2021 Q4 Form 10-K Financial Statement

#000177342722000011 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $0.00 $0.00 $35.00M
YoY Change -100.0% -100.0%
Cost Of Revenue $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $26.45M $71.79M $8.520M
YoY Change 210.47% 143.61% 63.85%
% of Gross Profit
Research & Development $29.34M $101.7M $15.26M
YoY Change 92.29% 96.06% 25.39%
% of Gross Profit
Depreciation & Amortization $146.0K $490.0K $110.0K
YoY Change 32.73% 40.4% 83.33%
% of Gross Profit
Operating Expenses $55.80M $173.5M $23.78M
YoY Change 134.63% 113.3% 36.9%
Operating Profit -$173.5M
YoY Change 274.47%
Interest Expense -$220.0K -$290.0K $30.00K
YoY Change -833.33% -139.73% -97.39%
% of Operating Profit
Other Income/Expense, Net -$56.00K $546.0K $30.00K
YoY Change -286.67% -59.7%
Pretax Income -$56.07M -$173.9M $11.27M
YoY Change -597.53% 281.63% -169.48%
Income Tax
% Of Pretax Income
Net Earnings -$56.07M -$173.9M $11.27M
YoY Change -597.53% 281.6% -169.48%
Net Earnings / Revenue 32.2%
Basic Earnings Per Share -$3.59
Diluted Earnings Per Share -$1.150M -$3.586M $260.3K
COMMON SHARES
Basic Shares Outstanding 49.25M shares 48.50M shares
Diluted Shares Outstanding 48.50M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $373.5M $373.5M $508.5M
YoY Change -26.55% -26.55% 55.17%
Cash & Equivalents $104.0M $104.0M $147.1M
Short-Term Investments $269.5M $269.5M $361.4M
Other Short-Term Assets $9.409M $9.409M $4.900M
YoY Change 92.02% 92.02% 32.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $382.9M $382.9M $513.4M
YoY Change -25.42% -25.42% 54.94%
LONG-TERM ASSETS
Property, Plant & Equipment $3.187M $4.197M $1.075M
YoY Change 196.47% 39.9% 35.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.883M $62.11M $3.871M
YoY Change -25.52% 8.59% 296.62%
Other Assets $2.709M $3.274M $2.002M
YoY Change 35.31% 25.92% 72.74%
Total Long-Term Assets $69.58M $69.58M $62.79M
YoY Change 10.81% 10.8% 1709.6%
TOTAL ASSETS
Total Short-Term Assets $382.9M $382.9M $513.4M
Total Long-Term Assets $69.58M $69.58M $62.79M
Total Assets $452.5M $452.5M $576.2M
YoY Change -21.47% -21.47% 72.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.429M $3.429M $1.350M
YoY Change 154.0% 144.93% -49.13%
Accrued Expenses $25.38M $25.38M $14.89M
YoY Change 70.49% 70.32% 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 $1.162M $1.400M
YoY Change -17.0% -17.0%
Total Short-Term Liabilities $29.97M $29.97M $17.61M
YoY Change 70.18% 70.28% 47.12%
LONG-TERM LIABILITIES
Long-Term Debt $129.0K $129.0K $1.400M
YoY Change -90.79% -90.79%
Other Long-Term Liabilities $0.00 $0.00 $164.0K
YoY Change -100.0% -100.0% -79.5%
Total Long-Term Liabilities $0.00 $129.0K $164.0K
YoY Change -100.0% -91.94% -79.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.97M $29.97M $17.61M
Total Long-Term Liabilities $0.00 $129.0K $164.0K
Total Liabilities $30.10M $30.10M $19.13M
YoY Change 57.31% 57.58% 49.96%
SHAREHOLDERS EQUITY
Retained Earnings -$292.5M -$118.6M
YoY Change 146.63% 62.47%
Common Stock $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 $422.4M $557.1M
YoY Change
Total Liabilities & Shareholders Equity $452.5M $452.5M $576.2M
YoY Change -21.47% -21.47% 72.08%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$56.07M -$173.9M $11.27M
YoY Change -597.53% 281.6% -169.48%
Depreciation, Depletion And Amortization $146.0K $490.0K $110.0K
YoY Change 32.73% 40.4% 83.33%
Cash From Operating Activities -$46.32M -$127.9M $15.07M
YoY Change -407.34% 297.24% -193.84%
INVESTING ACTIVITIES
Capital Expenditures -$1.504M $2.016M -$50.00K
YoY Change 2908.0% 214.02% 25.0%
Acquisitions
YoY Change
Other Investing Activities $57.69M $85.61M -$222.7M
YoY Change -125.9% -120.47% 247377.78%
Cash From Investing Activities $56.18M $83.59M -$222.8M
YoY Change -125.22% -119.96% 171269.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $269.5M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 244.0K $1.157M 270.0M
YoY Change -99.91% -99.57% 1349800.0%
NET CHANGE
Cash From Operating Activities -46.32M -$127.9M 15.07M
Cash From Investing Activities 56.18M $83.59M -222.8M
Cash From Financing Activities 244.0K $1.157M 270.0M
Net Change In Cash 10.11M -$43.13M 62.27M
YoY Change -83.77% -76.11% -485.1%
FREE CASH FLOW
Cash From Operating Activities -$46.32M -$127.9M $15.07M
Capital Expenditures -$1.504M $2.016M -$50.00K
Free Cash Flow -$44.81M -$129.9M $15.12M
YoY Change -396.38% 295.62% -194.38%

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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., or the Company, was formed in Delaware on August 18, 2017.</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 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-style:italic;font-weight:400;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. 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><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">At-the-Market Offering</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2021, the Company entered into a Sales Agreement with Cowen and Company, LLC, pursuant to which the Company may issue and sell shares of common stock having aggregate offering proceeds of up to $200.0 million from time to time through Cowen as our sales agent. Upon delivery of a placement notice and subject to the terms and conditions of the Sales Agreement, Cowen may sell the Shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. The Company may sell the shares of common stock pursuant to the Sales Agreement in amounts and at times to be determined subject to the terms and conditions of the Sales Agreement, but has no obligation to sell any shares under the Sales Agreement. As of December 31, 2021, the Company had not sold any shares of its common stock under the Sales Agreement.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Follow-On Offering</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 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.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Initial Public Offering</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 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.