Summit Therapeutics pulled plans for a $500 million secondary share offering day after announcing it, citing market conditions. The company’s move followed a period of investor scrutiny around mixed efficacy signals for ivonescimab in lung cancer—an antibody targeting PD-1 and VEGF—after Akeso detailed positive data from a China-based phase 3 trial. The report notes that a separate global phase 3 effort combining ivonescimab with Merck’s Keytruda did not show superiority in an early data check ahead of ASCO, keeping debate active around the program’s positioning and timelines. While Summit held substantial cash, the cancellation spotlights how capital-market access for clinical programs can shift quickly when late-stage readouts remain contested.