Shares of Summit Therapeutics (SMMT) skyrocketed Monday, rising to an all-time high aftꩵer the biotech announced positive results from a late-stage trial of its experimental lung cancer🐲 treatment.

Summit said the Phase-3 study, conducted in China, showed the drug ivonescimab ”demonstrated a statistically significant improvement in the trial’s primary endpoint” for certain patients wit♋h locally advanced or metastatic non-small cell lung cancer. 

The company said that ivonescimab reduced the risk of disease progression or death by 49% compared to other treatments.

CEO Robert Duggan called the findings "a historic moment" for ivonescimab, which was developed along with China’s Akeso. “We believe this is the beginning of a landscape shift for treatment options for patients living with cancer,” he said.

Summit said i♚t would be initiating a multi-regional study of ivonescimab in early 2025.

Summit shares have soared more than 500% so far this year. They're up some 40% today.