Summit Therapeutics reported its fourth‑quarter 2025 financial results on February 23, 2026, showing a significant earnings per share (EPS) miss and zero revenue, while maintaining a strong cash position.
The company posted an EPS of –$0.3908, compared with a consensus estimate of –$0.08, a miss of 388.5%. The large shortfall reflects the company’s continued investment in its clinical pipeline, particularly the HARMONi‑3 and HARMONi‑7 trials, which drove higher R&D costs.
Revenue for the quarter was zero, consistent with Summit’s status as a clinical‑stage biopharma company that has not yet launched a product. The absence of sales underscores the company’s focus on research and development rather than commercial revenue.
Non‑GAAP operating expenses rose to $113.3 million in Q4 from $103.4 million in Q3, largely due to increased R&D spending on the HARMONi‑3 and HARMONi‑7 studies. General and administrative expenses remained disciplined, with total G&A spend for the year at about $43 million.
Management highlighted a robust cash balance of approximately $713.4 million and noted that the company has no debt, providing a runway to fund its ongoing clinical program.
Guidance for the coming quarters remains negative, with an expected EPS loss of –$0.33 to –$0.35. For full‑year 2026, the company projects a Non‑GAAP EPS loss of $(0.95) on sales of $17.8 million, and a first‑quarter 2026 loss of $(0.12) per share.
Management comments: “On today's call, we will provide an update on our fourth quarter and year‑end 2025 financial results and operational progress.” (Dave Gancarz, Chief Business & Strategy Officer) “Overall, our non‑GAAP operating expenses during the fourth quarter of 2025 were $113.3 million compared to $103.4 million for the third quarter of 2025. This increase in non‑GAAP operating expenses was primarily related to an increase in R&D expenses related to HARMONi‑3 and HARMONi‑7 trials.” (Manmeet Soni, COO, CFO) “We ended the year 2025 with a strong cash position of approximately $713.4 million. And to remind everyone, currently, we have no debt.” (Manmeet Soni, COO, CFO) “As you will note, we have been very efficient and disciplined in controlling our G&A spend. Our total G&A spend, excluding stock‑based compensation expense, has been approximately $43 million for the full year 2025 with a run rate of approximately $10 million to $11 million per quarter in 2025.” (Manmeet Soni, COO, CFO)
Investors focused on the significant EPS miss and the company’s burn rate, even as Summit continues to advance its pipeline and maintain a strong cash position.
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