Cancer Drug Stocks Face FDA Decision, 1 Trillion Won Vanishes in a Day

Summit Therapeutics Inc. (SMMT) shares closed at $12.98 on the Nasdaq, down 8.01%, on a trading volume of about 3.52 million shares.

In a single day, roughly $750 million of market capitalization—around KRW 1 trillion—evaporated, leaving the company with a market cap of about $10 billion (approximately KRW 14 trillion).

Last month, Summit Therapeutics reported its Q1 2026 results, posting a narrower-than-expected loss per share. However, development risks surrounding its lead oncology candidate, ivonescimab, have heightened stock volatility.

In January, the U.S. Food and Drug Administration accepted a Biologics License Application for ivonescimab in combination with chemotherapy for EGFR-mutant non–small cell lung cancer and set a target review completion date of November 14. The FDA decision is now seen as the year’s biggest event.

Headquartered in Miami, Summit Therapeutics is an oncology-focused biotech developing ivonescimab—a bispecific antibody that simultaneously targets PD-1 and VEGF—as its core pipeline asset.

Ivonescimab is being evaluated in multiple global Phase III trials, including the HARMONi study, targeting solid tumors such as EGFR-mutant non–small cell lung cancer. If successful, it could emerge as a new competitor in the large immuno-oncology market.