$SWTX
SpringWorks Therapeutics, Inc.

2021 Q4 Form 10-Q Financial Statement

#000177342721000025 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $0.00 $0.00 $35.00M
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $26.45M $18.03M $8.520M
YoY Change 210.47% 135.06% 63.85%
% of Gross Profit
Research & Development $29.34M $22.87M $15.26M
YoY Change 92.29% 64.23% 25.39%
% of Gross Profit
Depreciation & Amortization $146.0K $119.0K $110.0K
YoY Change 32.73% 19.0% 83.33%
% of Gross Profit
Operating Expenses $55.80M $40.90M $23.78M
YoY Change 134.63% 89.4% 36.9%
Operating Profit -$40.90M
YoY Change 89.4%
Interest Expense -$220.0K -$88.00K $30.00K
YoY Change -833.33% 25.71% -97.39%
% of Operating Profit
Other Income/Expense, Net -$56.00K $121.0K $30.00K
YoY Change -286.67% 92.06%
Pretax Income -$56.07M -$41.04M $11.27M
YoY Change -597.53% 89.48% -169.48%
Income Tax
% Of Pretax Income
Net Earnings -$56.07M -$41.04M $11.27M
YoY Change -597.53% 89.49% -169.48%
Net Earnings / Revenue 32.2%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.150M -$844.5K $260.3K
COMMON SHARES
Basic Shares Outstanding 49.25M shares 48.60M shares
Diluted Shares Outstanding 48.60M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $373.5M $427.9M $508.5M
YoY Change -26.55% 54.59% 55.17%
Cash & Equivalents $104.0M $93.85M $147.1M
Short-Term Investments $269.5M $334.1M $361.4M
Other Short-Term Assets $9.409M $5.101M $4.900M
YoY Change 92.02% 142.9% 32.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $382.9M $433.0M $513.4M
YoY Change -25.42% 55.26% 54.94%
LONG-TERM ASSETS
Property, Plant & Equipment $3.187M $2.089M $1.075M
YoY Change 196.47% 74.08% 35.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.883M $3.184M $3.871M
YoY Change -25.52% -20.4% 296.62%
Other Assets $2.709M $2.451M $2.002M
YoY Change 35.31% 22.55% 72.74%
Total Long-Term Assets $69.58M $62.26M $62.79M
YoY Change 10.81% 764.75% 1709.6%
TOTAL ASSETS
Total Short-Term Assets $382.9M $433.0M $513.4M
Total Long-Term Assets $69.58M $62.26M $62.79M
Total Assets $452.5M $495.3M $576.2M
YoY Change -21.47% 73.11% 72.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.429M $2.498M $1.350M
YoY Change 154.0% 127.09% -49.13%
Accrued Expenses $25.38M $24.34M $14.89M
YoY Change 70.49% 115.43% 66.26%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.162M $1.257M $1.400M
YoY Change -17.0%
Total Short-Term Liabilities $29.97M $28.10M $17.61M
YoY Change 70.18% 119.52% 47.12%
LONG-TERM LIABILITIES
Long-Term Debt $129.0K $367.0K $1.400M
YoY Change -90.79%
Other Long-Term Liabilities $0.00 $131.0K $164.0K
YoY Change -100.0% -78.17% -79.5%
Total Long-Term Liabilities $0.00 $131.0K $164.0K
YoY Change -100.0% -78.17% -79.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.97M $28.10M $17.61M
Total Long-Term Liabilities $0.00 $131.0K $164.0K
Total Liabilities $30.10M $28.60M $19.13M
YoY Change 57.31% 115.02% 49.96%
SHAREHOLDERS EQUITY
Retained Earnings -$292.5M -$236.4M -$118.6M
YoY Change 146.63% 62.47%
Common Stock $5.000K $5.000K $5.000K
YoY Change 0.0% 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $422.4M $466.7M $557.1M
YoY Change
Total Liabilities & Shareholders Equity $452.5M $495.3M $576.2M
YoY Change -21.47% 73.11% 72.08%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$56.07M -$41.04M $11.27M
YoY Change -597.53% 89.49% -169.48%
Depreciation, Depletion And Amortization $146.0K $119.0K $110.0K
YoY Change 32.73% 19.0% 83.33%
Cash From Operating Activities -$46.32M -$26.93M $15.07M
YoY Change -407.34% 83.19% -193.84%
INVESTING ACTIVITIES
Capital Expenditures -$1.504M -$335.0K -$50.00K
YoY Change 2908.0% 97.06% 25.0%
Acquisitions
YoY Change
Other Investing Activities $57.69M $36.12M -$222.7M
YoY Change -125.9% -128.35% 247377.78%
Cash From Investing Activities $56.18M $35.79M -$222.8M
YoY Change -125.22% -128.05% 171269.23%
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 244.0K 425.0K 270.0M
YoY Change -99.91% -1.16% 1349800.0%
NET CHANGE
Cash From Operating Activities -46.32M -26.93M 15.07M
Cash From Investing Activities 56.18M 35.79M -222.8M
Cash From Financing Activities 244.0K 425.0K 270.0M
Net Change In Cash 10.11M 9.281M 62.27M
YoY Change -83.77% -106.54% -485.1%
FREE CASH FLOW
Cash From Operating Activities -$46.32M -$26.93M $15.07M
Capital Expenditures -$1.504M -$335.0K -$50.00K
Free Cash Flow -$44.81M -$26.59M $15.12M
YoY Change -396.38% 83.03% -194.38%

