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Expand Energy (EXE - Free Report) came out with quarterly earnings of $3.83 per share, beating the Zacks Consensus Estimate of $3.69 per share. This compares to earnings of $2.02 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.84%. A quarter ago, it was expected that this oil and gas company would post earnings of $1.89 per share when it actually produced earnings of $2, delivering a surprise of +5.82%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Expand Energy, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $3.32 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 6.90%. This compares to year-ago revenues of $2.3 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Expand Energy shares have lost about 12.7% since the beginning of the year versus the S&P 500's gain of 4.8%.

What's Next for Expand Energy?While Expand Energy has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Expand Energy was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.30 on $2.05 billion in revenues for the coming quarter and $8.90 on $9.98 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Ormat Technologies (ORA - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.

This geothermal company is expected to post quarterly earnings of $0.92 per share in its upcoming report, which represents a year-over-year change of +35.3%. The consensus EPS estimate for the quarter has been revised 10.8% lower over the last 30 days to the current level.

Ormat Technologies' revenues are expected to be $349.29 million, up 52% from the year-ago quarter.

Expand Energy Corporation (EXE) Q1 2026 Earnings Call Transcript

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What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.93% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Expand Energy (EXE - Free Report) Expand Energy Corporation is a leading U.S.-based natural gas producer formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company. The all-stock merger, completed on Oct. 1, 2024, established a premier natural gas-focused company with leading positions in the Haynesville and Appalachian basins, premium drilling inventory and proximity to key liquefied natural gas (LNG) and domestic demand markets. The merger strengthened scale, operational efficiencies and financial resilience, supporting an investment-grade balance sheet, enhanced credit capacity and significant shareholder returns, while positioning the company to meet growing global energy demand.

EXE is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. EXE has a Growth Style Score of B, forecasting year-over-year earnings growth of 47.4% for the current fiscal year.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.98 to $8.99 per share. EXE also boasts an average earnings surprise of +4.1%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, EXE should be on investors' short list.

MARKHAM, Ontario, May 07, 2026 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) today reported results for the three months ended March 31, 2026.

First Quarter 2026 Highlights

Adjusted EBITDA(1), excluding out-of-period items, increased by $15.2 million or 52.2% from Q1 2025 to $44.2 million, driven primarily by continued organic growth in the home health care segment and contributions from the acquisitions of Closing the Gap and nine Class C LTC homes.Home health care average daily volume (“ADV”) increased by 10,333 or 32.7% from Q1 2025 to 41,936, driven by organic growth and the acquisition of Closing the Gap.Third-party and joint venture beds serviced by SGP reached 157,100 beds, reflecting organic growth of 6.0% from Q1 2025.5.0% increase in the monthly dividend to $0.0441 per common share.Completed the sale of the vacated West End Villa Class C property for proceeds of $12.1 million resulting in a pre-tax gain after closing costs of $10.0 million ($9.8 million after tax).
Subsequent to Q1

On April 1, 2026, completed the acquisition of CBI Home Health for $570.0 million, plus customary adjustments and the assumption of certain lease liabilities.On April 14, 2026, completed the Company’s inaugural offering of $450.0 million 4.345% senior unsecured notes due April 2031 (rated BBB stable by Morningstar DBRS), and amended and restated the existing senior secured credit facilities to a $250.0 million senior unsecured revolving credit facility ranking pari passu with the senior unsecured notes.
“Our first quarter results demonstrate the synergistic potential of the various components of our strategy in action: strong organic growth in home health care augmented by acquisitions, LTC redevelopment and organic growth in SGP and the operating leverage that comes with a technology enabled back office,” said Dr. Michael Guerriere, President and Chief Executive Officer. “Subsequent to the quarter, we closed the CBI acquisition and restructured our debt, setting the stage for further growth and value creation as we continue our mission to meet the growing care needs of the aging demographic.”

Completed the Acquisition of CBI Home Health for $570 Million

On April 1, 2026, the Company, through its wholly owned home health care subsidiary ParaMed Inc., completed its previously announced acquisition of CBI Home Health LP and CBI (GP) 3 Inc. and their respective subsidiaries (collectively, “CBI Home Health”) from CBI Health LP and CBI GP Holdco Inc. (the “CBI Acquisition”) for a cash purchase price of $570.0 million, subject to customary adjustments, plus approximately $17.3 million in estimated lease liabilities. The CBI Acquisition was funded using a combination of the net proceeds of approximately $191.5 million from the Company’s private placement of common shares that was completed on December 3, 2025, aggregate draws of approximately $308.2 million under the Company’s existing senior secured credit facility ($154.5 million delayed draw term facility and $153.7 million revolving credit facility), and cash on hand.

Completed $450 million Inaugural Offering of Investment Grade Senior Unsecured Notes

On April 14, 2026, the Company completed its offering of $450.0 million aggregate principal amount of 4.345% senior unsecured notes due April 14, 2031 (the “2031 Notes”). The 2031 Notes have been assigned a final rating of BBB, with a stable trend, by Morningstar DBRS. The Company used approximately $427.7 million of the net proceeds of the offering to repay in full the indebtedness owing under its term credit facility, and a portion of the indebtedness owing under its revolving credit facility, with the balance to be used for working capital and other general corporate purposes, including the repayment of other existing indebtedness.

In conjunction with the debt repayments, the existing senior secured credit facilities were amended and restated to reflect an investment grade credit rating structure, including the release of all security previously granted to the lenders, such that the Company’s remaining $250 million revolving credit facility (the “Unsecured Revolving Facility”) is senior unsecured debt that ranks pari passu with the 2031 Notes.

Q1 2026 Financial Highlights (all comparisons with Q1 2025)

Revenue increased $90.6 million to $374.7 million; excluding a reduction in out-of-period funding in both periods, revenue increased by $92.0 million or 25.3%, driven primarily by the acquisition of nine Class C LTC homes (the “LTC Acquisition”), LTC funding increases, and home health care ADV organic growth augmented by the acquisition of Closing the Gap, partially offset by the closure of a Class C LTC home that was vacated following the opening of a newly developed LTC home in Axium JV.NOI(1) increased $18.8 million to $69.0 million; excluding the impact of out-of-period items in both periods, NOI improved by $16.7 million or 38.3% to $60.3 million, reflecting revenue growth, partially offset by higher operating costs.Adjusted EBITDA(1) increased $17.3 million to $52.9 million; excluding the impact of out-of-period items, Adjusted EBITDA increased by $15.2 million or 52.2% to $44.2 million (9.7% of revenue) from $29.0 million (8.0% of revenue), reflecting the increase in NOI, partially offset by higher administrative costs of $1.5 million, largely due to higher wages, benefits and technology costs, partially offset by lower professional fees.Other income was $7.5 million compared with an expense of $3.2 million, reflecting a gain on sale of assets of $10.0 million in Q1 2026 and lower transaction-related professional fees and integration costs in Q1 2026 compared to strategic transformation costs in Q1 2025.Share of profit from joint ventures was $0.3 million compared to a loss of $0.1 million in Q1 2025, reflecting the opening of a new home in Axium JV and the favourable impact of a $0.2 million fair value adjustment on interest rate swaps.Net earnings increased $25.7 million to $40.7 million, largely driven by the increase in Adjusted EBITDA, an increase in other income and lower net finance costs, partially offset by higher depreciation and amortization costs related to the acquisitions.AFFO(1) increased to $32.7 million ($0.343 per basic share) from $19.8 million ($0.235 per basic share); excluding the impact of out-of-period items, AFFO improved by $11.4 million or 76.2% to $26.4 million ($0.276 per basic share) from $15.0 million ($0.177 per basic share), largely reflecting the improvement in Adjusted EBITDA, partially offset by increased current income taxes, and an unfavourable change in the adjustment for non-cash share-based compensation. Business Updates

The following is a summary of Extendicare’s revenue, NOI(1) and NOI margins(1) by business segment for the three months ended March 31, 2026 and 2025.

 Three months ended March 31(unaudited)2026
 2025
(millions of dollars unless otherwise noted)Revenue NOI Margin Revenue NOI MarginLong-term care243.5 32.2 13.2% 197.8 21.2 10.7%Home health care205.4 27.9 13.6% 158.3 19.1 12.0%Managed services16.2 8.9 54.6% 18.6 10.0 53.4% 465.2 69.0 14.8% 374.7 50.2 13.4%Note: Totals may not sum due to rounding.
Long-term Care

LTC average occupancy at 97.5% in Q1 2026 was unchanged from Q1 2025.

Revenue increased by $45.8 million or 23.2% to $243.5 million in Q1 2026. Excluding out-of-period funding recognized in Q1 2026 of $7.9 million, revenue increased by $37.9 million, largely driven by approximately $32.5 million from the LTC Acquisition, funding increases, timing of spend and improved preferred occupancy, partially offset by the closure of a Class C LTC home replaced by a newly opened LTC home in Axium JV.

NOI and NOI margin were $32.2 million and 13.2%, respectively, in Q1 2026, compared to $21.2 million and 10.7% in Q1 2025. Excluding the impact of out-of-period items of $5.2 million, NOI improved by $5.8 million or 31.4% to $24.3 million (10.3% of revenue) in Q1 2026 from $18.5 million (9.4% of revenue) in Q1 2025. This increase reflects approximately $3.5 million from the LTC Acquisition, funding enhancements, timing of spend, and improved preferred occupancy, partially offset by higher operating costs, and the closure of a redeveloped Class C LTC home.

Home Health Care

Home health care ADV of 41,936 in Q1 2026 increased by 32.7% from Q1 2025, driven by organic growth and the acquisition of Closing the Gap in July 2025.

Revenue increased to $205.4 million in Q1 2026, an increase of 29.8% from Q1 2025. Excluding a reduction in retroactive funding of $9.3 million, revenue increased by $56.5 million, primarily due to the 32.7% increase in ADV, driven by organic growth and the acquisition of Closing the Gap. The reduction in retroactive funding of $9.3 million ($1.7 million in Q1 2026 compared to $11.0 million in Q1 2025) largely related to changes in the recovery of increased wages, benefits and technology costs.

NOI and NOI margin were $27.9 million and 13.6%, respectively, in Q1 2026, an increase from $19.1 million and 12.0% in Q1 2025. Excluding a year-over-year decrease of $3.1 million related to out-of-period items, NOI increased by $12.0 million to $27.1 million (13.3% of revenue) in Q1 2026 from $15.2 million (10.3% of revenue) in the prior year period, reflecting revenue growth, partially offset by increased wages and benefits. The out-of-period items of $3.1 million related to retroactive funding of $0.8 million recognized in Q1 2026, offset by workers’ compensation rebates of $3.9 million recognized in Q1 2025.

Managed Services

At the end of Q1 2026, the number of third-party and joint venture beds served by SGP increased to approximately 157,100, an increase of 6.0% from the prior year period. Extendicare Assist held management contracts for 40 homes comprising 6,237 beds and provided a further 27 homes with consulting and other services.

Revenue decreased by $2.4 million or 12.9% to $16.2 million in Q1 2026 due primarily to the sale by Revera of 30 Class C LTC homes that had been operated by Extendicare Assist under management contracts, nine of which were acquired by the Company, partially offset by changes in the mix of Extendicare Assist services, management fees from a newly opened home in Axium JV and growth in SGP clients. NOI decreased by $1.1 million or 11.0% to $8.9 million (54.6% of revenue).

Financial Position

Extendicare had strong liquidity at March 31, 2026, with cash and cash equivalents on hand, excluding restricted cash, of $320.9 million, and access to a further $154.4 million under its revolving credit facility.

