$SMMT

@adamfeuersteinMay 7, 2026 · 11:34 AM

In this week's Biotech Scorecard newsletter: More on Akeso $SMMT and the mystery of the ivonescimab #ASCO26 posters Check them out below. Would Akeso produce flyers like these with such strong, definitive language if the ivo survival benefit wasn't great? Unlikely. But did Akeso make these flyers?

@jacobpliethMay 1, 2026 · 2:22 PM

$SMMT -25%!

@adamfeuersteinMay 1, 2026 · 11:32 AM

Leerink's Daina Graybosch on $SMMT "... In our base case scenario of the company’s likely statistical design choices and enrollment timing, not hitting statistical significance at this interim suggests a degradation in PFS Hazard Ratio (HR) of ~10 percentage points (ppts) in this global study from the 0.62 demonstrated by partner, Akeso in the Chinese Ph 3 trial, HARMONi-6, conducted in the same setting. However, considerable uncertainty remains, and we see possible scenarios where this disclosure is more highly negative— suggesting PFS HR > 0.75 or more neutral—PFS HR threshold of < 0.60 to stop at this analysis. We believe the HARMONi-6 outcomes at ASCO may fall below in-going expectations. However; the selloff in SMMT (should it hold) reduces downside potential, in our view."

@jacobpliethMay 1, 2026 · 10:37 AM

@adamfeuerstein I have no restraint in saying that the Harmoni-3 overhaul has so far been a disaster for $SMMT ! And I agree that HR=0.60 is prob the bar for PFS. But we have no idea how much alpha was allocated to this interim look, given the multiple ways this study has already been cut.

@adamfeuersteinMay 1, 2026 · 10:24 AM

@JacobPlieth Jacob, you're being very un-Jacob in your restraint! True, we don't know the $SMMT bar for the interim PFS look at the H-3 study, but it's seems safe to assume it would be similar to PFS HR 0.60 bar set by Akeso in H-6 study, which hit at the interim. This raises once again the question about the comparability of China vs ex-China data. And for Summit and H-3, a weaker PFS likely means a weaker OS, if at all. I am channeling Jacob The Skeptic!

@jacobpliethMay 1, 2026 · 6:43 AM

$SMMT -13% in the PM. We don't know what the (high?) bar for this interim PFS was, or by how much it's been missed, but as it stands this shot on a slightly earlier filing has blown up pretty badly.

@adamfeuersteinApr 30, 2026 · 8:50 PM

Relevant with tonight's $SMMT update What does Akeso’s primo plenary spot say about its survival data? https://t.co/onSduihfrl

@adamfeuersteinApr 30, 2026 · 8:48 PM

$SMMT -16% AH

@adamfeuersteinApr 30, 2026 · 8:38 PM

$SMMT ivo HARMONi-3 update on squamous subgroup interim PFS analysis: "At this early interim PFS analysis reviewed exclusively by the Independent Data Monitoring Committee (iDMC), the iDMC recommended that the study continue as planned."

@adamfeuersteinApr 30, 2026 · 1:25 PM

This week's Biotech Scorecard: An #ASCO26 mystery: What does Akeso’s primo plenary spot say about its ivonescimab lung cancer survival data? $SMMT If the news was good, we'd have heard by now, right? Or, is Akeso just being ultra conservative? https://t.co/onSduihfrl

@jacobpliethApr 22, 2026 · 10:46 AM

LOL, one year later #Asco26 $SMMT

@adamfeuersteinApr 21, 2026 · 3:59 PM

#ASCO26 abstract titles were released today: $RVMD RASolute Ph3 study in pancreatic cancer will be presented during the plenary session. Also, Akeso $SMMT ivonescimab HARMONi-6 trial in lung cancer. China-only data.

