Summit Therapeutics Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
Under review: every model's value for Summit Therapeutics Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Summit Therapeutics Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Summit Therapeutics has little or no product revenue yet; it used $460m of cash in the twelve months to June 2026. The diluted share count is up 4.0% on a year earlier, which dilutes existing holders. It passes 2 of our 2 financial-health checks.
Our model value for Summit Therapeutics is under review, so past values are not shown until it is resolved.
Source: 10-Q filed July 23, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Summit Therapeutics Inc.'s latest figures clears our strength thresholds.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
Ahead of a report expected around 27 October, the filing history flags three trends to track: cash burn, capital spending and dilution, each already moving sharply on a trailing-twelve-month basis.
| At fiscal year end | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Share price | $9.00 | $10.47 | $13.73 | $1.33 | $4.70 | $2.69 | $4.25 | $2.61 | $17.84 |
| Market value | $4.3bn | $5.2bn | $7.2bn | $258m | $919m | $498m | $822m | $1.6bn | $12.8bn |
| + Net debt (− = net cash) | $0 | $0 | $0 | $0 | −$66m | −$72m | $166m | $29m | −$105m |
| Enterprise value | $4.3bn | $5.2bn | $7.2bn | $258m | $852m | $426m | $987m | $1.6bn | $12.7bn |
| Multiples | |||||||||
| Price / sales | — | n/m | n/m | 4.5x | n/m | n/m | n/m | — | — |
| Price / earnings | — | — | — | 23.7x | — | — | — | — | — |
| Price / free cash flow | — | n/m | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | 44.5x | — | — | — | — | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 3, 2026, after the close. Analysts expect revenue of $53790 and EPS of −$0.21 (range −$0.32 to −$0.11) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.84 | +21% | $3m | 0% |
| Next | −$0.88 | −5% | $42m | +1328% |
The consensus EPS forecast for the current fiscal year is −2.6% on 90 days ago. In the last 30 days, 2 analysts raised Summit Therapeutics Inc.'s forecast and 6 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.86 | −$0.89 |
| 60 days ago | −$0.86 | −$0.88 |
| 30 days ago | −$0.86 | −$0.89 |
| 7 days ago | −$0.84 | −$0.88 |
| Now | −$0.84 | −$0.88 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.21 | −$0.21 | +2.0% |
| Mar 2026 | −$0.21 | −$0.18 | +14.2% |
| Dec 2025 | −$0.01 | −$0.21 | −1386.3% |
| Sept 2025 | −$0.04 | −$0.23 | −429.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| SMMT | −43% | +58% | −39% | +584% | −2% | −15% |
| Industry peers (median) | −35% | −57% | −17% | −29% | −5% | −27% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| SMMT | 42% | 33% | 50% | 50% | 33% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| SMMT | −78% | −80% | −76% | −55% | −56% | −53% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 29, 2015: 96% from September 11, 2017 to December 1, 2022. Getting back needed a 2253% gain, reached on September 9, 2024, 648 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| July 23, 2026 | −7.3% | −1.1% | −8.8% | −10.7% |