Following the CBI Acquisition in April 2026 for the cash purchase price of $570.0 million and the issuance of the 2031 Notes, of which approximately $427.7 million of the net proceeds were used to repay the delayed draw term loan in full and the revolving credit facility in part, the Company had access to $160.7 million under its Unsecured Revolving Facility and approximately $67.0 million in cash and cash equivalents.

Select Financial Information

The following is a summary of the Company’s consolidated financial information for the three months ended March 31, 2026 and 2025.

(unaudited)Three months ended
March 31(thousands of dollars unless otherwise noted)2026 2025 Revenue465,224 374,654 Operating expenses396,200 324,426 NOI(1)69,024 50,228 NOI margin(1)14.8%13.4%Administrative costs16,166 14,622 Adjusted EBITDA(1)52,858 35,606 Adjusted EBITDA margin(1)11.4%9.5%Other income (expense)7,472 (3,170)Share of profit (loss) from investment in joint ventures344 (126)Net earnings40,732 15,031 per basic share ($)0.427 0.178 per diluted share ($)0.422 0.176 AFFO(1)32,746 19,807 per basic share ($)0.343 0.235 per diluted share ($)0.339 0.232 Maintenance capex2,771 2,709 Cash dividends declared per share0.1281 0.1220 Payout ratio(1)37%51%Weighted average number of shares (000’s)  Basic95,371 84,345 Diluted96,600 85,468 
Extendicare’s disclosure documents, including its Management’s Discussion and Analysis (“MD&A”), may be found on SEDAR+ at www.sedarplus.ca under the Company’s issuer profile and on the Company’s website at www.extendicare.com under the “Investors/Financial Reports” section.

2025 Environmental, Social and Governance (“ESG”) Report Published

In May 2026, Extendicare published its 2025 Environmental, Social and Governance (ESG) report, which outlines how the Company’s mission — providing people with the care they need, wherever they call home — informs its approach to sustainability as it strives to increase access to care for Canadians. The report highlights priorities, including quality of care, a strong and supported workforce, the responsible stewardship of resources, effective governance and long-term operational resilience. It also describes Extendicare’s ongoing efforts to enhance the identification, management and reporting of sustainability-related risks and opportunities. The report is available at www.extendicare.com under the “ESG” section.

May Dividend Declared

The Board of Directors of Extendicare today declared a cash dividend of $0.0441 per share for the month of May 2026, which is payable on June 15, 2026, to shareholders of record at the close of business on May 29, 2026. This dividend is designated as an “eligible dividend” within the meaning of the Income Tax Act (Canada).

Conference Call and Webcast

Extendicare will hold a conference call to discuss its 2026 first quarter results on May 8, 2026, at 11:30 a.m. (EDT). The call will be webcast live and archived online at www.extendicare.com under the “Investors/Events & Presentations” section. Alternatively, the call-in number is 1-833-752-3395. A replay of the call will be available approximately two hours after completion of the live call until midnight on May 22, 2026, by dialing 1-855-669-9658 followed by the passcode 1923796#.

About Extendicare

Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. We are committed to delivering quality care to meet the needs of the growing seniors’ population, inspired by our mission to provide people with the care they need, wherever they call home. We operate a network of 99 long-term care homes (59 owned, 40 under management contracts), deliver approximately 24.5 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 157,100 beds across Canada. Extendicare proudly employs approximately 31,500 individuals and manages an additional 5,000 joint venture employees, all of whom are highly qualified, trained and dedicated team members and passionate about providing high-quality care and services to help people live better.

Non-GAAP Measures

Certain measures used in this press release, such as “net operating income”, “NOI”, “NOI margin”, “Adjusted EBITDA”, “Adjusted EBITDA margin”, “AFFO”, and “payout ratio”, including any related per share amounts, are not measures recognized under GAAP and do not have standardized meanings prescribed by GAAP. These measures may differ from similar computations as reported by other issuers and, accordingly, may not be comparable to similarly titled measures as reported by such issuers. These measures are not intended to replace earnings (loss) from continuing operations, net earnings (loss), cash flow, or other measures of financial performance and liquidity reported in accordance with GAAP. Such items are presented in this document because management believes that they are relevant measures of Extendicare’s operating performance and ability to pay cash dividends.

Management uses these measures to exclude the impact of certain items, because it believes doing so provides investors a more effective analysis of underlying operating and financial performance and improves comparability of underlying financial performance between periods. The exclusion of certain items does not imply that they are non-recurring or not useful to investors.

Detailed descriptions of these measures can be found in Extendicare’s Q1 2026 MD&A (refer to “Non-GAAP Measures”), which is available on SEDAR+ at www.sedarplus.ca and on Extendicare’s website at www.extendicare.com.

Reconciliations for certain non-GAAP measures included in this press release are outlined below.

The following table provides a reconciliation of AFFO to “net cash from operating activities”, which the Company believes is the most comparable GAAP measure to AFFO.

(unaudited) Three months ended
March 31(thousands of dollars)2026 2025 Net cash from operating activities(4,744)18,421 Add (Deduct):  Net change in operating assets and liabilities, including interest, and taxes37,368 1,226 Other expense2,551 3,170 Current income tax on items excluded from AFFO(408)(843)Depreciation for office leases(783)(732)Depreciation for FFEC (maintenance capex)(2,300)(1,888)Additional maintenance capex(233)(697)Principal portion of government capital funding417 403 AFFO for joint ventures878 747 AFFO32,746 19,807 
The following table provides a reconciliation of “earnings before income taxes” to Adjusted EBITDA and “net operating income”.

(unaudited) Three months ended
 March 31
(thousands of dollars)2026 2025 Earnings before income taxes49,370 18,919 Add (Deduct):   Depreciation and amortization10,100 8,273 Net finance costs1,204 5,118 Other (income) expense(7,472)3,170 Share of (profit) loss from investment in joint ventures(344)126 Adjusted EBITDA52,858 35,606 Administrative costs16,166 14,622 Net operating income69,024 50,228 
Forward-looking Statements

This press release contains forward-looking statements concerning anticipated future events, results, circumstances, economic performance or expectations with respect to Extendicare and its subsidiaries, including, without limitation: statements regarding its dividend levels, business operations, business strategy, growth strategy, results of operations and financial condition, including anticipated timelines and costs in respect of development projects. Forward-looking statements can often be identified by the expressions “anticipate”, “believe”, “estimate”, “expect”, “intend”, “objective”, “plan”, “project”, “will”, “may”, “should” or other similar expressions or the negative thereof. These forward-looking statements reflect the Company’s current expectations regarding future results, performance or achievements and are based upon information currently available to the Company and on assumptions that the Company believes are reasonable. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in the statements. For further information on the risks, uncertainties and assumptions that could cause Extendicare’s actual results to differ from current expectations, refer to “Risks and Uncertainties” and “Forward-looking Statements” in Extendicare’s Q1 2026 MD&A and latest Annual Information Form filed by Extendicare with the securities regulatory authorities, available at www.sedarplus.ca and on Extendicare’s website at www.extendicare.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on Extendicare’s forward-looking statements. Except as required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Extendicare contact:
David Bacon, Executive Vice President and Chief Financial Officer
T: (905) 470-4000
E: [email protected]
www.extendicare.com

Endnote(1) See the “Non-GAAP Measures” section of this press release and the Company’s Q1 2026 MD&A, which includes the reconciliation of such non-GAAP measures to the most directly comparable GAAP measures.

May 12, 2026 10:06 ET  | Source: Extendicare Inc.

MARKHAM, Ontario, May 12, 2026 (GLOBE NEWSWIRE) -- Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE) has filed a Business Acquisition Report on Form 51-102F4 (the “BAR”) on SEDAR+ (www.sedarplus.ca) in connection with the Company’s acquisition on April 1, 2026 of CBI Home Health LP and CBI (GP) 3 Inc. and their respective subsidiaries (collectively, “CBI Home Health”).

As required under applicable securities laws, the BAR contains the following financial statements and related notes thereto:

Audited combined and carve-out financial statements of CBI Home Health as at and for the year ended December 31, 2025, together with the independent auditor’s report thereon; andUnaudited pro forma consolidated financial statements of the Company, including the unaudited pro forma consolidated statement of financial position of the Company for the year ended December 31, 2025 and the unaudited pro forma consolidated statement of earnings of the Company for the year ended December 31, 2025. Pro Forma Fiscal 2025 Financial Highlights

As reflected in the unaudited pro forma consolidated financial statements of the Company included in the BAR:

Extendicare’s pro forma consolidated revenue for the year ended December 31, 2025 is $2.164 billion, including $504.0 million of CBI Home Health’s standalone revenue. This compares to the approximately $477.9 million standalone revenue of CBI Home Health for the twelve-month period ending July 31, 2025 previously reported by the Company in its management’s discussion and analysis for the year ended December 31, 2025 (the “2025 MD&A”).Extendicare’s pro forma consolidated Adjusted EBITDA(1) for the year ended December 31, 2025 is $263.5 million, including $87.9 million of CBI Home Health’s standalone Adjusted EBITDA. Included in CBI Home Health’s standalone Adjusted EBITDA for the year ended December 31, 2025 are out-of-period items totalling approximately $15.0 million related to retroactive funding amounts and workers’ compensation rebates. These amounts relate to prior periods and are not reflective of CBI Home Health’s actual results for the year ended December 31, 2025. Additionally, as previously reported in the 2025 MD&A, the Company identified certain adjustments related to differences in estimates and timing matters identified by the Company’s Quality of Earnings (“QoE”) due diligence of $3.3 million. Excluding the out-of-period items and including the QoE adjustments, CBI Home Health’s standalone Adjusted EBITDA for the year ended December 31, 2025 was $69.6 million, as compared to the $61.9 million for the twelve-months ended July 31, 2025 previously reported in the 2025 MD&A. About Extendicare
Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. We are committed to delivering quality care to meet the needs of the growing seniors’ population, inspired by our mission to provide people with the care they need, wherever they call home. We operate a network of 99 long-term care homes (59 owned, 40 under management contracts), deliver approximately 24.5 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 157,100 beds across Canada. Extendicare proudly employs approximately 31,500 individuals and manages an additional 5,000 joint venture employees, all of whom are highly qualified, trained and dedicated team members and passionate about providing high-quality care and services to help people live better.

Non-GAAP Measures
“Adjusted EBITDA” is not a measure recognized under GAAP and does not have a standardized meaning prescribed by GAAP. This measure may differ from similar computations as reported by other issuers and, accordingly, may not be comparable to similarly titled measures as reported by such issuers. This measure is not intended to replace earnings (loss) from continuing operations, net earnings (loss), cash flow, or other measures of financial performance and liquidity reported in accordance with GAAP. Such items are presented in this document because management believes that they are relevant measures of Extendicare’s and CBI Home Health’s operating performance and the Company’s ability to pay cash dividends.

Management uses these measures to exclude the impact of certain items, because it believes doing so provides investors a more effective analysis of underlying operating and financial performance and improves comparability of underlying financial performance between periods. The exclusion of certain items does not imply that they are non-recurring or not useful to investors.

Detailed descriptions of this measure can be found in Extendicare’s Q1 2026 MD&A (refer to “Non-GAAP Measures”), which is available on SEDAR+ at www.sedarplus.ca and on Extendicare’s website at www.extendicare.com.

Extendicare contact:
David Bacon, Executive Vice President and Chief Financial Officer
T: (905) 470-4000
E: [email protected]
www.extendicare.com

Endnote(1)
See the “Non-GAAP Measures” section of this press release and the Company’s Q1 2026 MD&A, which includes the reconciliation of such non-GAAP measure to the most directly comparable GAAP measure.  

