Summit Therapeutics Inc. (SMMT)
被低估基本面
21
价格
$16.91
市值
$13.07B
第一部分 · 这家公司值多少
概览
Summit Therapeutics is a clinical-stage biopharmaceutical company with no approved products and no product revenue yet. Its business is built around ivonescimab, a bispecific antibody that blocks both PD-1 and VEGF-A, licensed from China's Akeso for the United States, Canada, Europe, Japan, Latin America, the Middle East and Africa. The lead program targets non-small-cell lung cancer, where Summit has reported Phase III results and submitted a biologics license application to the FDA.
盈利方式
Summit currently has no commercial revenue: spending goes into clinical trials, regulatory filings and manufacturing scale-up, funded from cash reserves and equity raises. If ivonescimab is approved, Summit would sell it directly in its licensed territories and share profits and losses with Akeso under pre-agreed terms, while Akeso keeps rights elsewhere, including China. Value today rests entirely on trial data and regulatory outcomes, not on a functioning sales business.
需求驱动因素
防御型Should ivonescimab reach the market, demand for a cancer treatment does not follow the economic cycle: patients need it regardless of growth or recession. But this driver is still theoretical — today the variable that matters is not patient demand but whether the data and the regulators allow a launch at all.
主要风险
- Ongoing losses and need for capital — Summit has incurred significant losses since inception and expects to keep doing so; without an approved, selling product it must keep raising cash through equity or debt to fund trials and operations.
- Regulatory approval is not guaranteed — Positive trial results do not assure FDA or other regulators will approve ivonescimab; additional required studies, safety findings or a change in regulatory standards could delay or block approval.
- Commercial success is separate from approval — Even an approved drug can fail commercially if it does not outcompete existing treatments on efficacy, safety, price or reimbursement, or if larger rivals respond with their own combinations.
- Dependence on the Akeso license — Summit's core asset is licensed, not developed in-house; a dispute over the agreement, an IP challenge, or a problem with Akeso's own data or manufacturing would directly hit Summit's only late-stage program.
- Cross-border and China-related exposure — Key clinical and manufacturing data originate through a Chinese partner, and the company flags exposure to Chinese regulation and broader geopolitical risk as a factor that could affect its programs.
看多理由
Buyers argue that ivonescimab's Phase III results in lung cancer, including a survival benefit and a favorable comparison to existing PD-1 therapy, point to a genuinely differentiated mechanism worth a multi-billion-dollar peak market even before Summit's other licensed indications are considered.
看空理由
Sellers fear that Summit is a single-asset, pre-revenue biotech whose entire value depends on an FDA decision it does not control, funded by cash that will need repeated top-ups, with commercial execution against Merck's entrenched Keytruda franchise still completely unproven.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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资产负债表与流动性
营收
0
截至2025/12/31的财政年度
净利润
$-1.08B
截至2025/12/31的财政年度
自由现金流
$-324M
股东权益合计
$659M
负债合计
$92M
流动比率
6.96
利息覆盖率
-
债务/EBITDA
-
每股收益
营收与净利润
自由现金流
收入构成
暂无收入数据
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$28.52
当前价格
$16.91
安全边际
+40.7%
公允价值区间
$27.10 - $29.95
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
-
ROE
-163.9%
市净率（P/B）
21.41
P/FCF
-
毛利率
-
ROIC
-
盈利能力雷达图
价值创造（经济护城河）
ROIC
-
WACC
8.0%
ROIC − WACC
-
基本面分析标准
通过（5）
- Price CAGR 6.75%
- Debt/Equity ratio
- Current Ratio
- Low reliance on intangibles
- Analyst Consensus 67% Buy
未通过（9）
- EPS shows upward trend
- P/B Ratio 21.41
- Positive Free Cash Flow
- Return on Tangible Assets
- DCF valuation (Unknown)
- ROE -168.9%
- Earnings Surprise avg -126.0%
- Share Dilution 5.0%
- Piotroski F-Score 1/9
不可用（13）
- ROIC NaN%
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Price below Graham Number
