For the year ending 2025-12-31, SMMT had $120,395K increase in cash & cash equivalents over the period. -$323,587K in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net loss | -1,079,586 | -221,315 | -614,928 | -78,782 |
| Gain on remeasurement of liabilities | - | 0 | 0 | 1,265 |
| Non-cash interest expense | 0 | 0 | 6,253 | 4,303 |
| Amortization of discount on short-term investments | 7,006 | 2,576 | 1,924 | - |
| Unrealized foreign exchange loss (gain) | 320 | -229 | 812 | -2,614 |
| Reclassification of currency translation gain | 0 | 0 | 419 | - |
| Impairment of fixed assets | 0 | 0 | 474 | - |
| Amortization of operating right-of-use assets | - | - | 1,852 | 1,251 |
| Depreciation | 146 | 89 | 198 | 349 |
| Amortization of intangible assets | - | 0 | 0 | 914 |
| Impairment of intangible assets | - | 0 | 0 | 8,468 |
| Stock-based compensation | 732,420 | 50,981 | 14,108 | 11,948 |
| Loss on disposal of assets | 0 | 0 | 109 | - |
| Other adjustments | - | - | - | -2 |
| In-process research and development expense | - | - | 520,915 | - |
| Acquired in-process research and development expense | 0 | 15,007 | - | - |
| Accounts receivable | - | 0 | -359 | -975 |
| Prepaid expenses | - | - | 914 | -5,107 |
| Prepaid expenses and other current assets | -4,866 | 7,905 | - | - |
| Other assets | 4,875 | -2,470 | 3,421 | -215 |
| Research and development tax credit receivable | - | -535 | -4,168 | -8,437 |
| Deferred revenue and other income | - | 0 | 0 | -7,278 |
| Accounts payable | 15,303 | 2,015 | 2,263 | -4,132 |
| Accrued liabilities and other current liabilities | 12,930 | 11,879 | -2,377 | 4,782 |
| Accrued compensation | 2,909 | 6,557 | -235 | 1,609 |
| Other long-term liabilities | 80 | 95 | - | - |
| Operating lease right-of-use assets and lease liabilities, net | 203 | -167 | -2,211 | -1,099 |
| Net cash used in operating activities | -322,930 | -142,106 | -76,760 | -41,582 |
| Maturities and sales of short-term investments | 311,340 | 489,837 | 208,165 | - |
| Purchase of short-term investments | 484,993 | 680,032 | 321,022 | - |
| Purchase of property and equipment | 657 | 139 | 128 | 624 |
| Proceeds from sale of property, plant and equipment | 0 | 0 | 226 | - |
| Payments to akeso for upfront milestone payments and associated direct transaction costs | 0 | 15,007 | 475,015 | - |
| Net cash used in investing activities | -174,310 | -205,341 | -587,774 | -624 |
| Proceeds from the issuance of common stock via private placements, net of offering costs | 500,037 | 434,860 | 5,000 | - |
| Proceeds from issuance of common stock-At Market Offering | 104,528 | 43,033 | - | - |
| Proceeds from exercise of warrants | 7,315 | 598 | 1,203 | - |
| Proceeds received related to employee stock purchase plan and exercise of stock options | 5,653 | 2,736 | 929 | - |
| Proceeds from the issuance of common stock for rights offering | - | - | 104,686 | 100,000 |
| Proceeds from issuance of common stock-Rights Offering | 0 | 0 | - | - |
| Transaction costs from the issuance of common stock for rights offering | 0 | 0 | 619 | 111 |
| Proceeds from related party promissory notes | - | 0 | 0 | 545,000 |
| Re-payment of related party promissory notes | 0 | 100,000 | 24,686 | 25,000 |
| Payments of related party promissory notes issuance costs | - | 0 | 0 | 44 |
| Proceeds from exercise of share options | - | - | - | 399 |
| Net cash provided by financing activities | 617,533 | 381,227 | 86,513 | 620,244 |
| Effect of exchange rates on cash and cash equivalents | 102 | -18 | 839 | -1,222 |
| Increase (decrease) in cash, cash equivalents and restricted cash | 120,395 | 33,762 | -577,182 | 576,816 |
| Cash, cash equivalents and restricted cash at beginning of period | 105,187 | 71,425 | 648,607 | 71,791 |
| Cash, cash equivalents and restricted cash at end of period | 225,582 | 105,187 | 71,425 | 648,607 |
Summit Therapeutics Inc. (SMMT)
Summit Therapeutics Inc. (SMMT)