The company's operating loss widened significantly to $414.1 million in 2025Q2, driven by a strategic shift that saw R&D expenses scale from quarterly averages of $30 million in early 2024 to over $150 million.
| 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 | 1.21M | 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% | -7.52% | 299.74% | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 434.76K | 2.32M | 5.76K | 3.23M | 596.3K | 415.93K | 169.46K | 1.82K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | 0.04% | - | - | - | - | - | - | - | 36.02% | 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 | 1.21M | -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% | 100% | -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% | -7.52% | 156.55% | -918.14% | 122.33% | -91.81% | 169.19% | 1128.41% | - | - |
| Operating Expenses | 1.07B | 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 | 3.01M | 3.95M | 3.7M | 14.68M | 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% | 270.08% | 327.39% | 1225.23% | 5505.14% | 434.9% | 494.43% | 394.98% | 272.57% | 2400.6% |
| Selling, General & Admin | 505.88M | 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 | 971.44K | 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% | 87.03% | 141.67% | 1391.64% | 421.17% | 36% | 49.31% | 189.26% | 35.4% | 2400.6% |
| Research & Development | 562.56M | 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 | 1.92M | 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% | 172.41% | 185.72% | 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 | 6.18M | 8.7M | 3.24M | 119.6K | 0 | -46.5K |
| Operating Income | -1.07B | -1.09B | -180.51M | -478.23M | -59.63M | -63.73M | -38.9M | -22.62M | 5.39M | -25.83M | -24.85M | -20.35M | -12.23M | -6.71M | -4.58M | -1.9M | -9.38M | -9.2M | -19.2M | -23.41M | -8.6M | -3.21M | -537K | -43.79K |
| Operating Margin % | - | - | - | - | -10225.39% | -4764.29% | -6185.23% | -3697.58% | 9.44% | -182.31% | -1046% | -1588.29% | -647.93% | -363.83% | -241.53% | -170.09% | -777.38% | -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% | -63.85% | -71.93% | -519.83% | 120.86% | -3.93% | -22.15% | -66.32% | -82.34% | -46.58% | -141.07% | 79.77% | -1.97% | 52.06% | 17.99% | -172.31% | -167.51% | -498.32% | -1126.39% | - |
| EBITDA | -1.07B | -1.09B | -180.44M | -478.07M | -58.59M | -62.74M | -37.76M | -21.56M | 7.34M | -25.43M | -24.8M | -20.3M | -12.2M | -6.68M | -4.48M | -1.78M | -8.67M | -5.42M | -16.46M | -20.12M | -7.86M | -2.97M | -527.59K | -41.96K |
| EBITDA Margin % | - | - | - | - | -10046.24% | -4689.83% | -6004.77% | -3523.83% | 12.86% | -179.48% | -1043.56% | -1584.54% | -646.19% | -362.42% | -236.62% | -159.43% | -718.51% | -1794.7% | -6172.02% | -334.01% | -387.45% | -313.54% | -247.97% | -2300.6% |
| EBITDA Growth % | -448.08% | -506.42% | 62.26% | -715.98% | 6.61% | -66.13% | -75.14% | -393.71% | 128.87% | -2.56% | -22.15% | -66.38% | -82.55% | -49.04% | -151.95% | 79.48% | -60.04% | 67.07% | 18.22% | -156.11% | -164.38% | -463.32% | -1157.26% | - |
| D&A (Non-Cash Add-back) | 155K | 146K | 71K | 155.32K | 1.04M | 996.07K | 1.13M | 1.06M | 1.95M | 400K | 58K | 48K | 33K | 26K | 93K | 118.9K | 710.54K | 3.78M | 2.74M | 3.28M | 737.53K | 240.99K | 9.41K | 0 |
| EBIT | -1.06B | -1.08B | -168.53M | -69.61M | -52.63M | -63.73M | -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 | 2.98M | 0 | 4.78M | -6.06M | -2.89M | -208.3K | -251K | -28.18K | -615K | 10.1K | -1.07M | 30K | -448K | 14.85K | 17.37K | 6.28K | 20.57K | -94.26K | 314.2K | 1.47M | 1.71M | 1.04M | 404.81K | 912 |
| Interest Income | 2.98M | 0 | 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 | 448K | 0 | 0 | 4.71K | 6.33K | 107.04K | 116.74K | 75.56K | 11.77K | 0 | 0 | 0 |
| Other Income/Expense | 15.95M | 14.84M | 3.74M | -4.14M | -5.54M | -1.79M | 206.94K | -1.33M | 3.69M | 1.91M | -854K | -2.85M | -448K | 9K | 11K | 2.53K | 20.57K | -94.26K | 314.2K | 1.47M | 1.71M | 1.04M | 404.81K | 1.82K |
| Pretax Income | -1.05B | -1.08B | -176.77M | -482.37M | -65.17M | -65.52M | -38.69M | -23.96M | 9.08M | -23.92M | -25.71M | -23.2M | -12.68M | -6.7M | -4.57M | -1.9M | -9.36M | -9.3M | -18.88M | -21.94M | -6.88M | -2.17M | -132K | -41.96K |
