“With the recent financing in September 2024 providing us $235M we have strengthened our cash balance to extend our cash runway” said Manmeet S. Soni, Summit’s Chief Operating Officer and Chief Financial Officer. “Our cash balance at quarter end aggregating to $487M provides us enough cash to continue to invest in the ivonescimab trials planned to be expanded and initiated in 2025.” Aggregate cash and cash equivalents, and short-term investments were approximately $487M and $186.2M at September 30 and December 31, 2023, respectively. In September 2024, we closed a private financing of $235 million with multiple leading biotech institutional investors and insiders.”
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