Summit Therapeutics Inc. Common Stock (SMMT)

FairStock Score: 25/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am looking for businesses with durable competitive advantages, consistent earnings, and a margin of safety. Summit Therapeutics does not fit that mold today. Its filings show no revenue in FY2023, FY2024, FY2025, or the quarters I see. It lost $614.9 million in FY2023, $221.3 million in FY2024, and $1.1 billion in FY2025. In fiscal Q2 2026, the quarter ended 2026-06-30, the net loss was $215.7 million, or $0.28 per diluted share—better than the $565.7 million loss in fiscal Q2 2025, but still a substantial deficit. Trailing free cash flow is -$459.8 million, a -3.7% FCF yield. FairStock’s price-based metrics at the 2026-10-13 close of $15.52 show a negative P/E of -13.98, P/B of 19.65, ROE of -192.50%, and ROCE of -101.61%. The Piotroski F-Score is 1/9, and the FairStock Score is 25/100. The one financial positive is low leverage: D/E of 0.03 and an Altman Z-Score of 56.75, though that model does not make a no-revenue biotech cheap. The investment case rests almost entirely on ivonescimab, a bispecific antibody in phase III for non-small cell lung cancer and colorectal cancer. If it works, the payoff could be large; if it fails or is delayed, shareholders own a cash-burning enterprise with little Graham-style asset protection. At nearly 20 times book with no sales, the price is a speculative option on clinical success, not a value investment.

In plain English: Summit Therapeutics is a healthcare company trying to develop a cancer medicine called ivonescimab. It has no reported revenue and has lost money for years, while spending large amounts on research. At the recent price of $15.52, the stock looks expensive against its financial numbers because there are no earnings or sales to support it; the price mostly reflects hope for future drug success.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer