Summit reports Q2 2026 results as HARMONi OS data hold up in western patients

Summit Therapeutics reported second quarter 2026 financial results on July 23, 2026, disclosing aggregate cash, cash equivalents and short-term investments of $690.7 million as of June 30, 2026, down from $713.4 million at December 31, 2025.¹ The company said it raised $230.8 million in gross proceeds through its ATM facility during the second quarter, plus another $68.4 million subsequent to June 2026.¹

On the clinical side, Summit announced an updated overall survival analysis from its Phase III HARMONi trial in EGFR-mutated non-squamous NSCLC. In the new analysis, western patients reached a median follow-up of 23.2 months versus 32.7 months for Asian patients, and a hazard ratio of 0.76 was observed in the full intention-to-treat population and separately in both the Asian and western subgroups.¹ The company said ivonescimab continued to show an acceptable and manageable safety profile consistent with prior Phase III data, with no additional safety signals observed.¹ These results have been shared with the FDA, and more detailed data are intended to be presented at an upcoming medical meeting.¹ The HARMONi BLA carries a PDUFA goal action date of November 14, 2026.¹

Separately, Akeso's China-only HARMONi-6 trial showed a statistically significant OS improvement for ivonescimab plus chemotherapy versus tislelizumab plus chemotherapy, with a hazard ratio of 0.66 (95% CI: 0.50, 0.87; p=0.0017).¹

On expenses, GAAP operating expenses were $220.5 million for the quarter, down from $568.4 million a year earlier, reflecting a $410.1 million drop in stock-based compensation tied to 2025 option modifications.¹ GAAP net loss was $215.7 million, or $(0.28) per share, compared with $565.7 million, or $(0.76) per share, in the prior-year quarter.¹ Summit also sold its Phase III antibiotic asset ridinilazole to Biossil, Inc. in July 2026 for $500,000 upfront plus up to $104.5 million in milestones and tiered royalties.¹