Summit Therapeutics Doubles Authorized Common Stock to 2B Shares and Reports Q3 2026 Results Ahead of PDUFA Date

Executive Summary

On November 4, 2026, Summit Therapeutics Inc. ($SMMT) filed a Current Report on Form 8-K covering Items 2.02, 5.03, 5.07, and 9.01. Key developments include:

1. Stockholder Approval of Share Authorization Increase: Stockholders approved Amendment No. 3 to the Restated Certificate of Incorporation, increasing authorized common shares from 1,000,000,000 to 2,000,000,000 (total authorized capital stock is now 2,020,000,000 shares, including 20,000,000 shares of preferred stock).
2. Q3 2026 Financial Results: Q3 2026 GAAP net loss was $208.4 million ($(0.26) per share), compared to $231.8 million ($(0.31) per share) in Q3 2025. Non-GAAP net loss was $160.7 million ($(0.20) per share).
3. Balance Sheet & AstraZeneca Investment: As of September 30, 2026, cash, cash equivalents, and short-term investments totaled $629.8 million. Subsequent to quarter-end, on October 5, 2026, AstraZeneca completed a $2.0 billion strategic equity investment in Summit.
4. Regulatory Milestone: The U.S. FDA PDUFA goal action date for ivonescimab in combination with chemotherapy for EGFR-mutated locally advanced or metastatic non-squamous NSCLC is November 14, 2026.

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Corporate Governance & Share Capital Expansion (Items 5.03 & 5.07)

At the Special Meeting of Stockholders held on November 4, 2026, stockholders voted on a proposal to amend Article FOURTH of the Restated Certificate of Incorporation:

• For: 658,142,561
• Against: 1,983,511
• Abstain: 3,134,826
• Broker Non-Votes: None

The amendment was filed with the Delaware Secretary of State and became effective immediately. This 1.0 billion share increase supports ongoing corporate obligations, future financings, and the conversion of preferred stock issued in strategic transactions.

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Financial Highlights (Item 2.02 / Exhibit 99.1)

• Cash Position: $629.8 million as of September 30, 2026 (down from $713.4 million at December 31, 2025). The company raised $94.1 million via its ATM facility during Q3 2026. The $2.0 billion proceeds from AstraZeneca's strategic equity investment closed post-quarter on October 5, 2026, substantially bolstering Summit's liquidity runway.
• R&D Expenses: GAAP R&D expenses were $169.1 million in Q3 2026 (vs. $131.1 million in Q3 2025), driven by clinical expansion across multiple solid tumor indications for ivonescimab.
• G&A Expenses: GAAP G&A expenses were $45.5 million in Q3 2026 (vs. $103.1 million in Q3 2025), with the decline primarily reflecting a $66.4 million reduction in stock-based compensation expense relative to the prior-year period.

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Clinical and Regulatory Catalysts

• HARMONi (EGFRm NSCLC): PDUFA action date of November 14, 2026, based on the global Phase III trial. Updated OS data presented at WCLC 2026 demonstrated an OS hazard ratio of 0.76 (95% CI: 0.61–0.95; nominal p=0.0151).
• HARMONi-3 (1L NSCLC): Primary PFS analysis and early interim OS analysis for the squamous cohort are anticipated in Q4 2026.
• Clinical Pipeline Expansion: Active and expanding clinical programs in urothelial carcinoma (HARMONi-GU1), renal cell carcinoma (SMT112-216), colorectal cancer (HARMONi-GI3), and collaborations combining ivonescimab with ADCs from AstraZeneca and Daiichi Sankyo.