6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of June, 2020

Commission File Number 001-36866

SUMMIT THERAPEUTICS PLC

(Translation of registrant’s name into English)

136a Eastern Avenue

Milton Park, Abingdon

Oxfordshire OX14 4SB

United Kingdom

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

FORM 20-F  x            FORM 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

YES  ¨            NO   x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

On June 2, 2020 Summit Therapeutics plc (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2020 and operational progress. The related press release is attached hereto as Exhibit 99.1. The information in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

The unaudited condensed consolidated interim financial statements of the Company and its subsidiaries for the three months ended March 31, 2020 are attached hereto as Exhibit 99.2. Exhibit 99.2 and Exhibit 101 to this Report on Form 6-K are hereby incorporated by reference into the Company’s Registration Statement on Form F-3 (File No. 333-232074).

SIGNATURES

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, thereunto duly authorized.

	SUMMIT THERAPEUTICS PLC
By:	/s/ Robert Duggan
	Robert Duggan
	Chief Executive Officer

Date: June 2, 2020

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release dated June 2, 2020
99.2	Unaudited Condensed Consolidated Interim Financial Statements
101.INS	XBRL Taxonomy Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

EX-99.1

Summit Therapeutics plc

(‘Summit’, the ‘Company’ or the ‘Group’)

Summit Therapeutics Reports Financial Results and Operational Progress for the First Quarter and Three Months Ended March 31, 2020

Oxford, UK, and Cambridge, MA, US, June 2, 2020 - Summit Therapeutics plc (NASDAQ: SMMT) today reports its financial results and provides an update on its operational conditions for the first quarter and three months ended March 31, 2020.

Ridinilazole for C. difficile Infection (‘CDI’)

• As of May 31, 2020, the Company had enrolled a total of 291 patients into its Phase 3 Ri-CoDIFy clinical trials. Below is a table outlining the enrollment statistics by calendar quarter and for this past April and May since the opening of the trials in February 2019.

Quarter	Number of patients enrolled	Cumulative Patients Enrolled
Q1 2019	9	9
Q2 2019	21	30
Q3 2019	43	73
Q4 2019	78	151
Q1 2020	101	252
April 2020	16	268
May 2020	23	291

• Due to the uncertainties surrounding COVID-19, Summit Therapeutics is withdrawing public commentary on the timing of completion of the Phase 3 Ri-CoDIFy clinical trials. The Company will be updating stakeholders quarterly as to enrollment status.

• The Ri-CoDIFy clinical trials aim to support registration of the precision antibiotic ridinilazole in the US and other territories resulting in its intended adoption as a first-line treatment for CDI by:

◦ testing for superiority over the current standard of care, vancomycin, in the primary endpoint of sustained clinical response at 30 days after treatment has ended;

◦ generating health economic data to support ridinilazole's commercial launch, when as and if approved by regulatory authorities; and

◦ undertaking microbiome analysis that aims to show ridinilazole’s impact on the gut microbiome.

• BARDA is supporting the Phase 3 clinical and regulatory development of ridinilazole with a financial award of potential funding of up to $72.5 million. As of March 31, 2020, an aggregate of $42.4 million had been received.

Discuva Platform

Enterobacteriaceae

• DDS-04 compound series is a new class of precision antibiotics in lead optimisation that acts via the novel bacterial target LolCDE with the potential to treat infections caused by the Gram-negative bacteria, Enterobacteriaceae.

Gonorrhoea

• DDS-01 compound series is a new class of precision antibiotics in lead optimization against Neisseria gonorrhoeae, and is supported by an award of up to $5.7 million from CARB-X.

Corporate Highlights

• Mr. Robert W. Duggan was appointed as Chief Executive Officer, Dr. Elaine Stracker was appointed Interim Chief Operating Officer and Dr. Ventzislav Stefanov was appointed Executive Vice President and President of Discuva, the Company's discovery engine employing 14 people, in April 2020. Mr. Glyn Edwards stepped down as Chief Executive Officer in April 2020, and he remains on the board as a Non-Executive Director.

• Dr. David Powell was promoted to Chief Scientific Officer and Ms. Divya Chari was appointed as Head of Global Clinical Operations in March 2020. Ms. Laura Trespidi was promoted to SVP, CMC and Supply Chain in February 2020.

COVID-19

• In light of the ongoing COVID-19 pandemic, Summit's employees continue to work remotely, enabling the majority of day to day business operations to continue. Summit's own laboratory facilities have begun to reopen to resume work on key projects; site access by staff is being monitored closely and is limited to ensure the safety of Summit researchers. There continues to be a negative impact on patient enrollment into the Ri-CoDIFy clinical trials.

Financial Highlights

• Cash and cash equivalents at March 31, 2020, of $55.3 million (£44.4 million) compared to $60.3 million (£48.4 million) at December 31, 2019.

• Loss for the three months ended March 31, 2020, of $6.1 million (£4.9 million) compared to a loss of $6.9 million (£5.3 million) for the three months ended March 31, 2019. Excluding the impact of exchange rate changes, the loss for the three months ended March 31, 2020, would be $9.3 million (£7.5 million) compared to a loss of $6.2 million (£4.7 million) for the three months ended March 31, 2019.

About C. difficile Infection

Clostridioides difficile, or C. difficile, infection (CDI) is a bacterial infection of the colon that produces toxins causing inflammation of the colon and severe diarrhea. CDI can also result in more serious disease complications, including pseudomembranous colitis, bowel perforation, toxic megacolon and sepsis. CDI represents a serious healthcare issue in hospitals, long-term care homes and in the wider community. Summit estimates there are over one million cases of CDI each year in the United States and Europe, based on an epidemiology report on CDI that was published in 2015 by Decision Resources, a healthcare research and consulting company. Recurrence rates of up to 25% have been reported following treatment with the current standard of care, vancomycin. The vicious cycle of recurrence continues further, with patients who have one recurrence being at increased risk for another. The Healthcare Cost and Utilization Project, a family of databases developed through a federal-state-industry partnership, sponsored by the Agency for Healthcare Research and Quality of the US Department of Health and Human Services, reported an approximate 3.5-fold increase in hospital stays associated with CDI between 2000 and 2008. The economic impact of CDI is significant. A study published in 2016 in BMC Infectious Diseases estimated that the total costs attributable to the management of CDI were approximately $6.3 billion per year.

About Enterobacteriaceae

Enterobacteriaceae are a family of bacteria responsible for severe and often deadly infections. They account

for a significant number of cases across a number of conditions including bloodstream infections, urinary tract infections and hospital-acquired pneumonias. Summit estimates that there are more than one million infections in the United States annually caused by Enterobacteriaceae across these three conditions based on data published in 2018 in the Journal of Antimicrobial Chemotherapy, 2016 in the Journal of Molecular Science, 2014 in the National Healthcare Safety Network, 2014 and 2018 in the New England Journal of Medicine, 2015 in Nature Reviews Microbiology, 2012 in World Journal of Urology and 2014 in PLOS One. Mechanisms of antibiotic resistance to Enterobacteriaceae are listed as both urgent and serious threats by the CDC.

About Gonorrhea

There is an urgent unmet need for the development of new antibiotics against gonorrhea, which is a sexually transmitted infection caused by an overgrowth of the bacteria Neisseria gonorrhoeae (N. gonorrhoeae). N. gonorrhoeae can cause infection of the genitals, throat, and eyes. Untreated infections may spread to the rest of the body, especially the joints, and in women may cause pelvic inflammatory disease and possible infertility. It is estimated by the WHO that there are approximately 78 million new cases of gonorrhea globally per year. N gonorrhoeae has consistently developed resistance to each class of antibiotics recommended for the treatment of gonorrhea infections, and there is now only one treatment that is recommended by the CDC, a combination of the cephalosporin antibiotic ceftriaxone and the macrolide antibiotic azithromycin. The WHO ranks gonorrhea as a “high” priority for research and development while the CDC states that additional treatment options are urgently needed.

About Summit Therapeutics

Summit Therapeutics, led by its Discuva Platform, the Company's discovery engine, is a leader in antibiotic innovation. Our new mechanism antibiotics are designed to become the patient-friendly new era standard of care for those suffering from infectious disease, subject to regulatory approvals, and create value for payors and healthcare providers. In the present time, we are developing new mechanism antibiotics to treat infections caused by C. difficile, Enterobacteriaceae and N. gonorrhoeae and are using our proprietary Discuva Platform to expand our pipeline. For more information, visit www.summitplc.com and follow us on Twitter @summitplc. For more information on the Company's Discuva Platform, visit https://www.summitplc,com/our-science/discuva-platform.

For more information:

Contacts Summit Press Office investors@summitplc.com

Forward Looking Statements

Any statements in this press release about the Company’s future expectations, plans and prospects, including but not limited to, statements about the potential benefits and future operation of the BARDA or CARB-X contract, including any potential future payments thereunder, the clinical and preclinical development of the Company’s product candidates, the therapeutic potential of the Company’s product candidates, the potential of the Discuva Platform, the potential commercialization of the Company’s product candidates, the sufficiency of the Company’s cash resources, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the impact of the COVID-19 pandemic 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 ability of BARDA or CARB-X to terminate the contract for convenience at any time, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future preclinical studies and clinical trials and the results of such preclinical studies and clinical trials, 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, expectations for regulatory approvals, legal, regulatory, political and economic risks arising from or relating to global public health crises that reduce economic activity (including the recent coronavirus COVID-19 outbreak) and the enrollment in and completion of clinical trials, laws and regulations affecting government contracts, 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" section of filings that the Company makes with the Securities and Exchange Commission, including the Company’s Transition Report on Form 20-F for the eleven months ended December 31, 2019. 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.

The financial information in the Company’s financial statements has been prepared assuming the Company will continue on a going concern basis. Based on management's forecasts, the Company's existing cash and cash equivalents, anticipated payments from BARDA under its contract for the development of ridinilazole, anticipated payments from CARB-X under its contract for the development of its gonorrhea antibiotic program, and anticipated milestone payments from its license and commercialization agreement with Eurofarma are expected to be sufficient to enable the Company to fund its operating expenses and capital expenditure requirements through January 31, 2021. The Company will need to raise additional funding in order to support, beyond this date, its planned research and development efforts, its preparatory commercialization related activities should ridinilazole receive marketing approval, as well as to support activities associated with operating as a public company in the United States. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations and financial condition, and may cast and raise significant doubt on the Company’s ability to continue as a going concern.

