SEC Comment Letter 0000000000-24-014045 to Summit Therapeutics Inc. (SMMT) (CIK 0001599298) (SMMT)
Summit Therapeutics Inc. (SMMT) (CIK 0001599298)
Date: Dec. 19, 2024 · CIK: 0001599298 · Accession: 0000000000-24-014045
AI Filing Summary & Sentiment
File numbers found in text: 001-36866
Letter
December 19, 2024 Robert Duggan Chairman and Co-Chief Executive Officer Summit Therapeutics, Inc. 601 Brickell Key Drive, Suite 1000 Miami, FL 33131 Re:Summit Therapeutics, Inc. Form 10-K for Fiscal Year Ended December 31, 2023 File No. 001-36866 Dear Robert Duggan: We have limited our review of your filing to the financial statements and related disclosures and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-K for Fiscal Year Ended December 31, 2023 Form 8-K Filed February 20, 2024 Exhibit 99.1, page 1 1. Certain of your non-GAAP measures include an adjustment for payments made to acquire in-process research and development (IPR&D) from Akeso, beginning in 2023. We note the company’s focus on the discovery, development, and commercialization of medicinal therapies. In this regard, it appears that costs for licenses that will be utilized to further the company’s focus and mission would be normal in the course of the company’s operations. Please tell us how you determined that the adjustments to exclude IPR&D are consistent with Question 100.01 of the C&DI on Non-GAAP Financial Measures. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff.
December 19, 2024 Page 2 Please contact Tracie Mariner at 202-551-3744 or Kevin Vaughn at 202-551-3494 with any questions. Sincerely, Division of Corporation Finance Office of Life Sciences
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December 19, 2024
Robert Duggan
Chairman and Co-Chief Executive Officer
Summit Therapeutics, Inc.
601 Brickell Key Drive, Suite 1000
Miami, FL 33131
Re:Summit Therapeutics, Inc.
Form 10-K for Fiscal Year Ended December 31, 2023
File No. 001-36866
Dear Robert Duggan:
We have limited our review of your filing to the financial statements and related
disclosures and have the following comment.
Please respond to this letter within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe a
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this letter, we may have additional comments.
Form 10-K for Fiscal Year Ended December 31, 2023
Form 8-K Filed February 20, 2024
Exhibit 99.1, page 1
1.
Certain of your non-GAAP measures include an adjustment for payments made to
acquire in-process research and development (IPR&D) from Akeso, beginning in
2023. We note the company’s focus on the discovery, development, and
commercialization of medicinal therapies. In this regard, it appears that costs for
licenses that will be utilized to further the company’s focus and mission would be
normal in the course of the company’s operations. Please tell us how you determined
that the adjustments to exclude IPR&D are consistent with Question 100.01 of the
C&DI on Non-GAAP Financial Measures.
In closing, we remind you that the company and its management are responsible for
the accuracy and adequacy of their disclosures, notwithstanding any review, comments,
action or absence of action by the staff.
December 19, 2024
Page 2
Please contact Tracie Mariner at 202-551-3744 or Kevin Vaughn at 202-551-3494
with any questions.
Sincerely,
Division of Corporation Finance
Office of Life Sciences