Summit Therapeutics Issues Inducement Awards Pursuant to Nasdaq Listing
a biopharmaceutical company focused on developing innovative therapies for serious diseases, today announced the issuance of inducement equity awards in the form of stock options to nine newly hired employees. The Company granted options to purchase an aggregate of up to 67,483 shares of its common stock as part of its ongoing efforts to attract and retain highly qualified talent to support its research, development, and corporate growth initiatives.
The inducement awards were granted on December 2, 2025, and were made in accordance with Nasdaq Listing Rule 5635(c)(4), which allows companies to issue equity compensation as a material inducement for new employees entering into employment. These awards were approved by Summit’s Compensation Committee and were issued from a pool of equity incentives that had been specifically reserved for inducement purposes by the Committee on January 22, 2025.
Each stock option granted under this program carries an exercise price of $17.25 per share, which represents the closing price of Summit’s common stock on the Nasdaq Stock Market on December 2, 2025, the date of grant. The options have a term of ten (10) years from the date of grant, subject to earlier termination in accordance with the terms of the applicable stock option agreements and the Company’s equity incentive policies.
The options awarded to the new employees will vest in equal annual installments over a four-year period, encouraging long-term retention and aligning the interests of employees with those of the Company’s stockholders. The vesting schedule is structured so that 25% of the options will vest on each anniversary of the grant date, provided the recipient remains continuously employed with Summit through each applicable vesting date. The options are subject to the execution of a standard stock option agreement in accordance with the Company’s equity compensation practices.
These inducement awards reflect our continued commitment to attracting and retaining exceptional talent as we advance our pipeline and expand our organizational capabilities,” said a Company spokesperson. “We believe that aligning our employees’ long-term interests with the success of our business through equity-based incentives is a crucial component of our growth strategy.”
Summit Therapeutics has continued to invest in the expansion of its workforce as it advances its clinical development programs and supports its broader corporate objectives. The Company’s ability to recruit skilled professionals in highly specialized areas remains a key factor in executing its long-term strategy and bringing novel therapies to patients with significant unmet medical needs.
The inducement grants described in this announcement were made outside of Summit’s shareholder-approved equity incentive plan, as permitted by Nasdaq Listing Rule 5635(c)(4), and were specifically intended as a material inducement to employment for the recipients. As required under the Nasdaq rule, the Company is publicly disclosing the material terms of these awards.
Summit Therapeutics emphasizes that these inducement awards represent a routine part of its equity compensation strategy for new hires and do not reflect changes to its existing equity incentive plans for current employees or executives. The Company will continue to make equity-based awards in accordance with applicable laws, stock exchange rules, and its internal corporate governance policies.
About Summit Therapeutics
Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.
Summit was founded in 2003 and our shares are listed on the Nasdaq Global Market (symbol “SMMT”). We are headquartered in Miami, Florida, and we have additional offices in Menlo Park, California, and Oxford, UK.
Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso the intended use of the net proceeds from the private placements, the Company’s anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the expected timing of BLA submissions, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected proceeds and uses thereof, the Company’s estimates regarding stock-based compensation, and other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, including the effects of geopolitical developments, domestic and foreign trade policies, and monetary policies, the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of filings that the Company makes with the Securities and Exchange Commission. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.
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