$SWTX
SpringWorks Therapeutics, Inc.

2022 Q3 Form 10-Q Financial Statement

#000177342722000033 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $35.67M $30.99M $27.37M
YoY Change 97.86% 107.55% 121.05%
% of Gross Profit
Research & Development $36.07M $38.02M $34.10M
YoY Change 57.73% 18.49% 96.28%
% of Gross Profit
Depreciation & Amortization $212.0K $190.0K $108.0K
YoY Change 78.15% 65.22% -1.82%
% of Gross Profit
Operating Expenses $71.74M $69.01M $61.47M
YoY Change 75.42% 46.77% 106.58%
Operating Profit -$71.74M -$69.01M -$61.47M
YoY Change 75.42% 46.77% 106.58%
Interest Expense -$574.0K -$15.00K -$139.0K
YoY Change 552.27% -128.85% 363.33%
% of Operating Profit
Other Income/Expense, Net $838.0K $348.0K $5.000K
YoY Change 592.56% 104.71% -97.83%
Pretax Income -$72.39M -$69.05M -$61.80M
YoY Change 76.38% 46.88% 107.46%
Income Tax
% Of Pretax Income
Net Earnings -$72.39M -$69.05M -$61.80M
YoY Change 76.38% 46.88% 107.48%
Net Earnings / Revenue
Basic Earnings Per Share -$1.37 -$1.41
Diluted Earnings Per Share -$1.368M -$1.407M -$1.263M
COMMON SHARES
Basic Shares Outstanding 49.44M shares 49.07M shares 48.94M shares
Diluted Shares Outstanding 52.90M shares 49.07M shares 48.94M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $651.9M $334.5M $348.3M
YoY Change 52.35% -27.71% -27.05%
Cash & Equivalents $476.4M $69.57M $81.93M
Short-Term Investments $175.5M $265.0M $266.3M
Other Short-Term Assets $5.344M $7.458M $7.680M
YoY Change 4.76% 76.98% 87.32%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $657.3M $342.0M $356.0M
YoY Change 51.79% -26.77% -26.08%
LONG-TERM ASSETS
Property, Plant & Equipment $11.48M $9.193M $6.035M
YoY Change 449.64% 796.88% 489.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.873M $6.358M $2.546M
YoY Change 53.05% 84.24% -29.47%
Other Assets $2.453M $2.687M $2.627M
YoY Change 0.08% 21.09% 3.14%
Total Long-Term Assets $24.27M $23.92M $49.63M
YoY Change -61.02% -55.24% -32.08%
TOTAL ASSETS
Total Short-Term Assets $657.3M $342.0M $356.0M
Total Long-Term Assets $24.27M $23.92M $49.63M
Total Assets $681.6M $365.9M $405.6M
YoY Change 37.61% -29.69% -26.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.586M $2.191M $1.654M
YoY Change 83.59% -43.88% -25.8%
Accrued Expenses $39.29M $32.21M $21.26M
YoY Change 61.39% 80.38% 39.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $733.0K $511.0K $327.0K
YoY Change -41.69% -59.15% -72.75%
Total Short-Term Liabilities $49.49M $34.91M $23.24M
YoY Change 76.14% 51.71% 24.07%
LONG-TERM LIABILITIES
Long-Term Debt $5.000M $5.271M $5.538M
YoY Change 1262.4% 651.93% 453.8%
Other Long-Term Liabilities $14.66M $5.271M $5.500M
YoY Change 11090.84% 3923.66% 4098.47%
Total Long-Term Liabilities $14.66M $5.271M $5.538M
YoY Change 11090.84% 3923.66% 4127.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.49M $34.91M $23.24M
Total Long-Term Liabilities $14.66M $5.271M $5.538M
Total Liabilities $69.15M $40.19M $28.78M
YoY Change 141.82% 68.53% 44.67%
SHAREHOLDERS EQUITY
Retained Earnings -$495.8M -$423.4M -$354.3M
YoY Change 109.73% 116.68% 138.75%
Common Stock $6.000K $5.000K $5.000K
YoY Change 20.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $906.0K
YoY Change
Treasury Stock Shares 16.21K shares
Shareholders Equity $612.4M $325.7M $376.8M
YoY Change
Total Liabilities & Shareholders Equity $681.6M $365.9M $405.6M
YoY Change 37.61% -29.69% -26.87%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$72.39M -$69.05M -$61.80M
YoY Change 76.38% 46.88% 107.48%
Depreciation, Depletion And Amortization $212.0K $190.0K $108.0K
YoY Change 78.15% 65.22% -1.82%
Cash From Operating Activities -$19.60M -$39.07M -$48.69M
YoY Change -27.2% 16.52% 130.71%
INVESTING ACTIVITIES
Capital Expenditures -$3.528M -$2.525M $2.387M
YoY Change 953.13% 1888.19% 5204.44%
Acquisitions
YoY Change
Other Investing Activities $89.76M $29.28M $28.81M
YoY Change 148.5% 29.15% -193.33%
Cash From Investing Activities $86.23M $26.76M $26.42M
YoY Change 140.97% 18.68% -185.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 340.2M -88.00K $261.0K
YoY Change 79954.35% -168.75% -27.3%
NET CHANGE
Cash From Operating Activities -19.60M -39.07M -$48.69M
Cash From Investing Activities 86.23M 26.76M $26.42M
Cash From Financing Activities 340.2M -88.00K $261.0K
Net Change In Cash 406.9M -12.40M -$22.00M
YoY Change 4283.78% 14.22% -57.41%
FREE CASH FLOW
Cash From Operating Activities -$19.60M -$39.07M -$48.69M
Capital Expenditures -$3.528M -$2.525M $2.387M
Free Cash Flow -$16.08M -$36.55M -$51.08M
YoY Change -39.55% 9.4% 141.5%