Key Takeaways Gas slid under $3 as a 101 Bcf injection lifted inventories to 2,391 Bcf, 7% above 5-yr avg.AR is gas/NGL-heavy in Marcellus/Utica with ~515,000 net acres and support from its midstream tie.LNG's Corpus Christi saw near-record feedgas as trains ramped, though maintenance cut overall LNG flows. U.S. natural gas prices struggled to hold above the key $3 level last week as traders weighed rising storage levels against uneven weather-driven demand. Cooler forecasts heading into early June reduced expectations for stronger power-sector consumption, even as liquefied natural gas (“LNG”) exports remained active.

At this time, investors may want to keep a close watch on natural gas-focused companies such as Antero Resources (AR - Free Report) , Expand Energy (EXE - Free Report) and Cheniere Energy (LNG - Free Report) as the market moves into the critical summer demand season.

Storage Growth Keeps Prices in Check

The biggest pressure point for natural gas last week came from another large inventory build. The U.S. Energy Information Administration reported a 101 billion cubic feet (Bcf) storage injection for the week ending May 15. That was above market expectations and also higher than the five-year average injection for the same period.

Working gas inventories climbed to 2,391 Bcf, leaving storage levels about 7% above the five-year average. Strong supply growth has kept the market comfortably supplied, limiting bullish momentum despite periods of hotter weather.

U.S. dry gas production also stayed resilient above 103 Bcf per day. That steady output has made it difficult for prices to sustain rallies.

Natural Gas Prices Swing Through the Week

Natural gas futures experienced sharp swings throughout the week before ending under pressure. Prices began the week with strong momentum as hotter temperatures across parts of the eastern United States lifted cooling demand expectations. June futures climbed above $3 and briefly reached a seven-week high near $3.11 per million British thermal units (MMBtu).

However, sentiment weakened later in the week after cooler forecasts emerged and the larger-than-expected storage build reinforced oversupply concerns. By Thursday and Friday, futures slipped back below the important $3 level, with June gas settling near $2.91 per MMBtu. Overall, natural gas posted a weekly loss as traders focused more on rising inventories and softer near-term weather demand than on temporary heat-driven consumption gains.

LNG Exports Offer Support, But Not Enough Yet

LNG exports continued to provide some support to the market. Cheniere Energy’s Corpus Christi facility reported near-record feedgas flows during the week as new expansion trains continued ramping up operations.

Still, overall LNG feedgas demand softened because of maintenance activity at several export plants, including Golden Pass and Freeport LNG. Average flows to major U.S. LNG terminals declined from April’s record highs, reducing one of the market’s key balancing forces.

That left domestic supply levels too large for current demand conditions. Mild early June forecasts are also expected to limit near-term electricity demand for air conditioning.

Summer Heat Could Shift the Market

Despite recent weakness, the outlook for natural gas is not entirely negative. The market is entering the most weather-sensitive period of the year, and any prolonged heat wave could quickly tighten supply-demand balances. Stronger cooling demand would increase power-sector gas consumption and slow the pace of storage injections.

Hurricane risks also remain an important wildcard during the summer months. Any disruption to Gulf Coast production or LNG operations could rapidly shift sentiment and lift prices.

3 Natural Gas Stocks Worth a Closer Look

For long-term investors, this remains a market driven by timing and weather. Companies such as Antero Resources, Expand Energy and Cheniere Energy could benefit if stronger summer demand eventually helps absorb today’s oversupply conditions.

Antero Resources:It is an independent energy producer focused on natural gas and liquids in the Appalachian Basin. Headquartered in Denver, this Zacks Rank #3 (Hold) company develops low-cost assets in the Marcellus and Utica shales, holding about 515,000 net acres. Antero Resources’ production mix is weighted toward natural gas and NGLs, with minimal oil exposure. AR is also one of the largest U.S. suppliers of natural gas and LPG to export markets. You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Antero Resources is supported by its midstream affiliate, Antero Midstream, in which it owns roughly 29%. This integrated setup secures transportation and market access from Appalachia to the Gulf Coast. A low debt profile and steady drilling results provide flexibility and support long-term growth. The Zacks Consensus Estimate for Antero Resources’ 2026 earnings per share indicates a 152.1% year-over-year surge.

Expand Energy:Expand Energy has emerged as the largest natural gas producer in the United States after completing the Chesapeake-Southwestern merger. With a strong footprint in the Haynesville and Marcellus basins, the company is well-positioned to benefit from rising natural gas demand fueled by LNG exports, growing AI and data-center power needs, EV adoption and broader electrification trends.

The Zacks Consensus Estimate for Expand Energy’s 2026 earnings per share indicates a 44.3% year-over-year improvement. The firm, with a Zacks Rank of 3, has a trailing four-quarter earnings surprise of roughly 4.1%, on average.

Cheniere Energy:It is a leading U.S. LNG producer and exporter, operating large-scale facilities along the Gulf Coast. Since starting exports in 2016, it has grown into the largest LNG producer in the United States, supplying customers across more than 40 global markets with reliable and cleaner-burning energy.

Backed by firm gas supply agreements for its Sabine Pass and Corpus Christi facilities, this Zacks #3 Ranked company enjoys strong cash flow visibility and solid long-term growth prospects. The Zacks Consensus Estimate for Cheniere Energy’s 2026 earnings per share indicates 36.1% year-over-year growth.

A month has gone by since the last earnings report for Expand Energy (EXE - Free Report) . Shares have lost about 8.3% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Expand Energy due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Expand Energy Corporation before we dive into how investors and analysts have reacted as of late.

Expand Energy Q1 Earnings Beat Estimates on Strong ProductionExpand Energy reported first-quarter 2026 adjusted earnings per share of $3.83, beating the Zacks Consensus Estimate of $3.69. The company’s bottom line increased from the year-ago adjusted profit of $2.02, fueled by strong production and higher natural gas price realization.

Expand Energy’s ‘natural gas, oil and NGL’ revenues of $3.3 billion surpassed the Zacks Consensus Estimate of $3.1 billion. The top line was also higher than the year-ago figure of $2.3 billion.

During the first quarter of 2026, Expand Energy signed a 20-year Sales and Purchase Agreement (SPA) with Delfin FLNG Vessel 1 for about 1.15 million tons of LNG offtake per year, extending the company’s market reach to growing global demand centers.

Production & Price RealizationsThe company reported the average first-quarter daily production (comprising 93% natural gas) of 7,436 million cubic feet of gas equivalent (MMcfe/day), increasing 9.5% from the year-ago level of 6,788 MMcfe/day. The daily production levels surpassed the Zacks Consensus Estimate of 7,431 MMcfe/day. Natural gas volume for the period came in at 6,914 MMcfe/day, up 10.6% year over year. The consensus mark called for 6,864 MMcf/day of natural gas. EXE’s oil production was 15 thousand barrels per day (MBbl/d), while NGL output totaled 72 MBbl/d.

The average sales price for natural gas during the first quarter was $4.92 per Mcf, up 37.4% from the prior-year realization of $3.58 per Mcf, and it was also above the consensus mark of $4.75. The average realized oil price was $64.37 per barrel compared with the consensus mark of $62. Meanwhile, the average realized NGL price was $25.49 per barrel, above the Zacks Consensus Estimate of$25.36.

Costs & ExpensesTotal operating expenses in the quarter rose to $2.9 billion from the year-ago quarter’s $2.5 billion. This was mainly due to an increase in gathering, processing and transportation, exploration and marketing expenses. The company’s gathering, processing and transportation, exploration and marketing costs of $690 million, $14 million and $1.1 billion during the first quarter of 2026 rose from the year-ago levels of $563 million, $7 million and $919 million, respectively.

Dividend & Share RepurchasesIn the first quarter, the company plans to pay its quarterly base dividend of 57.5 cents per share on June 04, 2026, to its shareholders of record on May 14. Furthermore, Expand Energy plans to focus on reducing debt in 2026 to reinforce its balance sheet and enhance financial flexibility during market lows while continuing to reward shareholders through its base dividend and share buybacks.

Year-to-date through April 24, 2026, Expand Energy has redeemed approximately $1.3 billion of gross debt and executed $150 million of share repurchases.

Financial PositionCash flow from operations totaled $2.4 billion, which almost doubled from the prior-year quarter levels of $1.1 billion, while Expand Energy’s capital expenditure totaled $707 million, leading to a free cash flow of $1.7 billion. It also paid out $141 million in dividends during the period.

As of March 31, 2026, the company had $2.2 million in cash and cash equivalents. Expand Energy had a long-term debt of $4.1 billion, reflecting a debt-to-capitalization of 17.5%.

Guidance for Q2 & 2026Expand Energy is targeting an average daily production in the range of 7,400-7,500 MMcfe for the second quarter of 2026 and 7,400-7,600 MMcfe for full-year 2026. The company has budgeted its capital spending between $770 million and $845 million for the upcoming quarter, while for 2026, the figure is projected to be between $2.75 billion and $2.95 billion.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -7.12% due to these changes.

VGM ScoresAt this time, Expand Energy has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Expand Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

An updated edition of the March 26, 2026, article.

The global oncology market is undergoing rapid transformation, driven by rising cancer incidence, aging population and ongoing scientific advances. According to the American Cancer Society, the United States alone is expected to see nearly 2.1 million new cancer cases and more than 626,000 deaths in 2026. Globally, growing exposure to lifestyle-related risk factors such as smoking, obesity and physical inactivity, along with demographic changes, is increasing cancer prevalence and supporting long-term growth in oncology healthcare spending.

At the same time, innovation is reshaping cancer care. Advances in immunotherapy, targeted treatments and personalized cancer vaccines have significantly broadened options beyond traditional chemotherapy and radiation. Immune-based approaches — including checkpoint inhibitors, CAR-T therapies, therapeutic vaccines and oncolytic viruses — are leveraging the body’s immune system to fight cancer more effectively. Meanwhile, targeted therapies are improving precision by addressing specific genetic and molecular abnormalities, while personalized vaccines are advancing individualized treatment strategies.

Emerging technologies such as genomic sequencing, artificial intelligence and machine learning are accelerating biomarker discovery, improving patient selection, and enabling earlier and more accurate diagnosis. Although a universal cure remains elusive, steady gains in survival rates and patient outcomes across multiple cancer types underscore the impact of these advances, particularly when paired with earlier detection and intervention.

Pharmaceutical companies continue to increase investment and strategic focus in oncology. Industry leaders such as Novartis (NVS - Free Report) , AstraZeneca (AZN - Free Report) , J&J (JNJ - Free Report) , Pfizer (PFE - Free Report) , AbbVie, Merck, Bristol Myers Squibb and Eli Lilly are expanding oncology pipelines with advanced modalities such as antibody-drug conjugates (ADCs), bispecific antibodies and next-generation immuno-oncology therapies. Smaller biotech firms also remain critical innovation drivers, often developing novel platforms and targets that support partnerships, licensing deals and M&A activity.

Backed by continuous innovation, supportive reimbursement trends and expanding treatment options, oncology remains one of the most resilient and attractive areas of the global healthcare sector for long-term investors.

With our thematic screens, you can easily spot stocks tied to trends shaping the future of investing. For those looking to gain exposure to the oncology space, companies such as Summit Therapeutics (SMMT - Free Report) , Verastem Oncology (VSTM - Free Report) and Xilio Therapeutics (XLO - Free Report) may be worth evaluating as part of a forward-looking portfolio strategy.

Explore 36 cutting-edge investment themes with Zacks Thematic Investing Screens and uncover your next big opportunity.

