Free cash flow has deteriorated to a $92.9 million outflow in 2026Q1, with stock-based compensation of $351.3 million in 2025Q2 masking the true magnitude of the underlying cash burn.
| 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 | -286.56M | -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 | -1.63M | 56.48K | 0 |
| 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% | -359.24% | -876.19% | -5521.1% | -267.66% | -293.84% | -171.56% | 26.55% | - |
| Operating CF Growth % | -477.44% | -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% | -266.43% | -2979.05% | - | - |
| Net Income | -1.05B | -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 | -43.79K |
| Depreciation & Amortization | 122.91K | 108.36K | 71.12K | 156.69K | 1.03M | 1.82M | 1.47M | 1.39M | 1.95M | 566.19K | 72.5K | 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 | 586.67M | 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 | -6.11M | -5.44M | 10.12M | 414.97M | 11.51M | 610.07K | 145.43K | -5.98M | 645K | 3.5M | 5.72M | 5.79M | 1.77M | 295.26K | 1.79M | 469.52K | 579.2K | 1.76M | -14.43M | 827.22K | 329.53K | 1.08M | 404.81K | 0 |
| Working Capital Changes | 26.47M | 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 | 0 |
| 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 | 0 |
| 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 | 16.1M | 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 | 0 |
| Cash from Investing | -249.64M | -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 | 1.49M | -26M | 0 |
| Capital Expenditures | -360.29K | -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% | 16% | 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 | 3.94M | -25.98M | 0 |
| Cash from Financing | 455.51M | 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 | 182.45K |
| 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 | 0 |
| Equity Issued (Net) | 455.51M | 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 | 0 |
| 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 | 0 | 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 | -80.66M | 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 | -286.92M | -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 | 0 |
| 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% | -375.24% | -922.75% | -6141.1% | -331.79% | -460.1% | -430.32% | 20.35% | - |
| FCF Growth % | -111.14% | -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% | - | - |
| FCF per Share | -0.37 | -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 | - |
| FCF Conversion (FCF/Net Income) | 0.27x | 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 | 2.23x | 0.58x | 0.50x | 0.46x | 0.80x | 1.01x | 0.86x | -0.65x | - |
| 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 |
Clinical Trial Funding Dependency
According to recent quarterly financial statements, the OCF/NI ratio has fluctuated significantly, reaching a low of 0.12 in 2025Q2, which suggests that non-cash charges, particularly stock-based compensation, are masking the true magnitude of the company's underlying cash burn relative to its reported net losses.
The wide gap between net income and operating cash flow indicates that accounting losses are heavily influenced by non-cash items rather than purely operational cash outflows. Investors should monitor this divergence, as it implies that the company's cash position is being depleted by actual clinical trial expenditures that are not fully captured by the net income figure alone.
As reported in financial filings, free cash flow has deteriorated from a $15.4 million outflow in 2023Q4 to a $92.9 million outflow by 2026Q1, reflecting the intensifying capital requirements necessary to support the late-stage clinical development of the ivonescimab oncology pipeline.
The consistent downward trajectory of free cash flow confirms that the company is in a high-intensity investment phase with no offsetting revenue. This trend suggests that the current cash runway is being consumed at an accelerating rate, necessitating a potential reliance on external financing to reach commercialization.
Based on the provided cash flow data, stock-based compensation reached a peak of $351.3 million in 2025Q2, a figure that significantly exceeds the reported operating cash outflow for that period, suggesting that equity-based incentives are a primary mechanism for managing the company's liquidity constraints.
The heavy reliance on stock-based compensation effectively shifts the burden of funding from cash reserves to shareholder dilution. Analysts should interpret this as a strategic choice to preserve cash for critical clinical trial execution while simultaneously creating a long-term overhang on equity value.
Analysis of the cash flow statements indicates that working capital changes have remained relatively muted, with a peak inflow of $15.7 million in 2025Q2, suggesting that the company's cash burn is driven almost entirely by R&D spending rather than operational working capital cycles.
Because the company is pre-revenue, working capital dynamics do not yet reflect the complexities of inventory or accounts receivable management. The lack of significant working capital volatility implies that the cash flow statement is a clean, albeit alarming, reflection of the company's pure R&D-driven burn rate.
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.