FINANCIAL STATEMENTS

Condensed Consolidated Statement of Comprehensive Income (unaudited)

For the three months ended March 31, 2020

		Three months ended March 31, 2020		Three months ended March 31, 2020		Three months ended March 31, 2019
	Note	$000s		£000s		£000s
Revenue		315		253		375
Other operating income		5,096		4,092		4,574
Operating expenses
Research and development		(12,143	)	(9,750	)	(8,693	)
General and administration		(651	)	(523	)	(2,367	)
Total operating expenses		(12,794	)	(10,273	)	(11,060	)
Operating (loss)		(7,383	)	(5,928	)	(6,111	)
Finance income		1		1		2
Finance costs		(65	)	(52	)	(60	)
(Loss) before income tax		(7,447	)	(5,979	)	(6,169	)
Income tax		1,298		1,042		831
(Loss) for the period		(6,149	)	(4,937	)	(5,338	)
Other comprehensive (loss) / income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations		16		13		(6	)
Total comprehensive (loss) for the period		(6,133	)	(4,924	)	(5,344	)
Basic and diluted (loss) per ordinary share from operations		(2) cents		(1) pence		(3) pence

Condensed Consolidated Statement of Financial Position (unaudited)

As at March 31, 2020

	March 31, 2020		March 31, 2020		December 31, 2019
	$000s		£000s		£000s
ASSETS
Non-current assets
Goodwill	2,259		1,814		1,814
Intangible assets	12,292		9,870		9,950
Property, plant and equipment	1,305		1,048		1,167
	15,856		12,732		12,931
Current assets
Trade and other receivables	12,179		9,780		8,116
Current tax receivable	6,080		4,882		3,659
Cash and cash equivalents	55,296		44,400		48,417
	73,555		59,062		60,192
Total assets	89,411		71,794		73,123
LIABILITIES
Non-current liabilities
Lease liabilities	(374	)	(300	)	(320	)
Deferred revenue	(1,039	)	(834	)	(374	)
Provisions for other liabilities and charges	(2,633	)	(2,114	)	(2,050	)
Deferred tax liability	(2,127	)	(1,708	)	(1,560	)
	(6,173	)	(4,956	)	(4,304	)
Current liabilities
Trade and other payables	(12,645	)	(10,154	)	(8,020	)
Lease liabilities	(418	)	(336	)	(358	)
Deferred revenue	(2,156	)	(1,731	)	(1,136	)
Contingent consideration	(100	)	(80	)	(80	)
	(15,319	)	(12,301	)	(9,594	)
Total liabilities	(21,492	)	(17,257	)	(13,898	)
Net assets	67,919		54,537		59,225
EQUITY
Share capital	4,187		3,362		3,359
Share premium account	160,794		129,110		129,110
Share-based payment reserve	1,825		1,465		1,299
Merger reserve	3,770		3,027		3,027
Special reserve	24,899		19,993		19,993
Currency translation reserve	85		69		56
Accumulated losses reserve	(127,641	)	(102,489	)	(97,619	)
Total equity	67,919		54,537		59,225

Condensed Consolidated Statement of Cash Flows (unaudited)

For the three months ended March 31, 2020

	Three months ended March 31, 2020		Three months ended March 31, 2020		Three months ended March 31, 2019
	$000s		£000s		£000s
Cash flows from operating activities
Loss before income tax	(7,447	)	(5,979	)	(6,169	)
	(7,447	)	(5,979	)	(6,169	)
Adjusted for:
Loss on recognition of contingent consideration payable	—		—		(2	)
Finance income	(1	)	(1	)	(2	)
Finance costs	65		52		60
Foreign exchange (gain) / loss	(3,429	)	(2,753	)	691
Depreciation	178		143		150
Amortization of intangible fixed assets	259		208		207
Loss on disposal of assets	—		—		26
Share-based payment	290		233		260
Adjusted loss from operations before changes in working capital	(10,085	)	(8,097	)	(4,779	)
Increase in prepayments and other receivables	(1,537	)	(1,235	)	(30	)
Increase / (decrease) in deferred revenue	1,315		1,055		(1,025	)
Increase / (decrease) in trade and other payables	1,967		1,579		(2,270	)
Cash used in operations	(8,340	)	(6,698	)	(8,104	)
Contingent consideration paid	—		—		2
Taxation (paid) / received	(5	)	(4	)	1
Net cash used in operating activities	(8,345	)	(6,702	)	(8,101	)
Investing activities
Purchase of property, plant and equipment	(30	)	(24	)	(64	)
Purchase of intangible assets	(159	)	(128	)	—
Interest received	1		1		2
Net cash used in investing activities	(188	)	(151	)	(62	)
Financing activities
Proceeds from issue of share capital	—		—		19,648
Transaction costs on share capital issued	—		—		(455	)
Proceeds from exercise of share options	4		3		—
Repayment of lease liabilities	(51	)	(42	)	(80	)
Repayment of lease interest	(7	)	(6	)	(9	)
Net cash (used in) / generated from financing activities	(54	)	(45	)	19,104
(Decrease) / increase in cash and cash equivalents	(8,587	)	(6,898	)	10,941
Effect of exchange rates in cash and cash equivalents	3,584		2,881		(617	)
Cash and cash equivalents at beginning of the period	60,299		48,417		9,521
Cash and cash equivalents at end of the period	55,296		44,400		19,845

Condensed Consolidated Statement of Changes in Equity (unaudited)

Three months endedMarch 31, 2020

Group	Share capital £000s	Share premium account £000s	Share-based payment reserve £000s		Merger reserve £000s	Special reserve £000s	Currency translation reserve £000s	Accumulated losses reserve £000s		Total £000s
At January 1, 2020	3,359	129,110	1,299		3,027	19,993	56	(97,619	)	59,225
Loss for the period	—	—	—		—	—	—	(4,937	)	(4,937	)
Currency translation adjustment	—	—	—		—	—	13	—		13
Total comprehensive loss for the period	—	—	—		—	—	13	(4,937	)	(4,924	)
Share options exercised	3	—	—		—	—	—	—		3
Equity based compensation expense	—	—	233		—	—	—	—		233
Share-based payment reserve transfer	—	—	(67	)	—	—	—	67		—
At March 31, 2020	3,362	129,110	1,465		3,027	19,993	69	(102,489	)	54,537

Year ended December 31, 2019

Group	Share capital £000s	Share premium account £000s		Share-based payment reserve £000s		Merger reserve £000s	Special reserve £000s	Currency translation reserve £000s		Accumulated losses reserve £000s		Total £000s
At January 1, 2019	823	74,394		1,119		3,027	19,993	65		(74,217	)	25,204
Profit for the year	—	—		—		—	—	—		(23,904	)	(23,904	)
Currency translation adjustment	—	—		—		—	—	(9	)	—		(9	)
Total comprehensive profit for the period	—	—		—		—	—	(9	)	(23,904	)	(23,913	)
New share capital issued	2,535	55,872		—		—	—	—		—		58,407
Transaction costs on share capital issued	—	(1,156	)	—		—	—	—		—		(1,156	)
Share options exercised	1	—				—	—	—		—		1
Equity based compensation expense	—	—		682		—	—	—		—		682
Share-based payment reserve transfer	—	—		(502	)	—	—	—		502		—
At December 31, 2019	3,359	129,110		1,299		3,027	19,993	56		(97,619	)	59,225

Three months endedMarch 31, 2019

Group	Share capital £000s	Share premium account £000s		Share-based payment reserve £000s		Merger reserve £000s	Special reserve £000s	Currency translation reserve £000s		Accumulated losses reserve £000s		Total £000s
At January 1, 2019	823	74,394		1,119		3,027	19,993	65		(74,217	)	25,204
Loss for the period	—	—		—		—	—	—		(5,338	)	(5,338	)
Currency translation adjustment	—	—		—		—	—	(6	)	—		(6	)
Total comprehensive profit for the period	—	—		—		—	—	(6	)	(5,338	)	(5,344	)
New share capital issued	781	18,867		—		—	—	—		—		19,648
Transaction costs on share capital issued	—	(456	)	—		—	—	—		—		(456	)
Equity based compensation expense	—	—		260		—	—	—		—		260
Share-based payment reserve transfer				(418	)					418		—
At March 31, 2019	1,604	92,805		961		3,027	19,993	59		(79,137	)	39,312

EX-99.2

Summit Therapeutics plc

Unaudited Condensed Consolidated Interim Financial Statements

For the three months ended March 31, 2020 and March 31, 2019

1

Unaudited Condensed Consolidated Interim Statement of Financial Position
As at March 31, 2020 and December 31, 2019

		March 31, 2020		December 31, 2019
	Note	£000s		£000s
ASSETS
Non-current assets
Goodwill		1,814		1,814
Intangible assets		9,870		9,950
Property, plant and equipment		1,048		1,167
		12,732		12,931
Current assets
Trade and other receivables		9,780		8,116
Current tax receivable		4,882		3,659
Cash and cash equivalents		44,400		48,417
		59,062		60,192
Total assets		71,794		73,123
LIABILITIES
Non-current liabilities
Deferred revenue		(834	)	(374	)
Lease liabilities		(300	)	(320	)
Provisions for other liabilities and charges	9	(2,114	)	(2,050	)
Deferred tax liability		(1,708	)	(1,560	)
		(4,956	)	(4,304	)
Current liabilities
Trade and other payables		(10,154	)	(8,020	)
Lease liabilities		(336	)	(358	)
Deferred revenue and income	4,5	(1,731	)	(1,136	)
Contingent consideration		(80	)	(80	)
		(12,301	)	(9,594	)
Total liabilities		(17,257	)	(13,898	)
Net assets		54,537		59,225
EQUITY
Share capital		3,362		3,359
Share premium account		129,110		129,110
Share-based payment reserve	10	1,465		1,299
Merger reserve		3,027		3,027
Special reserve		19,993		19,993
Currency translation reserve		69		56
Accumulated losses reserve		(102,489	)	(97,619	)
Total equity		54,537		59,225

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

2

Unaudited Condensed Consolidated Interim Statement of Comprehensive Income
For the three months ended March 31, 2020 and 2019

		Three months ended March 31, 2020			Three months ended March 31, 2019
	Note	£000s			£000s
Revenue	4	253			375
Other operating income	5	4,092			4,574
Operating expenses
Research and development		(9,750	)		(8,693	)
General and administration		(523	)		(2,367	)
Total operating expenses		(10,273	)		(11,060	)
Operating loss		(5,928	)		(6,111	)
Finance income		1			2
Finance costs		(52	)		(60	)
Loss before income tax		(5,979	)		(6,169	)
Income tax	8	1,042			831
Loss for the period		(4,937	)		(5,338	)
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations		13			(6	)
Total comprehensive loss for the period		(4,924	)		(5,344	)
Basic and diluted loss per ordinary share from operations	3	(1	)	p	(3	)	p

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

3

Unaudited Condensed Consolidated Interim Statement of Cash Flows
For the three months ended March 31, 2020 and 2019

	Three months ended March 31, 2020		Three months ended March 31, 2019
	£000s		£000s
Cash flows from operating activities
(Loss) before income tax	(5,979	)	(6,169	)
Adjusted for:
Loss on recognition of contingent consideration payable	—		(2	)
Finance income	(1	)	(2	)
Finance costs	52		60
Foreign exchange (gain) / loss	(2,753	)	691
Depreciation	143		150
Amortization of intangible fixed assets	208		207
Loss on disposal of assets	—		26
Share-based payment and warrant expense	233		260
Adjusted (loss) from operations before changes in working capital	(8,097	)	(4,779	)
Increase in trade and other receivables	(1,235	)	(30	)
Increase/ (decrease) in deferred revenue	1,055		(1,025	)
Increase / (decrease) in trade and other payables	1,579		(2,270	)
Cash used in operations	(6,698	)	(8,104	)
Contingent consideration paid	—		2
Taxation (paid) / received	(4	)	1
Net cash used in operating activities	(6,702	)	(8,101	)
Investing activities
Purchase of property, plant and equipment	(24	)	(64	)
Purchase of intangible assets	(128	)	—
Interest received	1		2
Net cash used in investing activities	(151	)	(62	)
Financing activities
Proceeds from issue of share capital	—		19,648
Transaction costs on share capital issued	—		(455	)
Proceeds from exercise of share options	3		—
Repayment of lease liabilities	(42	)	(80	)
Repayment of lease interest	(6	)	(9	)
Net cash (used in) / generated from financing activities	(45	)	19,104
(Decrease) / increase in cash and cash equivalents	(6,898	)	10,941
Effect of exchange rates in cash and cash equivalents	2,881		(617	)
Cash and cash equivalents at beginning of the period	48,417		9,521
Cash and cash equivalents at end of the period	44,400		19,845

