Slide 1: Summit Therapeutics Q4 & Full Year 2023 Earnings Call
Summit Therapeutics Q4 & Full Year 2023 Earnings Call February 20, 2024 9:00am ET
Slide 2: Forward Looking Statement
Forward Looking Statement Ivonescimab is an investigational therapy that is not approved by any regulatory authority. It is currently being investigated in Phase III clinical studies. 2 Summit Proprietary Information - Do Not Copy, Photograph or Distribute Oppenheimer 34th Annual Healthcare Life Sci
Slide 3: Company Details
Company Details Focus ONCOLOGY Partnership Akeso Inc. Summit License Territories United States, Canada, Europe, Japan Chief Executive Officers Bob Duggan Chairman & CEO Dr. Maky Zanganeh CEO & President NASDAQ SMMT Market Cap $3.55B† Cash $186M** Employees 110+† Offices Miami, FL Menlo Park, CA Oxfo
Slide 4: Ivonescimab Clinical Trials and Development Plan
Trial Indication Histology/Population Regimen Phase III NSCLC EGFRm+ 2L+ Advanced or Metastatic Combo ivonescimab + chemo vs. placebo + chemo NSCLC Squamous 1L Metastatic Combo ivonescimab + chemo vs. pembro + chemo Indication Regimen Phase I Phase II Phase III NSCLC: 2L EGFRm+ Randomized: Combo (ch
Slide 5: Designed to Potentially Improve the Balance of Anti-tumor Activity & Safety
Designed to Potentially Improve the Balance of Anti-tumor Activity & Safety1,2 *There are no known PD-1-based bispecific antibodies approved by the U.S. Food and Drug Administration (“FDA”) or the European Medicines Agency (“EMA”). Ivonescimab is an investigational therapy that is not approved by an
Slide 6: Cooperative Binding Greater Than the Sum of Its Parts
VEGF Dimer PD-1 Receptor in T Cell Increased Avidity in TME VEGF increases affinity to PD-1 by >18X4 PD-1 increases affinity to VEGF by >4X4 (in vitro) Enhanced Activity of T Cells VEGF dimer leads to potential interconnection of ivonescimab molecules, which may increase activity of T cells4,5 Ivone
Slide 7: Ivonescimab Phase III Trials – Expected 2024 Short-Term Catalysts
Ivonescimab Phase III Trials – Expected 2024 Short-Term Catalysts Ivonescimab is an investigational therapy that is not approved by any regulatory authority. It is currently being investigated in Phase III clinical studies. CDE: Centre for Drug Evaluation *NDA Filing by Akeso with the CDE for Market
Slide 8: 2024 Financial Update and Guidance
Summit Confidential & Proprietary Information - Do Not Copy or Distribute Summit Therapeutics Q4 & FY 2023 Earnings Call, February 2024 8 Financial Update and Guidance Cash and Cash Equivalents Updated Cash Guidance GAAP Operating Expenses $186M (as of Dec 31, 2023) UPDATED: Into Q1 2025 Previously:
Slide 9: Appendix
APPENDIX
Slide 10: Summit Statement Regarding Use of Non-GAAP Financial Measures
Summit Confidential & Proprietary Information - Do Not Copy or Distribute 10 Statement Regarding Use of Non-GAAP Financial Measures Non-GAAP financial measures adjust GAAP financial measures for the items listed below. These Non-GAAP measures should be viewed in addition to, and not as a substitute
Slide 11: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations 11 Summit Confidential & Proprietary Information - Do Not Copy or Distribute Summit Therapeutics Q4 & FY 2023 Earnings Call, February 2024
Slide 12: Condensed Consolidated Statements of Cash Flows and Balance Sheet
12 Condensed Consolidated Statements of Cash Flows and Balance Sheet Summit Confidential & Proprietary Information - Do Not Copy or Distribute Summit Therapeutics Q4 & FY 2023 Earnings Call, February 2024
Slide 13: Reconciling Selected Non-GAAP Financial Measures, Operating Expenses
13 Reconciling Selected Non-GAAP Financial Measures, Operating Expenses Summit Confidential & Proprietary Information - Do Not Copy or Distribute Summit Therapeutics Q4 & FY 2023 Earnings Call, February 2024 2023 2022 2023 2022 Reconciliation of GAAP to Non-GAAP Research and Development Expense GAAP
Slide 14: Reconciling Selected Non-GAAP Financial Measures, Net loss and EPS
14 Reconciling Selected Non-GAAP Financial Measures, Net loss and EPS Summit Confidential & Proprietary Information - Do Not Copy or Distribute Summit Therapeutics Q4 & FY 2023 Earnings Call, February 2024
Slide 15: Summit Therapeutics Q4 & Full Year 2023 Earnings Call
Summit Therapeutics Q4 & Full Year 2023 Earnings Call February 20, 2024 9:00am ET