Intel stock extends gains after report of possible U.S. government stake
MIAMI - Summit Therapeutics Inc. (NASDAQ:SMMT) reported a narrower-than-expected loss for the fourth quarter of 2024, sending its shares up 8.5% in pre-market trading on Monday.
The biopharmaceutical company posted a non-GAAP net loss of $0.07 per share for Q4, beating analyst estimates of a $0.08 per share loss. Revenue figures were not provided in the earnings release.
Summit’s fourth quarter operating expenses rose to $65.8 million, up from $36.4 million in the same period last year, as the company ramped up clinical development of its lead drug candidate ivonescimab for non-small cell lung cancer.
Cash and short-term investments stood at $412.3 million as of December 31, 2024, compared to $186.2 million at the end of 2023. The increase was primarily due to financing activities during the year.
The company also announced a new clinical trial collaboration with Pfizer (NYSE:PFE) to evaluate ivonescimab in combination with Pfizer’s antibody-drug conjugates in solid tumors. Studies under this collaboration are expected to begin in mid-2025.
Summit Therapeutics is focused on developing novel oncology therapies, with ivonescimab as its lead candidate currently in multiple Phase III trials for non-small cell lung cancer.
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