From Summit Therapeutics' (NASDAQ: SMMT) 10-Q filing on Thursday:

During the three and six months ended June 30, 2026, we incurred a net loss of $215.7 million and $405.1 million and cash flows used in operating activities for the six months ended June 30, 2026 was $263.4 million. As of June 30, 2026, we had an accumulated deficit of $2,699.3 million, cash and cash equivalents of $419.4 million and short-term investments of $271.3 million. We expect to continue to generate operating losses for the foreseeable future.

Our cash and cash equivalents and short-term investments are not sufficient to fund our planned operations for a period of at least one year from the date these unaudited condensed consolidated financial statements are issued.

Until we can generate substantial revenue and achieve profitability, we will need to raise additional capital to fund our ongoing operations and capital needs. We continue to evaluate options to further finance our operating cash needs for our 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 we will be able to obtain financing on terms acceptable to us. If we are unable to obtain funding when required in the future, we could be required to delay or reduce research and development programs, product portfolio expansion, or future commercialization efforts, which could adversely affect our business prospects. These conditions raise substantial doubt about our ability to continue as a going concern.