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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): January 22, 2025
 
Summit Therapeutics Inc.
(Exact Name of Registrant as Specified in Its Charter)
   
Delaware001-3686637-1979717
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
 
601 Brickell Key Drive, Suite 1000, Miami, FL
33131
(Address of Principal Executive Offices)(Zip Code)
 
Registrant’s Telephone Number, Including Area Code: (305) 203-2034
 
Not applicable
(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:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common stock, $0.01 par value per shareSMMTThe Nasdaq Stock Market LLC
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. ☐


 
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 22, 2025, the Board of Directors (the “Board”) of Summit Therapeutics Inc. (the “Company”) approved and authorized cash bonus awards with respect to the 2024 fiscal year for Dr. Mahkam Zanganeh, Chief Executive Officer, President and member of the Board, and Manmeet Soni, Chief Financial Officer, Chief Operating Officer and member of the Board. Dr. Zanganeh and Mr. Soni will each receive a cash bonus in an amount of $540,000 with respect to the 2024 fiscal year, payable in the first quarter of the 2025 fiscal year. Neither of Dr. Zanganeh nor Mr. Soni received a bonus for the 2023 fiscal year.

Additionally, the Board approved an increase in the annual base salaries for Dr. Zanganeh and Mr. Soni. Effective February 1, 2025, the annual base salary for each of Dr. Zanganeh and Mr. Soni will increase from $600,000 to $618,000.

Item 8.01Other Events.

As of December 31, 2024, the preliminary unaudited balance of aggregate cash, cash equivalents, and short-term investments of the Company was approximately $412 million. This included the repayment of outstanding principal and interest totaling $31.8 million from a related party loan that was previously outstanding, as disclosed in the Company’s Form 10-Q for the quarter ended September 30, 2024, filed on October 30, 2024. This amount is preliminary, unaudited and is subject to completion of financial closing procedures. As a result, this amount may differ from the amount that will be reflected in the Company’s consolidated financial statements for the year ended December 31, 2024.




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.
 SUMMIT THERAPEUTICS INC.
  
  
Date: January 24, 2025By:/s/ Manmeet S. Soni
  Chief Operating Officer and Chief Financial Officer
  (Principal Financial Officer)

v3.24.4
Cover
Jan. 22, 2025
Entity Addresses [Line Items]  
Document Type 8-K
Document Period End Date Jan. 22, 2025
Entity Registrant Name Summit Therapeutics Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-36866
Entity Tax Identification Number 37-1979717
Entity Address, Address Line One 601 Brickell Key Drive, Suite 1000
Entity Address, City or Town Miami
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33131
City Area Code (305)
Local Phone Number 203-2034
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.01 par value per share
Trading Symbol SMMT
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001599298
Amendment Flag false
Former Address  
Entity Addresses [Line Items]  
Entity Address, Address Line One Not applicable
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