell lung cancer, yielding positive data.
The company announced a 5-year strategic collaboration with MD Anderson to accelerate ivonescimab’s development, complementing its ongoing collaboration with Akeso, which continues to generate positive patient data in lung cancer and other solid tumors.
Over 1,800 patients worldwide have been treated with ivonescimab in clinical studies conducted by Summit and Akeso. There are currently 20 ongoing clinical trials evaluating ivonescimab globally. While the current Phase 3 programs focus on non-small cell lung cancer, seven trials are exploring its potential in other solid tumors.
The partnership with Akeso has been instrumental in advancing ivonescimab’s development. Since the collaboration began in early 2023, the company has successfully enrolled patients in HARMONi and HARMONi-3 clinical trials and secured presentations at several medical conferences.
The R&D expenses remained relatively stable in Q2 2024, with GAAP spending at $30.8 million. Acquired IP R&D expenses increased to $15 million in Q2 due to a licensing agreement amendment. G&A expenses rose to $14 million (GAAP) in Q2. Overall, non-GAAP operating expenses remained consistent at $33.7 million.
The company repurchased $250 million of its 2028 senior secured notes, raised $350 million in equity capital, and received $200 million in unsolicited capital. These actions have improved the company’s financial outlook and extended its cash runway.
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