Free cash flow burn accelerated 7x from -$24.0M in 2024Q1 to -$168.7M in 2026Q2, with cumulative net losses of -$1.49B exceeding operating cash outflows of -$614M due to $351.3M in stock-based compensation in 2025Q2.
Summit Therapeutics Inc. (SMMT) cash flow statement — 23-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 |
|---|
| Cash from Operations | -495.99M | -239.67M | -113.56M | -60.74M | -33.9M | -53.81M | -35.34M | -26.66M | -35.11M | -20.58M | 15.18M | -24.47M | -16.59M | -9.68M | -5.03M | -3.8M | -4.34M | -2.65M | -14.72M | -16.13M | -5.96M | -931.84K | 29.74K | -64.97K |
| Operating CF Margin % | - | - | - | - | -5812.42% | -4022.35% | -5619.22% | -4357.61% | -61.49% | -145.26% | 638.71% | -1910.27% | -878.57% | -525% | -265.64% | -340.57% | -586.9% | -876.19% | -5521.1% | -267.66% | -293.84% | -98.31% | 13.98% | -3562.12% |
| Operating CF Growth % | -563.83% | -111.06% | -86.94% | -79.2% | 37% | -52.26% | -32.54% | 24.05% | -70.58% | -235.62% | 162.02% | -47.53% | -71.34% | -92.32% | -32.41% | 12.32% | -63.9% | 82.03% | 8.71% | -170.63% | -539.5% | -3233.06% | 145.78% | - |
| Net Income | -832.68M | -801.23M | -176.85M | -486.63M | -64.22M | -65.68M | -38.71M | -23.88M | 10.87M | -33.86M | -32.13M | -33.03M | -19.11M | -11.05M | -7.21M | -4.71M | -9.38M | -9.2M | -19.2M | -23.4M | -8.6M | -3.21M | -536.61K | -66.77K |
| Depreciation & Amortization | 217K | 146K | 89K | 198K | 1.26M | 2.46M | 2M | 1.42M | 1.95M | 566.19K | 58.7K | 68.36K | 49.72K | 42.89K | 146.89K | 295.22K | 710.54K | 3.78M | 2.74M | 3.28M | 737.53K | 240.99K | 9.41K | 0 |
| Stock-Based Compensation | 272.14M | 543.57M | 40.74M | 11.16M | 9.74M | 9.49M | 1.3M | 542.05K | 6.29M | 2.27M | 1.72M | 1.65M | 1.45M | 372.79K | 181.64K | 97.36K | 117.11K | -28.76K | 305.55K | 966.41K | 792.45K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 309.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -5.98M | -5.47M | 10.1M | 414.93M | 11.28M | -25.1K | -386.35K | -6.01M | 645K | 3.5M | 5.74M | 5.79M | 1.77M | 295.26K | 1.79M | 469.52K | 579.2K | 1.76M | -14.43M | 827.22K | 329.53K | 1.77M | 378.07K | 0 |
| Working Capital Changes | 13.81M | 23.32M | 12.37M | -408.34K | 8.04M | -49.66K | 454.66K | 955.98K | -54.87M | 6.93M | 39.79M | 1.05M | -745.82K | 659.8K | 63.18K | 43.97K | 3.64M | 1.04M | 15.86M | 2.2M | 776.76K | 267.77K | 178.87K | 1.79K |
| Change in Receivables | 0 | 0 | 427.51K | 3.58M | 7.67M | -5.3M | -3.06M | 4.63M | -4.68M | 0 | 0 | 0 | -3.31M | -107.22K | -71.08K | -76.94K | 6.33K | 1.47M | 123.95K | -375.83K | -335.42K | -440.92K | -129.92K | -182 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 289.17K | -77.83K | -157.09K | -313.84K | -48.2K | 0 | 0 |
| Change in Payables | 11.12M | 11.36M | 1.61M | 1.79M | -3.37M | -1.27M | 1.21M | -997.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.98K |
| Cash from Investing | -341.57M | -129.37M | -164.09M | -465.14M | -508.68K | -226.83K | -309.23K | -121K | -331K | -7.42M | -100K | -51.27K | 24.11K | 105.57K | -102.67K | -172.73K | -170.91K | -115.03K | -1.22M | -1.52M | -2.32M | -1.4M | -6.63K | 0 |