@jacobpliethJan 14, 2026 · 12:00 PM

Seven days after $TIL pulled the plug, Immuneonco says it's still independently developing its PD-L1 x VEGF trap palverafusp alfa https://t.co/MVeWhOiLrv $SMMT $BNTX

@jacobpliethJan 12, 2026 · 4:16 PM

$ABBV pays $650m for a seat at the PD-1 x VEGF bispecific table - and check out that waterfall. Biggest #JPM26 deal so far? Via @ApexOnco -&gt; https://t.co/DV3smu5YSb $SMMT $MRK $BMY $BNTX

@jacobpliethJan 12, 2026 · 3:04 PM

If you missed the #ESMOIO25 poster, high-dose RC148 + docetaxel showed cORR 67% (n=21) in post-checkpoint NSCLC; half of patients PD-L1-ve. Chinese data, but still! $ABBV $SMMT $BMY $BNTX

@adamfeuersteinJan 12, 2026 · 1:42 PM

In today's PD-1/VEGF news: $SMMT submitted ivonescimab to the FDA in Q4, as it promised to do, but chose to disclose the filing today... I guess to get a JPM bump? No PDUFA date assigned yet, so.... And $ABBV enters the party, picking up a PD-1/VEGF antibody from China's Remegen for $650M upfront. Recall, Pfizer paid $1.25 billion upfront for its Chinese antibody from 3SBio. Does all of this have the odiferous whiff of TIGIT? We'll know a lot more later this year. #JPM26

@jacobpliethJan 12, 2026 · 12:59 PM

$ABBV paying $650m up front for Remegen's PD-1 x VEGF bispecific RC148 #JPM26 $SMMT

@jacobpliethJan 12, 2026 · 11:22 AM

Hilariously, $SMMT admits that it actually submitted the filing in Q4. So it appears to have been sitting on this, hoping FDA acceptance would come in time for a #JPM26 splash. That's not happened.

@jacobpliethJan 12, 2026 · 11:03 AM

No Pdufa date, as the filing hasn't been accepted by the FDA (yet) $SMMT

@jacobpliethNov 19, 2025 · 4:10 PM

Akeso CFO Bing Wang: we see ivo replacing $MRK Keytruda as the anchor across several settings. Biggest market is NSCLC - anchor there w/multiple combos, then expand beyond #Jefferies25 $SMMT $BNTX

@jacobpliethNov 10, 2025 · 10:27 AM

Does this all matter?? $SMMT already said it would file on Harmoni anyway, and the September OS analysis appears to have been the trigger for this. Now we wait and see.

@jacobpliethNov 10, 2025 · 9:21 AM

...as such this appears to be the far more important $SMMT disclosure about its global Harmoni study: final OS fail (HR=0.79, p=0.057), but subsequent analysis -&gt; HR=0.78 (CI upper bound now 0.98 not 1.01), suggesting long-term tail developing https://t.co/GqsrkrA2yl

@jacobpliethNov 10, 2025 · 9:09 AM

Well, I was wrong about Harmoni-A: OS HR went from 0.72 (30% maturity) -&gt; 0.80 (52% maturity) -&gt; 0.74 (final analysis). #SITC25 $SMMT Hail Mary for Harmoni, which already failed for OS at final analysis, appears to be this "tail": https://t.co/kM36KmGONG

@jacobpliethNov 6, 2025 · 11:12 AM

$PFE moves its $1.25bn PD-1 x VEGF bispecific bet quickly into pivotal trials, with NSCLC &amp; colorectal efforts mirroring $SMMT &amp; $BNTX / $BMY. Via @ApexOnco -&gt; https://t.co/cHrVj7CTpw

@jacobpliethOct 22, 2025 · 1:24 PM

Who won #ESMO25 and who lost? Via @ApexOnco https://t.co/EWzHIIH1Ck $IOBT $CELC $RCUS $CGEM $IDYA $NUVL $AGEN $GILD $DSNKY $INCY $CATX $LPTX $OLMA $SMMT $AVBP $GMAB $EXEL $CGEN $ZLAB $RHHBY

@adamfeuersteinOct 20, 2025 · 11:10 AM

FDA cancer chief Rick Pazdur blinks in his standoff against $REPL? Are there broader implications, like $SMMT or $IOBT?

