For the three months ended 30 April 2019, the AIM-listed firm reported an operating loss of £4.8mln, down from £6.6mln a year ago.
Revenues, meanwhile, fell to £249,000 from £3.87mln year-on-year, which the company said was related to its Sarepta licence and collaboration agreement following the group’s decision to discontinue development of its ezutromid treatment in June 2018.
Summit also ended the quarter with a cash balance of £28.3mln compared to £26.9mln a year ago, adding that it had enough funds to support its operating expenses and capital expenditure until the end of January 2020.
The group’s chief executive, Glyn Edwards, said that the company was taking a leadership role in developing new classes of antibiotics which had the potential to combat the “rising threat” of antibiotic resistance.
"We believe these new class antibiotics have the potential to transform patient lives and that it is possible to show clear advantages over standard of care treatments and cost effectiveness during development. With this differentiated approach, we believe we will have the opportunity to be commercially successful”, he added.
The firm is currently developing three flagship treatments; Ridinilazole, designed to treat Clostridium difficile which can cause diarrhoea, SMT-571 for Gonorrhoea and DDS-04 which is aiming to treat Enterobacteriaceae, a family of bacteria that includes salmonella.
In April, the company said the pre-clinical DDS-04 had successfully tackled Enterobacteriaceae in animals with urinary tract infections.
In early afternoon trading on Wednesday, Summit shares were steady at 23p.