Summit Therapeutics Inc.

Summit Therapeutics Inc. (Nasdaq: SMMT) is a biopharmaceutical company focused on the discovery, development, and commercialization of medicinal therapies designed to improve quality of life and resolve serious unmet medical needs in oncology. The company's pipeline is designed to establish patient-friendly, new-era standard-of-care medicines in the therapeutic area of oncology.

The company's lead development candidate is ivonescimab, a novel potential first-in-class bispecific antibody that combines immunotherapy via programmed cell death protein 1 (PD-1) blockade with anti-angiogenesis effects of an anti-vascular endothelial growth factor (VEGF) compound into a single molecule. Engineered with Akeso's unique Tetrabody technology, ivonescimab features a tetravalent structure with four binding sites that enables higher avidity in the tumor microenvironment, with over tenfold increased binding affinity to PD-1 in the presence of VEGF. This cooperative binding mechanism is designed to direct the molecule to tumor tissue versus healthy tissue, potentially improving efficacy while reducing side effects.

In December 2022, Summit entered into a license agreement with Akeso, Inc. and its affiliates to develop and commercialize ivonescimab in the United States, Canada, Europe, Japan, Latin America, the Middle East, and Africa. In exchange for these rights, Summit made an upfront payment of approximately $500 million in cash and stock during the first quarter of 2023, with an additional $15 million payment in the third quarter of 2024 for expanded territories. The company may also pay Akeso milestone payments tied to regulatory approvals and annual revenue achievements, plus royalties on net revenues.

Summit is developing ivonescimab in non-small cell lung cancer and colorectal cancer through multiple Phase III clinical trials. In May 2025, the company announced positive results from the HARMONi study, demonstrating statistically significant improvement in progression-free survival. In January 2026, the FDA accepted for filing a Biologics License Application seeking approval for ivonescimab in combination with chemotherapy for EGFR-mutated NSCLC patients who have progressed following third-generation EGFR tyrosine kinase inhibitors, with a Prescription Drug User Fee Act goal action date of November 14, 2026.

Over 4,000 patients have been treated with ivonescimab in clinical studies globally. The company website is www.summittherapeutics.com.