$SWTX
SpringWorks Therapeutics, Inc.

2020 Q4 Form 10-K Financial Statement

#000155837021001708 Filed on February 25, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2018
Revenue $35.00M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.520M $5.200M $8.590M
YoY Change 63.85% 89.78% 361.83%
% of Gross Profit
Research & Development $15.26M $12.17M $9.898M
YoY Change 25.39% 228.03% 253.5%
% of Gross Profit
Depreciation & Amortization $110.0K $60.00K $17.00K
YoY Change 83.33% 500.0%
% of Gross Profit
Operating Expenses $23.78M $17.37M $18.49M
YoY Change 36.9% 169.3% 296.8%
Operating Profit -$18.49M
YoY Change
Interest Expense $30.00K $1.150M $680.0K
YoY Change -97.39% 400.0% 3300.0%
% of Operating Profit
Other Income/Expense, Net $30.00K $678.0K
YoY Change
Pretax Income $11.27M -$16.22M -$17.81M
YoY Change -169.48% 160.77% 283.84%
Income Tax
% Of Pretax Income
Net Earnings $11.27M -$16.22M -$17.81M
YoY Change -169.48% 160.77% 283.9%
Net Earnings / Revenue 32.2%
Basic Earnings Per Share
Diluted Earnings Per Share $260.3K -$383.5K -$425.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2019 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $508.5M $327.7M $45.60M
YoY Change 55.17% 342.72%
Cash & Equivalents $147.1M $327.7M $45.60M
Short-Term Investments $361.4M
Other Short-Term Assets $4.900M $3.700M $1.400M
YoY Change 32.43% 366.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $513.4M $331.4M $47.00M
YoY Change 54.94% 347.62%
LONG-TERM ASSETS
Property, Plant & Equipment $1.075M $795.0K $300.0K
YoY Change 35.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.871M $976.0K $0.00
YoY Change 296.62%
Other Assets $2.002M $1.159M $1.000M
YoY Change 72.74%
Total Long-Term Assets $62.79M $3.470M $1.400M
YoY Change 1709.6% 1300.0%
TOTAL ASSETS
Total Short-Term Assets $513.4M $331.4M $47.00M
Total Long-Term Assets $62.79M $3.470M $1.400M
Total Assets $576.2M $334.8M $48.40M
YoY Change 72.08% 356.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.350M $2.654M $800.0K
YoY Change -49.13% 166.67%
Accrued Expenses $14.89M $8.953M $2.600M
YoY Change 66.26% 550.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.400M
YoY Change
Total Short-Term Liabilities $17.61M $11.97M $3.700M
YoY Change 47.12% 428.57%
LONG-TERM LIABILITIES
Long-Term Debt $1.400M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $164.0K $800.0K $1.200M
YoY Change -79.5%
Total Long-Term Liabilities $164.0K $800.0K $1.200M
YoY Change -79.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.61M $11.97M $3.700M
Total Long-Term Liabilities $164.0K $800.0K $1.200M
Total Liabilities $19.13M $12.76M $4.800M
YoY Change 49.96% 585.71%
SHAREHOLDERS EQUITY
Retained Earnings -$118.6M -$73.00M
YoY Change 62.47%
Common Stock $5.000K $4.000K
YoY Change 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $557.1M $322.1M $43.60M
YoY Change
Total Liabilities & Shareholders Equity $576.2M $334.8M $48.40M
YoY Change 72.08% 356.6%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2018
OPERATING ACTIVITIES
Net Income $11.27M -$16.22M -$17.81M
YoY Change -169.48% 160.77% 283.9%
Depreciation, Depletion And Amortization $110.0K $60.00K $17.00K
YoY Change 83.33% 500.0%
Cash From Operating Activities $15.07M -$16.06M -$14.17M
YoY Change -193.84% 442.57% 532.41%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$40.00K $293.0K
YoY Change 25.0% -86.21% -832.5%
Acquisitions
YoY Change
Other Investing Activities -$222.7M -$90.00K $0.00
YoY Change 247377.78%
Cash From Investing Activities -$222.8M -$130.0K -$293.0K
YoY Change 171269.23% -55.17% 632.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $269.5M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 270.0M 20.00K 50.38M
YoY Change 1349800.0% -200.0% 301.4%
NET CHANGE
Cash From Operating Activities 15.07M -16.06M -14.17M
Cash From Investing Activities -222.8M -130.0K -293.0K
Cash From Financing Activities 270.0M 20.00K 50.38M
Net Change In Cash 62.27M -16.17M 35.92M
YoY Change -485.1% 394.5% 249.73%
FREE CASH FLOW
Cash From Operating Activities $15.07M -$16.06M -$14.17M
Capital Expenditures -$50.00K -$40.00K $293.0K
Free Cash Flow $15.12M -$16.02M -$14.46M
YoY Change -194.38% 500.0% 557.23%

