Summit Therapeutics Inc Financials
This page shows Summit Therapeutics Inc (SMMT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Summit Therapeutics is operating as a capital-funded drug developer, with spending scale rising far faster than any internal cash generation.
FY2025 cash burn of$323M exceeded year-end cash of$225M , so the strong current ratio reflects a cash cushion, not a self-funding model. Liabilities stayed light at$92M because the gap was covered by$618M of financing, showing the business is still funded mainly by capital raises rather than customers or lenders.
The cost structure widened in FY2025: R&D reached
Solvency and dilution are telling different stories. Debt-to-equity was only 0.1x in FY2025, so the balance sheet is not debt-led. Instead, shares outstanding rose from 98.0M to 775.4M over the past four fiscal years, meaning existing owners have supplied most of the capital.
Financial Health Signals
Summit Therapeutics Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Summit Therapeutics Inc passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Summit Therapeutics Inc reported a net loss of $1.1B while operations used $322.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Summit Therapeutics Inc reported -$1.1B in net income in fiscal year 2025. This represents a decrease of 387.8% from the prior year.
Summit Therapeutics Inc earned -$1.44 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 364.5% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Summit Therapeutics Inc recorded an outflow of $323.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 127.5% from the prior year.
Summit Therapeutics Inc held $225.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Summit Therapeutics Inc's ROE was -163.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 106.9 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Summit Therapeutics Inc invested $537.7M in research and development in fiscal year 2025. This represents an increase of 256.6% from the prior year.
Summit Therapeutics Inc invested $657K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 372.7% from the prior year.
Not reported for fiscal year 2025.
SMMT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | $0 | $0-100.0% | $705K-61.0% | $1.8M+110.3% | $860K+15.7% | $743K | $57.1M+254.5% | $16.1M |
| R&D Expenses | N/A | $537.7M+256.6% | $150.8M+153.5% | $59.5M+14.4% | $52.0M-39.1% | $85.4M+60.2% | $53.3M+33.8% | $39.8M | $52.0M+37.9% | $37.7M |
| SG&A Expenses | N/A | $556.8M+824.6% | $60.2M+105.8% | $29.3M+9.4% | $26.7M+13.3% | $23.6M+22.8% | $19.2M+70.5% | $11.3M | $17.0M+8.6% | $15.7M |
| Operating Income | N/A | N/A | -$226.0M+62.9% | -$609.6M-745.7% | -$72.1M+16.4% | -$86.2M-62.0% | -$53.2M-93.6% | -$27.5M | $5.4M+119.0% | -$28.4M |
| Interest Expense | N/A | $0-100.0% | $8.7M-47.2% | $16.5M+274.0% | $4.4M+1718.6% | $242K-5.1% | $255K-12.4% | $291K | $620K-59.8% | $1.5M |
| Income Tax | N/A | $0 | $0 | $0 | N/A | $0+100.0% | -$213K-691.7% | $36K | -$1.8M-479.2% | $471K |
| Net Income | N/A | -$1.1B-387.8% | -$221.3M+64.0% | -$614.9M-680.5% | -$78.8M+11.1% | -$88.6M-68.1% | -$52.7M-80.9% | -$29.1M | $10.9M+141.2% | -$26.4M |
| EPS (Diluted) | — | -$1.44-364.5% | -$0.31+68.7% | -$0.99 | -$0.41 | -$0.67 | -$0.76 | -$0.89 | $0.63+131.3% | -$2.01 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SMMT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $751.2M+72.5% | $435.6M+114.6% | $202.9M-69.4% | $664.2M+485.8% | $113.4M+10.6% | $102.5M+6.5% | $96.2M | $79.6M+1.7% | $78.2M |
| Current Assets | $720.3M+70.0% | $423.8M+123.4% | $189.7M-71.1% | $656.7M+574.9% | $97.3M+11.0% | $87.7M+10.1% | $79.6M | $61.3M+20.6% | $50.8M |
| Cash & Equivalents | $225.3M+114.8% | $104.9M+46.8% | $71.4M-79.5% | $348.6M+385.6% | $71.8M+8.1% | $66.4M+4.0% | $63.8M | $35.2M+23.7% | $28.5M |
| Accounts Receivable | N/A | N/A | $0-100.0% | $349K-76.2% | $1.5M+342.3% | $331K-38.8% | $541K | $6.1M+57.0% | $3.9M |
| Goodwill | $2.0M+7.3% | $1.9M-1.5% | $1.9M+5.3% | $1.8M-10.5% | $2.0M-1.0% | $2.0M+3.5% | $2.0M | $2.0M-44.5% | $3.5M |
| Total Liabilities | $92.3M+97.2% | $46.8M-62.6% | $125.3M-76.7% | $537.5M+1686.4% | $30.1M+30.6% | $23.0M+32.6% | $17.4M | $47.4M-42.7% | $82.7M |
| Current Liabilities | $73.0M+74.9% | $41.7M+104.5% | $20.4M-47.4% | $38.8M+51.4% | $25.6M+28.8% | $19.9M+44.5% | $13.8M | $17.2M-47.3% | $32.6M |