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

4

Unaudited Condensed Consolidated Statement of Changes in Equity

For the three months ended March 31, 2020 and 2019

Three months ended March 31, 2020

Group	Share capital £000s	Share premium account £000s	Share-based payment reserve £000s		Merger reserve £000s	Special reserve £000s	Currency translation reserve £000s	Accumulated losses reserve £000s		Total £000s
At January 1, 2020	3,359	129,110	1,299		3,027	19,993	56	(97,619	)	59,225
Loss for the period	—	—	—		—	—	—	(4,937	)	(4,937	)
Currency translation adjustment	—	—	—		—	—	13	—		13
Total comprehensive loss for the period	—	—	—		—	—	13	(4,937	)	(4,924	)
Share options exercised	3	—	—		—	—	—	—		3
Equity based compensation expense	—	—	233		—	—	—	—		233
Share-based payment reserve transfer	—	—	(67	)	—	—	—	67		—
At March 31, 2020	3,362	129,110	1,465		3,027	19,993	69	(102,489	)	54,537

Three months ended March 31, 2019

Group	Share capital £000s	Share premium account £000s		Share-based payment reserve £000s		Merger reserve £000s	Special reserve £000s	Currency translation reserve £000s		Accumulated losses reserve £000s		Total £000s
At January 1, 2019	823	74,394		1,119		3,027	19,993	65		(74,217	)	25,204
Loss for the period	—	—		—		—	—	—		(5,338	)	(5,338	)
Currency translation adjustment	—	—		—		—	—	(6	)	—		(6	)
Total comprehensive loss for the period	—	—		—		—	—	(6	)	(5,338	)	(5,344	)
New share capital issued	781	18,867		—		—	—	—		—		19,648
Transaction costs on share capital issued	—	(456	)	—		—	—	—		—		(456	)
Equity based compensation expense	—	—		260		—	—	—		—		260
Share-based payment reserve transfer	—	—		(418	)	—	—	—		418		0
At March 31, 2019	1,604	92,805		961		3,027	19,993	59		(79,137	)	39,312

The accompanying notes form an integral part of these condensed consolidated interim financial statements.

5

1. Basis of Accounting

The unaudited condensed consolidated interim financial statements of Summit Therapeutics plc ('Summit' and the 'Company') and its subsidiaries (together, the 'Group') for the three months ended March 31, 2020 have been prepared in accordance with IAS 34 'Interim Financial Reporting', other International Financial Reporting Standards ('IFRS') and International Financial Reporting Interpretations Committee (‘IFRIC’) interpretations as issued by the International Accounting Standards Board and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS including those applicable to accounting periods ending December 31, 2020 and the accounting policies set out in Summit’s consolidated financial statements. There have been no changes to the accounting policies as contained in the annual consolidated financial statements as of and for the eleven months ended December 31, 2019.

In December 2019, the Board of Directors of Summit adopted a resolution to change the company’s fiscal year end from January 31 to December 31, commencing December 31, 2019. Therefore, the comparative quarter has changed to March 31.

These condensed consolidated interim financial statements do not include all information required for full statutory accounts within the meaning of section 434 of Companies Act 2006 and should be read in conjunction with the consolidated financial statements of the Group as at December 31, 2019 (the ‘2019 Accounts’). The 2019 Accounts, on which the Company’s auditors delivered an unqualified audit report will be delivered to the Registrar of Companies following the 2020 Annual General Meeting. The auditor’s report did not contain any statement under section 498 of the Companies Act 2006 but did contain a statement from the auditors drawing the shareholders’ attention to the Group’s need to raise additional capital as noted below.

These unaudited condensed consolidated interim financial statements were authorized for issue by the Board of Directors on June 2, 2020.

The interim financial statements have been prepared assuming the Group will continue on a going concern basis. Based on management's forecasts, the Group's existing cash and cash equivalents, anticipated payments from BARDA under its contract for the development of ridinilazole and anticipated payments from CARB-X under its contract for the development of itsgonorrhea antibiotic program and anticipated milestone payments from its license and

commercialization agreement with Eurofarma are expected to be sufficient to enable the Group to fund its operating expenses and capital expenditure requirements through to at least January 31, 2021. The Group will need to raise additional funding in order to support, beyond this date, its planned research and development efforts, its preparatory commercialization related activities should ridinilazole receive marketing approval, as well as to support activities associated with operating as a public company in the United States.

The Group is evaluating various options to finance its cash needs through a combination of some, or all, of the following:

equity offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organizations and patient advocacy groups, debt financings, and marketing, distribution or licensing arrangements. While the Group believes that funds would be available in this manner before the end of January 2021, there can be no assurance that the Group will be able to generate funds, on terms acceptable to the Group, on a timely basis or at all, which would impact the Group’s ability to continue as a going concern. The failure of the Group to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Group’s business, results of operations and financial condition.

Should the Group be unable to raise additional funding, management has the ability to take mitigating action to fund its

operating expenses and capital expenditure requirements in relation to its clinical development activities for only a short

period beyond 12 months from the date of issuance of these financial statements. These circumstances represent a material uncertainty which may cast and raise significant doubt on the Group’s ability to continue as a going concern. The interim financial statements do not contain any adjustments that might result if the Group was unable to continue as a going concern

The Group’s activities and results are not exposed to any seasonality.

6

2. Critical accounting estimates and judgments

The preparation of condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from those estimates.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the eleven months ended December 31, 2019.

3. Loss per share calculation

The calculation of loss per share is based on the following data:

	Three months ended March 31, 2020			Three months ended March 31, 2019
	000s			000s
Loss for the period		(£4,937	)		(£5,338	)
Weighted average number of ordinary shares for basic loss per share	336,089			153,427
Weighted average number of ordinary shares for diluted loss per share	336,089			153,427
Basic loss per ordinary share from operations £	(0.01		)	(0.03		)
Diluted loss per ordinary share from operations £	(0.01		)	(0.03		)

Basic loss per ordinary share has been calculated by dividing the loss for the three months ended March 31, 2020 by the weighted average number of shares in issue during the three months ended March 31, 2020. Diluted loss per ordinary share has been calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive ordinary shares. Potentially dilutive ordinary shares represents the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share and warrant options in-the-money compared with the number of shares that would have been issued assuming the exercise of share and warrant options in-the-money.

IAS 33 ‘Earnings per Share’ requires the presentation of diluted earnings per share where a company could be called upon to issue shares that would decrease net profit or loss per share. As the Group reported net losses for the three months ended March 31, 2020, and for the three months ended March 31, 2019, the weighted average number of ordinary shares outstanding used to calculate the diluted loss per ordinary share is the same as that used to calculate the basic loss per ordinary share, as the exercise of share and warrant options would have the effect of reducing loss per ordinary share which is not dilutive.

7

4. Revenue

	Three months ended March 31, 2020	Three months ended March 31, 2019
Analysis of revenue by category	£000s	£000s
Licensing agreements	253	375
	253	375

Eurofarma Laboratórios S.A.

On December 21, 2017, Summit announced it had entered into an exclusive license and commercialization agreement with Eurofarma Laboratórios S.A. ('Eurofarma'), pursuant to which the Group granted Eurofarma the exclusive right to commercialize ridinilazole in specified countries in South America, Central America and the Caribbean. The Group has retained commercialization rights in the rest of the world.

Under the terms of the license and commercialization agreement with Eurofarma, the Group received an upfront payment of $2.5 million (£1.9 million) from Eurofarma in December 2017. In February 2020, the Group reached the first enrollment milestone and received $1.0 million. The terms of the contract have been assessed under IFRS 15 'Revenue from contracts with customers' and currently only the upfront payment and the first enrollment milestone is included in the transaction price. The upfront payment and first enrollment milestone were initially reported as deferred revenue in the Consolidated Statement of Financial Position and are recognized as revenue over the development period. For the three months ended March 31, 2020 the Group recognized £0.25 million of revenue related to the upfront payment and the first enrollment milestone and £0.12 million for the three months ended March 31, 2019 which related to the upfront payment in accordance with the Group's revenue recognition policy.

In addition, the Group will be entitled to receive an additional $2.75 million in development milestones upon the achievement of staged patient enrollment targets in the licensed territory in one of the two planned Phase 3 clinical trials of ridinilazole. The Group is eligible to receive up to $21.5 million in development, commercial and sales milestones when cumulative net sales equal or exceed $100.0 million in the Eurofarma licensed territory. Each subsequent achievement of an additional $100.0 million in cumulative net sales will result in the Group receiving additional milestone payments, which, when combined with anticipated product supply transfer payments from Eurofarma paid to the Group in connection with a commercial supply agreement to be entered into between the two parties, will provide payments estimated to range from a mid-teens to high-teens percentage of cumulative net sales in the Eurofarma licensed territory. The Group estimates such product supply transfer payments from Eurofarma will range from a high single-digit to low double-digit percentage of cumulative net sales in the licensed territory.

Sarepta Therapeutics, Inc.

On October 4, 2016, Summit announced it had entered into an exclusive license and collaboration agreement with Sarepta Therapeutics, Inc. (‘Sarepta’). In June 2018, the Group announced the discontinuation of the development of ezutromid after its Phase 2 clinical trial called PhaseOut DMD did not meet its primary or secondary endpoints. As part of the license and collaboration agreement with Sarepta, the Group agreed to collaborate with Sarepta on the research and development of the licensed products pursuant to a joint development plan through a joint steering committee comprised of an equal number of representatives from each party. From January 1, 2018, the Group was responsible for 55% of the budgeted research and development costs related to the licensed products, and Sarepta was responsible for 45% of such costs. Any costs in excess of 110% of the budgeted amount were borne by the party that incurred such costs. This development cost share income is recognized as part of licensing agreements revenue as the Group acted as a principal in the scope of the research and development activities of the agreement. The Group recognized cost share income for both wind-down activities in relation to PhaseOut DMD and next and future generation utrophin modulation development activities of £nil during the three months ended March 31, 2020 and £0.26 million during the three months ended March 31, 2019. Effective as of August 2019, the agreement with Sarepta was terminated with no material ongoing obligations for either party.

8

5. Other operating income

Analysis of other operating income by	Three months ended March 31, 2020	Three months ended March 31, 2019
category	£000s	£000s
Income recognized in respect of BARDA	3,864	4,329
Grant income	84	241
Research and development credit	144	4
	4,092	4,574

BARDA

In September 2017, the Group was awarded a funding contract from the Biomedical Advanced Research and Development Authority ('BARDA'), an agency of the US government's Department of Health and Human Services' Office of the Assistant Secretary for Preparedness and Response, to fund a specified portion of the clinical and regulatory development activities of ridinilazole for the treatment of C. difficile infection ('CDI').

