Summit Therapeutics
SMMT · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
Net income was −$1.1B. Operating cash flow of −$323M less capital expenditure of $657,000 left free cash flow of −$324M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2M | $705,000 | $0 | $0 | – |
| Research & development | $85M | $52M | $59M | – | – |
| Operating income | −$86M | −$72M | −$610M | −$226M | – |
| Interest expense | $242,000 | $4M | $16M | $9M | $0 |
| Pre-tax income | −$89M | −$79M | −$615M | −$221M | −$1.1B |
| Income tax | $0 | – | $0 | $0 | $0 |
| Net income | −$89M | −$79M | −$615M | −$221M | −$1.1B |
| Diluted EPS | −0.67 | −0.41 | −0.99 | −0.31 | −1.44 |
| Diluted shares | 132M | 193M | 620M | 719M | 748M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $72M | $349M | $71M | $105M | $225M |
| Receivables | $1M | $349,000 | $0 | – | – |
| Current assets | $97M | $657M | $190M | $424M | $720M |
| Net PP&E | $694,000 | $906,000 | $204,000 | $254,000 | $1M |
| Goodwill | $2M | $2M | $2M | $2M | $2M |
| Total assets | $113M | $664M | $203M | $436M | $751M |
| Payables | $4M | $355,000 | $3M | $5M | $20M |
| Deferred revenue | $8M | $0 | $0 | – | – |
| Current liabilities | $26M | $39M | $20M | $42M | $73M |
| Long-term debt | – | $495M | $100M | $0 | – |
| Total liabilities | $30M | $538M | $125M | $47M | $92M |
| Shareholders' equity | $83M | $127M | $78M | $389M | $659M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$73M | −$42M | −$77M | −$142M | −$323M |
| Capital expenditure | $306,000 | $624,000 | $128,000 | $139,000 | $657,000 |
| Free cash flow | −$73M | −$42M | −$77M | −$142M | −$324M |
| Depreciation & amortisation | $330,000 | $349,000 | $198,000 | $89,000 | $146,000 |
| Stock-based compensation | $13M | $12M | $14M | $51M | $732M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −61.0% | −100.0% | – | – |
| Operating margin | −4764.3% | −10225.4% | – | – | – |
| Net margin | −4897.8% | −11174.8% | – | – | – |
| Return on equityBlank when equity is negative | −106.4% | −62.2% | −791.5% | −56.9% | −163.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −98.2% | −11.5% | −334.0% | −57.4% | – |
| Free cash flow margin | −4029.5% | −5986.7% | – | – | – |
| Cash conversion (CFO ÷ net income) | 0.82x | 0.53x | 0.12x | 0.64x | 0.30x |
| Receivable days | 295 | 181 | – | – | – |
| Interest cover | −356x | −16.4x | −37.0x | −26.0x | – |
| Debt ÷ equity | – | 3.90x | 1.29x | 0.00x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $146M | $29M | −$105M | – |
| Current ratio | 3.80x | 16.9x | 9.30x | 10.2x | 9.87x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.