- Revenue Growth 5Y (Finnhub)
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Net Margin Trend (invalid data)
Piotroski F-评分
存在严重财务隐患
盈利质量
低质量：需深入审查会计处理
股权稀释
正在发行新股，稀释所有权
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Robert W. Duggan | Co-CEO & Executive Chairman | 80 |
| Dr. Mahkam Zanganeh D.D.S., M.B.A. | Co-CEO, President & Director | 55 |
| Mr. Manmeet Singh Soni CPA | COO, CFO & Director | 47 |
| Prof. Kay Elizabeth Davies DBE, FRS CBE | Co-Founder, Chairman of Scientific Advisory Board and Scientific Advisor | 74 |
| Mr. Bhaskar Anand | Chief Accounting Officer & Head of Finance | 47 |
| Mr. Nathan LiaBraaten | Senior Director of Investor Relations | - |
| Dr. Elaine Carla Stracker J.D., Ph.D. | Chief Legal Officer | 64 |
| Mr. Dave Gancarz CPA | Chief Business & Strategy Officer | - |
| Dr. Wang Clow Fong ScD | Chief Biometrics Officer | 67 |
| Dr. Urte Gayko Ph.D. | Chief Regulatory, Quality & Pharmacovigilance Officer | 54 |
审计风险
3
董事会风险
10
薪酬风险
10
股东权利风险
5
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
Latest News
Recent headlines for SMMT, sourced from Markets Gazette.
- 2d agoPOSITIVESummit Therapeutics balza del 20% dopo l'investimento da $2 billion di AstraZeneca
Summit Therapeutics shares surged over 20% in pre-market trading following a significant $2 billion investment and collaboration agreement with AstraZeneca. The deal, announced late Monday, involves AstraZeneca acquiring preferred shares in Summit at a premium of 18.6% over its previous closing price, equivalent to $18.36 per ordinary share. This strategic partnership focuses on joint clinical studies for their oncology treatments. The investment underscores AstraZeneca's confidence in Summit's pipeline and is expected to accelerate drug development, potentially leading to substantial returns for Summit shareholders and validating the company's research efforts.
- 3d agoPOSITIVESummit Therapeutics Jumps on $2 Billion AstraZeneca Investment
Summit Therapeutics Inc. experienced a significant surge in its stock price following the announcement of a $2 billion strategic equity investment from AstraZeneca Plc. This substantial capital injection is earmarked for the joint development of novel cancer drugs. The partnership signifies a strong vote of confidence from a major pharmaceutical player in Summit's pipeline and research capabilities. For investors, this deal not only provides crucial funding but also validates Summit's therapeutic approach, potentially accelerating drug development timelines and enhancing future revenue prospects.
- 4/8/2026POSITIVESummit Therapeutics Has Scarcity Value In A Crowded Drug Race: Analyst
Stifel has initiated coverage on Summit Therapeutics (SMMT) with a 'Buy' rating and a $45 price target. The firm highlights the significant market potential of ivonescimab, estimating its addressable market at $200 billion. This valuation suggests strong future growth prospects for the company's lead drug candidate. For investors, this initiation of coverage with a positive outlook and a substantial price target indicates analyst confidence in Summit Therapeutics' pipeline and its ability to capture a significant share of the oncology drug market.
- 2/23/2026NEUTRALSummit (SMMT) Q4 2025 Earnings Call Transcript
The Markets Gazette reports the release of the Q4 2025 earnings call transcript for Summit Therapeutics (SMMT). This document provides a detailed record of the discussion between the biopharmaceutical company's management and financial analysts. While the release itself is a routine event, its content is of paramount importance to investors. Analyzing management's commentary, forward-looking guidance, and answers to analyst questions will offer crucial insights into financial performance, drug pipeline progress, and corporate strategy. In the absence of the specific earnings data (EPS, revenue), the news is purely informational and does not imply an immediate direction for the stock. Market participants will need to review the transcript to form their own assessments.
via Markets Gazette