# EDGAR Filing Document

**Accession Number:** 0001599298
**File Stem:** 0001599298-23-000026
**Filing Date:** 2023-3
**Character Count:** 14059
**Document Hash:** 219edf786a63f73d67918c04730b6c99
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001599298-23-000026.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001599298-23-000026

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230301

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Summit Therapeutics Inc.
- **CENTRAL INDEX KEY:** 0001599298
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36866
- **FILM NUMBER:** 23703775

**BUSINESS ADDRESS:**
- **STREET 1:** 2882 SAND HILL ROAD
- **STREET 2:** SUITE 106
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025
- **BUSINESS PHONE:** 617-514-7149

**MAIL ADDRESS:**
- **STREET 1:** 2882 SAND HILL ROAD
- **STREET 2:** SUITE 106
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Summit Therapeutics plc
- **DATE OF NAME CHANGE:** 20150219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Summit Corp plc
- **DATE OF NAME CHANGE:** 20140205

?xml version="1.0" ? smmt-20230301

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of Earliest Event Reported): <u>March 1, 2023</u>

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| | | |
|:---|:---|:---|
| Summit Therapeutics Inc. | Summit Therapeutics Inc. | Summit Therapeutics Inc. |
| (Exact Name of Registrant as Specified in Its Charter) | (Exact Name of Registrant as Specified in Its Charter) | (Exact Name of Registrant as Specified in Its Charter) |
| Delaware | 001-36866 | 37-1979717 |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |
| 2882 Sand Hill Road, Suite 106, Menlo Park, CA | 2882 Sand Hill Road, Suite 106, Menlo Park, CA | 94025 |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's Telephone Number, Including Area Code: <u>+44 (0) 1235 443 939</u>

Not applicable <br> (Former Name or Former Address, If Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Common stock, $0.01 par value per share | SMMT | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

---

On March 3, 2023, Summit Therapeutics Inc. (the "Company") issued a press release announcing the closing and final results of its previously announced rights offering. The offering, which was fully subscribed, resulted in the issuance of approximately 476.2 million shares of common stock, par value $0.01 per share ("Common Stock"), at a price of $1.05 per share. Aggregate gross proceeds from the rights offering were $500 million. After giving effect to the issuance of approximately 476.2 million shares of common stock in the rights offering, the Company has approximately 697.7 million shares of Common Stock issued and outstanding.

The press release also announced that the Company will host an earnings call to announce its fourth quarter 2022 financial results and provide an operational update for the Company on Thursday, March 9, 2023, at 9:00am ET, before the market opens. Details for joining the call are included in the press release.

A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) Exhibits

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| | |
|:---|:---|
| **<u>Exhibit Number</u>** | **<u>Description</u>** |
| <u>[99.1](a2023_prx0223xrightsofferi.htm)</u> | <u>[Press Release, dated March 3, 2023](a2023_prx0223xrightsofferi.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **SUMMIT THERAPEUTICS INC.** | **SUMMIT THERAPEUTICS INC.** |
| Date: March 3, 2023 | By: | /s/ Ankur Dhingra |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.1

![image_0.jpg](image_0.jpg)

**Summit Therapeutics Closes Fully-Subscribed**

**$500 Million Rights Offering**

*Successful capital raise provides a present-time cash runway into the second half of 2024*

*Company to host Q4 Earnings Call on March 9, 2023 at 9:00am ET*

**Menlo Park, California, March 3, 2023** - Summit Therapeutics Inc. (NASDAQ: SMMT) ("Summit," "we," or the "Company") today announced the successful closing of its fully-subscribed $500 million rights offering.

The rights offering resulted in the sale of approximately 476.2 million shares of the Company's common stock, par value $0.01, at a price of $1.05 per share. The Company received aggregate gross proceeds from the rights offering of $500 million; expenses associated with the offering are estimated to be approximately $0.5 million, yielding net proceeds of roughly $499.5 million from the offering. After giving effect to the rights offering, Summit has approximately 697.7 million shares of common stock issued and outstanding.