3 Cancer Stocks in FocusSummit Therapeutics’ lead pipeline candidate is ivonescimab, a dual PD-1/VEGF inhibitor that inhibits both the PD-1 pathway and the VEGF pathway at once. They are designed to overcome the limitations of single-target therapies like Keytruda. Summit in-licensed rights to develop and commercialize ivonescimab in most major global markets outside China from China-based Akeso in early 2023.

Summit Therapeutics is evaluating this drug in multiple late-stage studies across different settings in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC). Ivonescimab is currently approved only in China for two distinct NSCLC indications. 

For the NSCLC indication, the drug has already generated multiple positive phase III datasets. In January, the FDA accepted a biologics license application seeking approval of ivonescimab plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who had progressed after treatment with an EGFR-TKI. The BLA filing was based on encouraging results from the phase III HARMONi study. The FDA’s decision is expected on Nov. 14, 2026.

Per Summit Therapeutics, ivonescimab has the potential to replace PD-L1 inhibitors like Keytruda and Tevimbra as the next standard of care across multiple NSCLC settings. 

SMMT has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy)  stocks here.

Verastem Oncology is a precision oncology company focused on targeting key signaling pathways—particularly the RAS/MAPK pathway, which is affected in a large proportion of cancers.  Its novel combination regimen of avutometinib plus defactinib was approved by the FDA in early May 2025 for treating KRAS mutant recurrent low-grade serous ovarian cancer (LGSOC), a rare and distinct type of ovarian cancer. The approval was granted under the FDA’s accelerated approval pathway. It is commercialized in the U.S. market as an oral combination co-pack with the two prescription products, known as Avmapki Fakzynja Co-Pack. The launch is off to a strong start. The innovative combination therapy generated $30.9 million in sales in 2025 and $18.7 million in the first quarter of 2026.

Avmapki Fakzynja Co-Pack became the first and only FDA-approved treatment for the LGSOC indication. Per Verastem Oncology, the combo sets a new standard of care for women with recurrent LGSOC with a KRAS mutation.

The company is also evaluating avutometinib plus defactinib in combination studies in first-line metastatic pancreatic cancer, non-small cell lung cancer (NSCLC) and other RAS-driven tumors. The company recently initiated three phase II registration-directed studies on VS-7375, an oral, KRAS G12D (ON/OFF) inhibitor, in pancreatic, non-small cell lung, and colorectal cancers.

VSTM has a relatively active pipeline calendar through 2026 and 2027.

Verastem has a Zacks Rank #2.

Xilio Therapeutics has an exclusive license agreement with Gilead to develop and commercialize its investigational tumor-activated IL-12 inhibitor, efarindodekin alfa, as a monotherapy in a phase II study in patients with advanced solid tumors. 

Another key candidate in its pipeline is XTX501, a novel bispecific PD-1 / masked IL-2. For this candidate, Xilio plans to submit an investigational new drug (IND) application in mid-2026 to begin clinical studies. Xilio plans to begin a phase I study for XTX501 in the second half of 2026, subject to the FDA clearing the IND application. Xilio Therapeutics plans to initially evaluate XTX501 in NSCLC, with the goal of subsequently expanding development into additional solid tumor types, including those that are less responsive or resistant to PD-1–based therapies. The company sees XTX501 as a potential foundational “backbone” therapy.

In addition, Xilio is advancing a suite of preclinical “masked” T-cell engagers targeting tumor antigens such as PSMA, CLDN18.2 and STEAP1, with plans to enter clinical development by 2027, including a collaboration with AbbVie.

Xilio has a Zacks Rank #2

Key Takeaways SMMT filed ivonescimab's FDA application after phase III NSCLC data. The decision is expected in November.SMMT is enrolling patients in phase III NSCLC and CRC studies, with HARMONi-3 data expected in 2H 2026.SMMT expanded ivonescimab's development through collaborations with GSK, Pfizer and other partners. Summit Therapeutics (SMMT - Free Report) has emerged as one of the most closely watched oncology biotech companies following the rapid advancement of its lead cancer candidate, ivonescimab. Summit in-licensed rights to develop and commercialize ivonescimab in most major global markets outside China from China-based Akeso in early 2023.

Since in-licensing rights to ivonescimab, Summit Therapeutics has transformed from a small biotech player into a late-stage oncology company with a growing global development program centered around the candidate.

Ivonescimab is a dual PD-1/VEGF inhibitor being evaluated in multiple late-stage studies across different settings in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC). Unlike currently marketed immuno-oncology therapies that target only the PD-1 pathway, ivonescimab simultaneously targets both PD-1 and VEGF, a differentiated mechanism that management believes could redefine the treatment landscape and emerge as the next standard of care in NSCLC.

Year to date, shares of SMMT have declined 0.1% compared with the industry’s 6.4% fall.

Image Source: Zacks Investment Research

Investor attention remains focused on the company’s expanding late-stage pipeline and upcoming regulatory milestones.

SMMT Rides on Ivonescimab’s Development ProgressBuilding on the success of the Akeso-sponsored studies in China, Summit Therapeutics is sponsoring multiple global and multi-regional clinical studies to support regulatory approvals in its licensed territories.

In May 2025, SMMT reported encouraging results from the phase III HARMONi study, which evaluated ivonescimab plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who had progressed after treatment with an EGFR-TKI. The study met one of its two primary endpoints — progression-free survival (PFS). Although the study did not meet the overall survival (OS) endpoint, the data showed a favorable trend toward OS. Based on these results, Summit Therapeutics submitted a biologics license application with the FDA in January 2026. A final decision on ivonescimab’s approval is expected by Nov. 14, 2026.

The company is currently enrolling patients in three late-stage studies on ivonescimab — two in NSCLC (HARMONi-3 and HARMONi-7) and one in CRC (HARMONi-GI3).

HARMONi-3 is evaluating ivonescimab against Merck’s (MRK - Free Report) blockbuster drug Keytruda, as first-line treatment for metastatic squamous and non-squamous NSCLC, while HARMONi-7 is evaluating ivonescimab monotherapy in patients with first-line metastatic NSCLC whose tumors have high PD-L1 expression. A data readout from the squamous cohort of the HARMONi-3 study is expected in the second half of 2026, which could be an important catalyst for the stock.

Enrollment in the non-squamous NSCLC cohort is expected to be completed by the end of second-quarter 2026, with PFS data anticipated in the first half of 2027.

Beyond lung cancer, Summit Therapeutics has expanded development into gastrointestinal cancers through the HARMONi-GI3 study, the company’s first late-stage study outside NSCLC. The study is evaluating the candidate in combination with chemotherapy against bevacizumab plus chemotherapy in first-line unresectable metastatic colorectal cancer.

Like HARMONi-GI3, Summit plans to start more late-stage studies on ivonescimab and intends to provide updates in the near future.

Strategic Collaborations Expand Development PotentialSummit Therapeutics expanded the potential of ivonescimab through a collaboration with drug giant GSK plc (GSK - Free Report) to evaluate the candidate in combination with GSK’s investigational B7-H3-targeting antibody drug conjugate, risvutatug rezetecan, across multiple solid tumors, including small cell lung cancer (SCLC). The company has partnered with GORTEC, MD Anderson Cancer Center, Pfizer and Revolution Medicines to accelerate ivonescimab’s preclinical and clinical development across several solid tumor indications beyond its current core development plan.

SMMT's Zacks Rank & EstimatesSummit Therapeutics currently has a Zacks Rank #2 (Buy). Over the past 30 days, estimates for SMMT’s 2026 loss per share have narrowed from $1.31 to $1.17, and 2027 estimates for loss per share have improved from $1.38 to $1.21.

Positive regulatory updates and the successful development of ivonescimab could support the further momentum for the stock in 2026.

Encouraging Global Phase II Ivonescimab Data in First-Line Metastatic Colorectal Cancer Presented at ASCO 2026 Summit Therapeutics Inc. (NASDAQ: SMMT) today presented new results from the AK112-206 trial (NCT05382442), a global, open-label, multicenter Phase II study in first-line metastatic colorectal cancer (mCRC) co-sponsored by Summit and Akeso, featuring the novel, potential first-in-class investigational bispecific antibody ivonescimab. The data were presented today at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago.

The presentation, entitled “Ivonescimab with Oxaliplatin + Fluorouracil + Leucovorin Calcium for Patients with Unresectable Metastatic Colorectal Cancer: A Phase 2 Study,” detailed interim results of the multiregional extension portion of the study evaluating ivonescimab combined with mFOLFOX6 chemotherapy in patients with unresectable microsatellite stable (MSS) mCRC who were previously untreated for metastatic disease. Patients (n=49) were randomized (1:1) to receive ivonescimab (10 or 20 mg/kg; n=24, n=25, respectively) plus mFOLFOX6 once every two weeks. The data cut-off for this analysis was March 31, 2026 (10 or 20 mg/kg median follow-up: 9.9 months, 9.8 months, respectively).

In this U.S.- and China-based Phase II cohort of treatment-naïve patients with mCRC, patients receiving ivonescimab in combination with standard-of-care doublet chemotherapy mFOLFOX6 demonstrated an objective response rate (ORR) of 70.8% across both arms in evaluable patients (n=48). This result is encouraging compared to historical performance of standard-of-care regimens combining bevacizumab with FOLFOX chemotherapy from prior studies. Treatment responses in the ivonescimab 20 mg/kg arm were more durable than in the ivonescimab 10 mg/kg arm, with a duration of response landmark estimate at 9 months of 79.1% vs. 41.5%, respectively. While progression-free survival (PFS) analysis is still immature in this study, the landmark 9-month PFS rate was 76.1% for those patients receiving 20 mg/kg of ivonescimab.

The safety profile of ivonescimab combined with chemotherapy in this study is comparable to rates observed in historical studies with chemotherapy and anti-VEGF antibodies. In total including both arms, 20.4% of patients experienced serious treatment-related adverse events (TRAEs) associated with either ivonescimab or chemotherapy. There were no ivonescimab-related deaths and one ivonescimab-related discontinuation, supporting the tolerability and ability to manage adverse events.

“In this expansion cohort of treatment-naïve patients with metastatic colorectal cancer, the addition of ivonescimab to mFOLFOX6 delivered deep and durable response rates that compare favorably to historical benchmarks seen with chemotherapy alone or in combination with anti-VEGF therapies,” said David Berz, M.D., Ph.D., medical oncologist, Founder of Valkyrie Clinical Trials and an investigator in the AK112-206 study. “While progression-free survival remains immature, the high proportion of patients who were progression-free at nine months is encouraging, and the safety profile was consistent with established standards of care. These results support the potential of this dual-targeted approach to improve outcomes in this difficult-to-treat population and warrant further investigation.”

Ivonescimab continues to demonstrate an acceptable and manageable safety profile with no new safety signals observed in this study. This was consistent with previous studies of ivonescimab, including Phase II data in mCRC, and evidencing the potential for a favorable benefit-risk profile for ivonescimab plus mFOLFOX6 in this setting. In this study, adverse events were manageable: all patients experienced at least one treatment-emergent adverse event (TEAE) related to either ivonescimab or chemotherapy with the most common events on both dosing arms being decreased neutrophil count, decreased white blood cell count, and anemia.

“Metastatic colorectal cancer remains a significant area of unmet need, where many patients continue to face limited durable treatment options,” said Allen S. Yang, M.D., Ph.D., Chief R&D Strategy Officer of Summit. “These data add to the growing body of evidence supporting the potential of ivonescimab as a differentiated PD-1 / VEGF bispecific, and we are committed to advancing its development across multiple tumor types where we believe it may meaningfully improve patient outcomes.”

