Summit remains pre-revenue with zero sales across all quarters, while R&D and SG&A escalation drove operating losses from -$33.6M in 2024Q1 to -$220.5M in 2026Q2, a 6.6x increase.
Summit Therapeutics Inc. (SMMT) annual income statement — 23-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 583.19K | 1.34M | 628.88K | 611.87K | 57.09M | 14.17M | 2.38M | 1.28M | 1.89M | 1.84M | 1.9M | 1.12M | 738.8K | 301.94K | 266.64K | 6.03M | 2.03M | 947.89K | 212.76K | 1.82K |
| Revenue Growth % | - | - | - | -100% | -56.4% | 112.71% | 2.78% | -98.93% | 302.94% | 496.3% | 85.48% | -32.15% | 2.39% | -2.69% | 69.76% | 51.09% | 144.68% | 13.24% | -95.57% | 197.09% | 113.95% | 345.52% | 11564.53% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.92K | 97.67K | 61.65K | 50.96K | 0 | 24.72K | 0 | 190.33K | 434.76K | 2.32M | 5.76K | 3.23M | 596.3K | 415.93K | 169.46K | 1.82K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | 0.04% | 0.69% | 2.59% | 3.98% | - | 1.34% | - | 17.05% | 58.85% | 768.16% | 2.16% | 53.56% | 29.4% | 43.88% | 79.65% | 100% |
| Gross Profit | 0 | 0 | 0 | 0 | 583.19K | 1.34M | 628.88K | 611.87K | 56.39M | 14.17M | 2.38M | 1.28M | 1.89M | 1.84M | 1.9M | 1.12M | 304.04K | -2.13M | 260.87K | 117.34K | 1.43M | 531.96K | 43.3K | 0 |
| Gross Margin % | - | - | - | - | 100% | 100% | 100% | 100% | 98.77% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 41.15% | -706.85% | 97.84% | 1.95% | 70.61% | 56.12% | 20.35% | - |
| Gross Profit Growth % | - | - | - | -100% | -56.4% | 112.71% | 2.78% | -98.91% | 298% | 496.3% | 85.48% | -32.15% | 2.39% | -2.69% | 69.76% | 267.15% | 114.25% | -918.14% | 122.33% | -91.81% | 169.19% | 1128.41% | - | - |
| Operating Expenses | 855.19M | 1.09B | 180.51M | 478.23M | 60.22M | 65.07M | 39.53M | 23.24M | 51.67M | 40M | 27.23M | 21.63M | 14.12M | 8.55M | 6.47M | 4.61M | 3.95M | 3.7M | 19.46M | 26.2M | 10.03M | 3.74M | 579.92K | 43.79K |
| OpEx % of Revenue | - | - | - | - | 10325.39% | 4864.29% | 6285.23% | 3797.58% | 90.52% | 282.31% | 1146% | 1688.29% | 747.93% | 463.83% | 341.53% | 413.3% | 534.86% | 1225.23% | 7296.78% | 434.9% | 494.43% | 394.98% | 272.57% | 2400.6% |
| Selling, General & Admin | 248.42M | 556.7M | 48.35M | 23.74M | 22.12M | 17.46M | 14.06M | 9.29M | 17.01M | 11.94M | 8.28M | 4.77M | 3.7M | 1.94M | 1.74M | 1.53M | 1.71M | 4.2M | 1.12M | 2.17M | 1M | 1.79M | 75.31K | 43.79K |
| SG&A % of Revenue | - | - | - | - | 3793.33% | 1305.2% | 2236.28% | 1518.04% | 29.8% | 84.24% | 348.36% | 372.44% | 196.19% | 105.31% | 91.87% | 137.31% | 231.45% | 1391.64% | 421.17% | 36% | 49.31% | 189.26% | 35.4% | 2400.6% |
| Research & Development | 606.77M | 537.67M | 132.42M | 455.27M | 43.01M | 63.12M | 38.96M | 32.78M | 49.07M | 28.98M | 18.95M | 16.86M | 10.42M | 6.61M | 4.73M | 3.08M | 2.24M | 3.68M | 7.38M | 15.34M | 5.79M | 1.83M | 504.6K | 46.5K |
| R&D % of Revenue | - | - | - | - | 7375.75% | 4718.19% | 6194.65% | 5357.88% | 85.95% | 204.54% | 797.64% | 1315.85% | 551.75% | 358.51% | 249.66% | 275.99% | 303.41% | 1218.1% | 2767.04% | 254.52% | 285.5% | 193.27% | 237.17% | 2549.34% |
