Summit Therapeutics, Inc. Q1 FY2024 earnings call

• Enrolling patients in 2 multiregional registrational Phase III clinical trials, HARMONi and HARMONi-3. • Collaboration with Akeso with ivonescimab data featured in multiple medical meetings. • Over 1,600 patients treated with ivonescimab; 19 clinical trials globally evaluating ivonescimab (4 Phase III, 15 Phase I/II). • ivonescimab is a PD-1, VEGF bispecific antibody with cooperative binding characteristics. • Sponsoring 2 Phase III trials in non-small cell lung cancer: HARMONi and HARMONi-3. • Phase II data from Akeso shows promising results in various lung cancer settings, including brain metastasis. • Strengthened team with appointment of Dr. Mostafa Ronaghi to the board. • Ended Q1 2024 with $157 million cash, sufficient to run operations through Q1 2025. • R&D expenses in Q1 2024: GAAP $30.9M, non-GAAP $28.5M; G&A expenses: GAAP $11.7M, non-GAAP $4.6M.

No specific product segments with financial performance and revenue contribution % discussed as the focus is on clinical trials and R&D.

• Cash position: Ended Q1 2024 with $157 million, expects sufficient cash to run operations through Q1 2025. • R&D and G&A expenses: Non-GAAP R&D expenses $28.3M, non-GAAP G&A expenses $4.6M for Q1 2024.

• Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from forward-looking statements. Refer to SEC filings for information about these risks and uncertainties.

Q: How do you view the Phase II updates at ELCC and how they support the strategy for frontline squamous lung?

A: The data is consistent and strong for squamous and non-squamous cancer; the update was to make more European investigators aware as previously only presented at ASCO.

Q: What does the HARMONi-A cohort presentation at ASCO imply about the potential China CDE decision timing for Akeso's second-line EGFR filing and could the regulatory decision still come after these data?

A: No insight beyond Akeso's guidance of Q2 timing expected; remain blinded to details but proceed with Q2 timing expectation.

Q: Status update for Akeso's 303 interim analysis plan?

A: Akeso's trial is separate, no interim analysis performed yet known, with Q2 guidance generally.

Q: Broader plans for the company at ASCO and gating factors for broader pivotal development plan announcement?

A: Actively engaging health authorities based on upcoming Phase II data from Akeso, with exciting data expected shortly.