| Pretax Margin % | - | - | - | - | -11174.75% | -4897.84% | -6152.33% | -3915.35% | 15.91% | -168.83% | -1081.94% | -1810.69% | -671.66% | -363.34% | -240.95% | -169.86% | -775.64% | -3078.71% | -7081.11% | -364.13% | -339.4% | -229.14% | -62.04% | -2300.6% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 155.76K | 29.65K | -1.79M | 3.76M | 4.34M | 3.06M | 1.3M | 607K | -341K | 192.26K | -1.94M | -594K | -2.52M | -1.81M | -959K | -277K | -45.19K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | -0.4% | -0.12% | -19.66% | -15.73% | -16.87% | -13.18% | -10.23% | -9.06% | 7.47% | -10.14% | 20.72% | 6.39% | 13.34% | 8.26% | 13.93% | 12.75% | 34.23% | 0% |
| Net Income | -1.05B | -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 | -1.7M | -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% | -152.63% | -614.91% | -1769.24% | -12109.63% | -334.07% | -292.11% | -200.02% | -40.71% | -2300.6% |
| Net Income Growth % | -461.57% | -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% | -147.97% | 77.04% | -38.93% | 83.46% | -60.42% | -239.77% | -212.45% | -2089.1% | -106.4% | - |
| Net Income (Continuing) | -1.05B | -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 | 0 | -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) | -1.36 | -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 | -0.19 | -0.19 | -0.13 | -0.60 | -0.42 | -0.16 | -0.06 | -0.00 | -0.00 |
| EPS Growth % | -414.14% | -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% | -42.31% | 0.14% | -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 | -0.19 | -0.19 | -0.13 | -0.60 | -0.42 | -0.16 | -0.06 | -0.00 | -0.00 |
| Diluted Shares Outstanding | 775.46M | 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 | 775.46M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Execution Risk
As detailed in recent quarterly filings, SMMT's R&D spending surged to $151.6 million in 2025Q2, reflecting the aggressive clinical development of ivonescimab, which significantly outpaces the company's historical spending levels observed in early 2024 when quarterly R&D costs averaged approximately $30 million per period.
The sharp increase in R&D intensity suggests a transition into high-cost, late-stage clinical trials that demand substantial capital allocation. Investors should interpret this cost trajectory as a commitment to rapid asset development, though it simultaneously heightens the financial pressure on the company's limited liquidity reserves.
Based on the provided financial data, stock-based compensation reached a peak of $351.3 million in 2025Q2, representing a substantial non-cash expense that significantly exacerbates the net loss and highlights the aggressive use of equity-based incentives to retain talent during this critical clinical pivot.
The volatility in stock-based compensation suggests that management is utilizing equity as a primary tool for operational alignment, which may lead to meaningful shareholder dilution. Analysts should monitor whether these compensation levels stabilize as the company moves closer to potential commercialization or if they remain a persistent drag on earnings quality.
According to the income statement history, SMMT reported an operating loss of $414.1 million in 2025Q2, a stark deterioration from the $33.6 million loss in 2024Q1, indicating that the company's overhead and clinical costs are scaling rapidly without any offsetting revenue generation to provide operating leverage.
The lack of revenue means that every dollar spent on SG&A and R&D flows directly to the bottom line as a loss, creating a binary risk profile. This structure implies that the company is entirely dependent on future clinical success to justify the current level of operational expenditure.
Financial statements indicate a clear operational inflection point occurring in 2025Q2, where R&D and SG&A expenses spiked simultaneously, marking the company's definitive shift from a legacy infectious disease focus to a high-stakes, capital-intensive oncology strategy centered on the ivonescimab licensing agreement with Akeso.
This period represents the moment the company abandoned its previous cost structure in favor of a more aggressive, high-risk growth model. The lasting impact of this inflection is a significantly higher burn rate that necessitates constant monitoring of the company's ability to sustain its clinical pipeline.
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.