Home / Going-concern warnings / Summit Therapeutics Inc.
Filed 2025-10-20 路 Form 10-Q 路 Accession 0001599298-25-000159 large
Price before filing: $20.99 (2025-10-17 close, split/dividend-adjusted)
Market cap at flag: $15.36B (2025-10-20) 路 Latest: $11.38B (2026-10-16)
| Window | SMMT | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -21.1% | -0.3% | -20.8% | 2025-11-19 |
| 90 days | -23.5% | +2.3% | -25.8% | 2026-01-20 |
| 180 days | +19.7% | +7.3% | +12.4% | 2026-04-20 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 2 insiders bought $12.0M (4 purchases)
30 days after: 3 insiders bought $11.0M (3 purchases)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-09-10 | DUGGAN ROBERT W Co-Chief Executive Officer, Director, 10% owner | Purchase | 333,394 | $17.68 | $5.9M | no | Form 4 |
| 2025-09-10 | Zanganeh Mahkam Co-Chief Executive Officer, Director, 10% owner | Purchase | 333,394 | $17.68 | $5.9M | no | Form 4 |
| 2025-09-11 | DUGGAN ROBERT W Co-Chief Executive Officer, Director, 10% owner | Purchase | 5,000 | $18.07 | $90K | no | Form 4 |
| 2025-09-11 | Zanganeh Mahkam Co-Chief Executive Officer, Director, 10% owner | Purchase | 5,000 | $18.07 | $90K | no | Form 4 |
| 2025-10-20: red flag filed | |||||||
| 2025-10-21 | DUGGAN ROBERT W Co-Chief Executive Officer, Director, 10% owner | Purchase | 26,680 | $18.74 | $500K | no | Form 4 |
| 2025-10-21 | Xia Yu Director | Purchase | 533,617 | $18.74 | $10.0M | no | Form 4 |
| 2025-10-21 | Zanganeh Mahkam Co-Chief Executive Officer, Director, 10% owner | Purchase | 26,680 | $18.74 | $500K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-07-22 to 2025-11-19. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"These conditions raise substantial doubt about the Company's ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-09-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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