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CY2020 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Nature of Operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">SpringWorks Therapeutics, Inc., or the Company, was formed in Delaware on August 18, 2017.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for underserved patient populations suffering from devastating rare diseases and cancer. The Company has a differentiated portfolio of small molecule targeted oncology product candidates and is advancing two potentially registrational clinical trials in rare tumor types, as well as several other programs addressing highly prevalent, genetically defined cancers. Two of the programs are late-stage clinical product candidates: nirogacestat and mirdametinib.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">COVID-19 Pandemic</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;">On March 11, 2020, the World Health Organization designated the outbreak of the disease associated with the novel strain of coronavirus known as COVID-19 as a global pandemic. Governments and businesses around the world have taken unprecedented actions to mitigate the spread of COVID-19, including, but not limited to, shelter-in-place orders, quarantines, significant restrictions on travel, as well as restrictions that prohibit many employees from going to work. Uncertainty with respect to the economic impacts of the pandemic has introduced significant volatility in the financial markets. The Company did not observe significant impacts on its business or results of operations for the year ended December 31, 2020 from the global emergence of COVID-19. While the extent to which COVID-19 impacts the Company’s future results will depend on future developments, the pandemic and associated economic impacts could result in a material impact to the Company’s future financial condition, results of operations and cash flows.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Follow-On Offering</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On October 13, 2020, the Company completed the sale of 5,637,254 shares of common stock in an underwritten public offering, including 735,294 shares of common stock sold pursuant to the underwriter's full exercise of their option to purchase additional shares, at an offering price of $51.00 per share, resulting in net proceeds to the Company of $269.5 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Initial Public Offering</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On September 12, 2019, the Company completed an initial public offering, or IPO, of its common stock. In connections with its IPO, the Company issued and sold 10,350,000 shares of its common stock at a price to the public of $18.00 per share. The net proceeds from the IPO were approximately $169.7 million after deducting underwriting discounts and commissions of $13.0 million and offering expenses of approximately $3.5 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">At the closing of the IPO, 196,076,779 shares of outstanding convertible preferred stock were automatically converted into 29,794,359 shares of common stock at a conversion rate of 6.5810-for-one. Following the IPO, there were <span style="-sec-ix-hidden:Hidden_YL_XGHCz402CncpI2CAF5w;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">no</span></span> shares of preferred stock outstanding.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Reverse Stock Split</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">In August 2019, the Company’s Board of Directors and stockholders approved a <span style="-sec-ix-hidden:Hidden_4xgRy96au0GEmXCbEDXCDw;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">one</span></span>-for-6.5810 reverse stock split of the Company’s common stock. The reverse stock split became effective on August 30, 2019. Stockholders entitled to a fractional share as a result of the reverse stock split received a cash payment in lieu of the fractional shares at the initial public offering price.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;font-weight:normal;">Series B convertible preferred</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">In March 2019, the Company authorized the sale and issuance of up to 86,639,279 shares of Series B convertible preferred stock. The Series B convertible preferred financing was closed in a single tranche at the original price of $1.4428 per share for gross proceeds of $125 million. Issuance costs totaled $0.4 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The liquidation preference terms of each of the Series A convertible preferred stock and Junior Series A convertible preferred stock changed in connection with the issuance of Series B convertible preferred. Specifically, after receiving one times its original issue price, the Series A convertible preferred does not participate in the distribution with the Junior Series A convertible preferred prior to final distribution to all stockholders, and the Junior Series A convertible preferred does not participate with all other stockholders in the final distribution. The Company concluded that the changes in the Series A convertible preferred and Junior Series A convertible preferred liquidation preferences are a significant change in the economics of those instruments and therefore were accounted for as an extinguishment. Immediately following the extinguishment of Series A convertible preferred and Junior Series A convertible preferred, the same number of shares was reissued at fair value. As a result, the difference between (1) the fair value of the consideration transferred to the holders of the preferred stock and (2) the carrying amount of the extinguished instruments (net of issuance costs) was recorded to retained earnings.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Reorganization</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Prior to March 29, 2019, the Company conducted its business through SpringWorks Therapeutics, LLC, a Delaware limited liability company. On March 29, 2019, the Company completed a series of transactions pursuant to which SpringWorks MergerSub LLC, a wholly owned subsidiary of SpringWorks Therapeutics, Inc., merged with SpringWorks Therapeutics, LLC, with SpringWorks Therapeutics, LLC surviving the merger as a wholly owned subsidiary of SpringWorks Therapeutics, Inc., or the Reorganization.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Upon consummation of the Reorganization, the historical consolidated financial statements of SpringWorks Therapeutics, LLC became the historical consolidated financial statements of SpringWorks Therapeutics, Inc.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">As part of the Reorganization:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Holders of Series A convertible preferred Units of SpringWorks Therapeutics, LLC received one share of Series A convertible preferred stock of SpringWorks Therapeutics, Inc. for each Series A convertible preferred unit held immediately prior to the Reorganization;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Holders of Junior Series A convertible preferred units of SpringWorks Therapeutics, LLC received one share of Junior Series A convertible preferred stock of Parent for each Junior Series A convertible preferred unit held immediately prior to the Reorganization;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Holders of common units received one share of common stock of SpringWorks Therapeutics, Inc. for each common unit held immediately prior to the Reorganization;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Each outstanding incentive unit converted into one share of common stock of SpringWorks Therapeutics, Inc. for each incentive unit held immediately prior to the Reorganization, and such common stock is subject to vesting in accordance with the vesting schedule applicable to such incentive units; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Holders of options exercisable to purchase common units, or unit options, of SpringWorks Therapeutics, LLC received one stock option exercisable to purchase common stock of the Company for each unit option held immediately prior to the Reorganization, at the same exercise price of such unit option immediately prior to the Reorganization. Such stock options continue to be subject to vesting in accordance with the vesting schedule applicable to such unit options.</p>
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NetIncomeLoss
-58306000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-17813000
CY2019 swtx Net Income Loss Available To Preferred Stockholders Basic And Diluted
NetIncomeLossAvailableToPreferredStockholdersBasicAndDiluted
7729000
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-45574000
CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-50577000
CY2018 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17813000
CY2018 swtx Weighted Average Number Of Common Units Outstanding Basic And Diluted
WeightedAverageNumberOfCommonUnitsOutstandingBasicAndDiluted
341014
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43300063
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13274836
CY2018 swtx Income Loss From Continuing Operations Common Units Per Basic And Diluted Share
IncomeLossFromContinuingOperationsCommonUnitsPerBasicAndDilutedShare
-52.24
CY2020 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.05
CY2019 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.81
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5192414
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4515162

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