10:55 AM EDT, 08/13/2025 (MT Newswires) -- Summit Therapeutics ( SMMT ) has multiple options to extend its operational runway amid investor worries over the inclusion of "going concern" language in the company's latest 10-Q report, Truist Securities said in a note Wednesday.

The disclosure and lack of an earnings call generated "bearish questions" on the stock, which has about 27% short interest, but follow-up discussions with the management showed the decline was an overreaction, Truist analysts said.

Summit ended Q2 with $297.9 million in cash and could raise more than $400 million through its at-the-market equity program or private placements by Chief Executive Bob Duggan, the firm said, adding a potential biopharma deal could also provide capital in the form of upfront payment.

Truist estimates quarterly cash burn at about $100 million and the company needs an estimated $400 million in funding over the next four quarters.

Truist maintained its buy rating and $35 price target on the stock.

Summit shares were over 6% higher in recent trading Wednesday.

Price: 27.44, Change: +1.76, Percent Change: +6.83