| Capital Expenditures | -1.67M | -487.6K | -111.07K | -101.29K | -508.68K | -226.83K | -309.23K | -265.33K | -157K | -509.57K | -101.25K | -94K | -52.73K | -61.03K | -52.12K | -3.14K | -193.06K | -140.59K | -1.65M | -3.86M | -3.37M | -2.45M | -13.18K | 0 |
| CapEx % of Revenue | - | - | - | - | 87.22% | 16.96% | 49.17% | 43.36% | 0.27% | 3.6% | 4.26% | 7.34% | 2.79% | 3.31% | 2.75% | 0.28% | 26.13% | 46.56% | 620% | 64.13% | 166.26% | 258.76% | 6.19% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -167K | -6.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 807.33K | -500.19K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -11.99M | -375.73M | 0 | 0 | 0 | 144.33K | -7K | -151.46K | 1.25K | 42.73K | 76.84K | 166.6K | -50.54K | -169.59K | 22.16K | 25.56K | 438.15K | 1.54M | 1.55M | 1.05M | 6.55K | 0 |
| Cash from Financing | 980.71M | 458.31M | 304.63M | 68.46M | 505.62M | 57.76M | 37.13M | 33.11M | 44.51M | 19.47M | 516.23K | 31.53M | 30.48M | 7.35M | 7.19M | 2.13M | 25.32K | 8.14M | 5.31M | 1.33M | 19.38M | 1.35M | 26.47M | 137.01K |
| Debt Issued (Net) | 0 | 0 | -79.91M | -19.54M | 423.9M | 0 | 0 | 0 | -368.55K | -181.18K | 23K | 0 | -316K | 0 | 0 | 0 | 0 | -84.67K | -294.02K | 1.05M | -182.42K | 1.35M | 0 | 46.5K |
| Equity Issued (Net) | 748.71M | 458.31M | 384.54M | 88.49M | 81.84M | 57.88M | 36.73M | 37.82M | 46.08M | 21.13M | 0 | 37.17M | 33.15M | 7.69M | 7.9M | 2.3M | 31.65K | 9.12M | 5.62M | 282.37K | 19.56M | 0 | 26.47M | 90.51K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 232M | 0 | 0 | -489.85K | -126.36K | -127.5K | 404.71K | -4.71M | -1.21M | -1.48M | 493.23K | -5.65M | -2.35M | -341.45K | -702.88K | -164.88K | -6.33K | -894.65K | -14.41K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 143.11M | 89.35M | 26.98M | -456.76M | 470.22M | 3.98M | 1.89M | 6.76M | 6.75M | -11.27M | 14.7M | 7.18M | 13.91M | -2.23M | 2.06M | -1.84M | -4.48M | 5.38M | -10.62M | -16.31M | 11.09M | -20.01M | -25.6M | 0 |
| Free Cash Flow | -497.66M | -240.15M | -113.67M | -60.85M | -34.41M | -54.03M | -35.65M | -15.83M | -35.27M | -21.26M | 15.07M | -24.56M | -16.64M | -9.76M | -5.15M | -3.99M | -4.53M | -2.79M | -16.37M | -19.99M | -9.33M | -4.08M | 43.3K | -64.98K |
| FCF Margin % | - | - | - | - | -5899.64% | -4039.31% | -5668.39% | -2587.18% | -61.78% | -150.05% | 634.08% | -1917.61% | -881.36% | -529.2% | -271.97% | -357.59% | -613.04% | -922.75% | -6141.1% | -331.79% | -460.1% | -430.32% | 20.35% | -3562.28% |
| FCF Growth % | -142.97% | -111.28% | -86.81% | -76.85% | 36.32% | -51.58% | -125.18% | 55.12% | -65.91% | -241.11% | 161.33% | -47.62% | -70.52% | -89.34% | -29.12% | 11.87% | -62.56% | 82.98% | 18.09% | -114.24% | -128.76% | -9519.17% | 166.65% | - |
| FCF per Share | -0.62 | -0.32 | -0.16 | -0.10 | -0.18 | -0.59 | -0.51 | -0.48 | -0.41 | -0.32 | 0.24 | -0.42 | -0.42 | -0.48 | -0.33 | -0.45 | -0.12 | -0.04 | -0.31 | -0.42 | -0.26 | -0.13 | 0.00 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.60x | 0.22x | 0.64x | 0.13x | 0.52x | 0.82x | 0.92x | 1.11x | -3.23x | 1.02x | -0.71x | 1.22x | 1.46x | 1.59x | 1.19x | 0.90x | 0.58x | 0.50x | 0.46x | 0.80x | 1.01x | 0.49x | -0.34x | 1.55x |
| Interest Paid | 0 | 0 | 8.81M | 10.65M | 434K | 85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 52K | 0 | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SMMT stock.