| Other Operating Expenses | 0 | 0 | -250.34K | -785.77K | -4.92M | -15.51M | -13.49M | -18.84M | -14.41M | -917K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.18M | 10.96M | 8.7M | 3.24M | 119.6K | 0 | -46.5K |
| Operating Income | -855.19M | -1.09B | -180.51M | -478.23M | -59.63M | -63.73M | -71.65M | -22.62M | 5.39M | -25.83M | -24.85M | -20.35M | -12.23M | -6.71M | -4.58M | -4.71M | -9.38M | -9.2M | -19.2M | -23.41M | -8.6M | -3.21M | -537K | -43.79K |
| Operating Margin % | - | - | - | - | -10225.39% | -4764.29% | -11392.73% | -3697.58% | 9.44% | -182.31% | -1046% | -1588.29% | -647.93% | -363.83% | -241.53% | -422.3% | -1270.03% | -3047.57% | -7198.87% | -388.46% | -423.82% | -338.96% | -252.4% | -2400.6% |
| Operating Income Growth % | - | -506.26% | 62.25% | -701.94% | 6.43% | 11.05% | -216.67% | -519.83% | 120.86% | -3.93% | -22.15% | -66.32% | -82.34% | -46.58% | 2.91% | 49.76% | -1.97% | 52.06% | 17.99% | -172.31% | -167.51% | -498.32% | -1126.39% | - |
| EBITDA | -854.98M | -1.09B | -180.42M | -478.03M | -58.37M | -61.28M | -69.64M | -21.2M | 7.34M | -25.26M | -24.79M | -20.3M | -12.2M | -6.68M | -4.48M | -4.6M | -8.67M | -5.42M | -16.46M | -20.12M | -7.86M | -2.97M | -527.59K | -66.77K |
| EBITDA Margin % | - | - | - | - | -10008.82% | -4580.77% | -11074.22% | -3465.1% | 12.86% | -178.31% | -1043.53% | -1584.54% | -646.19% | -362.42% | -236.62% | -411.65% | -1173.85% | -1794.7% | -6172.02% | -334.01% | -387.45% | -313.54% | -247.97% | -3660.47% |
| EBITDA Growth % | -13.64% | -506.48% | 62.26% | -718.96% | 4.74% | 12.01% | -228.47% | -388.82% | 129.06% | -1.89% | -22.15% | -66.38% | -82.55% | -49.04% | 2.42% | 47.01% | -60.04% | 67.07% | 18.22% | -156.11% | -164.38% | -463.32% | -690.19% | - |
| D&A (Non-Cash Add-back) | 217K | 146K | 89K | 198K | 1.26M | 2.46M | 2M | 1.42M | 1.95M | 566.19K | 58.7K | 48K | 33K | 26K | 93K | 118.9K | 710.54K | 3.78M | 2.74M | 3.28M | 737.53K | 240.99K | 9.41K | 0 |
| EBIT | -832.63M | -1.08B | -168.53M | -69.61M | -52.63M | -65.31M | -38.27M | -22.62M | 9.7M | -26.74M | -24.85M | -20.35M | -12.23M | -6.71M | -3.88M | -1.9M | -9.36M | -9.19M | -18.76M | -21.86M | -6.87M | -3.21M | -537K | -66.77K |
| Net Interest Income | 22.61M | 15.5M | 4.78M | -6.06M | -2.89M | -208.3K | -251K | -28.18K | -615K | 10.1K | -1.07M | 30K | 55.22K | 14.85K | 17.37K | 6.28K | 20.57K | -94.26K | 314.2K | 1.47M | 1.71M | 1.04M | 404.81K | 912 |
| Interest Income | 22.61M | 15.5M | 13.47M | 10.4M | 1.51M | 0 | 4K | 4.34K | 5K | 10.1K | 10K | 30K | 55.22K | 14.85K | 17.37K | 10.99K | 26.9K | 12.78K | 430.95K | 1.54M | 1.72M | 1.04M | 404.81K | 912 |
| Interest Expense | 0 | 0 | 8.69M | 16.46M | 4.4M | 208.3K | 255K | 32.52K | 620K | 0 | 1.08M | 0 | 0 | 0 | 0 | 4.71K | 6.33K | 107.04K | 116.74K | 75.56K | 11.77K | 0 | 0 | 0 |
| Other Income/Expense | 22.56M | 14.84M | 3.74M | -4.14M | -5.54M | -1.79M | 9.37M | -1.33M | 3.69M | 1.91M | -854K | -2.85M | -448K | 9K | 11K | 6.28K | -2.08M | -94.26K | 314.2K | 1.47M | 1.71M | 1.04M | 404.81K | 1.82K |
| Pretax Income | -832.63M | -1.08B | -176.77M | -482.37M | -65.17M | -65.52M | -62.27M | -23.96M | 9.08M | -23.92M | -25.71M | -23.2M | -12.68M | -6.7M | -4.57M | -4.71M | -5.73M | -9.3M | -18.88M | -21.94M | -6.88M | -2.17M | -132K | -41.96K |