@adamfeuersteinOct 20, 2025 · 10:55 AM

$SMMT will submit ivonescimab for FDA approval this quarter, based on the HARMONi results (EGFRm NSCLC) despite the lack of a stat sig OS benefit and against the recommendation of the FDA. https://t.co/TzU6g1t7FA

@jacobpliethOct 20, 2025 · 10:22 AM

Good morning biotwitter! If you're catching up with #ESMO25 here's what we've published over the weekend https://t.co/lzhy6k4Raz Stocks to watch this morning: $GMAB $CELC $IOBT $MRUS $INCY $RCUS $AVBP $SMMT $NUVL $IMTX $OLMA $CGEM

@jacobpliethOct 20, 2025 · 9:01 AM

$SMMT buys itself more ivonescimab shots on goal, plus a possible early Harmoni-3 readout. Via @ApexOnco from #ESMO25 -&gt; https://t.co/3RQ6yJCZAA

@jacobpliethOct 20, 2025 · 7:34 AM

Hopefully more Harmoni-3 details on today's $SMMT investor call https://t.co/msh1Wi0yj0

@jacobpliethOct 20, 2025 · 7:29 AM

@bio_clouseau For a moment I thought $SMMT was relegating OS to a secondary endpoint.

@jacobpliethOct 19, 2025 · 3:38 PM

Fun facts from the #ESMO25 exhibition hall: $BNTX booth is almost next to $SMMT $IOBT booth is at least twice as big as $MRNA Menarini booth is FREAKIN HUGE

@jacobpliethOct 16, 2025 · 1:06 PM

PD-1 x VEGF news: Shanghai Junshi says it's got FDA approval to start a US ph2/3 trial of JS207 head-to-head vs Opdivo in neoadjuvant NSCLC $SMMT $TIL $BNTX https://t.co/77Fpme5Pvo

@jacobpliethSep 8, 2025 · 1:36 PM

Is $AZN still buying $SMMT?

@adamfeuersteinSep 8, 2025 · 10:40 AM

$SMMT - Sell-side 👏 to Leerink's Daina Graybosch for her bearish call ahead of the ivo HARMONi study readout at WCLC. Summit -21% pre market.

@jacobpliethSep 8, 2025 · 9:56 AM

$SMMT $19bn valuation basically hinges on the difference between these two #WCLC25 slides from Jonathan Goldman https://t.co/LYK1mmpVJq

@jacobpliethSep 7, 2025 · 7:23 PM

More doubts for $SMMT as the Harmoni guessing game continues at #WCLC25. Via @ApexOnco -&gt; https://t.co/riemtQP53v $BNTX $TIL $BMY

@adamfeuersteinSep 7, 2025 · 9:43 AM

$SMMT Summit Therapeutics hits possible snag on lung cancer drug seen as a blockbuster Ivonescimab produced weaker results in patients from North America and Europe than those from China https://t.co/xNO1Z2nHRt

@adamfeuersteinSep 5, 2025 · 8:04 PM

Have a nice weekend! Reminder: $SMMT ivonescimab HARMONi update on Sunday morning from #WCLC25. These $XBI $BBC charts look good. https://t.co/b6P6jBJ9gP

@jacobpliethAug 29, 2025 · 4:11 PM

#WCLC25 press briefing schedule is out Sat 6 Sep: two iza-bren studies $BMY Sun 7 Sep: Harmoni $SMMT &amp; Arros-1 $NUVL Tue 9 Sep: $CADL

@jacobpliethAug 27, 2025 · 1:09 PM

@pharma_reg Yes that's obviously what happened in Harmoni-A, but CI narrowing seems likely small. What are statistical considerations for Harmoni? I presume $SMMT will have to take a penalty since most of this population is already analysed in Harmoni-A.

