Nasdaq Bio Executive Acquires Company Shares Worth Approximately 1 Billion KRW

On June 4, Manmeet Singh Soni, Chief Operating Officer and Chief Financial Officer of Summit Therapeutics Inc. (NASDAQ: SMMT), acquired a total of 50,000 shares of the company’s common stock in two open‐market transactions at $14.46 and $14.43 per share. With a combined purchase price of approximately $723,000 (roughly KRW 900 million to 1 billion), his direct holdings increased to 3,123,603 shares. According to the SEC filing, these purchases were simple open‐market transactions, not the result of derivative exercises or compensation‐related issuances.

In the first quarter of 2026, Summit reported a net loss of $189.42 million, or a diluted loss of $0.24 per share. Meanwhile, the U.S. Food and Drug Administration has accepted the Biologics License Application (BLA) for the company’s lead oncology candidate, ivonescimab, setting a target action date of November 14, 2026. On June 1, Summit announced that ivonescimab in combination with chemotherapy demonstrated a statistically significant improvement in overall survival compared to a regimen of tislelizumab plus chemotherapy. On June 3, the company further approved an at‐the‐market equity program, authorizing an affiliate to repurchase shares as part of its ongoing capital-raising strategy.

Headquartered in Miami, Florida, Summit Therapeutics is a Nasdaq‐listed oncology biotechnology company. Its core asset, the bispecific antibody ivonescimab—licensed from China’s Akeso—is being evaluated in global Phase 3 trials HARMONi-3 and HARMONi-7 for non-small cell lung cancer and other indications. The company’s market capitalization is approximately $11.7 billion (around KRW 15 trillion).