Categories Earnings, Health Care

Summit Therapeutics reports loss of $0.04 per share for Q1

Summit Therapeutics (NASDAQ: SMMT) reported a narrower-than-expected loss for the first quarter of 2019 while revenues missed estimates. The stock was inactive in premarket trade.

Revenues totaled GBP0.2 million ($0.3 million) compared to GBP3.9 million in the same period last year. The decrease was mainly driven by the reduction in revenue related to the Sarepta licence and collaboration agreement after the Group decided to discontinue the development of ezutromid last June.

Net loss was GBP4 million ($5.2 million) compared to GBP5.8 million last year. Loss per share amounted to 3 pence ($0.04) versus 8 pence last year.

Research and development expenses decreased to GBP8.3 million in the quarter from GBP11.6 million in the year-ago period.

In February, Summit initiated a Phase 3 clinical trial which aims to develop ridinilazole as a treatment for C. difficile infection. Topline data is expected to be reported in the second half of 2021. The clinical and regulatory development of ridinilazole is supported by a BARDA contract worth up to $62 million.

The company is also developing SMT-571, a new class antibiotic intended for the treatment of infections caused by Neisseria gonorrhoeae. The development of SMT-571 is being supported by an award of up to $4.5 million from CARB-X.

The company had a net cash inflow of GBP1.3 million in Q1 2019 compared to GBP7.2 million last year. As of 30 April 2019, total cash and cash equivalents held were GBP28.3 million.

Summit believes that existing cash and cash equivalents, along with anticipated payments from BARDA for the development of ridinilazole, and from CARB-X for the development of its gonorrhoea antibiotic candidate, will be sufficient to fund its operating expenses and capital expenditure requirements through 31 January 2020.

Also Read:  Coupa Software's top and bottom line results for Q1 exceeds estimates

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

A visual dashboard of Broadcom (AVGO) Q2 2020 earnings results

Broadcom (NASDAQ: AVGO) reported non-GAAP EPS of $5.14 for the second quarter of 2020 on revenue of $5.74 billion. While the earnings came in line with the analysts' estimates, revenue

Will Zoom (ZM) keep up the booming trend?

Video conferencing platforms and other workplace collaboration tools have become more popular nowadays. With most people confined to their homes, apps that allow us to stay in touch have become

Cloudera (CLDR) stays on course as cloud solutions gain significance during pandemic

Cloudera (NYSE: CLDR) once again proved its mettle by reporting impressive results for the April-quarter that was mostly marred by the market-turmoil spurred by the virus attack. Though the tech