</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%">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 no shares of preferred stock outstanding.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reverse Stock Split</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%">In August 2019, the Company’s Board of Directors and stockholders approved a one-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.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Series B convertible preferred</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%">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.</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 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.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reorganization</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%">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.</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%">Upon consummation of the Reorganization, the historical consolidated financial statements of SpringWorks Therapeutics, LLC became the historical consolidated financial statements of SpringWorks Therapeutics, Inc.</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%">As part of the Reorganization:</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%">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;</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%">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;</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%">Holders of common units received one share of common stock of SpringWorks Therapeutics, Inc. for each common unit held immediately prior to the Reorganization;</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%">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</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%">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.</span></div>
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<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 consolidated financial statements include, but are not limited to, accrued research and development expenses and the valuation of stock-based compensation awards. The Company 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. On an ongoing basis, management evaluates its estimates, and adjusts those estimates and assumptions when facts or circumstances change. Changes in estimates are recorded in the period in which they become known.</span></div>
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<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%">Concentration of Credit Risk</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%">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and available-for-sale marketable securities. The Company maintains each of its cash, cash equivalent balances and marketable securities balances with high quality, financial institutions and the Company’s marketable securities are invested in high-quality, highly liquid debt securities including corporate debt securities, U.S. government securities and commercial paper.</span></div>
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P8Y2M12D
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122887280 USD
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CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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2581000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1673000 USD
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CY2020Q4 swtx Deferred Tax Assets Tax Credit Orphan Drug
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CY2021Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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128000 USD
CY2020Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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71000 USD
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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8476000 USD
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1972000 USD
CY2021Q4 swtx Deferred Tax Assets Operating Leases
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271000 USD
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574000 USD
CY2021Q4 us-gaap Deferred Tax Assets Equity Method Investments
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356000 USD
CY2020Q4 us-gaap Deferred Tax Assets Equity Method Investments
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0 USD
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408000 USD
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2000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities Other
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2019 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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EffectiveIncomeTaxRateReconciliationFederalAndStateReturnToProvisionAdjustments
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Deductions Medicare Prescription Drug Benefit
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0
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0
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Employee Benefits And Share Based Compensation
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CY2021 swtx Net Income Loss Available To Preferred Stockholders Basic And Diluted
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0 USD
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swtx-20211231_g12.jpg Edgar Link pending
swtx-20211231_g13.jpg Edgar Link pending
swtx-20211231_g14.jpg Edgar Link pending
swtx-20211231_g15.jpg Edgar Link pending
swtx-20211231_g16.jpg Edgar Link pending
swtx-20211231_g17.jpg Edgar Link pending
swtx-20211231_g2.jpg Edgar Link pending
swtx-20211231_g3.jpg Edgar Link pending
swtx-20211231_g4.jpg Edgar Link pending
swtx-20211231_g5.jpg Edgar Link pending
swtx-20211231_g6.jpg Edgar Link pending
swtx-20211231_g7.jpg Edgar Link pending
swtx-20211231_g8.jpg Edgar Link pending
swtx-20211231_g9.jpg Edgar Link pending
swtx-20211231_htm.xml Edgar Link completed
swtx-20211231_lab.xml Edgar Link unprocessable
swtx-20211231_pre.xml Edgar Link unprocessable