Facts In Submission

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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
301000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1626000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
449000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
281000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1148000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1590000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
8613000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2319000 USD
swtx Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
-1039000 USD
swtx Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
-1060000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-33000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
96000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-81561000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-47257000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
512000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
588000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
3500000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
218863000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
191963000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
246786000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
27411000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-196051000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
913000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
512000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
913000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
512000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-53237000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-242796000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
147654000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
328192000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
94417000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
85396000 USD
us-gaap Nature Of Operations
NatureOfOperations
Nature of Operations<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">SpringWorks Therapeutics, Inc., together with its wholly-owned subsidiaries, collectively, 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.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has incurred losses and negative operating cash flows since inception and had an accumulated deficit of $236.4 million and $118.6 million, and working capital of $404.9 million and $495.8 million, as of September 30, 2021 and December 31, 2020, respectively. The Company is subject to those risks associated with any biopharmaceutical company that has substantial expenditures for development. There can be no assurance that the Company’s development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, consultants and vendors.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company had cash, cash equivalents and marketable securities of $480.6 million and $561.8 million as of September 30, 2021 and December 31, 2020, respectively. Based on the Company's cash, cash equivalents and marketable securities as of September 30, 2021, management estimates that its current liquidity will enable it to meet operating expenses through at least twelve months after the date that these financial statements are issued.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">COVID-19 Pandemic</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 global pandemic caused by COVID-19 (including the impact of emerging variant strains of the COVID-19 virus) did not have significant impacts on the Company's financial condition, results of operations or cash flows for the periods presented. While the extent to which the ongoing COVID-19 pandemic impacts the Company’s future results will depend on future developments, the pandemic and associated impacts, including the duration, spread and intensity of the pandemic (including any resurgences), the impact of emerging variant strains of the COVID-19 virus and the rollout of COVID-19 vaccines, all of which remain uncertain and difficult to predict, could result in a material impact to the Company’s future financial condition, results of operations and cash flows.</span></div>
CY2021Q3 swtx Number Of Clinical Trials
NumberOfClinicalTrials
2 trial
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-236400000 USD
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-118600000 USD
CY2021Q3 swtx Working Capital
WorkingCapital
404900000 USD
CY2020Q4 swtx Working Capital
WorkingCapital
495800000 USD
CY2021Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
480600000 USD
CY2020Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
561800000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses and the valuation of stock-based compensation awards. Management bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. On an ongoing basis, management evaluates its estimates, and </span></div>adjusts those estimates and assumptions when facts or circumstances change. Changes in estimates are recorded in the period in which they become known.
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
386767000 USD
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
52000 USD
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
28000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
386791000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
414690000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
52000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
11000 USD
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
414731000 USD
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1393000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
827000 USD
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5975000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5834000 USD
CY2021Q3 swtx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
13746000 USD
CY2020Q4 swtx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
7922000 USD
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3230000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
302000 USD
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24344000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14885000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
231000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1297000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
135000 USD
CY2021Q3 swtx Lessee Operating Lease Liability Payments Due After Two Year
LesseeOperatingLeaseLiabilityPaymentsDueAfterTwoYear
0 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1663000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
39000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1624000 USD
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
0 USD
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10712000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3043000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26562000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6992000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6947045 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5393348 shares

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