Summit Therapeutics Inc.
SMMT · Pharmaceutical Preparations · 776.2M shares · +73%/yr ↑ dilution · EDGAR filings ↗
Reference price $13.12 · est. market cap ~$10.2B — last insider purchase, 2026-06-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — oncology clinical (ivonescimab), heavy burn ($324M), very well-funded.
Strengths
- Liquidity — current ratio 9.9 (78th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Cash burnNegative free cash flow (-323.6M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +73%/yr over 4y (dilution, book value/share -11%)
- Insider buyingInsider buying — 6 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$104M, last 6mo) Form 4 ↗
- Strong balance sheetStrong balance sheet — $713M cash & investments, ~9 quarters of runway
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-163.9%
Return on assets
-143.7%
Current ratio
9.9×
Free cash flow
-$324M
Tangible book value
$657M
Cash & investments
$713M
Cash runway
9q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-12 | Zanganeh Mahkam | Buy | 3.8M | $13.12 |
| 2026-06-12 | DUGGAN ROBERT W | Buy | 3.8M | $13.12 |
| 2026-06-04 | Zanganeh Mahkam | Buy | 100K | $14.60 |
| 2026-06-04 | DUGGAN ROBERT W | Buy | 100K | $14.60 |
| 2026-06-04 | Soni Manmeet Singh | Buy | 25K | $14.46 |
| 2026-06-04 | Soni Manmeet Singh | Buy | 25K | $14.43 |
| 2025-10-21 | DUGGAN ROBERT W | Grant | 14.0M | $18.74 |
| 2025-10-21 | DUGGAN ROBERT W | Grant | 267K | $18.74 |
| 2025-10-21 | DUGGAN ROBERT W | Buy | 27K | $18.74 |
| 2025-10-21 | Zanganeh Mahkam | Grant | 14.0M | $18.74 |
| 2025-10-21 | Xia Yu | Buy | 534K | $18.74 |
| 2025-10-21 | Anand Bhaskar | Grant | 27K | $18.74 |
| 2025-10-21 | Soni Manmeet Singh | Grant | 53K | $18.74 |
| 2025-10-21 | Zanganeh Mahkam | Grant | 267K | $18.74 |
| 2025-10-21 | Zanganeh Mahkam | Buy | 27K | $18.74 |
| 2025-09-11 | Zanganeh Mahkam | Buy | 5.0K | $18.07 |
| 2025-09-11 | DUGGAN ROBERT W | Buy | 5.0K | $18.07 |
| 2025-09-10 | Zanganeh Mahkam | Buy | 333K | $17.68 |
| 2025-09-10 | DUGGAN ROBERT W | Buy | 333K | $17.68 |
| 2025-05-30 | Zanganeh Mahkam | Option exercise | 75K | $2.64 |
| 2025-05-30 | DUGGAN ROBERT W | Option exercise | 75K | $2.64 |
| 2025-04-08 | Zanganeh Mahkam | Option exercise | 4.0M | $1.58 |
| 2025-04-08 | DUGGAN ROBERT W | Option exercise | 4.0M | $1.58 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-10 | 0001599298-26-000054 ↗ |
| 8-K | 2026-06-11 | 2026-06-10 | 0001599298-26-000052 ↗ |
| 8-K | 2026-06-03 | 2026-06-02 | 0001599298-26-000049 ↗ |
| 8-K | 2026-06-01 | 2026-05-30 | 0001599298-26-000043 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001599298-26-000039 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001599298-26-000037 ↗ |
| 10-K | 2026-02-23 | 2025-12-31 | 0001599298-26-000015 ↗ |
| 8-K | 2026-02-23 | 2026-02-23 | 0001599298-26-000014 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0001599298-26-000006 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001599298-26-000004 ↗ |
| 8-K | 2025-11-07 | 2025-11-07 | 0001599298-25-000166 ↗ |
| 8-K | 2025-10-22 | 2025-10-21 | 0001193125-25-245790 ↗ |