Summit is currently conducting HARMONi-GI3 (NCT07228832), a global Phase III clinical trial evaluating ivonescimab in combination with mFOLFOX6 chemotherapy compared with bevacizumab plus mFOLFOX6 chemotherapy in patients with first-line unresectable mCRC. This study is featured at this year’s ASCO Annual Meeting in a Trials-in-Progress (TiP) presentation entitled, “A Randomized, Active-Controlled Phase 3 Study of Ivonescimab + FOLFOX Versus Bevacizumab + FOLFOX as First-Line Treatment of Metastatic Colorectal Cancer: HARMONi-GI3.”

About Colorectal Cancer
Colorectal cancer (CRC), which includes cancers of the colon and rectum, is the third most commonly diagnosed cancer worldwide and the second leading cause of cancer-related death, with approximately 1.9 million new cases and more than 900,000 deaths reported globally in 2022.1 In the U.S., CRC remains a significant health burden, with an estimated 158,850 new cases and 55,230 deaths projected in 2026.2 Prognosis is highly dependent on stage at diagnosis: while overall 5-year survival is approximately 65%, patients with metastatic disease have substantially poorer outcomes, with 5-year survival rates of approximately 13% for metastatic colon cancer and 18% for metastatic rectal cancer.2,3 These data underscore the urgent need for improved treatment options for patients with metastatic CRC (mCRC).

CRC is biologically heterogeneous, with tumors broadly classified based on microsatellite status. Approximately 80–85% of colorectal cancers are microsatellite stable (MSS), also referred to as mismatch repair–proficient (pMMR) tumors.4 MSS/pMMR colorectal tumors are typically characterized by lower tumor mutational burden and an immune-cold phenotype, with limited responsiveness to immune checkpoint inhibitors.5,6 In metastatic disease, they represent the overwhelming majority of cases, accounting for approximately 95% of tumors.5 As a result, most patients with mCRC are not eligible for currently approved immunotherapy monotherapies and are treated with chemotherapy-based regimens, often in combination with targeted therapies such as anti-VEGF and anti-EGFR agents.

About Ivonescimab
Ivonescimab, known as SMT112 in Summit’s license territories, North America, South America, Europe, the Middle East, Africa, and Japan, and as AK112 outside of Summit’s license territories, is a novel, potential first-in-class investigational bispecific antibody combining the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects associated with blocking VEGF into a single molecule. By design, ivonescimab displays unique cooperative binding to each of its intended targets with multifold higher affinity to PD-1 when in the presence of VEGF.

This is intended to differentiate ivonescimab as there is potentially higher expression (presence) of both PD-1 and VEGF in tumor tissue and the tumor microenvironment (TME) as compared to normal tissue in the body. Summit believes ivonescimab’s specifically engineered tetravalent structure (four binding sites) enables higher avidity (accumulated strength of multiple binding interactions) in the TME (Zhong, et al, iScience, 2025). This tetravalent structure, the intentional novel design of the molecule, and bringing these two targets into a single bispecific antibody with cooperative binding qualities have the potential to direct ivonescimab to the tumor tissue versus healthy tissue. The intent of this design, together with a half-life of 6 to 7 days after the first dose (Zhong, et al, iScience, 2025) increasing to approximately 10 days at steady state dosing, is to improve upon previously established efficacy thresholds, side effects, and safety profiles associated with prior approved drugs to these targets.

Ivonescimab was engineered by Akeso Inc. (HKEX Code: 9926.HK) and is currently utilized in multiple Phase III clinical trials. Over 4,000 patients have been treated with ivonescimab in clinical studies globally, and over 70,000 patients when considering those treated in a commercial setting in China, as noted by Akeso.

There are currently 15 Phase III clinical studies that are either announced, ongoing, or have been completed studying ivonescimab, four of which are Summit-sponsored global studies, one of which is a multiregional study sponsored by a cooperative group, and 10 of which are being or have been conducted in China by Akeso. Summit began its clinical development of ivonescimab in NSCLC, commencing enrollment in 2023 in two multiregional Phase III clinical trials, HARMONi and HARMONi-3. In 2025, Summit began enrolling patients in HARMONi-7. Summit expanded its Phase III clinical development program into CRC in the fourth quarter of 2025 by initiating enrollment in HARMONi-GI3.

HARMONi is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who were previously treated with a third- generation EGFR TKI (e.g., osimertinib). Detailed results of the study were provided in September 2025, and a Biologics License Application (BLA) was submitted to the United States Food and Drug Administration (FDA) for marketing authorization, which the FDA accepted for filing in January 2026; the goal Prescription Drug User Fee Act (PDUFA) date is November 14, 2026.

HARMONi-3 is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to pembrolizumab combined with chemotherapy in patients with first-line metastatic, squamous or non-squamous NSCLC, irrespective of PD-L1 expression. The clinical trial is evaluating the two histologies as individual, separately powered cohorts with independent statistical powering.

HARMONi-7 is a Phase III clinical trial evaluating ivonescimab monotherapy compared to pembrolizumab monotherapy in patients with first-line metastatic NSCLC whose tumors have high PD-L1 expression.

HARMONi-GI3 is a Phase III clinical trial evaluating ivonescimab in combination with chemotherapy compared with bevacizumab plus chemotherapy in patients with first-line unresectable metastatic CRC.

ILLUMINE is a Phase III study being conducted by GORTEC, a cooperative group dedicated to Head and Neck Oncology, in recurrent / metastatic head and neck squamous cell carcinoma (r/m HNSCC). ILLUMINE is a three-arm Phase III clinical trial designed to evaluate ivonescimab monotherapy, as well as ivonescimab in combination with ligufalimab, Akeso’s proprietary anti-CD47 monoclonal antibody, compared to monotherapy pembrolizumab in patients with PD-L1 positive r/m HNSCC.

In addition, Akeso has recently had positive read-outs in three single-region (China), randomized Phase III clinical trials, HARMONi-A, HARMONi-2, and HARMONi-6, for ivonescimab in NSCLC, including a statistically significant overall survival benefit in HARMONi-A, with a manageable safety profile in each study.

HARMONi-A was a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who have progressed after treatment with an EGFR TKI.

HARMONi-2 is a Phase III clinical trial evaluating monotherapy ivonescimab against monotherapy pembrolizumab in patients with locally advanced or metastatic NSCLC whose tumors have positive PD-L1 expression.

HARMONi-6 is a Phase III clinical trial evaluating ivonescimab in combination with platinum-based chemotherapy compared with tislelizumab, an anti-PD-1 antibody, in combination with platinum-based chemotherapy in patients with locally advanced or metastatic squamous NSCLC, irrespective of PD-L1 expression.

Akeso is actively conducting multiple Phase III clinical studies in settings outside of NSCLC, including biliary-tract cancer, triple-negative breast cancer, head and neck squamous cell carcinoma, small cell lung cancer, colorectal cancer, and pancreatic cancer.

Ivonescimab is an investigational therapy that is not approved by any regulatory authority in Summit’s license territories, including the United States and Europe. Ivonescimab was initially approved for marketing authorization in China in May 2024.

About Summit Therapeutics Inc.
Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.

Summit was founded in 2003 and the company’s shares are listed on the Nasdaq Global Market (symbol "SMMT"). Summit is headquartered in Miami, Florida, with additional offices in Palo Alto, California, Princeton, New Jersey, Dublin, Ireland, and Oxford, UK.

For more information, please visit https://www.smmttx.com and follow Summit on X @SMMT_TX.

References:

World Health Organization. Colorectal cancer fact sheet. February 13, 2026. Accessed May 19, 2026. National Cancer Institute, Surveillance, Epidemiology, and End Results (SEER) Program. Cancer Stat Facts: Colorectal Cancer. Accessed May 19, 2026. American Cancer Society. Survival Rates for Colorectal Cancer (based on SEER 2014–2020 data). January 13, 2026. Accessed May 19, 2026. Colorectal Cancer Alliance. Microsatellite Stability Biomarker (MSS). Accessed May 19, 2026. Lieu CH. The use of immunotherapy in metastatic microsatellite-stable colorectal cancer. Hematol Oncol. 2022;20(12). Han YJ, Shao CY, Yao Y, et al. Immunotherapy of microsatellite stable colorectal cancer: resistance mechanisms and treatment strategies. Postgrad Med J. 2024;100:373–381. Summit 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 clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso Inc. and other collaborations, the intended use of the net proceeds from the private placements, the Company's anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the expected timing of BLA submissions or FDA decisions, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected proceeds and uses thereof, the Company’s estimates regarding stock-based compensation, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, including the effects of geopolitical developments, domestic and foreign trade policies, and monetary policies, the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of filings that the Company makes with the Securities and Exchange Commission. Summit defines a “positive study” as a clinical study that with one or more prespecified primary endpoints in which one of those endpoints achieves a statistically significant benefit according to the protocol or statistical analysis plan. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.

Summit Therapeutics and the Summit Therapeutics logo are registered trademarks of Summit Therapeutics Inc. and/or its affiliates. Copyright 2026, Summit Therapeutics Inc. All Rights Reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260530544179/en/

Ivonescimab Plus Chemotherapy Reduced the Risk of Death by 34% Compared to Tislelizumab Plus Chemotherapy; Hazard Ratio 0.66

First Regimen to Achieve a Statistically Significant and Clinically Meaningful Overall Survival Benefit over an anti-PD-(L)1 Antibody Combined with Chemotherapy in a Phase III Clinical Trial in 1L NSCLC

Tolerable Safety Profile Consistent with Prior Clinical Trial Results

Simultaneous Publication of Latest Ivonescimab HARMONi-6 Results in The Lancet

Summit Conference Call to Be Held at 7:00 a.m. ET on Monday, June 1, 2026

MIAMI--(BUSINESS WIRE)--Summit Therapeutics Inc. (NASDAQ: SMMT) today announced positive overall survival (OS) results from the Phase III HARMONi-6 trial, conducted in China and sponsored by Summit’s partner Akeso, Inc. (HKEX Code: 9926.HK), will be presented today as part of the Plenary Session at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago.

The presentation is entitled “Ivonescimab plus chemotherapy versus tislelizumab plus chemotherapy in previously untreated advanced squamous non-small cell lung cancer: Overall survival results of the phase 3 HARMONi-6 trial.” HARMONi-6 is evaluating ivonescimab in combination with platinum-based chemotherapy compared to tislelizumab, a PD-1 inhibitor, in combination with platinum-based chemotherapy in patients with locally advanced or metastatic squamous non-small cell lung cancer (NSCLC) irrespective of PD-L1 expression. HARMONi-6 is a single region, multi-center, Phase III study conducted in China and sponsored by Akeso, with all relevant data exclusively generated, managed, and analyzed by Akeso. The trial’s primary endpoint is progression-free survival (PFS), and OS is a key secondary endpoint.

The trial results will be presented by Dr. Shun Lu, MD, PhD, Chief of Shanghai Lung Cancer Center at Shanghai Chest Hospital, Professor of Medicine at Shanghai Jiaotong University, and associate editor for the Journal of Thoracic Oncology.

In major markets globally, first-line therapy for patients with advanced NSCLC without driver mutations is most commonly a PD-1 inhibitor plus platinum-based chemotherapy. Prior to HARMONi-6, there were no known Phase III clinical trials in advanced NSCLC which have shown a statistically significant and clinically meaningful improvement in OS when compared to PD-(L)1 inhibitor therapy in combination with chemotherapy in a head-to-head setting. Examples of PD-(L)1 inhibitors include pembrolizumab, nivolumab, tislelizumab, and atezolizumab.

