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Shares of Summit Therapeutics (NASDAQ:SMMT) plunged 28% in afternoon trading Tuesday after the company released its Q4 earnings report, filed a mixed shelf registration, and disclosed it had extended its cash runway.
Earlier Tuesday, Summit reported a narrowed Q4 adjusted loss of $0.04 per share with no revenue.
The company added that the maturity date for a $100M note from its chairman and CEO, Robert Duggan, had been extended from Sept. 6 to April 1, 2025, thereby extending its cash runway from September 2024 into Q1 2025.
Summit also filed a mixed shelf registration for the potential sale of up to $450M of its securities.