| Pretax Margin % | - | - | - | - | -11174.75% | -4897.84% | -9902.29% | -3915.35% | 15.91% | -168.83% | -1081.94% | -1810.69% | -671.66% | -363.34% | -240.95% | -421.74% | -775.36% | -3078.71% | -7081.11% | -364.13% | -339.4% | -229.14% | -62.04% | -2300.6% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | -9.58M | 29.65K | -1.79M | -3.47M | -5.42M | -3.29M | -1.45M | 607K | -341K | -477.37K | -1.94M | -594K | -2.52M | -1.81M | -959K | -277K | -45.19K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 15.38% | -0.12% | -19.66% | 14.53% | 21.08% | 14.2% | 11.42% | -9.06% | 7.47% | 10.14% | 33.87% | 6.39% | 13.34% | 8.26% | 13.93% | 12.75% | 34.23% | 0% |
| Net Income | -832.68M | -1.08B | -176.77M | -482.37M | -65.17M | -65.52M | -38.53M | -23.99M | 10.87M | -20.16M | -21.37M | -20.14M | -11.38M | -6.09M | -4.22M | -4.23M | -7.42M | -5.34M | -32.29M | -20.13M | -5.92M | -1.9M | -86.61K | -41.96K |
| Net Margin % | - | - | - | - | -11174.75% | -4897.84% | -6127.56% | -3920.19% | 19.04% | -142.28% | -899.45% | -1571.97% | -602.97% | -330.42% | -222.96% | -378.97% | -1004.6% | -1769.24% | -12109.63% | -334.07% | -292.11% | -200.02% | -40.71% | -2300.6% |
| Net Income Growth % | -12.29% | -510.72% | 63.35% | -640.17% | 0.53% | -70.02% | -60.65% | -320.69% | 153.92% | 5.68% | -6.13% | -76.89% | -86.84% | -44.21% | 0.13% | 43% | -38.93% | 83.46% | -60.42% | -239.77% | -212.45% | -2089.1% | -106.4% | - |
| Net Income (Continuing) | -832.63M | -1.08B | -176.77M | -482.37M | -65.17M | -65.52M | -52.7M | -23.99M | 10.87M | -20.16M | -26.71M | -21.38M | -11.38M | -6.09M | -4.22M | -4.23M | -7.42M | -5.34M | -16.36M | -20.13M | -5.92M | -1.9M | -86.61K | -41.96K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.86K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.04 | -1.44 | -0.25 | -0.78 | -0.34 | -0.71 | -0.56 | -0.73 | 0.11 | -0.31 | -0.35 | -0.34 | -0.29 | -0.30 | -0.27 | -0.30 | -0.19 | -0.13 | -0.60 | -0.42 | -0.16 | -0.06 | -0.00 | -0.00 |
| EPS Growth % | -5.8% | -476% | 67.95% | -129.41% | 52.11% | -26.79% | 23.29% | -763.64% | 135.48% | 11.43% | -2.94% | -17.24% | 3.33% | -11.11% | 10% | -57.89% | -46.15% | 78.33% | -42.86% | -162.5% | -164.46% | - | - | - |
| EPS (Basic) | - | -1.44 | -0.25 | -0.78 | -0.34 | -0.71 | -0.55 | -0.73 | 0.11 | -0.31 | -0.35 | -0.34 | -0.29 | -0.30 | -0.27 | -0.30 | -0.19 | -0.13 | -0.60 | -0.42 | -0.16 | -0.06 | -0.00 | -0.00 |
| Diluted Shares Outstanding | 798.2M | 747.7M | 718.54M | 619.65M | 193.34M | 92.24M | 69.52M | 32.83M | 86.14M | 65.43M | 61.55M | 59.1M | 39.6M | 20.51M | 15.81M | 8.89M | 38.18M | 67.01M | 53.39M | 47.9M | 36.42M | 31.31M | 23.46M | 19.02M |
| Basic Shares Outstanding | 798.2M | 747.7M | 713.92M | 619.64M | 192.15M | 92.24M | 69.34M | 32.73M | 86.14M | 65.03M | 61.06M | 59.1M | 39.6M | 20.51M | 15.81M | 8.89M | 38.18M | 67.01M | 53.39M | 47.9M | 36.42M | 31.31M | 23.46M | 19.02M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SMMT stock.
For fiscal year 2025, Summit Therapeutics Inc. (SMMT) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 2003.
