Summit Therapeutics Q1 adjusted loss narrows despite higher R&D costs

Summit Therapeutics

30/04/2026 21:43

Overview

US biopharma oncology firm's Q1 adjusted loss per share was less than analyst expectations

Q1 operating expenses and R&D costs rose sharply from prior year

Outlook

Summit expects final PFS data from HARMONi-3 squamous cohort in second half 2026

Company expects PFS data for HARMONi-3 non-squamous cohort in first half 2027

FDA decision on ivonescimab BLA expected by Nov 14, 2026

Result Drivers

CLINICAL TRIAL EXPANSION - Co said higher non-GAAP operating and R&D expenses were mainly due to initiating and expanding clinical trials for ivonescimab

STOCK-BASED COMPENSATION - Co said higher GAAP expenses were due to increased stock-based compensation from modifications to performance-based stock option awards

Company press release: ID:nBw3f802Va

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Adjusted EPS
Beat
-$0.15
-$0.18 (14 Analysts)

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the biotechnology & medical research peer group is "buy"

Wall Street's median 12-month price target for Summit Therapeutics Inc is $32.50, about 56% above its April 29 closing price of $20.83

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)