Clinically Meaningful Efficacy

In the HARMONi-6 planned interim analysis of OS, ivonescimab in combination with chemotherapy demonstrated a statistically significant improvement when compared to tislelizumab in combination with chemotherapy, with a hazard ratio (HR) of 0.66 (95% CI: 0.50, 0.87; p=0.0017). A clinically meaningful benefit was demonstrated across clinical subgroups, including those with either PD-L1 negative or positive expression. OS rates at 24 months were 64.7% for those patients receiving ivonescimab plus chemotherapy compared to 48.6% for those receiving tislelizumab plus chemotherapy. Median follow-up time of the current data cut was 21.4 months.

HARMONi-6 ITT (n=532):

Median Follow-up: 21.36 mos.

Ivonescimab + Chemo

(n=266)

Tislelizumab + Chemo

(n=266)

Median OS

27.89 mos.

(95% CI: 27.89, NE)

23.69 mos.

(95% CI: 20.11, NE)

24-Month OS Rates

64.7%

48.6%

OS Stratified HR

0.66

(95% CI: 0.50, 0.87; p= 0.0017)

mos.: months; NE: not established

“For the first time, a Phase III clinical study has demonstrated a statistically significant overall survival benefit in front-line driver-mutation-negative non-small cell lung cancer compared to anti-PD-1 therapy in combination with chemotherapy,” said Dr. Maky Zanganeh, President and Co-Chief Executive Officer of Summit. “While this represents another study where ivonescimab has demonstrated a significant OS benefit, these data represent the answer to the question regarding ivonescimab and its ability to translate PFS benefits into the extension of lives for patients with cancer in the front-line setting compared to immunotherapy-based regimens.”

The HARMONi-6 study met its primary endpoint as announced in April 2025, showing a statistically significant and clinically meaningful improvement in PFS. Detailed results for efficacy and safety were presented at the European Society of Medical Oncology 2025 Congress (ESMO 2025) last October and published in The Lancet simultaneously.

Safety Profile

In this analysis, ivonescimab continued to demonstrate an acceptable and manageable safety profile in the HARMONi-6 study, which was consistent with previous Phase III studies of ivonescimab plus chemotherapy. No additional safety signals were noted in the HARMONi-6 study in this current data cut compared to the previous data cut presented.

Treatment-related serious adverse events occurred in 41.4% of patients receiving ivonescimab in combination with chemotherapy and 34.3% of patients receiving tislelizumab in combination with chemotherapy. Most of the possibly VEGF-related adverse events occurring in the ivonescimab-plus-chemotherapy arm were classified as Grade 1 or 2; Grade 3 or higher hemorrhage events were observed in 2.6% of patients in the ivonescimab-plus-chemotherapy arm compared to 0.8% of patients in the tislelizumab-plus-chemotherapy arm in this study. Treatment-related adverse events (TRAEs) leading to discontinuation in this study occurred in 5.3% of patients receiving ivonescimab plus chemotherapy compared to 4.5% for those receiving tislelizumab plus chemotherapy.

In squamous NSCLC, VEGF-A monoclonal antibodies have had limited clinical development based on historical data demonstrating significant risks of toxicity, including life-threatening hemorrhage and other bleeding complications. The results of this study further validate the unique mechanism of action of ivonescimab, including apparent key differences as compared to historical clinical studies where an anti-PD-1 monoclonal antibody and an anti-VEGF monoclonal antibody were administered separately.

HARMONi-6 Clinical Trial Results Published in The Lancet

The Lancet simultaneously published these findings in a manuscript titled, “Ivonescimab plus Chemotherapy for Squamous Non-small-cell Lung Cancer.”

“A heartfelt congratulations to our partner, Akeso, for their continuing, tremendous efforts to make a significant difference in the lives of patients with cancer,” said Robert W. Duggan, Chairman and Co-Chief Executive Officer of Summit. “The decision we made in December 2022 to enter into a partnership specifically with Akeso and accelerate the global clinical development plan of this potentially landscape-changing compound in ivonescimab is further validated with these groundbreaking results for patients facing high unmet medical needs. We look forward to continuing this positive momentum.”

Conference Call

Summit will host a conference call and live webcast to discuss recent updates related to ivonescimab, including data released at ASCO, on Monday, June 1, 2026, at 7:00 a.m. ET. Conference call and webcast information is accessible through the company’s website, www.smmttx.com. An archived edition of the webcast will be available on the website later in the day on Monday.

About Ivonescimab
Ivonescimab, known as SMT112 in Summit’s license territories, North America, South America, Europe, the Middle East, Africa, and Japan, and as AK112 outside of Summit’s license territories, is a novel, potential first-in-class investigational bispecific antibody combining the effects of immunotherapy via a blockade of PD-1 with the anti-angiogenesis effects associated with blocking VEGF into a single molecule. By design, ivonescimab displays unique cooperative binding to each of its intended targets with multifold higher affinity to PD-1 when in the presence of VEGF.

This is intended to differentiate ivonescimab as there is potentially higher expression (presence) of both PD-1 and VEGF in tumor tissue and the tumor microenvironment (TME) as compared to normal tissue in the body. Summit believes ivonescimab’s specifically engineered tetravalent structure (four binding sites) enables higher avidity (accumulated strength of multiple binding interactions) in the TME (Zhong, et al, iScience, 2025). This tetravalent structure, the intentional novel design of the molecule, and bringing these two targets into a single bispecific antibody with cooperative binding qualities have the potential to direct ivonescimab to the tumor tissue versus healthy tissue. The intent of this design, together with a half-life of 6 to 7 days after the first dose (Zhong, et al, iScience, 2025) increasing to approximately 10 days at steady state dosing, is to improve upon previously established efficacy thresholds, side effects, and safety profiles associated with prior approved drugs to these targets.

Ivonescimab was engineered by Akeso Inc. (HKEX Code: 9926.HK) and is currently utilized in multiple Phase III clinical trials. Over 4,000 patients have been treated with ivonescimab in clinical studies globally, and over 70,000 patients when considering those treated in a commercial setting in China, as noted by Akeso.

There are currently 15 Phase III clinical studies that are either announced, ongoing, or have been completed studying ivonescimab, four of which are Summit-sponsored global studies, one of which is a multiregional study sponsored by a cooperative group, and 10 of which are being or have been conducted in China by Akeso. Summit began its clinical development of ivonescimab in NSCLC, commencing enrollment in 2023 in two multiregional Phase III clinical trials, HARMONi and HARMONi-3. In 2025, Summit began enrolling patients in HARMONi-7. Summit expanded its Phase III clinical development program into CRC in the fourth quarter of 2025 by initiating enrollment in HARMONi-GI3.

HARMONi is a Phase III clinical trial is evaluating ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who were previously treated with a third-generation EGFR TKI (e.g., osimertinib). Detailed results of the study were provided in September 2025, and a Biologics License Application (BLA) was submitted to the United States Food and Drug Administration (FDA) for marketing authorization, which the FDA accepted for filing in January 2026; the goal Prescription Drug User Fee Act (PDUFA) date is November 14, 2026.

HARMONi-3 is a Phase III clinical trial evaluating ivonescimab combined with chemotherapy compared to pembrolizumab combined with chemotherapy in patients with first-line metastatic, squamous or non-squamous NSCLC, irrespective of PD-L1 expression. The clinical trial is evaluating the two histologies as individual, separately powered cohorts with independent statistical powering.

HARMONi-7 is a Phase III clinical trial evaluating ivonescimab monotherapy compared to pembrolizumab monotherapy in patients with first-line metastatic NSCLC whose tumors have high PD-L1 expression.

HARMONi-GI3 is a Phase III clinical trial evaluating ivonescimab in combination with chemotherapy compared with bevacizumab plus chemotherapy in patients with first-line unresectable metastatic CRC.

ILLUMINE is a Phase III study being conducted by GORTEC, a cooperative group dedicated to Head and Neck Oncology, in recurrent / metastatic head and neck squamous cell carcinoma (r/m HNSCC). ILLUMINE is a three-arm Phase III clinical trial designed to evaluate ivonescimab monotherapy, as well as ivonescimab in combination with ligufalimab, Akeso’s proprietary anti-CD47 monoclonal antibody, compared to monotherapy pembrolizumab in patients with PD-L1 positive r/m HNSCC.

In addition, Akeso has recently had positive read-outs in three single-region (China), randomized Phase III clinical trials, HARMONi-A, HARMONi-2, and HARMONi-6, for ivonescimab in NSCLC, including a statistically significant overall survival benefit in both the HARMONi-A and HARMONi-6 studies, and a manageable safety profile in each study.

HARMONi-A was a Phase III clinical trial which evaluated ivonescimab combined with chemotherapy compared to placebo plus chemotherapy in patients with EGFR-mutated, locally advanced or metastatic non-squamous NSCLC who have progressed after treatment with an EGFR TKI.

HARMONi-2 is a Phase III clinical trial evaluating monotherapy ivonescimab against monotherapy pembrolizumab in patients with locally advanced or metastatic NSCLC whose tumors have positive PD-L1 expression.

HARMONi-6 is a Phase III clinical trial evaluating ivonescimab in combination with platinum-based chemotherapy compared with tislelizumab, an anti-PD-1 antibody, in combination with platinum-based chemotherapy in patients with locally advanced or metastatic squamous NSCLC, irrespective of PD-L1 expression.

Akeso is actively conducting multiple Phase III clinical studies in settings outside of NSCLC, including biliary-tract cancer, triple-negative breast cancer, head and neck squamous cell carcinoma, small cell lung cancer, colorectal cancer, and pancreatic cancer.

Ivonescimab is an investigational therapy that is not approved by any regulatory authority in Summit’s license territories, including the United States and Europe. Ivonescimab was initially approved for marketing authorization in China in May 2024.

About Summit Therapeutics Inc.
Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.

Summit was founded in 2003 and the company’s shares are listed on the Nasdaq Global Market (symbol "SMMT"). Summit is headquartered in Miami, Florida, with additional offices in Palo Alto, California, Princeton, New Jersey, Dublin, Ireland, and Oxford, UK.

For more information, please visit https://www.smmttx.com and follow Summit on X @SMMT_TX.

Summit 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 clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso Inc. and other collaborations, the intended use of the net proceeds from the private placements, the Company's anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the expected timing of BLA submissions or FDA decisions, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected proceeds and uses thereof, the Company’s estimates regarding stock-based compensation, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, including the effects of geopolitical developments, domestic and foreign trade policies, and monetary policies, the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of filings that the Company makes with the Securities and Exchange Commission. Summit defines a “positive study” as a clinical study that with one or more prespecified primary endpoints in which one of those endpoints achieves a statistically significant benefit according to the protocol or statistical analysis plan. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.

Summit Therapeutics and the Summit Therapeutics logo are registered trademarks of Summit Therapeutics Inc. and/or its affiliates. Copyright 2026, Summit Therapeutics Inc. All Rights Reserved.

For most of the past three decades, U.S.-listed biotech companies were fair proxies for homemade American science. But now, that assumption is fraying. By one estimate from investment bank Jefferies, roughly a third of the industry's licensing spending in 2025 went toward drugs and candidates that originated in China, where lower costs and faster regulators have turned its labs into a firehose of ready-to-license molecules and programs.

In antibody-drug conjugates (ADCs) -- an increasingly sophisticated class of targeted therapies -- Chinese biotechs now supply close to 90% of global licensing activity. The question is, when you buy a U.S. biotech stock whose most promising programs were invented elsewhere, by another company, what are you actually holding?