Summit Therapeutics Inc. (SMMT) reported a net loss of $1.08B for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Single-asset regulatory dependence
Metrics are mathematically derived from official filings.
Pre-Revenue Pivot to Oncology
Summit remains pre-revenue, with zero sales across all reported quarters. The strategic pivot to ivonescimab is evident in escalating R&D spend, which rose from $24.5M in 2024Q1 to $157.7M in 2026Q2, signaling intensified clinical investment.
The absence of revenue is consistent with a clinical-stage biotech, but the trajectory of R&D spending indicates a deliberate acceleration of the oncology program. The sequential increase in R&D from 2025Q1 ($39.7M) to 2026Q2 ($157.7M) suggests the company is aggressively funding late-stage trials, likely HARMONi and HARMONi-3. This spending pattern implies management is prioritizing speed to regulatory submission over capital preservation, a common strategy when a single asset's data is pivotal.
R&D and SG&A Escalation
R&D and SG&A have expanded dramatically, with SG&A spiking to $262.6M in 2025Q2, likely reflecting one-time licensing or milestone costs. Excluding that quarter, SG&A has stabilized around $60-100M, while R&D remains the dominant cost driver.
The cost structure is dominated by R&D, which has grown from $24.5M in 2024Q1 to $157.7M in 2026Q2, a 6.4x increase. This reflects the capital-intensive nature of Phase III trials. SG&A, while smaller, saw a notable outlier in 2025Q2 at $262.6M, which may include upfront payments or legal settlements; excluding that, SG&A has trended upward from $9.1M to $62.8M, indicating investment in commercial infrastructure and administrative support. The overall expense growth suggests a company scaling up for potential commercialization, but it also highlights the high burn rate that will require additional financing.
Negative Operating Leverage
Operating losses have widened from -$33.6M in 2024Q1 to -$220.5M in 2026Q2, reflecting a 6.6x increase in spending without any revenue offset. This negative operating leverage is typical for pre-revenue biotechs but underscores the need for successful clinical outcomes.
With no gross profit, operating income is entirely a function of expense levels. The sequential increase in operating losses from -$51.7M in 2025Q1 to -$220.5M in 2026Q2 indicates that the company is scaling up its clinical and administrative operations rapidly. This is not a sign of inefficiency but rather a strategic choice to invest heavily in the lead asset. However, investors should monitor whether this spending pace is sustainable given the $167M cash balance, which may only cover a few more quarters at current burn rates.
SBC Distorts Loss Magnitude
Stock-based compensation (SBC) has been substantial, reaching $351.3M in 2025Q2, which likely drove the net loss of -$412.2M that quarter. Excluding SBC, cash-based losses are lower, but the dilutive impact on shareholders is significant.
SBC is a non-cash expense that has varied widely, from $7.6M in 2024Q1 to $351.3M in 2025Q2. The 2025Q2 spike may be related to executive compensation or milestone-based equity grants, and it significantly inflated the reported net loss. Adjusting for SBC, the underlying cash burn is more moderate, but the dilution to existing shareholders is real. The high SBC levels suggest management is using equity as a currency to attract talent and fund operations, which could pressure EPS in the future if the stock price appreciates.
2025Q2: Strategic Pivot Inflection
The most significant inflection occurred in 2025Q2, when R&D jumped to $151.6M and SG&A to $262.6M, reflecting the full commitment to ivonescimab. This quarter marked a departure from the legacy antibiotic focus and set the stage for the current high-burn clinical phase.
Prior to 2025Q2, quarterly R&D was under $50M, but it more than tripled to $151.6M in that quarter, signaling the initiation of large-scale Phase III trials. The SG&A spike to $262.6M likely includes one-time costs related to the licensing agreement or restructuring. This inflection point demonstrates management's decisive shift to oncology, and the subsequent quarters have maintained elevated spending, confirming the strategic direction. The lasting impact is a company now entirely dependent on the success of ivonescimab, with a cost structure that will require significant future financing.
Cash Burn and Dilution Risk
Despite $167M in cash, the current quarterly burn rate of ~$220M in operating losses suggests a runway of less than one year. This implies imminent dilutive financing, which could pressure the stock price even if clinical data remain positive.
The company's cash position is inadequate to sustain the current spending pace. With operating losses of -$220.5M in 2026Q2 alone, the $167M cash balance would be exhausted within a quarter if losses continue at this level. This creates a high likelihood of equity issuance or partnership deals to raise capital, which would dilute existing shareholders. While the clinical data may be promising, the financial reality is that the company is burning cash at an unsustainable rate, and investors should factor in the potential for significant dilution as a key risk.