Slide 1: Summit Therapeutics Q4 & FY 2025 Earnings Call
Summit Therapeutics Q4 & FY 2025 Earnings Call February 23, 2026 4:30pm ET
Slide 2: Forward Looking Statement
Forward Looking Statement Any statements in this presentation about the Company’s future expectations, plans of data from ongoing and future clinical trials, the results of such trials, and their and prospects, including but not limited to, statements about the clinical and success, global public he
Slide 3: HARMONi-3 Clinical Trial Update
HARMONi-3 Clinical Trial Update Summit Sponsored Trial ⚫ HARMONi-3: ◼ Phase III multi-regional clinical study in 1L NSCLC comparing ivonescimab + chemo vs. pembrolizumab + chemo ◼ For two separate cohorts, squamous and non-squamous histologies, statistical analyses for PFS and OS will be conducted s
Slide 4: Q4 2025 & Current Highlights
Q4 2025 & Current Highlights Summit Collaborations: BLA Filed; PDUFA Nov 14, 2026 2L+ EGFRm NSCLC GORTEC: ivonescimab + chemo stat sig Phase III ILLUMINE study in OS vs. chemo HNSCC, expect FPI Q2 2026 OS HR 0.74 (p=0.19) Squam. Interim PFS Q2z1 RevMed: Squam. Final PFS, Int. OS H2 20261 Non-Squam.
Slide 5: Ivonescimab
Ivonescimab Includes both Summit and Akeso trials Anti-VEGF PD-1 x VEGF Class Frontrunner with Multi-Year Lead Anti-PD-1 Mission: Patients First To improve quality of life, increase 4 Positive Phase III 2 Indications Approved in China Readouts to Date Chinese Approvals potential duration of life, by
Slide 6: Ivonescimab Development: Summit + Akeso Pipelines
Ivonescimab Development: Summit + Akeso Pipelines TUMOR TYPE STUDY LINE & INDICATION REGIMEN PHASE STATUS 1/1b 2 3 Approved 2L advanced EGFRm+ NSCLC ivonescimab + chemo vs. placebo + chemo Active, Recruiting Complete Lung 1L metastatic NSCLC ivonescimab + chemo vs. pembrolizumab + chemo Recruiting 1
Slide 7: Ivonescimab Development Plan: Summit Pipeline
Ivonescimab Development Development:Plan Summit Pipeline Phase I and II trials completed by Akeso. Collaborations Collaborations RASi >46 GORTEC: Ph3 ILLUMINE Study: HNSCC >60 ISTs >60Supported ISTs 1 1 46 RevMed: Novel RAS(ON)i: NSCLC, PDAC, CRC 15 Currently Enrolling Ivonescimab Posters, GSK: Nove
Slide 8: Ivonescimab: Four Phase III Clinical Studies with Positive Results
Ivonescimab Four Phase III Clinical Studies with Positive Results 1L NSCLC EGFRm NSCLC Post-TKI Ivonescimab vs. Anti-PD-1 +/- chemo Ivonescimab + Chemo vs. Placebo + Chemo PD-L1 Positive, Monotherapy Squamous, PD-L1 All-Comers EGFRm after a TKI EGFRm after a 3rd-gen TKI Ivonescimab vs. Ivonescimab +
Slide 9: Platform Opportunity
Platform Opportunity Checkpoint Inhibitor Global Market >$90B >$20B NSCLC in 20282 Potential growth PD-(L)1: >$50B in 20243 beyond $30B pembrolizumab in 20244 >50 current approved >$110B PD-(L)1 & indications1 + VEGF for PD-(L)1 Inhibitors + indications VEGF Inhibitors VEGF Inhibitor Global Market E
Slide 10: Upcoming Catalysts: Shaping the Path Forward
Upcoming Catalysts: Shaping the Path Forward FY26 Further details to continue for new global Phase IIIs HARMONi-3 SQ: Interim PFS analysis expected Anti-VEGF 1H26 ILLUMINE: Coop group Phase III HNSCC study FPI expected HARMONi-3 SQ: Final PFS, interim OS data readout expected 2H26 HARMONi-3 nSQ: Com
Slide 11: Strong Balance Sheet to Kick Off 2026
Strong Balance Sheet to Kick Off 2026 $713.4M Cash as of December 31, 2025 $0 No Debt as of December 31, 2025 Summit Proprietary Information - Do Not Copy or Distribute Ivonescimab is an investigational therapy not presently approved by any regulatory 11 Q4 & YE 2025 Earnings Presentation | 2/2026 a
Slide 12: Financial Summary Q4'25 vs. Q3'25
Financial Summary Q4’25 vs. Q3’25 Three Months Ended (in millions) December 31, 2025 September 30, 2025 Total GAAP Operating Expenses $ 225.0 $ 234.2 Research and development 147.3 131.1 General and administrative 77.7 103.1 Non-GAAP Operating Expenses $ 113.3 $ 103.4 Non-GAAP Research and Developme
Slide 13: Schedule Reconciling Selected Non-GAAP Financial Measures
Schedule Reconciling Selected Non-GAAP Financial Measures Three Months Ended (in millions) December 31, 2025 September 30, 2025 Reconciliation of GAAP to Non-GAAP Research and Development Expense GAAP Research and development $ 147.3 $ 131.1 Stock-based compensation (Note 1) (45.3) (40.6) Non-GAAP R
Slide 14: Schedule Reconciling Selected Non-GAAP Financial Measures
Schedule Reconciling Selected Non-GAAP Financial Measures Three Months Ended (in millions) December 31, 2025 September 30, 2025 Reconciliation of GAAP Net Loss to Non-GAAP Net Loss GAAP Net Loss $ (219.2) $ (231.8) Stock-based compensation (Note 1) 111.7 130.8 Non-GAAP Net Loss $ (107.5) $ (101.0) R
Slide 15: Bob Duggan Dr. Maky Zanganeh Chairman & Co-Chief
Bob Duggan Dr. Maky Zanganeh Chairman & Co-Chief President & Co-Chief Executive Officer Executive Officer Manmeet Soni Dave Gancarz Dr. Allen Yang Chief Operating Chief Business & Chief R&D Officer & Chief Strategy Officer Officer Financial Officer Summit Proprietary Information - Do Not Copy or Dis