| Total Equity | $658.9M+69.5% | $388.7M+400.4% | $77.7M-38.7% | $126.7M+52.1% | $83.3M+4.8% | $79.5M+0.7% | $78.9M | $32.2M+996.3% | -$3.6M |
| Retained Earnings | -$2.3B-88.9% | -$1.2B-22.3% | -$993.3M-162.5% | -$378.3M-26.3% | -$299.5M-42.0% | -$210.9M-33.3% | -$158.2M | -$130.9M+7.0% | -$140.8M |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
SMMT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$458.4M | -$322.9M-127.2% | -$142.1M-85.1% | -$76.8M-84.6% | -$41.6M+42.7% | -$72.6M-50.9% | -$48.1M-131.8% | -$20.8M | -$35.1M-63.3% | -$21.5M |
| Capital Expenditures | $1.4M | $657K+372.7% | $139K+8.6% | $128K-79.5% | $624K+103.9% | $306K-27.3% | $421K+105.4% | $205K | $157K-76.5% | $668K |
| Free Cash Flow | -$459.8M | -$323.6M-127.5% | -$142.2M-85.0% | -$76.9M-82.2% | -$42.2M+42.1% | -$72.9M-50.2% | -$48.5M-131.5% | -$21.0M | -$35.3M-59.1% | -$22.2M |
| Investing Cash Flow | -$262.6M | -$174.3M+15.1% | -$205.3M+65.1% | -$587.8M-94094.6% | -$624K-103.9% | -$306K+27.3% | -$421K-23.5% | -$341K | -$331K+95.3% | -$7.0M |
| Financing Cash Flow | $842.5M | $617.5M+62.0% | $381.2M+340.7% | $86.5M-86.1% | $620.2M+696.0% | $77.9M+54.1% | $50.6M+2.1% | $49.5M | $44.5M+136.5% | $18.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 | $0 |
Not reported in any period shown, so not listed: Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SMMT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | -10225.4% | -4764.3% | -6185.2% | -3697.6% | 9.4% | -176.2% |
| Net Margin | N/A | N/A | N/A | -11174.8% | -4897.8% | -6127.6% | -3920.2% | 19.0% | -163.6% |
| Return on Equity | -163.9%-106.9pp | -56.9%+734.6pp | -791.5%-729.3pp | -62.2%+44.2pp | -106.4%-40.1pp | -66.3%-29.4pp | -36.9% | 33.8% | N/A |
| Return on Assets | -143.7%-92.9pp | -50.8%+252.2pp | -303.0%-291.1pp | -11.9%+66.3pp | -78.1%-26.7pp | -51.4%-21.2pp | -30.3% | 13.7%+47.4pp | -33.7% |
| Current Ratio | 9.87-0.3x | 10.15+0.9x | 9.30-7.6x | 16.93+13.1x | 3.80-0.6x | 4.41-1.4x | 5.78 | 3.56+2.0x | 1.56 |
| Debt-to-Equity | 0.140.0x | 0.12-1.5x | 1.61-2.6x | 4.24+3.9x | 0.36+0.1x | 0.29+0.1x | 0.22 | 1.47 | N/A |
| FCF Margin | N/A | N/A | N/A | -5986.7% | -4029.5% | -5643.3% | -2821.3% | -61.8% | -137.7% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Summit Therapeutics Inc Ranks
Frequently Asked Questions
Is Summit Therapeutics Inc profitable?
No, Summit Therapeutics Inc (SMMT) reported a net income of -$1.1B in fiscal year 2025.
What is Summit Therapeutics Inc's return on equity (ROE)?
Summit Therapeutics Inc (SMMT) has a return on equity of -163.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Summit Therapeutics Inc's free cash flow?
Summit Therapeutics Inc (SMMT) recorded an outflow of $323.6M in free cash flow during fiscal year 2025. This represents a -127.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Summit Therapeutics Inc's operating cash flow?
Summit Therapeutics Inc (SMMT) recorded an outflow of $322.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Summit Therapeutics Inc's total assets?
Summit Therapeutics Inc (SMMT) had $751.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Summit Therapeutics Inc's capital expenditures?
Summit Therapeutics Inc (SMMT) invested $657K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Summit Therapeutics Inc spend on research and development?
Summit Therapeutics Inc (SMMT) invested $537.7M in research and development during fiscal year 2025.
What is Summit Therapeutics Inc's current ratio?
Summit Therapeutics Inc (SMMT) had a current ratio of 9.87 as of fiscal year 2025, which is generally considered healthy.
What is Summit Therapeutics Inc's debt-to-equity ratio?
Summit Therapeutics Inc (SMMT) had a debt-to-equity ratio of 0.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Summit Therapeutics Inc's return on assets (ROA)?
Summit Therapeutics Inc (SMMT) had a return on assets of -143.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Summit Therapeutics Inc's cash runway?
Based on fiscal year 2025 data, Summit Therapeutics Inc (SMMT) had $225.3M in cash against an annual operating cash burn of $322.9M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Summit Therapeutics Inc's Piotroski F-Score?
Summit Therapeutics Inc (SMMT) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Summit Therapeutics Inc's earnings high quality?
Summit Therapeutics Inc (SMMT) reported a net loss of $1.1B while operations used $322.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.