| April 30, 2026 | −22.6% | +1.3% | −17.7% | −24.6% |
| February 23, 2026 | +1.1% | −0.3% | +1.6% | −2.5% |
| January 12, 2026 | −14.6% | 0.0% | −18.4% | −22.5% |
| October 20, 2025 | −10.7% | +1.0% | −7.3% | −19.9% |
| August 11, 2025 | −10.4% | +0.9% | −8.3% | −38.6% |
| May 1, 2025 | +15.7% | +2.2% | +2.2% | −26.5% |
| February 24, 2025 | −18.1% | −1.0% | −13.5% | −8.5% |
| January 13, 2025 | −6.7% | +0.3% | +23.8% | +9.6% |
| October 30, 2024 | −14.8% | −2.3% | −4.3% | −15.4% |
| August 6, 2024 | −6.1% | +0.2% | +12.3% | +24.8% |
| May 1, 2024 | +3.3% | +0.6% | +26.2% | +121.0% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY21 Q1 | $728K |
| FY21 Q2 | $615K |
| FY21 Q3 | $1.7M |
| FY21 Q4 | $1.8M |
| FY22 Q1 | $1.9M |
| FY22 Q2 | $2M |
| FY22 Q3 | $956K |
| FY22 Q4 | $705K |
| FY23 Q1 | $455K |
| FY23 Q2 | $220K |
| FY23 Q3 | $0 |
| FY23 Q4 | $0 |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY21 Q4 | 110.3% |
| FY22 Q1 | 156.5% |
| FY22 Q2 | 232.5% |
| FY22 Q3 | -45.2% |
| FY22 Q4 | -61.0% |
| FY23 Q1 | -75.6% |
| FY23 Q2 | -89.2% |
| FY23 Q3 | -100.0% |
| FY23 Q4 | -100.0% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY20 Q4 | -6185.2% |
| FY21 Q1 | -8348.4% |
| FY21 Q2 | -11243.9% |
| FY21 Q3 | -4113.3% |
| FY21 Q4 | -4764.3% |
| FY22 Q1 | -4896.7% |
| FY22 Q2 | -3930.7% |
| FY22 Q3 | -8141.9% |
| FY22 Q4 | -10225.4% |
| FY23 Q1 | -129029.7% |
| FY23 Q2 | -268266.8% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY20 Q4 | -5643.3% |
| FY21 Q1 | -8825.7% |
| FY21 Q2 | -10555.3% |
| FY21 Q3 | -4108.7% |
| FY21 Q4 | -4029.5% |
| FY22 Q1 | -3832.2% |
| FY22 Q2 | -3507.7% |
| FY22 Q3 | -5931.6% |
| FY22 Q4 | -5986.7% |
| FY23 Q1 | -7918.2% |
| FY23 Q2 | -20823.2% |
| Fiscal year | 2016 Jan 2016 | 2017 Jan 2017 | 2018 Jan 2018 | 2019 Jan 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 0 | 3 | 33 | 57 | 1 | 2 | 1 | 0 | 0 |
| Gross profit | −31 | −33 | −34 | — | — | — | — | — | — |
| EBITDA | — | — | — | 6 | −53 | −86 | −72 | −609 | −226 |
| Operating income | — | — | — | 5 | −53 | −86 | −72 | −610 | −226 |
| Net income | −31 | −29 | −26 | 11 | −53 | −89 | −79 | −615 | −221 |
| Diluted EPS | — | −$0.06 | −$0.05 | $0.06 | −$0.27 | −$0.48 | −$0.41 | −$0.99 | −$0.31 |
| Growth (year on year) | |||||||||
| Revenue | — | — | +970.8% | +72.7% | −98.5% | +110.3% | −61.0% | −100.0% | — |
| EBITDA | — | — | — | — | <−999% | — | — | — | — |
| Operating income | — | — | — | — | <−999% | — | — | — | — |
| Net income | — | — | — | — | −584.8% | — | — | — | — |
| Diluted EPS | — | — | — | — | −582.5% | — | — | — | — |
| Margins | |||||||||
| Gross margin | — | <−999% | −101.6% | — | — | — | — | — | — |
| EBITDA margin | — | — | — | 10.2% | <−999% | <−999% | <−999% | — | — |
| Operating margin | — | — | — | 9.4% | <−999% | <−999% | <−999% | — | — |
| Net margin | — | −927.6% | −79.3% | 19.0% | <−999% | <−999% | <−999% | — | — |
| Free-cash-flow margin | — | 523.4% | −58.6% | −61.8% | <−999% | <−999% | <−999% | — | — |
| Cash flow | |||||||||
| Cash from operations | −26 | 16 | −19 | −35 | −48 | −73 | −42 | −77 | −142 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Free cash flow | −26 | 16 | −19 | −35 | −49 | −73 | −42 | −77 | −142 |
| Stock-based pay | 2 | 2 | 2 | 6 | 2 | 13 | 12 | 14 | 51 |
