What does acquired in-process research and development mean?

The cost of buying unfinished research projects from other companies.

How do you interpret acquired in-process research and development?

An increase signals inorganic growth strategy and external pipeline expansion, while zero values suggest a focus on organic development.

How does acquired in-process research and development compare across companies?

Common in M&A-heavy sectors like pharma; peers often report this as a non-recurring expense.

Summit Therapeutics SMMT Acquired in-process research and development

Discontinued — last reported Q4 '25

Acquired in-process research and development at other companies

Roivant SciencesROIV

$0—

PenumbraPEN

$0—

PenumbraPEN

$0—

Regeneron PharmaceuticalsREGN

$101.9M+728%

Johnson & JohnsonJNJ

$36M—

Neurocrine BiosciencesNBIX

——

Other financials

Income statement

See full

Revenue-—

Operating income-$65.6M-81.2%

Net income-$189.4M-201%

EPS (diluted)-$0.24-167%

Balance sheet

See full

Cash & equivalents$8.2M+7.2%

Total debt$20.0M+211%

Total equity$545.9M+58.5%

Total assets$647.9M+68.8%

Cash flow

See full

Operating cash flow-$122.3M-99.9%

CapEx$245.0K-41.9%

Free cash flow-$122.5M-99.0%

Valuation

See full

Market cap$10.67B+3.3%

Enterprise value$10.68B+3.4%

Profitability

See full

Operating margin-268,266.8%-272,316pp

Net margin-271,685%-275,966pp

FCF margin-5,931.6%+4,730pp

Returns & leverage

See full

Return on equity-271%-1,725pp

Debt / equity0×0.0×

Current ratio7.4×-3.2×

Where this comes from

Reported directly by Summit Therapeutics in its filing.

Tagged under the XBRL concept smmt:AcquiredInProcessResearchAndDevelopmentExpense.

The official record: Summit Therapeutics’s 10-K, filed February 23, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Summit Therapeutics's acquired in-process research and development?: Summit Therapeutics (SMMT) reported acquired in-process research and development of $0 in Q4 2025.
What does acquired in-process research and development mean?: The cost of buying unfinished research projects from other companies.
How do you interpret acquired in-process research and development?: An increase signals inorganic growth strategy and external pipeline expansion, while zero values suggest a focus on organic development.
How does acquired in-process research and development compare across companies?: Common in M&A-heavy sectors like pharma; peers often report this as a non-recurring expense.