Facts In Submission

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422396000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
35523000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1302000 usd
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1129000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1507000 usd
us-gaap Net Income Loss
NetIncomeLoss
-130851000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
325734000 usd
us-gaap Net Income Loss
NetIncomeLoss
-130851000 usd
us-gaap Net Income Loss
NetIncomeLoss
-76797000 usd
us-gaap Depreciation
Depreciation
298000 usd
us-gaap Depreciation
Depreciation
225000 usd
swtx Non Cash Operating Lease Expense
NonCashOperatingLeaseExpense
559000 usd
swtx Non Cash Operating Lease Expense
NonCashOperatingLeaseExpense
502000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
35523000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
15850000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-724000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-420000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1951000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-586000 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-22000 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
217000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1233000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2554000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
5438000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2975000 usd
swtx Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
-190000 usd
swtx Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
-697000 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
0 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-33000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-87759000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-54632000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4912000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
177000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
4200000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
67953000 usd
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
140897000 usd
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
130246000 usd
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
132700000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
53181000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8374000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1129000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1302000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
488000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
173000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
488000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-34405000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-62518000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
104526000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
147654000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
70121000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
85136000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5580000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 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 $423.4 million and $292.5 million, and working capital of $307.1 million and $352.9 million, as of June 30, 2022 and December 31, 2021, 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 $334.5 million and $432.7 million as of June 30, 2022 and December 31, 2021, respectively. Based on the Company's cash, cash equivalents and marketable securities as of June 30, 2022, 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:112%">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. This disease continues to spread, including emerging variant strains of COVID-19, in the areas in which the Company operates. 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 and stagnant vaccination rates) did not have significant impacts on the Company's financial condition, results of operations or cash flows during 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>
CY2022Q2 swtx Number Of Clinical Trials
NumberOfClinicalTrials
2 trial
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-423400000 usd
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-292500000 usd
CY2022Q2 swtx Working Capital
WorkingCapital
307100000 usd
CY2021Q4 swtx Working Capital
WorkingCapital
352900000 usd
CY2022Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
334500000 usd
CY2021Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
432700000 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
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
266789000 usd
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 usd
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1819000 usd
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
264970000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
329082000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
315000 usd
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
328770000 usd
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1432000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1108000 usd
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8646000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12081000 usd
CY2022Q2 swtx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
15860000 usd
CY2021Q4 swtx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
10069000 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6274000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2120000 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
32212000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
25378000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
213000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1262000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1155000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1184000 usd
CY2022Q2 swtx Lessee Operating Lease Liability Payments Due After Three Year
LesseeOperatingLeaseLiabilityPaymentsDueAfterThreeYear
2881000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6695000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
913000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
5782000 usd
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
0 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18429000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8795000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
35523000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15850000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8873212 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6738718 shares

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