New Lung Cancer Drug Under FDA Review Sees Over 5% Drop in Stock Price

Summit Therapeutics Inc. (Nasdaq: SMMT) closed at $16.06, down 5.75%, wiping out roughly $650 million in market value—about ₩800 billion to ₩900 billion. Trading volume for the day was approximately 2.38 million shares.

In the fourth quarter of 2025, Summit Therapeutics completed its Biologics License Application (BLA) with the U.S. Food and Drug Administration for the combination of ivonesimab and chemotherapy in EGFR-mutant non-small cell lung cancer patients in the second-line setting and beyond. On January 12, 2026, the company announced a clinical collaboration with GSK to evaluate ivonesimab alongside GSK’s B7-H3 antibody-drug conjugate.

Headquartered in Miami, Florida, Summit Therapeutics is an oncology-focused biotech company concentrating on solid tumor therapies such as non-small cell lung cancer, leveraging its bispecific antibody ivonesimab, in-licensed from China’s Akeso.