Summit Therapeutics Inc. filed SEC Form 8-K: Leadership Update, Other Events
$SMMT
Biotechnology: Pharmaceutical Preparations
Health Care
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): January 22, 2025
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. | ||||
On January 22, 2025, the Board of Directors (the “Board”) of Summit Therapeutics Inc. (the “Company”) approved and authorized cash bonus awards with respect to the 2024 fiscal year for Dr. Mahkam Zanganeh, Chief Executive Officer, President and member of the Board, and Manmeet Soni, Chief Financial Officer, Chief Operating Officer and member of the Board. Dr. Zanganeh and Mr. Soni will each receive a cash bonus in an amount of $540,000 with respect to the 2024 fiscal year, payable in the first quarter of the 2025 fiscal year. Neither of Dr. Zanganeh nor Mr. Soni received a bonus for the 2023 fiscal year.
Additionally, the Board approved an increase in the annual base salaries for Dr. Zanganeh and Mr. Soni. Effective February 1, 2025, the annual base salary for each of Dr. Zanganeh and Mr. Soni will increase from $600,000 to $618,000.
| Item 8.01 | Other Events. | ||||
As of December 31, 2024, the preliminary unaudited balance of aggregate cash, cash equivalents, and short-term investments of the Company was approximately $412 million. This included the repayment of outstanding principal and interest totaling $31.8 million from a related party loan that was previously outstanding, as disclosed in the Company’s Form 10-Q for the quarter ended September 30, 2024, filed on October 30, 2024. This amount is preliminary, unaudited and is subject to completion of financial closing procedures. As a result, this amount may differ from the amount that will be reflected in the Company’s consolidated financial statements for the year ended December 31, 2024.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| SUMMIT THERAPEUTICS INC. | ||||||||
| Date: January 24, 2025 | By: | /s/ Manmeet S. Soni | ||||||
| Chief Operating Officer and Chief Financial Officer | ||||||||
| (Principal Financial Officer) | ||||||||