In some cases, the answer to that question might contain an unpleasant surprise for investors, which is why this trend of importing innovation is also an emerging risk worth understanding.

Image source: Getty Images.

It's dangerous to bet that American biotechs will replicate foreign results Summit Therapeutics (SMMT +2.57%) is a biotech with an investment thesis that's almost entirely dependent on the success of ivonescimab, an antibody therapy for various cancers that it licensed from China's Akeso in 2022, paying $500 million up front and low-double-digit royalties on sales. Summit didn't discover the molecule; it bought the right to sell it in the U.S., Europe, and Japan.

In May 2025, according to the first peek, investors were given data from ivonescimab's global phase 3 trial for patients with previously treated, EGFR-mutated non-small cell lung cancer (NSCLC). Treatment with ivonescimab plus chemotherapy led to an impressive 48% gain in progression-free survival (PFS). But the data for overall survival (how long patients lived) did not pass the threshold for statistical significance.

Today's Change

(

2.57

%) $

0.34

Current Price

$

13.38

After the full trial data were presented later in the year, there was another, even larger issue: The cohorts of patients from Western countries saw only a 33% reduction in the risk of progression or death, versus a 45% reduction in Chinese patients, with the Western group's benefit not being statistically significant. And that's precisely the kind of discrepancy that regulators at the U.S. Food and Drug Administration (FDA) are likely to take issue with before they decide whether to approve ivonescimab, slated for mid-November of this year.

Similarly, shortly before that readout, an FDA panel ruled that a largely Asian data set supporting another cancer drug was inapplicable to U.S. patients, a precedent that now shadows every China-heavy trial and, by extension, nearly all trials of candidates licensed from China. Summit filed with the FDA for a narrower second-line use indication in early 2026, giving up some of its grander ambitions for ivonescimab.

Investors who bet that Akeso's data would be easy for Summit to replicate, leading to a low-risk, easy approval process for ivonescimab in the U.S., have not fared well. The biotech's stock is down 35% in the last 12 months. This emerging risk contributed to that decline, alongside a broadly weak biotech market and ivonescimab's survival shortfall.

Big pharma is vulnerable, too This risk applies to major pharma companies and stocks as well.

For instance, Merck (MRK +2.75%) has leaned hard on Chinese innovation, including with a seven-drug deal with Kelun-Biotech worth $175 million up front and up to $9.3 billion in milestones. It hasn't experienced any of the same problems as Summit did, at least not yet.

Still, this problem is not a passing phase; China's latest five-year plan, approved in 2026, names biotechnology a "frontier" priority. The supply of licensable assets will only grow from here. Many of the U.S. biopharmas that rely on those assets will satisfy the FDA that their candidates are safe and effective. Others will hit the same wall Summit did: Global populations and the way clinical trial sites operate from one country to the next vary enough that some mismatches are inevitable.

The best way for investors to protect themselves is to ask where a company's value comes from before buying any shares. A business that discovers, develops, and manufactures its own drugs deserves a richer valuation than a stack of licensed-in bets because the licensee carries extra risks related to royalties going to the originator and whether foreign data clears the FDA.

That doesn't make Summit or its peers uninvestable, but it does mean that many clinical-stage stocks will look cheap because someone else has built most of their underlying value, which can be problematic.

Shares of Summit Therapeutics PLC (SMMT - Free Report) have gained 8.8% over the past four weeks to close the last trading session at $17.54, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $29.31 indicates a potential upside of 67.1%.

The mean estimate comprises 15 short-term price targets with a standard deviation of $12.01. While the lowest estimate of $7.70 indicates a 56.1% decline from the current price level, the most optimistic analyst expects the stock to surge 156.6% to reach $45.00. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.

However, an impressive consensus price target is not the only factor that indicates a potential upside in SMMT. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn't give any idea as to how much the stock could surge, it has proven effective in predicting an upside.

Price, Consensus and EPS Surprise

Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.

While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?

They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.

However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.

That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.

Why SMMT Could Witness a Solid UpsideAnalysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current year, four estimates have moved higher over the last 30 days compared to no negative revision. As a result, the Zacks Consensus Estimate has increased 10.4%.

Moreover, SMMT currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Therefore, while the consensus price target may not be a reliable indicator of how much SMMT could gain, the direction of price movement it implies does appear to be a good guide.

Summit Therapeutics Inc. (SMMT) Discusses Plenary Session Updates and Recent Clinical Data Following Major Oncology Congress Transcript

MIAMI--(BUSINESS WIRE)--Summit Therapeutics Inc. (NASDAQ: SMMT) today announced that it will participate in and present at the 47th Annual Goldman Sachs Global Healthcare Conference in Miami, Florida on Monday, June 8, 2026. Members of the Summit management team will participate in a fireside chat presentation at 10:00 AM ET, providing a corporate overview and update on recent progress, including the development of its innovative investigational bispecific antibody, ivonescimab.

The presentation will be available live through the company’s website: www.smmttx.com. An archived version of the presentation will be available on the website following the presentation.

About Summit Therapeutics Inc.

Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.

Summit was founded in 2003 and the company’s shares are listed on the Nasdaq Global Market (symbol "SMMT"). Summit is headquartered in Miami, Florida, with additional offices in Palo Alto, California, Princeton, New Jersey, Dublin, Ireland, and Oxford, UK.

For more information, please visit https://www.smmttx.com and follow Summit on X @SMMT_TX.

Summit 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 clinical and preclinical development of the Company’s product candidates, entry into and actions related to the Company’s partnership with Akeso Inc. and other collaborations, the intended use of the net proceeds from the private placements, the Company's anticipated spending and cash runway, the therapeutic potential of the Company’s product candidates, the potential commercialization of the Company’s product candidates, the timing of initiation, completion and availability of data from clinical trials, the potential submission of applications for marketing approvals, the expected timing of BLA submissions or FDA decisions, potential acquisitions, statements about the previously disclosed At-The-Market equity offering program (“ATM Program”), the expected proceeds and uses thereof, the Company’s estimates regarding stock-based compensation, and other statements containing the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the Company’s ability to sell shares of our common stock under the ATM Program, the conditions affecting the capital markets, general economic, industry, or political conditions, including the effects of geopolitical developments, domestic and foreign trade policies, and monetary policies, the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the "Risk Factors" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of filings that the Company makes with the Securities and Exchange Commission. Summit defines a “positive study” as a clinical study that with one or more prespecified primary endpoints in which one of those endpoints achieves a statistically significant benefit according to the protocol or statistical analysis plan. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release.

Summit Therapeutics and the Summit Therapeutics logo are registered trademarks of Summit Therapeutics Inc. and/or its affiliates. Copyright 2026, Summit Therapeutics Inc. All Rights Reserved.

© ipopba / iStock via Getty Images

After years of lagging the market, healthcare may be taking on a new role in investor portfolios.

Speaking on CNBC, Mizuho healthcare strategist Jared Holz reframed the sector, arguing that years of underperformance have turned drug stocks from a defensive holding into something more interesting for growth-heavy portfolios. “I think you just have to look at health care as almost like a value sector,” Holz said, pointing to drug pricing pressure and managed care headwinds that have dragged on large-cap pharma while tech ripped higher.

The performance gap is hard to argue with. The Nasdaq-100 is up 63.91% over the past two years, while Merck stock has slipped 4.32% over the same window.

The Case for Healthcare as Value Many investors have spent the past several years concentrating heavily in technology, particularly AI-related stocks. As those positions have grown, healthcare has increasingly become the place where valuations appear more reasonable, and expectations have fallen.

“If you’re very, very full to the gills with growth and you want to take a little bit off and you’re trying to find some names that have underperformed, that’s really what it’s come down to,” Holz said.

He stopped short of predicting a major healthcare rally: “It’s sort of like it’s cheap. I’m not sure what it’s going to do. But if you want to take a small position as an offset, I guess.”

Holz is suggesting healthcare may serve as a counterbalance for investors whose portfolios have become heavily tilted toward growth and AI-related names.

Merck Could Be Interesting for Its Keytruda Franchise For investors looking at large-cap pharmaceuticals, Holz pointed to Merck (NYSE:MRK | MRK Price Prediction) as one of the clearest examples of a value opportunity. The stock trades at a forward P/E of 23 and carries a 2.74% dividend yield, while Wall Street’s average analyst price target of $129.74 sits above the current $115.17 price.

The bigger story, however, remains Merck’s flagship immunotherapy drug, Keytruda. “The thing that is sort of most resonating, maybe, is just the power of Merck’s Keytruda and the fact that there are so many companies that are using Keytruda as the backbone for their therapy. No one can seem to get the results that they want in monotherapy,” Holz said at ASCO. That dynamic forces would-be challengers into partnership rather than head-on competition.

Merck’s Q1 2026 revenue came in at $16.29 billion, beating the $15.82 billion estimate, with Keytruda franchise sales of $8.03 billion, up 12%. Merck raised its 2026 guidance to $65.8 billion to $67.0 billion in revenue and $5.04 to $5.16 in non-GAAP EPS.

Summit Represents a Higher-Risk Alternative Summit Therapeutics (NASDAQ:SMMT) sits at the other end of the spectrum, as a $12.48 billion market cap clinical-stage biotech trying to build a Keytruda challenger with ivonescimab, a bispecific PD-1/VEGF antibody licensed from Akeso. Shares are down 13.75% over the past year, with the analyst average target at $28.47 against a $15.71 close.

Summit presented HARMONi-6 overall survival data at the ASCO 2026 Plenary on May 31, and an FDA PDUFA decision on ivonescimab for EGFR-mutated NSCLC is set for November 14, 2026. Holz highlighted one of the key debates surrounding the story. Much of the company’s strongest data has come from studies conducted in China, raising questions about how those results will translate to Western patient populations and regulators. With $598.7 million in cash against a quarterly burn of $114.7 million, the runway is adequate, but the binary risk is real.

What to Watch Analyst Jared Holz sees value emerging after years of underperformance.

For investors whose portfolios have become increasingly concentrated in AI, software, and mega-cap technology stocks, healthcare offers exposure to a different set of drivers at valuations that often look more reasonable. Merck represents the higher-quality, cash-generating version of that idea, while Summit represents the higher-risk, catalyst-driven version.

MIAMI--(BUSINESS WIRE)--Summit Therapeutics Inc. (Nasdaq: SMMT) (“Summit,” “we,” or the “Company”) today announced that it has commenced an underwritten public offering of $500.0 million of shares of its common stock. All of the shares in the proposed offering are being offered by Summit. In addition, Summit intends to grant the underwriters a 30-day option to purchase up to an additional $75.0 million of shares of its common stock at the public offering price, less underwriting discounts and commissions. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Summit intends to use the net proceeds from the proposed offering, together with its existing cash, cash equivalents, to fund the research and development of its lead product candidate, ivonescimab, and for working capital and other general corporate purposes.

J.P. Morgan, Goldman Sachs & Co. LLC and Citigroup are acting as joint book-running managers for the proposed offering.

The securities described above are being offered by Summit pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was previously filed with the Securities and Exchange Commission (SEC) and which became automatically effective on June 9, 2026. A preliminary prospectus supplement and accompanying base prospectus relating to and describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying base prospectus may also be obtained, when available, from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at [email protected] and [email protected]; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at [email protected]; or Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Summit Therapeutics

Summit Therapeutics Inc. is a biopharmaceutical oncology company focused on the discovery, development, and commercialization of patient-, physician-, caregiver- and societal-friendly medicinal therapies intended to improve quality of life, increase potential duration of life, and resolve serious unmet medical needs.