Under the terms of this contract, the Group was initially eligible to receive base period funding of $32 million. In addition, the contract included three option work segments that, if exercised in full by BARDA, would increase the total federal government funding under the contract to approximately $62 million. In August 2018, BARDA exercised one of the option work segments worth $12 million. In June 2019, BARDA increased the total value of the funding contract to up to $63.7 million; at this time, BARDA also exercised a second of the option work segments worth $9.6 million to bring the total amount of committed BARDA funding to $53.6 million. In January 2020, BARDA increased its award by $8.8 million to bring the total amount of the funding contract to $72.5 million and the total amount of committed BARDA funding to $62.4 million. The remaining federal government funding is dependent on BARDA in its sole discretion exercising the final independent option work segment, upon the achievement by the Group of certain agreed-upon milestones for ridinilazole. As of March 31, 2020, an aggregate of £32.1 million ($42.4 million) of the total committed BARDA funding had been received.

During the three months ended March 31, 2020, the Group recognized funding income from BARDA of £3.9 million for the CDI program (three months ended March 31, 2019: £4.3 million).

CARB-X

In July 2018, the Group was granted a sub-award of up to $4.5 million from the Trustees of Boston University under the Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator program, or CARB-X. Under the CARB-X award, the Group received an initial $2.0 million in funding from CARB-X in July 2018. In February 2020, CARB-X increased the value of the initial funding by $1.2 million, which means the award for the initial period is now worth up to $3.2 million, with the total award worth up to $5.7 million. The remaining $2.5 million is split into two option segments, which may be exercised by CARB-X upon the achievement of certain development milestones. If exercised in full, this funding could support the development of a selected gonorrhea candidate through the end of a Phase 1 clinical trial.

During the three months ended March 31, 2020, the Group recognized grant income from CARB-X of £0.1 million (three months ended March 31, 2019: £0.2 million).

6. Financial instruments

The Group’s activities expose it to a variety of financial risks: foreign currency risk; interest rate risk; credit risk; and liquidity risk.

The condensed consolidated interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements. They should be read in conjunction with the Group’s consolidated financial statements for the eleven months ended December 31, 2019. There have been no changes in any risk management policies since the year end.

7. Segmental reporting

The Group’s activities are covered by one operating and reporting segment: Drug Development, as detailed more fully in the annual consolidated financial statements as of and for the eleven months ended December 31, 2019. There have been no changes to management’s assessment of the operating and reporting segments of the Group during the period.

9

8. Income tax

	Three months ended March 31, 2020		Three months ended March 31, 2019
	£000s		£000s
Current period research and development tax credit on qualifying expenditure	1,233		836
Tax expense related to the US operations	(43	)	(36	)
Total current tax	1,190		800
Change in deferred tax rate	(179	)	—
Release of temporary difference relating to intangible asset	31		31
Total deferred tax	(148	)	31
Total tax credit for the period	1,042		831

The research and development tax credit is recognized based on management’s estimate of the qualifying expenditure relating to research and development activities carried out by the Group. The UK operations have estimated losses for the year and as such there is no accrued income tax for the period.

In the Spring Budget 2020, the Government announced that from April 1, 2020, the corporation tax rate in the U.K. would remain at 19% (rather than reducing to 17%, as previously enacted). This new law was substantively enacted on March 17, 2020. As a result, the Group recognized an additional £0.2 million of tax expense.

9. Provisions and contingencies

Provisions

	Assumed contingent liabilities	Dilapidations	Royalties	Total
	£000s	£000s	£000s	£000s
At January 1, 2020	1,855	150	45	2,050
Additions	—	—	19	19
Unwinding of the discount factor	45	—	—	45
At March 31, 2020	1,900	150	64	2,114

	Assumed contingent liabilities	Dilapidations	Royalties	Total
	£000s	£000s	£000s	£000s
At January 1, 2019	1,641	150	44	1,835
Additions	—	—	1	1
Unwinding of the discount factor	214	—	—	214
At December 31, 2019	1,855	150	45	2,050

Assumed contingent liability

On December 23, 2017, the Group acquired Discuva Limited ('Discuva'). As part of the acquisition, the Group assumed certain contingent liabilities as certain employees, former employees and former directors of Discuva are eligible for payments from Discuva based on specified development and clinical milestones related to proprietary product candidates developed under the Discuva Platform. The timing of these potential payments is uncertain.

10

9. Provisions and contingencies (continued)

On the date of acquisition, the fair value of the assumed contingent liability was estimated using the expected value of the payments. The assumed contingent liabilities are subsequently measured at amortized cost using discounted cash flow models which calculate the risk adjusted net present values of estimated potential future cash flows of the payments. The assumed contingent liabilities are re-measured when there is a specific significant event that provides evidence of a significant change in the probability of successful development and clinical milestones being achieved.

The models will be updated for changes in the probability of successful development and clinical milestones being achieved and other associated assumptions with the discount factor to remain unchanged within the model. A discount factor of 13% has been used to discount the contingent liabilities back to net present value. This discount factor has been calculated using appropriate measures and rates which could have been obtained in the period that the contingent liabilities were assumed.

The value of the assumed contingent liability as at March 31, 2020 is £1.9 million (December 31, 2019: £1.9 million). The contingent liability has not been re-measured during the period. The table below describes the value of the

assumed contingent liabilities as at March 31, 2020, of £1.9 million compared to what the total value would be

following the presented variations to the underlying assumptions in the model:

	March 31, 2020 £000
Estimated assumed contingent liabilities	1,900
1% lower discount rate	1,973
1% higher discount rate	1,836
10% lower probability of success	1,675
10% higher probability of success	2,106

Contingencies

In addition to those items provided for above, the Group also has the following contingencies:

University College London (novated from The School of Pharmacy, University of London)

The Group has agreed to pay the University College London a low single-digit share of all revenue, pre and post commercialization, received by the Group in respect of ridinilazole up to a maximum of £1.0 million in consideration of their role in the development of the initial compound series from which ridinilazole was later identified. Following the license and commercialization agreement entered into with Eurofarma Laboratórios S.A. ('Eurofarma'), an initial payment was made to University College London of £0.04 million. Upon reaching the first milestone on enrollment with Eurofarma, an additional payment was provided for as at the period end date.

Wellcome Trust

The provision in respect of royalties relates to the amounts due to the Wellcome Trust. Under the terms of the funding arrangement entered into in October 2017, the Wellcome Trust is entitled to a share of the cumulative net revenue that the Group or its affiliates receive from exploiting the exploitation intellectual property rights or award products. If Summit undertakes the commercialization of ridinilazole, the Wellcome Trust would be eligible to receive a low-single digit percentage share of net revenues. If a third-party undertakes the commercialization of ridinilazole, the Wellcome Trust would be eligible to receive a mid-single digit percentage share of net revenues received by Summit from sales by the third-party and a milestone payment of a low-single digit percentage of any cumulative pre-commercial payments received by Summit from third-party licensees. In both instances outlined above the Group would also be obligated to pay the Wellcome Trust a milestone of a specified amount if cumulative net revenue exceeds a specified amount. Following the license and commercialization agreement entered into with Eurofarma, an initial payment became due to the Wellcome Trust upon commercialization of ridinilazole. A second payment became due as a result of reaching the first milestone on enrollment with Eurofarma. The payment has been provided for by the Group as at the period end date and has been discounted back to net present value relative to the expected timing of the potential commercialization of ridinilazole.

11

10. Share option scheme and restricted stock units

The movement in the number of share options is set out below:

	Weighted average exercise price £	Three months ended March 31, 2020		Weighted average exercise price £	Three months ended March 31, 2019
Outstanding at January 1	0.27	23,224,188		0.35	9,168,396
Granted during the period	—	—		0.28	11,396,000
Lapsed / surrendered during the period	0.28	(3,489,661	)	1.52	(145,445	)
Number of outstanding options	0.27	19,734,527		0.31	20,418,951

The movement in the number of restricted stock units (‘RSUs’) granted in the form of a nominal-cost option is set out below:

	Weighted average exercise price £	Three months ended March 31, 2020		Weighted average exercise price £	Three months ended March 31, 2019
Outstanding at January 1	0.01	692,306		0.01	814,256
Exercised during the period	0.01	(269,230	)	0.01	(104,877	)
Number of outstanding options	0.01	423,076		0.01	709,379

The equity based compensation expense for the three months ended March 31, 2020 was £0.2 million (three months ended March 31, 2019: £0.3 million) which has been allocated to the Research and development and General and administration expenses lines of the Unaudited Condensed Consolidated Interim Statement of Comprehensive Income as follows:

	Three months ended March 31, 2020	Three months ended March 31, 2019
	£000s	£000s
Research and development	66	45
General and administration	167	215
	233	260

11. Share capital

On January 27, 2020, 269,230 ordinary shares were issued following the exercise of RSUs. This exercise of RSUs raised net proceeds of £2,692.

The new ordinary shares issued in connection with the RSUs exercised rank pari passu with existing ordinary shares.

As of March 31, 2020, the number of ordinary shares in issue was 336,159,511.

12. Related-party transactions

The aggregate emoluments of the Directors of the Company are shown below.

	Three months ended March 31, 2020	Three months ended March 31, 2019
	£000s	£000s
Aggregate emoluments	127	141
Pension contributions	7	6
	134	147

12

12. Related-party transactions (continued)

The aggregate emoluments of the Directors of the Company and key management are shown below.

	Three months ended March 31, 2020	Three months ended March 31, 2019
	£000s	£000s
Aggregate emoluments	566	289
Pension contributions	40	16
	606	305

Dr. Elaine Stracker, Interim Chief Operating Officer and an executive director is also the General Counsel and Senior Vice President for Corporate Development for Maky Zanganeh and Associates, Inc. (“MZA”). The Group has a consultancy agreement with MZA to provide support into clinical operation activities related to the ongoing global Phase 3 clinical trials of ridinilazole for the treatment of CDI, regulatory activities pertaining to a potential new drug application should the Phase 3 trials be successful and strategic planning support more generally for the ridinilazole program. The fees for such services under this consultancy agreement are $75,000 per month. In addition to such monthly fee, MZA were granted warrants over 16,793,660 Ordinary Shares with an exercise price of £0.221 each and which vest on a quarterly basis over three years from the date of grant, subject to MZA’s provision of consultancy services to the Group during such period. During the three months ended March 31, 2020, £176,000 ($225,000) of consultancy fees (three months ended March 31, 2019: nil) were incurred by the Group and a warrant expense of £169,000 was recognized (three months ended March 31, 2019: nil).

On February 7, 2020, MZA, Dr. Zanganeh, Dr. Stracker and the company entered into an assignment and assumption

agreement (the “Assignment and Assumption Agreement”). Pursuant to the Assignment and Assumption Agreement, MZA assigned a portion of the Consultant Warrant to each of Dr. Zanganeh and Dr. Stracker. Dr. Zanganeh assumed a warrant to acquire 14,694,453 ordinary shares and Dr. Stracker assumed a warrant to acquire 2,099,207 ordinary shares. Each of them has the right to exercise their respective portion of the Consultant Warrant in accordance with the terms and conditions of the MZA Warrant Agreement.

