Summit Therapeutics is a clinical-stage biopharmaceutical company with no approved products and no revenue. Summit's entire pipeline is built around a single asset: ivonescimab, an investigational bispecific antibody that simultaneously blocks PD-1 (the target of checkpoint inhibitors like Keytruda) and VEGF-A (the target of anti-angiogenics like bevacizumab). The molecule is engineered so that VEGF binding increases ivonescimab's affinity for PD-1, potentially concentrating the drug's activity in the tumor microenvironment. Summit licensed ivonescimab from Akeso, a Chinese biotech that invented the molecule and retains rights in China, where it has already received two regulatory approvals. Summit holds rights for the U.S., Canada, Europe, Japan, and several other territories, and owes Akeso low-double-digit royalties on net revenues plus milestone payments. Summit is running four global Phase III trials — primarily in non-small cell lung cancer (NSCLC) and colorectal cancer — under the HARMONi umbrella. Summit submitted a BLA to the FDA in late 2025 for second-line EGFR-mutant NSCLC, with a PDUFA date of November 2026, though the trial did not achieve a statistically significant overall survival benefit, creating uncertainty around approval. Summit's larger opportunity lies in first-line NSCLC trials that directly compare ivonescimab against pembrolizumab. Summit has no manufacturing facilities and relies on Akeso for drug supply. Summit plans to commercialize ivonescimab directly if approved, and is burning cash rapidly as its trial portfolio expands.