Summit Therapeutics faces under a year of cash runway as FDA decision on ivonescimab looms

Summit Therapeutics reported that its cash and short-term investments total just over $690 million, which the company says is insufficient to fund operations for a full year.

The biotech’s lead candidate, the PD-1/VEGF bispecific antibody ivonescimab, generated promising overall survival results in a late-stage global trial in patients with advanced non-small cell lung cancer who have EGFR mutations and have been treated with a tyrosine-kinase inhibitor.

The FDA is reviewing the application and is expected to issue a decision by November 14. Meanwhile, Summit posted first-half losses of $405 million, including about $290 million spent on R&D, and said it expects continued operating losses.