Summit Therapeutics Inc. (SMMT) generated $-239.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Summit Therapeutics Inc. (SMMT) reported negative free cash flow of $240.2M in 2025, indicating capital requirements exceeded cash from operations.
Summit Therapeutics Inc. (SMMT) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Single-asset regulatory dependence
Metrics are mathematically derived from official filings.
Cash Conversion Distorted by SBC
Operating cash flow averaged only 0.55x net losses over the last ten quarters, with stock-based compensation inflating reported losses, as per SEC filings. This suggests cash burn is less severe than net income implies.
The OCF/NI ratio has ranged from 0.12 to 0.97, with the lowest in 2025Q2 when SBC spiked to $351.3M. Excluding non-cash SBC, cash-based losses are materially lower, indicating that the reported net loss overstates the actual cash drain. Investors should focus on cash burn rather than net income to gauge runway.
FCF Burn Accelerating Sharply
Free cash flow deteriorated from -$24.0M in 2024Q1 to -$168.7M in 2026Q2, a 7x increase, based on reported figures. This reflects intensified clinical investment in ivonescimab, with no revenue to offset the burn.
The FCF trajectory shows a clear inflection in 2025Q2, when FCF dropped to -$49.0M, and has since worsened to -$168.7M. This acceleration aligns with the strategic pivot to oncology and the escalating costs of late-stage trials. Given the current cash balance of $167M, the runway appears under one year, implying imminent dilutive financing.
Minimal CapEx, High R&D Intensity
Capital expenditures are negligible, averaging under $1M per quarter, while R&D spending drives the cash burn, as per financial statements. This indicates an asset-light model focused on clinical development rather than manufacturing.
CapEx/Revenue is not meaningful due to zero revenue, but absolute CapEx is tiny, suggesting the company relies on outsourced manufacturing and partnerships. The real capital intensity lies in R&D, which has grown from $24.5M to $157.7M over the period. This structure implies that future commercialization would require significant additional investment, but current cash needs are dominated by trial execution.
Working Capital Swings Minimal
Working capital changes have been small, ranging from -$4.8M to +$15.7M, with no clear trend, based on reported data. This suggests limited operational scale and no significant inventory or receivables management issues.
The working capital adjustments are immaterial relative to the overall cash burn, indicating that the company's cash flow is driven by operating expenses rather than balance sheet changes. The positive swings in some quarters may reflect timing of payments, but they do not signal any efficiency gains. As the company scales, working capital dynamics could become more relevant, but currently they are not a key driver.
No Capital Returns, All In on Pipeline
Summit has paid no dividends and repurchased no shares over the past ten quarters, as per SEC filings. All available capital is being deployed into clinical development, reflecting a high-risk, high-reward strategy.
The absence of capital returns is typical for a pre-revenue biotech, but it underscores the company's singular focus on advancing ivonescimab. The $500M upfront payment to Akeso, while not in the cash flow data, likely explains the 2025Q2 SG&A spike. Investors should monitor whether future financing is used for clinical milestones or to extend runway, as dilution risk is high.
Cumulative Losses Exceed Cash Burn
Over the ten quarters, cumulative net losses totaled -$1.49B, while operating cash outflows were -$614M, a gap of $876M, based on reported figures. This divergence is primarily due to non-cash stock-based compensation.
The cumulative gap between net income and operating cash flow is substantial, with SBC accounting for the majority of the difference. This suggests that the economic dilution to shareholders is greater than the cash burn alone, as SBC represents real value transfer. Investors should adjust for SBC when assessing the true cost of the company's strategy and the potential for future dilution.
What the Cash Flow Statement Obscures
The cash flow statement understates the true economic cost of SBC, which totaled $351.3M in 2025Q2 alone, as per reported figures. This non-cash expense represents real dilution that is not captured in operating cash flow.
While operating cash flow shows a burn of -$614M over ten quarters, SBC of approximately $721M over the same period indicates that shareholders are absorbing significant dilution beyond the cash drain. Additionally, the $500M upfront payment to Akeso is not fully reflected in the cash flow data, potentially masking the true capital commitment. Investors should incorporate these non-cash and off-balance-sheet items when evaluating the sustainability of the company's financing strategy.