Robert W. Duggan, Chairman and CEO, and Dr. Maky Zanganeh, Co-CEO and President, each acquired available shares in the offering. Updated positions of their shares held and their respective ownership percentages in Summit will be disclosed via Form 4 filings with the US Securities and Exchange Commission ("SEC").

With the successful completion of the rights offering, we believe that we have sufficient funds to carry out our planned operations into the second half of 2024. Our planned operations at this time are substantially focused on ivonescimab, known as SMT112 in our license territories, which include the United States, Canada, Europe, and Japan.

"As an organization, we are enthusiastic about the opportunity we have moving forward with SMT112," stated Mr. Duggan. "This successful rights offering provides our company with the requisite capital needed to support our mission to develop SMT112 with the intention to improve the quality and potential duration of patients' lives who may benefit from this therapy. A rights offering also allows us to provide all stockholders with the opportunity to participate according to their proportional ownership share in Summit and avoid dilution to their current holdings. We continue to appreciate our long-term shareholders' trust and support in Team Summit through participation in this offering."

A prospectus relating to the offering was filed with the SEC on February 7, 2023 and is available on the SEC's website. Subscription rights that were not exercised by 5:00 pm Eastern Time on March 1, 2023 have since expired.

**Fourth Quarter & Year End 2022 Earnings Call**

Summit today announced that it will host an earnings call to announce its fourth quarter 2022 financial results and provide an operational update for the Company on Thursday, March 9, 2023, before the market opens. Summit will host a live webcast of the earnings conference call at 9:00am ET. It will be accessible through Summit's website www.smmttx.com. An archived edition of the session will be available on our website.

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![image_0.jpg](image_0.jpg)

**Summit Therapeutics' Mission Statement**

To build a viable, long-lasting health care organization that assumes full responsibility for designing, developing, trial execution and enrollment, regulatory submission and approval, as well as successful commercialization of patient, physician, caregiver, and societal-friendly medicinal therapy intended to: improve quality of life, increase potential duration of life, and resolve serious medical healthcare needs. To identify and control promising product candidates based on exceptional scientific development and administrational expertise, develop our products in a rapid, cost-efficient manner, and to engage commercialization and/or development partners when appropriate.

We accomplish this by building a team of world class professional scientists and business administrators that apply their experience and knowledge to this mission. Team Summit exists to pose, strategize, and execute a path forward in medicinal therapeutic health care that places Summit in a well-deserved, top market share, leadership position. Team Summit assumes full responsibility for stimulating continuous expansion of knowledge, ability, capability, and well-being for all involved stakeholders and highly-valued shareholders.

**About Summit Therapeutics**

Summit was founded in 2003 and our shares are listed on the Nasdaq Global Market (symbol 'SMMT'). We are headquartered in Menlo Park, California, and we have additional offices in Oxford, UK and Cambridge, UK.

For more information, please visit https://www.smmttx.com and follow us on Twitter @summitplc.

**Contact Summit Investor Relations:**

Dave Gancarz

SVP, Corporate Strategy & Stakeholder Relations

investors@smmttx.com

**Summit Forward-looking Statements**

Any statements in this press release about the Company's future expectations, plans and prospects, including but not limited to, statements about the clinical and preclinical development of the Company's product candidates, entry into and actions related to the Company's partnership with Akeso Inc., the therapeutic potential of the Company's product candidates, the potential commercialization of the Company's product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the impact of the COVID-19 pandemic on the Company's operations and clinical trials, potential acquisitions and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the results of our evaluation of the underlying data in connection with the development and commercialization activities for SMT112, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, and global public health crises, including the coronavirus COVID-19 outbreak, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company's pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company's foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" section of filings that the

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![image_0.jpg](image_0.jpg)

Company makes with the Securities and Exchange Commission. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of SMT112. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company's views only as of the date of this release and should not be relied upon as representing the Company's views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.

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