13

XML

Income tax (Tables)

3 Months Ended

Mar. 31, 2020

Income Taxes [Abstract]

Major components of income tax credit (expense)

	Three months ended March 31, 2020		Three months ended March 31, 2019
	£000s		£000s
Current period research and development tax credit on qualifying expenditure	1,233		836
Tax expense related to the US operations	(43	)	(36	)
Total current tax	1,190		800
Change in deferred tax rate	(179	)	—
Release of temporary difference relating to intangible asset	31		31
Total deferred tax	(148	)	31
Total tax credit for the period	1,042		831

XML

Loss per share calculation (Details) - GBP (£) £ / shares in Units, £ in Thousands, shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings per share [abstract]
Loss for the period	£ (4,937)	£ (5,338)
Weighted average number of ordinary shares for basic loss per share (in shares)	336,089	153,427
Weighted average number of ordinary shares for diluted loss per share (in shares)	336,089	153,427
Basic loss per ordinary share from operations (in GBP per share)	£ (0.01)	£ (0.03)
Diluted loss per ordinary share from operations (in GBP per share)	£ (0.01)	£ (0.03)

XML

Unaudited Condensed Consolidated Interim Statement of Financial Position - GBP (£) £ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Non-current assets
Goodwill	£ 1,814	£ 1,814
Intangible assets	9,870	9,950
Property, plant and equipment	1,048	1,167
Non-current assets	12,732	12,931
Current assets
Trade and other receivables	9,780	8,116
Current tax receivable	4,882	3,659
Cash and cash equivalents	44,400	48,417
Current assets	59,062	60,192
Total assets	71,794	73,123
Non-current liabilities
Deferred revenue	(834)	(374)
Lease liabilities	(300)	(320)
Provisions for other liabilities and charges	(2,114)	(2,050)
Deferred tax liability	(1,708)	(1,560)
Non-current liabilities	(4,956)	(4,304)
Current liabilities
Trade and other payables	(10,154)	(8,020)
Lease liabilities	(336)	(358)
Deferred revenue and income	(1,731)	(1,136)
Contingent consideration	(80)	(80)
Current liabilities	(12,301)	(9,594)
Total liabilities	(17,257)	(13,898)
Net assets	54,537	59,225
EQUITY
Share capital	3,362	3,359
Share premium account	129,110	129,110
Share-based payment reserve	1,465	1,299
Merger reserve	3,027	3,027
Special reserve	19,993	19,993
Currency translation reserve	69	56
Accumulated losses reserve	(102,489)	(97,619)
Total equity	£ 54,537	£ 59,225

XML

Basis of Accounting

3 Months Ended

Mar. 31, 2020

Basis Of Presentation [Abstract]

Basis of Accounting

Basis of Accounting

The unaudited condensed consolidated interim financial statements of Summit Therapeutics plc ('Summit' and the 'Company') and its subsidiaries (together, the 'Group') for the three months ended March 31, 2020 have been prepared in accordance with IAS 34 'Interim Financial Reporting', other International Financial Reporting Standards ('IFRS') and International Financial Reporting Interpretations Committee (‘IFRIC’) interpretations as issued by the International Accounting Standards Board and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS including those applicable to accounting periods ending December 31, 2020 and the accounting policies set out in Summit’s consolidated financial statements. There have been no changes to the accounting policies as contained in the annual consolidated financial statements as of and for the eleven months ended December 31, 2019.

In December 2019, the Board of Directors of Summit adopted a resolution to change the company’s fiscal year end from January 31 to December 31, commencing December 31, 2019. Therefore, the comparative quarter has changed to March 31.

These condensed consolidated interim financial statements do not include all information required for full statutory accounts within the meaning of section 434 of Companies Act 2006 and should be read in conjunction with the consolidated financial statements of the Group as at December 31, 2019 (the ‘2019 Accounts’). The 2019 Accounts, on which the Company’s auditors delivered an unqualified audit report will be delivered to the Registrar of Companies following the 2020 Annual General Meeting. The auditor’s report did not contain any statement under section 498 of the Companies Act 2006 but did contain a statement from the auditors drawing the shareholders’ attention to the Group’s need to raise additional capital as noted below.

These unaudited condensed consolidated interim financial statements were authorized for issue by the Board of Directors on June 2, 2020.

The interim financial statements have been prepared assuming the Group will continue on a going concern basis. Based on management's forecasts, the Group's existing cash and cash equivalents, anticipated payments from BARDA under its contract for the development of ridinilazole and anticipated payments from CARB-X under its contract for the development of itsgonorrhea antibiotic program and anticipated milestone payments from its license and

commercialization agreement with Eurofarma are expected to be sufficient to enable the Group to fund its operating expenses and capital expenditure requirements through to at least January 31, 2021. The Group will need to raise additional funding in order to support, beyond this date, its planned research and development efforts, its preparatory commercialization related activities should ridinilazole receive marketing approval, as well as to support activities associated with operating as a public company in the United States.

The Group is evaluating various options to finance its cash needs through a combination of some, or all, of the following:

equity offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organizations and patient advocacy groups, debt financings, and marketing, distribution or licensing arrangements. While the Group believes that funds would be available in this manner before the end of January 2021, there can be no assurance that the Group will be able to generate funds, on terms acceptable to the Group, on a timely basis or at all, which would impact the Group’s ability to continue as a going concern. The failure of the Group to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Group’s business, results of operations and financial condition.

Should the Group be unable to raise additional funding, management has the ability to take mitigating action to fund its

operating expenses and capital expenditure requirements in relation to its clinical development activities for only a short

period beyond 12 months from the date of issuance of these financial statements. These circumstances represent a material uncertainty which may cast and raise significant doubt on the Group’s ability to continue as a going concern. The interim financial statements do not contain any adjustments that might result if the Group was unable to continue as a going concern

The Group’s activities and results are not exposed to any seasonality.

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Share option scheme and restricted stock units - Movement in share options and RSUs (Details)		3 Months Ended
	Jan. 27, 2020 shares	Mar. 31, 2020 shares £ / shares	Mar. 31, 2019 shares £ / shares
Weighted average exercise price [Abstract]
Outstanding beginning balance (in GBP per share) | £ / shares		£ 0.27	£ 0.35
Granted during the period (in GBP per share) | £ / shares		0.00	0.28
Lapsed/surrendered during the period (in GBP per share) | £ / shares		0.28	1.52
Outstanding ending balance (in GBP per share) | £ / shares		£ 0.27	£ 0.31
Number of share options [Abstract]
Outstanding beginning balance (in shares)		23,224,188	9,168,396
Granted during the period (in shares)		0	11,396,000
Lapsed/surrendered during the period (in shares)		(3,489,661)	(145,445)
Outstanding ending balance (in shares)		19,734,527	20,418,951
Number of RSUs [Abstract]
Exercised during the period (in shares)	(269,230)
Restricted Stock Units (RSUs)
Weighted average exercise price - RSUs [Abstract]
Outstanding beginning balance (in GBP per share) | £ / shares		£ 0.01	£ 0.01
Exercised during the period (in GBP per share) | £ / shares		0.01	0.01
Outstanding ending balance (in GBP per share) | £ / shares		£ 0.01	£ 0.01
Number of RSUs [Abstract]
Outstanding beginning balance (in shares)		692,306	814,256
Exercised during the period (in shares)		(269,230)	(104,877)
Outstanding ending balance (in shares)		423,076	709,379

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Income tax - Narrative (Details) - GBP (£) £ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Taxes [Abstract]
Additional tax expense recognized	£ 179	£ 0

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Other operating income

3 Months Ended

Mar. 31, 2020

Analysis of income and expense [abstract]

Other operating income

Other operating income

Analysis of other operating income by	Three months ended March 31, 2020	Three months ended March 31, 2019
category	£000s	£000s
Income recognized in respect of BARDA	3,864	4,329
Grant income	84	241
Research and development credit	144	4
	4,092	4,574

BARDA

In September 2017, the Group was awarded a funding contract from the Biomedical Advanced Research and Development Authority ('BARDA'), an agency of the US government's Department of Health and Human Services' Office of the Assistant Secretary for Preparedness and Response, to fund a specified portion of the clinical and regulatory development activities of ridinilazole for the treatment of C. difficile infection ('CDI').

Under the terms of this contract, the Group was initially eligible to receive base period funding of $32 million. In addition, the contract included three option work segments that, if exercised in full by BARDA, would increase the total federal government funding under the contract to approximately $62 million. In August 2018, BARDA exercised one of the option work segments worth $12 million. In June 2019, BARDA increased the total value of the funding contract to up to $63.7 million; at this time, BARDA also exercised a second of the option work segments worth $9.6 million to bring the total amount of committed BARDA funding to $53.6 million. In January 2020, BARDA increased its award by $8.8 million to bring the total amount of the funding contract to $72.5 million and the total amount of committed BARDA funding to $62.4 million. The remaining federal government funding is dependent on BARDA in its sole discretion exercising the final independent option work segment, upon the achievement by the Group of certain agreed-upon milestones for ridinilazole. As of March 31, 2020, an aggregate of £32.1 million ($42.4 million) of the total committed BARDA funding had been received.

During the three months ended March 31, 2020, the Group recognized funding income from BARDA of £3.9 million for the CDI program (three months ended March 31, 2019: £4.3 million).

CARB-X

In July 2018, the Group was granted a sub-award of up to $4.5 million from the Trustees of Boston University under the Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator program, or CARB-X. Under the CARB-X award, the Group received an initial $2.0 million in funding from CARB-X in July 2018. In February 2020, CARB-X increased the value of the initial funding by $1.2 million, which means the award for the initial period is now worth up to $3.2 million, with the total award worth up to $5.7 million. The remaining $2.5 million is split into two option segments, which may be exercised by CARB-X upon the achievement of certain development milestones. If exercised in full, this funding could support the development of a selected gonorrhea candidate through the end of a Phase 1 clinical trial.

During the three months ended March 31, 2020, the Group recognized grant income from CARB-X of £0.1 million (three months ended March 31, 2019: £0.2 million).

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Provisions and contingencies

3 Months Ended

Mar. 31, 2020

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

Provisions and contingencies

Provisions and contingencies

Provisions

	Assumed contingent liabilities	Dilapidations	Royalties	Total
	£000s	£000s	£000s	£000s
At January 1, 2020	1,855	150	45	2,050
Additions	—	—	19	19
Unwinding of the discount factor	45	—	—	45
At March 31, 2020	1,900	150	64	2,114

	Assumed contingent liabilities	Dilapidations	Royalties	Total
	£000s	£000s	£000s	£000s
At January 1, 2019	1,641	150	44	1,835
Additions	—	—	1	1
Unwinding of the discount factor	214	—	—	214
At December 31, 2019	1,855	150	45	2,050

Assumed contingent liability

On December 23, 2017, the Group acquired Discuva Limited ('Discuva'). As part of the acquisition, the Group assumed certain contingent liabilities as certain employees, former employees and former directors of Discuva are eligible for payments from Discuva based on specified development and clinical milestones related to proprietary product candidates developed under the Discuva Platform. The timing of these potential payments is uncertain.

9. Provisions and contingencies (continued)

On the date of acquisition, the fair value of the assumed contingent liability was estimated using the expected value of the payments. The assumed contingent liabilities are subsequently measured at amortized cost using discounted cash flow models which calculate the risk adjusted net present values of estimated potential future cash flows of the payments. The assumed contingent liabilities are re-measured when there is a specific significant event that provides evidence of a significant change in the probability of successful development and clinical milestones being achieved.