@jacobpliethAug 27, 2025 · 10:44 AM

@BiotechX_X We know hazard ratios are worsening with each cut of OS data. Akeso's p values were never disclosed, but final analysis, for which majority of alpha was saved, might have hit even if p~0.04. That's not the case for $SMMT, which already told us interim p value &gt;0.05.

@jacobpliethAug 27, 2025 · 10:35 AM

Again: ~65% of $SMMT Harmoni population are patients taken from Akeso's Harmoni-A trial. My earlier take here: https://t.co/UEfA25PsA7

@jacobpliethAug 27, 2025 · 10:33 AM

Reminder: Akeso Harmoni-A interim OS hazard ratios went from 0.72 -&gt; 0.80 (again, no p values or significance thresholds revealed). Final OS HR is likely worse than 0.80. $SMMT Harmoni interim OS HR=0.79 (p=0.057). I don't see how $SMMT p value now magically goes below 0.05.

@jacobpliethAug 27, 2025 · 10:29 AM

Probably all that's changed re Akeso's Chinese Harmoni-A, between interims and final OS, is significance boundary. Remember p values for interim OS weren't disclosed. But for $SMMT Harmoni we already know interim OS p value: 0.057. No way Harmoni suddenly now hits on final OS

@jacobpliethAug 20, 2025 · 4:19 PM

#WCLC25 late-breaker &amp; plenary preview, via @ApexOnco https://t.co/VJj3Bocr0A $SMMT $BMY $BNTX $NUVL $CGEM

@jacobpliethAug 13, 2025 · 10:11 AM

So Immuneonco is presenting AXN-2510/ IMM2510 NSCLC data (apparently only for squamous histology) at #WCLC25. $TIL starting its own US study by year end 2025. $SMMT

@jacobpliethJul 31, 2025 · 2:02 PM

Did $TIL get a bargain when it bought a PD-L1 x VEGF bispecific from Immuneonco? You decide. Via @ApexOnco -&gt; https://t.co/kwsOLp3y4f $SMMT $BNTX $BMY $PFE $MRK

@jacobpliethJul 31, 2025 · 1:13 PM

Looking for X-trial comparisons for the $TIL ImmuneOnco data? $RHHBY Impower-150 is one, and here's another: Akeso ph2 ORRs for ivonescimab + chemo from #ELCC24 $SMMT https://t.co/HRqz3MDiff

@jacobpliethJul 31, 2025 · 10:29 AM

Seems most of the $TIL PD-L1 x VEGF responses are unconfirmed at this point... why announce now?? $SMMT $BNTX $PFE https://t.co/MJyOCPEbho

@jacobpliethJul 31, 2025 · 10:22 AM

Here's the original release from Immuneonco -&gt; https://t.co/Vtk9xHyRts Note $TIL IMM2510 / AXN-2510 = palverafusp alfa $SMMT

@jacobpliethJul 31, 2025 · 10:10 AM

$TIL PD-L1 x VEGF $SMMT https://t.co/SoeDVEiZrs

@jacobpliethJul 16, 2025 · 5:28 PM

@spontonic Wasn't that the entire reason why "parties connected to" $SMMT leaked the alleged deal talks to Berg? Standard bio playbook.

@jacobpliethJul 3, 2025 · 7:00 PM

@jq1234t True, but it's not like this is something they've suddenly decided to have a look at. Surely $AZN has had in-house work on PD-1 x VEGF ongoing for years. A deal with $SMMT would basically be an admission that all that has been a dismal failure.

@jacobpliethJun 2, 2025 · 5:48 PM

How $BNTX turned $800m into $1.5bn, via @ApexOnco -&gt; https://t.co/5BVk9OWMYr Who will be next? #ASCO25 $BMY $PFE $SMMT $TIL

@jacobpliethJun 2, 2025 · 12:05 PM

Also: $TIL got passed over by big pharma for the second time in two weeks?? $BNTX $BMY $SMMT $PFE