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Summit Therapeutics Inc Reports Financial Results and Operational Progress for the First Quarter Ended March 31, 2022
Cambridge, MA, May 11, 2022 (GLOBE NEWSWIRE) -- Summit Therapeutics Inc. (NASDAQ: SMMT) ("Summit," "we," or the "Company") today reports its financial results
About this update from Summit Therapeutics Inc.
[{"type":"text","content":"Cambridge, MA, May 11, 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 first quarter ended March 31, 2022. Note: A glossary of terms is included at the end of this document to allow for the ease of understanding of terms or concepts used throughout this release. Financial Highlights Aggregate cash, accounts receivable, and tax credits receivable on March 31, 2022 totaled $95.3 million as compared to $89.0 million on December 31, 2021. Our cash balance on March 31, 2022 was $77.5 million as compared to $71.8 million on December 31, 2021. Accounts receivable and research and development tax credits receivable on March 31, 2022 were $17.8 million as compared to $17.2 million on December 31, 2021.On March 10, 2022, Robert W. Duggan, the Company’s Chairman and Chief Executive Officer, provided an unsecured loan to the Company in the amount of $25.0 million. The loan accrues interest at annual rate equal to the prime rate as reported in the Wall Street Journal, which was 3.50% as of March 31, 2022. The loan becomes due upon the earlier of (i) the consummation of a registered public offering with net proceeds of no less than $25.0 million or (ii) 18 months from the date of issuance of the loan.Net loss for the three months ended March 31, 2022 and three months ended March 31, 2021, was $21.4 million and $17.5 million, respectively.Operating cash outflow for the three months ended March 31, 2022 and three months ended March 31, 2021, was $19.0 million and $20.7 million, respectively. During the three months ended March 31, 2022, the Company received non-dilutive funding of $1.5 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 development of ridinilazole. As of March 31, 2022, an aggregate of $57.9 million out of a potential award of $72.5 million has been received from BARDA under contract number HHSO100201700014C. (Remaining potential funding from BARDA has not been included in aggregate cash and receivables balances, above.) Our contract with BARDA was set to e...