The models will be updated for changes in the probability of successful development and clinical milestones being achieved and other associated assumptions with the discount factor to remain unchanged within the model. A discount factor of 13% has been used to discount the contingent liabilities back to net present value. This discount factor has been calculated using appropriate measures and rates which could have been obtained in the period that the contingent liabilities were assumed.

The value of the assumed contingent liability as at March 31, 2020 is £1.9 million (December 31, 2019: £1.9 million). The contingent liability has not been re-measured during the period. The table below describes the value of the

assumed contingent liabilities as at March 31, 2020, of £1.9 million compared to what the total value would be

following the presented variations to the underlying assumptions in the model:

	March 31, 2020 £000
Estimated assumed contingent liabilities	1,900
1% lower discount rate	1,973
1% higher discount rate	1,836
10% lower probability of success	1,675
10% higher probability of success	2,106

Contingencies

In addition to those items provided for above, the Group also has the following contingencies:

University College London (novated from The School of Pharmacy, University of London)

The Group has agreed to pay the University College London a low single-digit share of all revenue, pre and post commercialization, received by the Group in respect of ridinilazole up to a maximum of £1.0 million in consideration of their role in the development of the initial compound series from which ridinilazole was later identified. Following the license and commercialization agreement entered into with Eurofarma Laboratórios S.A. ('Eurofarma'), an initial payment was made to University College London of £0.04 million. Upon reaching the first milestone on enrollment with Eurofarma, an additional payment was provided for as at the period end date.

Wellcome Trust

The provision in respect of royalties relates to the amounts due to the Wellcome Trust. Under the terms of the funding arrangement entered into in October 2017, the Wellcome Trust is entitled to a share of the cumulative net revenue that the Group or its affiliates receive from exploiting the exploitation intellectual property rights or award products. If Summit undertakes the commercialization of ridinilazole, the Wellcome Trust would be eligible to receive a low-single digit percentage share of net revenues. If a third-party undertakes the commercialization of ridinilazole, the Wellcome Trust would be eligible to receive a mid-single digit percentage share of net revenues received by Summit from sales by the third-party and a milestone payment of a low-single digit percentage of any cumulative pre-commercial payments received by Summit from third-party licensees. In both instances outlined above the Group would also be obligated to pay the Wellcome Trust a milestone of a specified amount if cumulative net revenue exceeds a specified amount. Following the license and commercialization agreement entered into with Eurofarma, an initial payment became due to the Wellcome Trust upon commercialization of ridinilazole. A second payment became due as a result of reaching the first milestone on enrollment with Eurofarma. The payment has been provided for by the Group as at the period end date and has been discounted back to net present value relative to the expected timing of the potential commercialization of ridinilazole.

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Basis of Accounting (Policies)

3 Months Ended

Mar. 31, 2020

Basis Of Presentation [Abstract]

Basis of preparation

The unaudited condensed consolidated interim financial statements of Summit Therapeutics plc ('Summit' and the 'Company') and its subsidiaries (together, the 'Group') for the three months ended March 31, 2020 have been prepared in accordance with IAS 34 'Interim Financial Reporting', other International Financial Reporting Standards ('IFRS') and International Financial Reporting Interpretations Committee (‘IFRIC’) interpretations as issued by the International Accounting Standards Board and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS including those applicable to accounting periods ending December 31, 2020 and the accounting policies set out in Summit’s consolidated financial statements. There have been no changes to the accounting policies as contained in the annual consolidated financial statements as of and for the eleven months ended December 31, 2019.

In December 2019, the Board of Directors of Summit adopted a resolution to change the company’s fiscal year end from January 31 to December 31, commencing December 31, 2019. Therefore, the comparative quarter has changed to March 31.

These condensed consolidated interim financial statements do not include all information required for full statutory accounts within the meaning of section 434 of Companies Act 2006 and should be read in conjunction with the consolidated financial statements of the Group as at December 31, 2019 (the ‘2019 Accounts’). The 2019 Accounts, on which the Company’s auditors delivered an unqualified audit report will be delivered to the Registrar of Companies following the 2020 Annual General Meeting. The auditor’s report did not contain any statement under section 498 of the Companies Act 2006 but did contain a statement from the auditors drawing the shareholders’ attention to the Group’s need to raise additional capital as noted below.

These unaudited condensed consolidated interim financial statements were authorized for issue by the Board of Directors on June 2, 2020.

Going concern

The interim financial statements have been prepared assuming the Group will continue on a going concern basis. Based on management's forecasts, the Group's existing cash and cash equivalents, anticipated payments from BARDA under its contract for the development of ridinilazole and anticipated payments from CARB-X under its contract for the development of itsgonorrhea antibiotic program and anticipated milestone payments from its license and

commercialization agreement with Eurofarma are expected to be sufficient to enable the Group to fund its operating expenses and capital expenditure requirements through to at least January 31, 2021. The Group will need to raise additional funding in order to support, beyond this date, its planned research and development efforts, its preparatory commercialization related activities should ridinilazole receive marketing approval, as well as to support activities associated with operating as a public company in the United States.

The Group is evaluating various options to finance its cash needs through a combination of some, or all, of the following:

equity offerings, collaborations, strategic alliances, grants and clinical trial support from government entities, philanthropic, non-government and not-for-profit organizations and patient advocacy groups, debt financings, and marketing, distribution or licensing arrangements. While the Group believes that funds would be available in this manner before the end of January 2021, there can be no assurance that the Group will be able to generate funds, on terms acceptable to the Group, on a timely basis or at all, which would impact the Group’s ability to continue as a going concern. The failure of the Group to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Group’s business, results of operations and financial condition.

Should the Group be unable to raise additional funding, management has the ability to take mitigating action to fund its

operating expenses and capital expenditure requirements in relation to its clinical development activities for only a short

period beyond 12 months from the date of issuance of these financial statements. These circumstances represent a material uncertainty which may cast and raise significant doubt on the Group’s ability to continue as a going concern. The interim financial statements do not contain any adjustments that might result if the Group was unable to continue as a going concern

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Unaudited Condensed Consolidated Interim Statement of Comprehensive Income - GBP (£) £ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of comprehensive income [abstract]
Revenue	£ 253	£ 375
Other operating income	4,092	4,574
Operating expenses
Research and development	(9,750)	(8,693)
General and administration	(523)	(2,367)
Total operating expenses	(10,273)	(11,060)
Operating loss	(5,928)	(6,111)
Finance income	1	2
Finance costs	(52)	(60)
Loss before income tax	(5,979)	(6,169)
Income tax	1,042	831
Loss for the period	(4,937)	(5,338)
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations	13	(6)
Total comprehensive loss for the period	£ (4,924)	£ (5,344)
Basic and diluted loss per ordinary share from operations (in GBP per share)	£ (0.01)	£ (0.03)

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Critical accounting estimates and judgments

3 Months Ended

Mar. 31, 2020

Disclosure of changes in accounting estimates [abstract]

Critical accounting estimates and judgments

Critical accounting estimates and judgments

The preparation of condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from those estimates.

In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the eleven months ended December 31, 2019.

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Provisions and contingencies - Disclosure of contingent liabilities in business combination (Details) - Discuva Limited - GBP (£) £ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Disclosure of contingent liabilities in business combination [line items]
Estimated assumed contingent liabilities	£ 1,900	£ 1,900
1% lower discount rate	1,973
1% higher discount rate	1,836
10% lower probability of success	1,675
10% higher probability of success	£ 2,106

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Income tax (Details) - GBP (£) £ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Taxes [Abstract]
Current period research and development tax credit on qualifying expenditure	£ 1,233	£ 836
Tax expense related to the US operations	(43)	(36)
Total current tax	1,190	800
Change in deferred tax rate	(179)	0
Release of temporary difference relating to intangible asset	31	31
Total deferred tax	(148)	31
Total tax credit for the period	£ 1,042	£ 831

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Loss per share calculation (Tables)

3 Months Ended

Mar. 31, 2020

Earnings per share [abstract]

Loss per share calculation

The calculation of loss per share is based on the following data:

	Three months ended March 31, 2020			Three months ended March 31, 2019
	000s			000s
Loss for the period		(£4,937	)		(£5,338	)
Weighted average number of ordinary shares for basic loss per share	336,089			153,427
Weighted average number of ordinary shares for diluted loss per share	336,089			153,427
Basic loss per ordinary share from operations £	(0.01		)	(0.03		)
Diluted loss per ordinary share from operations £	(0.01		)	(0.03		)

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Financial instruments

3 Months Ended

Mar. 31, 2020

Financial Instruments [Abstract]

Financial instruments

Financial instruments

The Group’s activities expose it to a variety of financial risks: foreign currency risk; interest rate risk; credit risk; and liquidity risk.

The condensed consolidated interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements. They should be read in conjunction with the Group’s consolidated financial statements for the eleven months ended December 31, 2019. There have been no changes in any risk management policies since the year end.

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Share option scheme and restricted stock units

3 Months Ended

Mar. 31, 2020

Employee Benefits [Abstract]

Share option scheme and restricted stock units

Share option scheme and restricted stock units

The movement in the number of share options is set out below:

	Weighted average exercise price £	Three months ended March 31, 2020		Weighted average exercise price £	Three months ended March 31, 2019
Outstanding at January 1	0.27	23,224,188		0.35	9,168,396
Granted during the period	—	—		0.28	11,396,000
Lapsed / surrendered during the period	0.28	(3,489,661	)	1.52	(145,445	)
Number of outstanding options	0.27	19,734,527		0.31	20,418,951

The movement in the number of restricted stock units (‘RSUs’) granted in the form of a nominal-cost option is set out below:

	Weighted average exercise price £	Three months ended March 31, 2020		Weighted average exercise price £	Three months ended March 31, 2019
Outstanding at January 1	0.01	692,306		0.01	814,256
Exercised during the period	0.01	(269,230	)	0.01	(104,877	)
Number of outstanding options	0.01	423,076		0.01	709,379

The equity based compensation expense for the three months ended March 31, 2020 was £0.2 million (three months ended March 31, 2019: £0.3 million) which has been allocated to the Research and development and General and administration expenses lines of the Unaudited Condensed Consolidated Interim Statement of Comprehensive Income as follows:

	Three months ended March 31, 2020	Three months ended March 31, 2019
	£000s	£000s
Research and development	66	45
General and administration	167	215
	233	260

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Provisions and contingencies (Tables)

3 Months Ended

Mar. 31, 2020

Other Provisions, Contingent Liabilities and Contingent Assets [Abstract]

Disclosure of contingent liabilities

Provisions

	Assumed contingent liabilities	Dilapidations	Royalties	Total
	£000s	£000s	£000s	£000s
At January 1, 2020	1,855	150	45	2,050
Additions	—	—	19	19
Unwinding of the discount factor	45	—	—	45
At March 31, 2020	1,900	150	64	2,114

	Assumed contingent liabilities	Dilapidations	Royalties	Total
	£000s	£000s	£000s	£000s
At January 1, 2019	1,641	150	44	1,835
Additions	—	—	1	1
Unwinding of the discount factor	214	—	—	214
At December 31, 2019	1,855	150	45	2,050

Disclosure of contingent liabilities in business combination

The table below describes the value of the

assumed contingent liabilities as at March 31, 2020, of £1.9 million compared to what the total value would be

following the presented variations to the underlying assumptions in the model:

	March 31, 2020 £000
Estimated assumed contingent liabilities	1,900
1% lower discount rate	1,973
1% higher discount rate	1,836
10% lower probability of success	1,675
10% higher probability of success	2,106