| Free cash flow after stock pay | −28 | 14 | −21 | −42 | −50 | −86 | −54 | −91 | −193 |
| Balance sheet | |||||||||
| Cash | — | — | — | — | 66 | 72 | 349 | 71 | 105 |
| Total debt | — | — | — | 0 | 0 | 0 | 514 | 100 | 0 |
| Net debt (negative = net cash) | — | — | — | — | −66 | −72 | 166 | 29 | −105 |
| Diluted shares | 473m | 492m | 523m | 194m | 196m | 185m | 193m | 620m | 719m |
| Returned to shareholders | |||||||||
| Dividends | — | — | — | 0 | 0 | — | — | — | — |
| Total returned | — | — | — | 0 | 0 | — | — | — | — |
| Quarter | 2022 Q3 Sept 2022 | 2022 Q4 Dec 2022 | 2023 Q1 Mar 2023 | 2023 Q2 Jun 2023 | 2023 Q3 Sept 2023 | 2023 Q4 Dec 2023 | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | −17 | −20 | −537 | −16 | −20 | −36 | −58 | −66 |
| Operating income | −17 | −20 | −537 | −16 | −20 | −36 | −58 | −66 |
| Net income | −21 | −19 | −542 | −15 | −21 | −37 | −56 | −61 |
| Diluted EPS | −$0.10 | −$0.04 | −$1.43 | −$0.02 | −$0.03 | −$0.01 | −$0.08 | −$0.09 |
| Growth (year on year) | ||||||||
| Revenue | −83.2% | −100.0% | −100.0% | −100.0% | −100.0% | — | — | — |
| Margins | ||||||||
| EBITDA margin | <−999% | — | — | — | — | — | — | — |
| Operating margin | <−999% | — | — | — | — | — | — | — |
| Net margin | <−999% | — | — | — | — | — | — | — |
| Free-cash-flow margin | <−999% | — | — | — | — | — | — | — |
| Cash flow | ||||||||
| Cash from operations | −9 | 5 | −13 | −29 | −15 | −19 | −30 | −49 |
| Capital spending | −0 | −0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −9 | 5 | −13 | −29 | −15 | −19 | −30 | −49 |
| Stock-based pay | 3 | 3 | 3 | 2 | 1 | 9 | 19 | 11 |
| Free cash flow after stock pay | −11 | 3 | −16 | −31 | −16 | −28 | −50 | −60 |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Baker Bros. Advisors LP | $478M | 32.8M | 24.1% | ▼ 9.9% |
| FMR LLC | $146M | 10.0M | 7.4% | ▼ 7.5% |
| State Street Corp | $139M | 9.5M | 7.0% | ▲ 35.7% |
| Blackrock, Inc. | $139M | 9.5M | 7.0% | ▼ 1.3% |
| Vanguard Capital Management LLC | $83.6M | 5.7M | 4.2% | ▲ 0.4% |
| UBS Group AG | $76.3M | 5.2M | 3.8% | ▲ 42.2% |
| Vanguard Portfolio Management LLC | $73.5M | 5.0M | 3.7% | ▼ 3.7% |
| Goldman Sachs Group Inc | $65.8M | 4.5M | 3.3% | ▲ 1352.5% |
| Price T Rowe Associates Inc | $56.7M | 3.9M | 2.9% | ▼ 53.0% |
| Point72 Asset Management, L.P. | $53.9M | 3.7M | 2.7% | ▲ 371.5% |
| Geode Capital Management, LLC | $50M | 3.4M | 2.5% | ▲ 3.4% |
| Millennium Management LLC | $34.2M | 2.3M | 1.7% | ▲ 1760.3% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Summit Therapeutics Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Duggan Robert W Co-Chief Executive Officer | June 12, 2026 | Buy | 3,810,000 | $13.12 | $50M |
| Zanganeh Mahkam Co-Chief Executive Officer | June 12, 2026 | Buy | 3,810,000 | $13.12 | $50M |
| Soni Manmeet Singh COO and CFO | June 4, 2026 | Buy | 25,000 | $14.46 | $361,500 |
| Soni Manmeet Singh COO and CFO | June 4, 2026 | Buy | 25,000 | $14.43 | $360,750 |
| Zanganeh Mahkam Co-Chief Executive Officer | June 4, 2026 | Buy | 100,000 | $14.60 | $1.5M |
| Duggan Robert W Co-Chief Executive Officer | June 4, 2026 | Buy | 100,000 | $14.60 | $1.5M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.
