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Summit Therapeutics Inc. Reports Financial Results and Operational Progress for the Third Quarter and Nine Months Ended September 30, 2022
Menlo Park, California, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Summit Therapeutics Inc. (NASDAQ: SMMT) ("Summit," "we," or the "Company") today reports its
About this update from Summit Therapeutics Inc.
[{"type":"text","content":"Menlo Park, California, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Summit Therapeutics Inc. (NASDAQ: SMMT) (\"Summit,\" \"we,\" or the \"Company\") today reports its financial results and provides an update on operational progress for the third quarter and nine months ended September 30, 2022. Financial Highlights Aggregate cash, accounts receivable, and tax credits receivable on September 30, 2022 totaled $138.4 million as compared to $89.0 million on December 31, 2021. Our cash balance on September 30, 2022 was $122.0 million as compared to $71.8 million on December 31, 2021. Accounts receivable and research and development tax credits receivable on September 30, 2022 were $16.4 million as compared to $17.2 million on December 31, 2021.Net loss for the three months ended September 30, 2022 and 2021 was $21.4 million and $19.6 million, respectively. Net loss for the nine months ended September 30, 2022 and 2021 was $59.6 million and $61.5 million, respectively.Operating cash outflow for the nine months ended September 30, 2022 and 2021 was $46.8 million and $63.4 million, respectively. On June 22, 2022, the Company announced a Rights Offering for its existing shareholders to participate in the purchase of additional shares of its common stock. The Rights Offering commenced on July 18, 2022, and the associated subscription rights expired on August 8, 2022. Through the fully subscribed Rights Offering, the Company raised $100.0 million in gross proceeds through the issuance and sale of 103,092,783 shares of its common stock at a price per share of $0.97. Issuance costs associated with the Rights Offering were $0.1 million, resulting in net proceeds of $99.9 million. In connection with the closing of the rights offering, a $25.0 million note payable with the Company's Chairman and CEO, Robert W. Duggan, matured and became due, and the Company repaid all principal and accrued interest of $0.4 million via a portion of the proceeds from this Rights Offering. During the three months ended September 30, 2022, the Company received non-dilutive funding of $0.8 million from the Biomedical Advanced Research and Development Authority (\"BARDA\"), part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services, in support of the Company's Ri-CoDIFy clinical trials and clinical developmen...