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The Annual Reports & Accounts Yr 31.12.23 now published but showing they do not have a 12 month cash runway hence a 28.5% reduction in the SP.All very depressing as they are totally reliant on Duggan digging deep but at 79 how many more years will he want to continue to invest.The following is the note re cash runway:
'Updated Cash Guidance
With the extension of the $100.0 million note, we updated our cash guidance such that we now have sufficient cash to operate into the first quarter of 2025. Our prior cash guidance was to have sufficient funds going into September 2024.'
It is difficult as to what to do but the SP has not been able to go above $5 my son is still invested but Holding.
Extract from Seeking Alpha
'Shares of Summit Therapeutics (NASDAQ:SMMT) plunged 28% in afternoon trading Tuesday after the company released its Q4 earnings report, filed a mixed shelf registration, and disclosed it had extended its cash runway.
Earlier Tuesday, Summit reported a narrowed Q4 adjusted loss of $0.04 per share with no revenue.
The company added that the maturity date for a $100M note from its chairman and CEO, Robert Duggan, had been extended from Sept. 6 to April 1, 2025, thereby extending its cash runway from September 2024 into Q1 2025.
Summit also filed a mixed shelf registration for the potential sale of up to $450M of its securities.'
Great movement again and looking strong for 2024.
Good news on trials will see us back to 2018 share prices eventually.
Very impressive last month or 2.
Looks like USA liking the potential here.
Hi All I note the SMMT SP is continuing to rise currently at $4.40 £3.46.
Hi EP - Good to see your post this morning & the SP progress is good news.I sold out my remaining shares at $5 which meant over the years I did marginally more than just break even.However I encouraged my son to Buy many years ago & he is at a loss which is why I am still following events.I do believe that based on recent news Summit may actually become a block buster so better to hang on.Take care.Regards CM
Positive news :) the markets appear to be reacting positively to it. Slowly slowly, rather than a big spike.
Fingers crossed - GLA
and Happy New Year also!
- EP
Https://finance.yahoo.com/news/summit-therapeutics-announces-updated-phase-140000568.html
It would be nice to have a re-run of this time last year! Wishful thinking :D
Hope all are well
ATB - EP
And another
https://finance.yahoo.com/news/laura-chow-md-cancer-immunotherapy-204100812.html
Nice to see some faces still around.
And the CEO has made a large stock options purchase (circa 12M shares, currently worth $22M yesterday), which appears to have driven up confidence and SP!
Perhaps we are due our annual price run to $6?
The question being: if we make it that way, will that be the inflexion point or will it now go further with 12months of further progress achieved?
GLA - EP
Blimey. That seems a major development.
Https://finance.yahoo.com/news/summit-therapeutics-appoints-proven-biotech-110000269.html
Rst Patient Treated in Phase III HARMONi Clinical Trial
https://finance.yahoo.com/news/summit-therapeutics-announces-first-patient-113000584.html
Nice movement again.
Summit Therapeutics Announces Initial Indications for Clinical Trials for Ivonescimab (SMT112)
https://finance.yahoo.com/news/summit-therapeutics-announces-initial-indications-123000854.html
On the road again
I should have sold a $5 ??
Will wait now for test data in China and uk.
Hi All - I recently Sold my shares in SMMT in order to Buy H&W shares but if I were to have held on I would be going for the rights issue in order to average down I cannot believe the SP will drop to the Buy in price.
Looks like a very hefty share dilution. What do people here think? Will the SP recover in the medium term?
Down premarket a lot.
Any mews?
Seeing the return to lows for a while until news on trials in UK snd China come.
Waiting game again.
SUMMIT THERAPEUTICS INC.
Subscription Rights to Purchase Up to 476,190,476 Shares of Common Stock at the Initial Price
http://portalvhds1fxb0jchzgjph.blob.core.windows.net/press-releases-attachments/1485882/Registration%20statement%20under%20Securities%20Act%20of%201933.pdf
Summit closes license deal for antibody therapy for cancer; $500M rights offering on track
Jan. 20, 2023 8:24 AM ETSummit Therapeutics Inc. (SMMT)By: Ravikash, SA News Editor
https://seekingalpha.com/news/3926304-summit-closes-license-deal-for-antibody-therapy-for-cancer-500m-rights-offering-on-track?mailingid=30308817&messageid=2900&serial=30308817.140&utm_campaign=rta-stock-news&utm_content=link-1&utm_medium=email&utm_source=seeking_alpha&utm_term=30308817.140