Summit Therapeutics
SMMT on Nasdaq. Summit Therapeutics sells cancer drugs to patients. Market value $13.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-3.33 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$17.31 a share, 43% above its 1-year low
Over the past year the price has ranged from $12.07 to $29.23.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2m | $705,000 | $0 | $0 | n/a |
| Operating margin | |||||
| Operating margin | -4764.3% | -10225.4% | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.70bn | 0.74bn | 0.74bn | 0.80bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 713% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $216 million, compared with a loss of $566 million a year ago.
- Over the past 12 months it spent $460 million more cash than it brought in, compared with $207 million a year earlier.
- 5% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$56m |
| December 2024 | -$61m |
| March 2025 | -$63m |
| June 2025 | -$566m |
| September 2025 | -$232m |
| December 2025 | -$219m |
| March 2026 | -$189m |
| June 2026 | -$216m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 23 February 2026
- Next quarterly (estimated, 10-Q)
- 22 October 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 242 funds in all.
- Gotham Asset ManagementJoel Greenblatt
- Value
- $229,142
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $229,142 | <0.1% |
Largest holders overall
- Baker Bros. Advisors LP$478mCut
- FMR$146mCut
- State Street$139mAdded
- BlackRock$139m
- Vanguard Capital Management$84m
- UBS Group AG$76mAdded
- Vanguard Portfolio Management$73mCut
- Goldman Sachs Group$66mAdded
- Price T Rowe Associates$57mCut
- Point72 Asset Management, L.P.$54mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $115m of shares on the open market.
- Zanganeh MahkamCo-Chief Executive Officer, DirectorBought
- Date
- 12 June 2026
- Shares
- 3,810,000
- Price
- $13.12
- Value
- $50m
- DUGGAN ROBERT WCo-Chief Executive Officer, DirectorBought
- Date
- 12 June 2026
- Shares
- 3,810,000
- Price
- $13.12
- Value
- $50m
- Soni Manmeet SinghCOO and CFO, DirectorBought
- Date
- 4 June 2026
- Shares
- 50,000
- Price
- $14.45
- Value
- $722,250
- Zanganeh MahkamCo-Chief Executive Officer, DirectorBought
- Date
- 4 June 2026
- Shares
- 100,000
- Price
- $14.60
- Value
- $1m
- DUGGAN ROBERT WCo-Chief Executive Officer, DirectorBought
- Date
- 4 June 2026
- Shares
- 100,000
- Price
- $14.60
- Value
- $1m
- Xia YuDirectorBought
- Date
- 21 October 2025
- Shares
- 533,617
- Price
- $18.74
- Value
- $10m
- Zanganeh MahkamCo-Chief Executive Officer, DirectorBought
- Date
- 21 October 2025
- Shares
- 26,680
- Price
- $18.74
- Value
- $499,983
- DUGGAN ROBERT WCo-Chief Executive Officer, DirectorBought
- Date
- 21 October 2025
- Shares
- 26,680
- Price
- $18.74
- Value
- $499,983
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 June 2026 | Zanganeh Mahkam Co-Chief Executive Officer, Director | Bought | 3,810,000 | $13.12 | $50m |
| 12 June 2026 | DUGGAN ROBERT W Co-Chief Executive Officer, Director | Bought | 3,810,000 | $13.12 | $50m |
| 4 June 2026 | Soni Manmeet Singh COO and CFO, Director | Bought | 50,000 | $14.45 | $722,250 |
| 4 June 2026 | Zanganeh Mahkam Co-Chief Executive Officer, Director | Bought | 100,000 | $14.60 | $1m |
| 4 June 2026 | DUGGAN ROBERT W Co-Chief Executive Officer, Director | Bought | 100,000 | $14.60 | $1m |
| 21 October 2025 | Xia Yu Director | Bought | 533,617 | $18.74 | $10m |
| 21 October 2025 | Zanganeh Mahkam Co-Chief Executive Officer, Director | Bought | 26,680 | $18.74 | $499,983 |
| 21 October 2025 | DUGGAN ROBERT W Co-Chief Executive Officer, Director | Bought | 26,680 | $18.74 | $499,983 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Summit Therapeutics’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Feb 2026, plus the 10-Q filed 23 Jul 2026 and 14 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“These conditions raise substantial doubt about the Company’s ability to continue as a going concern.”
Show the full paragraph
Until the Company can generate substantial revenue and achieve profitability, the Company will need to raise additional capital to fund its ongoing operations and capital needs. The Company continues to evaluate options to further finance its operating cash needs for its product candidates through a combination of some, or all, of the following: equity and debt offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organizations, and marketing, distribution or licensing arrangements. There is no assurance, however, that additional financing will be available when needed or that management of the Company will be able to obtain financing on terms acceptable to the Company. If the Company is unable to obtain funding when required in the future, the Company could be required to delay, reduce, or eliminate research and development programs, product portfolio expansion, or future commercialization efforts, which could adversely affect its business prospects. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.
From the 10-Q filed 23 July 2026, Part I, Item 1. Financial Statements. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.