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Revenue - Analysis of revenue by category (Details) - GBP (£) £ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	£ 253	£ 375
Licensing agreements
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	£ 253	£ 375

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Document and Entity Information	3 Months Ended
	Mar. 31, 2020
Document And Entity Information [Abstract]
Document type	6-K
Document period end date	Mar. 31, 2020
Amendment flag	false
Registrant name	Summit Therapeutics plc
Central index key	0001599298
Current fiscal year end date	--12-31
Document fiscal year focus	2020
Document fiscal period focus	Q1

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Unaudited Condensed Consolidated Statement of Changes in Equity - GBP (£) £ in Thousands	Total	Share capital	Share premium account	Share-based payment reserve	Merger reserve	Special reserve	Currency translation reserve	Accumulated losses reserve
Beginning balance at Dec. 31, 2018	£ 25,204	£ 823	£ 74,394	£ 1,119	£ 3,027	£ 19,993	£ 65	£ (74,217)
Loss for the period	(5,338)							(5,338)
Currency translation adjustment	(6)						(6)
Total comprehensive loss for the period	(5,344)						(6)	(5,338)
New share capital issued	19,648	781	18,867
Transaction costs on share capital issued	(456)		(456)
Equity based compensation expense	260			260
Share-based payment reserve transfer				(418)				418
Ending balance at Mar. 31, 2019	39,312	1,604	92,805	961	3,027	19,993	59	(79,137)
Beginning balance at Dec. 31, 2019	59,225	3,359	129,110	1,299	3,027	19,993	56	(97,619)
Loss for the period	(4,937)							(4,937)
Currency translation adjustment	13						13
Total comprehensive loss for the period	(4,924)						13	(4,937)
Share options exercised	3	3	0
Equity based compensation expense	233			233
Share-based payment reserve transfer				(67)				67
Ending balance at Mar. 31, 2020	£ 54,537	£ 3,362	£ 129,110	£ 1,465	£ 3,027	£ 19,993	£ 69	£ (102,489)

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Revenue

3 Months Ended

Mar. 31, 2020

Revenue From Contracts With Customers [Abstract]

Revenue

Revenue

	Three months ended March 31, 2020	Three months ended March 31, 2019
Analysis of revenue by category	£000s	£000s
Licensing agreements	253	375
	253	375

Eurofarma Laboratórios S.A.

On December 21, 2017, Summit announced it had entered into an exclusive license and commercialization agreement with Eurofarma Laboratórios S.A. ('Eurofarma'), pursuant to which the Group granted Eurofarma the exclusive right to commercialize ridinilazole in specified countries in South America, Central America and the Caribbean. The Group has retained commercialization rights in the rest of the world.

Under the terms of the license and commercialization agreement with Eurofarma, the Group received an upfront payment of $2.5 million (£1.9 million) from Eurofarma in December 2017. In February 2020, the Group reached the first enrollment milestone and received $1.0 million. The terms of the contract have been assessed under IFRS 15 'Revenue from contracts with customers' and currently only the upfront payment and the first enrollment milestone is included in the transaction price. The upfront payment and first enrollment milestone were initially reported as deferred revenue in the Consolidated Statement of Financial Position and are recognized as revenue over the development period. For the three months ended March 31, 2020 the Group recognized £0.25 million of revenue related to the upfront payment and the first enrollment milestone and £0.12 million for the three months ended March 31, 2019 which related to the upfront payment in accordance with the Group's revenue recognition policy.

In addition, the Group will be entitled to receive an additional $2.75 million in development milestones upon the achievement of staged patient enrollment targets in the licensed territory in one of the two planned Phase 3 clinical trials of ridinilazole. The Group is eligible to receive up to $21.5 million in development, commercial and sales milestones when cumulative net sales equal or exceed $100.0 million in the Eurofarma licensed territory. Each subsequent achievement of an additional $100.0 million in cumulative net sales will result in the Group receiving additional milestone payments, which, when combined with anticipated product supply transfer payments from Eurofarma paid to the Group in connection with a commercial supply agreement to be entered into between the two parties, will provide payments estimated to range from a mid-teens to high-teens percentage of cumulative net sales in the Eurofarma licensed territory. The Group estimates such product supply transfer payments from Eurofarma will range from a high single-digit to low double-digit percentage of cumulative net sales in the licensed territory.

Sarepta Therapeutics, Inc.

On October 4, 2016, Summit announced it had entered into an exclusive license and collaboration agreement with Sarepta Therapeutics, Inc. (‘Sarepta’). In June 2018, the Group announced the discontinuation of the development of ezutromid after its Phase 2 clinical trial called PhaseOut DMD did not meet its primary or secondary endpoints. As part of the license and collaboration agreement with Sarepta, the Group agreed to collaborate with Sarepta on the research and development of the licensed products pursuant to a joint development plan through a joint steering committee comprised of an equal number of representatives from each party. From January 1, 2018, the Group was responsible for 55% of the budgeted research and development costs related to the licensed products, and Sarepta was responsible for 45% of such costs. Any costs in excess of 110% of the budgeted amount were borne by the party that incurred such costs. This development cost share income is recognized as part of licensing agreements revenue as the Group acted as a principal in the scope of the research and development activities of the agreement. The Group recognized cost share income for both wind-down activities in relation to PhaseOut DMD and next and future generation utrophin modulation development activities of £nil during the three months ended March 31, 2020 and £0.26 million during the three months ended March 31, 2019. Effective as of August 2019, the agreement with Sarepta was terminated with no material ongoing obligations for either party.

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Income tax

3 Months Ended

Mar. 31, 2020

Income Taxes [Abstract]

Income tax

Income tax

	Three months ended March 31, 2020		Three months ended March 31, 2019
	£000s		£000s
Current period research and development tax credit on qualifying expenditure	1,233		836
Tax expense related to the US operations	(43	)	(36	)
Total current tax	1,190		800
Change in deferred tax rate	(179	)	—
Release of temporary difference relating to intangible asset	31		31
Total deferred tax	(148	)	31
Total tax credit for the period	1,042		831

The research and development tax credit is recognized based on management’s estimate of the qualifying expenditure relating to research and development activities carried out by the Group. The UK operations have estimated losses for the year and as such there is no accrued income tax for the period.

In the Spring Budget 2020, the Government announced that from April 1, 2020, the corporation tax rate in the U.K. would remain at 19% (rather than reducing to 17%, as previously enacted). This new law was substantively enacted on March 17, 2020. As a result, the Group recognized an additional £0.2 million of tax expense.

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Related-party transactions

3 Months Ended

Mar. 31, 2020

Related Party [Abstract]

Related-party transactions

Related-party transactions

The aggregate emoluments of the Directors of the Company are shown below.

	Three months ended March 31, 2020	Three months ended March 31, 2019
	£000s	£000s
Aggregate emoluments	127	141
Pension contributions	7	6
	134	147

12. Related-party transactions (continued)

The aggregate emoluments of the Directors of the Company and key management are shown below.

	Three months ended March 31, 2020	Three months ended March 31, 2019
	£000s	£000s
Aggregate emoluments	566	289
Pension contributions	40	16
	606	305

Dr. Elaine Stracker, Interim Chief Operating Officer and an executive director is also the General Counsel and Senior Vice President for Corporate Development for Maky Zanganeh and Associates, Inc. (“MZA”). The Group has a consultancy agreement with MZA to provide support into clinical operation activities related to the ongoing global Phase 3 clinical trials of ridinilazole for the treatment of CDI, regulatory activities pertaining to a potential new drug application should the Phase 3 trials be successful and strategic planning support more generally for the ridinilazole program. The fees for such services under this consultancy agreement are $75,000 per month. In addition to such monthly fee, MZA were granted warrants over 16,793,660 Ordinary Shares with an exercise price of £0.221 each and which vest on a quarterly basis over three years from the date of grant, subject to MZA’s provision of consultancy services to the Group during such period. During the three months ended March 31, 2020, £176,000 ($225,000) of consultancy fees (three months ended March 31, 2019: nil) were incurred by the Group and a warrant expense of £169,000 was recognized (three months ended March 31, 2019: nil).

On February 7, 2020, MZA, Dr. Zanganeh, Dr. Stracker and the company entered into an assignment and assumption

agreement (the “Assignment and Assumption Agreement”). Pursuant to the Assignment and Assumption Agreement, MZA assigned a portion of the Consultant Warrant to each of Dr. Zanganeh and Dr. Stracker. Dr. Zanganeh assumed a warrant to acquire 14,694,453 ordinary shares and Dr. Stracker assumed a warrant to acquire 2,099,207 ordinary shares. Each of them has the right to exercise their respective portion of the Consultant Warrant in accordance with the terms and conditions of the MZA Warrant Agreement.

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Share option scheme and restricted stock units - Disclosure of share-based payment expense (Details) - GBP (£) £ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity based compensation expense	£ 233	£ 260
Research and development
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity based compensation expense	66	45
General and administration
Disclosure of terms and conditions of share-based payment arrangement [line items]
Equity based compensation expense	£ 167	£ 215

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Provisions and contingencies - Disclosure of contingent liabilities (Details) - GBP (£) £ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Disclosure of contingent liabilities [line items]
Beginning balance	£ 2,050	£ 1,835
Additions	19	1
Unwinding of the discount factor	45	214
Ending balance	2,114	2,050
Assumed contingent liabilities
Disclosure of contingent liabilities [line items]
Beginning balance	1,855	1,641
Additions	0	0
Unwinding of the discount factor	45	214
Ending balance	1,900	1,855
Dilapidations
Disclosure of contingent liabilities [line items]
Beginning balance	150	150
Additions	0	0
Unwinding of the discount factor	0	0
Ending balance	150	150
Royalties
Disclosure of contingent liabilities [line items]
Beginning balance	45	44
Additions	19	1
Unwinding of the discount factor	0	0
Ending balance	£ 64	£ 45

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Other operating income - Narrative (Details) £ in Thousands, $ in Millions	1 Months Ended			3 Months Ended		31 Months Ended
	Feb. 29, 2020 USD ($)	Jul. 31, 2018 USD ($) phase	Sep. 30, 2017 USD ($) phase	Mar. 31, 2020 GBP (£)	Mar. 31, 2019 GBP (£)	Mar. 31, 2020 USD ($)	Mar. 31, 2020 GBP (£)	Jan. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)	Aug. 31, 2018 USD ($)
BARDA
Disclosure of operating segments [line items]
Cost sharing arrangement, initial portion			$ 32.0
Number of phases included in contract | phase			3
Cost sharing arrangement, contractual amount								$ 72.5
Cost sharing arrangement, additional portion								8.8	$ 9.6	$ 12.0
Cost sharing arrangement, total committed amount								$ 62.4	53.6
Grant income received						$ 42.4	£ 32,100
Grant income recognized | £				£ 3,864	£ 4,329
BARDA | Top of range
Disclosure of operating segments [line items]
Cost sharing arrangement, contractual amount			$ 62.0						$ 63.7
CARB-X
Disclosure of operating segments [line items]
Number of phases included in contract | phase		2
Cost sharing arrangement, contractual amount	$ 5.7	$ 4.5
Cost sharing arrangement, additional portion	1.2
Cost sharing arrangement, total committed amount		2.5
Grant income received	$ 3.2	$ 2.0
Grant income recognized | £				£ 84	£ 241

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Other operating income (Tables)

3 Months Ended

Mar. 31, 2020

Analysis of income and expense [abstract]

Other operating income

Analysis of other operating income by	Three months ended March 31, 2020	Three months ended March 31, 2019
category	£000s	£000s
Income recognized in respect of BARDA	3,864	4,329
Grant income	84	241
Research and development credit	144	4
	4,092	4,574

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Related-party transactions (Tables)

3 Months Ended

Mar. 31, 2020

Related Party [Abstract]

Disclosure of transactions between related parties

The aggregate emoluments of the Directors of the Company are shown below.