Summit was founded in 2003 and our shares are listed on the Nasdaq Global Market (symbol “SMMT”). We are headquartered in Miami, Florida, and we have additional offices in Palo Alto, California, Princeton, New Jersey, Dublin, Ireland, and Oxford, UK.

For more information, please visit https://www.smmttx.com.

Forward-looking Statements

Any statements in this press release about uncertainties related to market conditions and statements regarding the timing, size and expected gross proceeds of the offering, the satisfaction of customary closing conditions related to the offering and sale of securities, the grant to the underwriters of an option to purchase additional shares and the Company’s ability to complete the offering, 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 conditions affecting the capital markets and the satisfaction of closing conditions related to the proposed public offering, the grant to the underwriters of the option to purchase additional shares, timing and size of the proposed offering and Summit’s intended use of proceeds therefrom, general economic, industry, or political conditions, the results of our evaluation of the underlying data in connection with the development and commercialization activities for ivonescimab, the outcome of discussions with regulatory authorities, including the Food and Drug Administration, the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials, the results of such trials, and their success, and global public health crises, that may affect timing and status of our clinical trials and operations, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials or preclinical studies will be indicative of the results of later clinical trials, whether business development opportunities to expand the Company’s pipeline of drug candidates, including without limitation, through potential acquisitions of, and/or collaborations with, other entities occur, expectations for regulatory approvals, laws and regulations affecting government contracts and funding awards, availability of funding sufficient for the Company’s foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the “Risk Factors” section of filings that the Company makes with the SEC. Any change to our ongoing trials could cause delays, affect our future expenses, and add uncertainty to our commercialization efforts, as well as to affect the likelihood of the successful completion of clinical development of ivonescimab. Accordingly, readers should not place undue reliance on forward-looking statements or information. In addition, any forward-looking statements included in this press release represent the Company’s views only as of the date of this release and should not be relied upon as representing the Company’s views as of any subsequent date. The Company specifically disclaims any obligation to update any forward-looking statements included in this press release. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see the prospectus supplement and related prospectus for this offering as well as the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and its other reports filed with the SEC.

Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) on Wednesday introduced four new in-house chips designed to support artificial intelligence workloads, part of the company’s broader effort to expand data center capacity and reduce reliance on third-party hardware.

The chips belong to Meta’s Meta Training and Inference Accelerator (MTIA) family, a line of custom silicon the company first revealed in 2023 and updated with a second generation in 2024.

The first of the newly announced processors, MTIA 300, was deployed several weeks ago.

According to Meta, the chip is designed to train smaller AI models that power ranking and recommendation systems across its platforms, including Facebook and Instagram. These systems help determine which content and advertisements users see in their feeds.

Meta also outlined plans for three additional chips, MTIA 400, MTIA 450 and MTIA 500, which are aimed at more advanced generative AI inference tasks. Those workloads include creating images or videos based on user prompts. The chips are not intended for training large-scale language models, the company said.

In a blog post describing its roadmap, Meta said recent and planned MTIA generations are intended to improve generative AI inference performance while also supporting ranking and recommendation training.

The company added that the architecture uses a modular, multi-chiplet design that is co-developed with its software stack, allowing performance improvements while maintaining compatibility across systems.

Shares of Meta edged down 0.6% at about $650 following the announcement.

Jefferies has reiterated its 'buy' rating on Supermarket Income REIT PLC (LSE:SUPR, OTC:SUPIF), the London-listed grocery property investor, with a 90p...

The supermarket-focused property trust has refinanced near-term debt by upsizing a syndicated loan backed by five banks

Supermarket Income REIT PLC (LSE:SUPR, OTC:SUPIF), the real estate investment trust focused on grocery properties, has increased a secured term loan for its joint venture with Blue Owl Capital, the US asset manager, by £222 million to £437 million.

The five-bank syndicate behind the facility includes Barclays, HSBC, ING, and two new lenders, Lloyds and Crédit Agricole CIB.

The interest-only loan matures in June 2028, with two one-year extension options at the lenders' discretion, and carries an all-in fixed rate of 5.24%, priced at a margin of 1.65% above SONIA, the sterling overnight lending benchmark.

Supermarket Income REIT will receive half the proceeds, which will be used to cover near-term debt maturities, leaving the company with a loan-to-value ratio of 43%, including joint venture debt.

Mike Perkins, chief financial officer of Supermarket Income REIT, said the transaction reflected good access to capital and strong lender appetite for top-performing grocery real estate.

Believe it or not, earnings season is once again upon us, and some crucial large-cap stocks like Tesla, American Express, and Intel already reported results this week.

However, the earnings party began early for the five companies we'll be discussing today, which handily beat top- and bottom-line projections.

And despite the outsized pop each company's stock received following its earnings report, there's fundamental or technical evidence that the momentum underlying the moves has the strength to carry into the second half of 2026.

Here are the five “earnings heroes” with more room to run.

GE Verona Inc.The standout number remains the backlog; management announced a 2027 backlog of more than $200 billion, a figure it didn't expect to reach until 2028. The Electrification backlog stands at $42 billion, and the company booked more than $2.4 billion in data center equipment orders in Q1 2026. The stock received seven price target boosts following the earnings release, including a new Street-high target of $1,400 from Baird.

Intuitive Surgical Inc.But ISRG's fortunes could be changing: the company had a fabulous Q1 2026, notching a 30% upside surprise on EPS and 23% YOY revenue growth. The company also expects 15% growth in procedures done using the Da Vinci machine after placing 431 new units into service in 2025.

Despite its near-monopoly, Intuitive Surgical is in the midst of a massive drawdown, losing more than 15% YTD. The post-earnings pop finally took shares back above the 50-day moving average, and there's hope this rally sticks, considering the bullish activity on the RSI and MACD. Intuitive Surgical has the earnings tailwinds; now it needs technical momentum to finally break out of this rut, and it looks like it’s about to get it.

Masco Corp.MAS shares bottomed out in March before the earnings release, but an uptrending MACD spotted the change in investor behavior right near the low. Both the MACD and RSI had been trending upward since the bottom formed, and the breakout has now taken the share price back above the 50-day and 200-day moving averages. One area of concern: the RSI is approaching extreme overbought territory, which could signal that a pullback is on the horizon.

However, BSX is showing signs of a reversal of this downswing. The company had a modest Q1 2026 EPS and revenue beat, and sales grew by more than 11% in the period. And despite lowering its organic growth guidance projections for 2026, the stock rallied through its long-term downtrend line to put up its best performance in months.

The RSI and MACD also hint at bullish energy. The MACD formed a crucial bullish cross more than two months ago in February, and the RSI appears to be finally taking a meaningful bounce above the Oversold threshold. If the drawdown is halted here, the stock has lost nearly 40% of its value since September 2025, which gives brave investors plenty of upside.

Rogers Communications Inc.RCI shares jumped 13.6% following the report, shaking off the downward momentum and retaking the 200-day moving average. The secondary indicators are also turning bullish, and a move back above the 50-day moving average could likely re-ignite the buying pressure.

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Ethernet cables are seen in front of Rogers Communications logo in this illustration taken, July 8, 2022. REUTERS/Dado Ruvic/Illustrations/File Photo Purchase Licensing Rights, opens new tab

CompaniesApril 27 - Canadian telecom operator Rogers Communications (RCIb.TO), opens new tab is offering voluntary departure packages to half ​of its 25,000 employees, the Globe and ‌Mail reported on Monday.

Here are some details:

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Rogers on Monday said employees across numerous business divisions will be offered packages, but ​did not say whether it had a ​reduction target, according to the report.

"We are taking ⁠steps to adjust our cost structure to reflect ​the business realities of the current environment. As part ​of this, some teams have chosen to offer voluntary departure and retirement programs to give some employees the choice to ​decide whether they'd like to stay with the ​company or begin a new chapter," Rogers spokesperson Zac Carreiro told ‌the ⁠Globe and Mail.

Some teams across the company including on-air talent, Sportsnet employees at Rogers Sports and Media and union employees are not eligible, the report said.

Rogers ​did not ​immediately respond ⁠to a Reuters request for comment.

Earlier this month, Rogers forecast 2026 capital expenditure about ​30% below 2025 levels, as it reins ​in ⁠spending amid a tough pricing environment.

Separately, Microsoft (MSFT.O), opens new tab is planning its first voluntary employee buyout in the Windows maker's ⁠51-year ​history for a small percentage of ​its U.S. employees, according to sources familiar with the matter.

Reporting by ​Juby Babu in Mexico City; Editing by Sahal Muhammed

Our Standards: The Thomson Reuters Trust Principles., opens new tab

HOUSTON--(BUSINESS WIRE)--RCI Hospitality Holdings, Inc. (Nasdaq: RICK) today filed its Form 10-Q and reported results for the fiscal 2026 first quarter ended December 31, 2025. Summary Financials (in millions, except EPS) 1Q26 1Q25 Total revenues $70.8 $71.5 EPS $(0.57) $1.01 Non-GAAP EPS1 $0.74 $0.80 Net cash provided by operating activities $7.8 $13.3 Free cash flow1 $6.7 $12.1 Net income (loss) attributable to RCIHH common stockholders $(4.7) $9.0 Adjusted EBITDA1 $15.7 $15.7 Weighted avera.

RCI Hospitality Holdings, Inc. reported weak Q1 results across segments. RICK's organic nightclub revenues are on a decline, as young people drink less alcohol. The trend pressures RICK's earnings significantly. Bombshells hasn't stabilized yet despite significant turnaround efforts. The segment turned to an operating loss in Q1.

Company completes $22 million network build to boost connectivity for fans at soccer’s biggest event

Crew of 30 spent almost 40,000 hours planning and installing new network infrastructure

TORONTO, May 14, 2026 (GLOBE NEWSWIRE) -- As Toronto gets ready to welcome global soccer fans, Rogers today announced $22 million of upgrades to the 5G+ network at BMO Field and surrounding areas to bring visitors and local residents a world-class network experience.

“As Canada’s best 5G+ network, we’re committed to bringing fans the best experience, whether they’re at the stadium or in a fan zone,” said Mark Kennedy, Chief Technology Officer, Rogers. “These enhancements ensure our network is ready for global events like FIFA, while delivering long-term benefits for the local Toronto community.” 

5G+ networks are critical to support the large number of fans at live stadium events, delivering faster speeds, lower latency and more capacity. 

Improvements to bring the latest 5G+ technology to soccer fans in Toronto include:

Enhancing the in-stadium wireless system, the equivalent of adding 16 cell towers in downtown TorontoDeploying additional 5G+ spectrum to deliver faster speeds and more capacity for fans in the venueInstalling additional network infrastructure outside the stadium and at fan zone locations throughout the city, as well as hotels and transportation hubs including Pearson International Airport, Union Station and some TTC subway stations
The company is also deploying Cells on Wheels and Cells on Light Facilities to support high-traffic areas in downtown Toronto. These temporary cell sites deliver faster speeds, lower latency and greater reliability for customers during the tournament. 

In Vancouver, Rogers is investing $5 million to enhance network coverage in key areas across the city, including at BC Place, to boost connectivity for soccer’s biggest event.

Rogers 5G+ Ultimate plan customers can experience Priority Network Access, giving customers front of the line access to our fastest speeds available even at peak times. Priority Network Access is the first and only service of its kind in Canada for consumers. 

About Rogers Communications Inc.
Rogers is Canada’s communications, sports and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For more information, please visit rogers.com or about.rogers.com/investor-relations.

For more information:
[email protected]
1-844-226-1338