	Three months ended March 31, 2020	Three months ended March 31, 2019
	£000s	£000s
Aggregate emoluments	127	141
Pension contributions	7	6
	134	147

12. Related-party transactions (continued)

The aggregate emoluments of the Directors of the Company and key management are shown below.

	Three months ended March 31, 2020	Three months ended March 31, 2019
	£000s	£000s
Aggregate emoluments	566	289
Pension contributions	40	16
	606	305

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Other operating income - Analysis of other operating income (Details) - GBP (£) £ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disclosure of operating segments [line items]
Research and development credit	£ 144	£ 4
Other operating income	4,092	4,574
BARDA
Disclosure of operating segments [line items]
Grant income	3,864	4,329
CARB-X
Disclosure of operating segments [line items]
Grant income	£ 84	£ 241

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Related-party transactions - Disclosure of transactions between related parties (Details) - GBP (£) £ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Directors of the Company
Disclosure of transactions between related parties [line items]
Aggregate emoluments	£ 127	£ 141
Pension contributions	7	6
Employee benefits expense	134	147
Directors of the Company and key management
Disclosure of transactions between related parties [line items]
Aggregate emoluments	566	289
Pension contributions	40	16
Employee benefits expense	£ 606	£ 305

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Revenue - Narrative (Details) $ in Thousands		3 Months Ended
	Jan. 01, 2018	Mar. 31, 2020 GBP (£)	Mar. 31, 2019 GBP (£)	Feb. 29, 2020 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2017 GBP (£)	Dec. 21, 2017 USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue | £		£ 253,000	£ 375,000
Eurofarma Revenue Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue					$ 2,500	£ 1,900,000
Eurofarma Revenue Agreement | Specified Development Milestones
Disclosure of disaggregation of revenue from contracts with customers [line items]
Specified milestone payments							$ 2,750
Eurofarma Revenue Agreement | Specified Development Milestones, Enrollment Milestone One
Disclosure of disaggregation of revenue from contracts with customers [line items]
Deferred revenue				$ 1,000
Eurofarma Revenue Agreement | Other Milestones
Disclosure of disaggregation of revenue from contracts with customers [line items]
Specified milestone payments							21,500
Specified milestone payments, maximum cumulative net sales benchmark							100,000
Specified milestone payments, cumulative net sales incremental benchmark							$ 100,000
Sarepta Revenue Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Research and development costs percentage, entity responsibility	55.00%
Research and development costs percentage, third party responsibility	45.00%
Research and development costs, minimum percentage of budgeted amount	110.00%
Licensing agreements
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue | £		253,000	375,000
Licensing agreements | Eurofarma Revenue Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue | £		250,000	120,000
Licensing agreements | Sarepta Revenue Agreement
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue | £		£ 0	£ 260,000

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Revenue (Tables)

3 Months Ended

Mar. 31, 2020

Revenue From Contracts With Customers [Abstract]

Disclosure of detailed information about revenue

	Three months ended March 31, 2020	Three months ended March 31, 2019
Analysis of revenue by category	£000s	£000s
Licensing agreements	253	375
	253	375

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Share option scheme and restricted stock units (Tables)

3 Months Ended

Mar. 31, 2020

Employee Benefits [Abstract]

Movement in share options and restricted stock units

The movement in the number of share options is set out below:

	Weighted average exercise price £	Three months ended March 31, 2020		Weighted average exercise price £	Three months ended March 31, 2019
Outstanding at January 1	0.27	23,224,188		0.35	9,168,396
Granted during the period	—	—		0.28	11,396,000
Lapsed / surrendered during the period	0.28	(3,489,661	)	1.52	(145,445	)
Number of outstanding options	0.27	19,734,527		0.31	20,418,951

The movement in the number of restricted stock units (‘RSUs’) granted in the form of a nominal-cost option is set out below:

	Weighted average exercise price £	Three months ended March 31, 2020		Weighted average exercise price £	Three months ended March 31, 2019
Outstanding at January 1	0.01	692,306		0.01	814,256
Exercised during the period	0.01	(269,230	)	0.01	(104,877	)
Number of outstanding options	0.01	423,076		0.01	709,379

Disclosure of share-based payment expense

The equity based compensation expense for the three months ended March 31, 2020 was £0.2 million (three months ended March 31, 2019: £0.3 million) which has been allocated to the Research and development and General and administration expenses lines of the Unaudited Condensed Consolidated Interim Statement of Comprehensive Income as follows:

	Three months ended March 31, 2020	Three months ended March 31, 2019
	£000s	£000s
Research and development	66	45
General and administration	167	215
	233	260

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Related-party transactions - Narrative (Details) £ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 07, 2020 shares	Mar. 31, 2020 USD ($) shares	Mar. 31, 2020 GBP (£) shares £ / shares	Mar. 31, 2019 GBP (£)
Disclosure of transactions between related parties [line items]
Warrant expense | £			£ 233,000	£ 260,000
Maky Zanganeh and Associates, Inc.
Disclosure of transactions between related parties [line items]
Monthly consultancy fees, related party | $		$ 75
Fees paid to related party		$ 225	£ 176,000	0
Warrants | Maky Zanganeh and Associates, Inc.
Disclosure of transactions between related parties [line items]
Other equity instruments granted (in shares)		16,793,660	16,793,660
Exercise price, other equity instruments granted (in GBP per share) | £ / shares			£ 0.221
Vesting period		3 years	3 years
Warrant expense | £			£ 169,000	£ 0
Assignment and assumption agreement | Warrants | Dr. Zanganeh
Disclosure of transactions between related parties [line items]
Other equity instruments granted (in shares)	14,694,453
Assignment and assumption agreement | Warrants | Dr. Stracker
Disclosure of transactions between related parties [line items]
Other equity instruments granted (in shares)	2,099,207

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Loss per share calculation

3 Months Ended

Mar. 31, 2020

Earnings per share [abstract]

Loss per share calculation

Loss per share calculation

The calculation of loss per share is based on the following data:

	Three months ended March 31, 2020			Three months ended March 31, 2019
	000s			000s
Loss for the period		(£4,937	)		(£5,338	)
Weighted average number of ordinary shares for basic loss per share	336,089			153,427
Weighted average number of ordinary shares for diluted loss per share	336,089			153,427
Basic loss per ordinary share from operations £	(0.01		)	(0.03		)
Diluted loss per ordinary share from operations £	(0.01		)	(0.03		)

Basic loss per ordinary share has been calculated by dividing the loss for the three months ended March 31, 2020 by the weighted average number of shares in issue during the three months ended March 31, 2020. Diluted loss per ordinary share has been calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive ordinary shares. Potentially dilutive ordinary shares represents the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share and warrant options in-the-money compared with the number of shares that would have been issued assuming the exercise of share and warrant options in-the-money.

IAS 33 ‘Earnings per Share’ requires the presentation of diluted earnings per share where a company could be called upon to issue shares that would decrease net profit or loss per share. As the Group reported net losses for the three months ended March 31, 2020, and for the three months ended March 31, 2019, the weighted average number of ordinary shares outstanding used to calculate the diluted loss per ordinary share is the same as that used to calculate the basic loss per ordinary share, as the exercise of share and warrant options would have the effect of reducing loss per ordinary share which is not dilutive.

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Unaudited Condensed Consolidated Interim Statement of Cash Flows - GBP (£) £ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
(Loss) before income tax	£ (5,979)	£ (6,169)
Adjusted for:
Loss on recognition of contingent consideration payable	0	(2)
Finance income	(1)	(2)
Finance costs	52	60
Foreign exchange (gain) / loss	(2,753)	691
Depreciation	143	150
Amortization of intangible fixed assets	208	207
Loss on disposal of assets	0	26
Share-based payment and warrant expense	233	260
Adjusted (loss) from operations before changes in working capital	(8,097)	(4,779)
Increase in trade and other receivables	(1,235)	(30)
Increase/ (decrease) in deferred revenue	1,055	(1,025)
Increase / (decrease) in trade and other payables	1,579	(2,270)
Cash used in operations	(6,698)	(8,104)
Contingent consideration paid	0	2
Taxation (paid) / received	(4)	1
Net cash used in operating activities	(6,702)	(8,101)
Investing activities
Purchase of property, plant and equipment	(24)	(64)
Purchase of intangible assets	(128)	0
Interest received	1	2
Net cash used in investing activities	(151)	(62)
Financing activities
Proceeds from issue of share capital	0	19,648
Transaction costs on share capital issued	0	(455)
Proceeds from exercise of share options	3	0
Repayment of lease liabilities	(42)	(80)
Repayment of lease interest	(6)	(9)
Net cash (used in) / generated from financing activities	(45)	19,104
(Decrease) / increase in cash and cash equivalents	(6,898)	10,941
Effect of exchange rates in cash and cash equivalents	2,881	(617)
Cash and cash equivalents at beginning of the period	48,417	9,521
Cash and cash equivalents at end of the period	£ 44,400	£ 19,845

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Segmental reporting

3 Months Ended

Mar. 31, 2020

Operating Segments [Abstract]

Segmental reporting

Segmental reporting

The Group’s activities are covered by one operating and reporting segment: Drug Development, as detailed more fully in the annual consolidated financial statements as of and for the eleven months ended December 31, 2019. There have been no changes to management’s assessment of the operating and reporting segments of the Group during the period.

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Share capital

3 Months Ended

Mar. 31, 2020

Share Capital, Reserves And Other Equity Interest [Abstract]

Share capital

Share capital

On January 27, 2020, 269,230 ordinary shares were issued following the exercise of RSUs. This exercise of RSUs raised net proceeds of £2,692.

The new ordinary shares issued in connection with the RSUs exercised rank pari passu with existing ordinary shares.

As of March 31, 2020, the number of ordinary shares in issue was 336,159,511.

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Provisions and contingencies - Narrative (Details) - GBP (£) £ in Thousands	Mar. 31, 2020	Dec. 31, 2019
The School of Pharmacy, University of London
Disclosure of other provisions [line items]
Financial liabilities	£ 1,000
Financial liabilities, initial payment	£ 40
Discuva Limited
Disclosure of other provisions [line items]
Contingent liabilities, discount factor	13.00%
Estimated assumed contingent liabilities	£ 1,900	£ 1,900

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Segmental reporting (Details)	Mar. 31, 2020 segment
Operating Segments [Abstract]
Number of reportable segments	1

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Share capital (Details)	Jan. 27, 2020 GBP (£) shares	Mar. 31, 2020 shares
Disclosure of classes of share capital [line items]
Number of shares issued (in shares)	269,230
Proceeds from exercise of restricted stock units | £	£ 2,692
Ordinary shares
Disclosure of classes of share capital [line items]
Number of ordinary shares (in shares)		336,159,511