2022 Q4 Form 10-Q Financial Statement
#000177342722000045 Filed on November 03, 2022
Income Statement
Concept | 2022 Q4 | 2022 Q3 |
---|---|---|
Revenue | $0.00 | $0.00 |
YoY Change | ||
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $40.53M | $35.67M |
YoY Change | 53.21% | 97.86% |
% of Gross Profit | ||
Research & Development | $37.93M | $36.07M |
YoY Change | 29.25% | 57.73% |
% of Gross Profit | ||
Depreciation & Amortization | $255.0K | $212.0K |
YoY Change | 74.66% | 78.15% |
% of Gross Profit | ||
Operating Expenses | $78.45M | $71.74M |
YoY Change | 40.61% | 75.42% |
Operating Profit | -$71.74M | |
YoY Change | 75.42% | |
Interest Expense | $4.123M | -$574.0K |
YoY Change | -1974.09% | 552.27% |
% of Operating Profit | ||
Other Income/Expense, Net | $153.0K | $838.0K |
YoY Change | -373.21% | 592.56% |
Pretax Income | -$74.18M | -$72.39M |
YoY Change | 32.29% | 76.38% |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | -$74.18M | -$72.39M |
YoY Change | 32.29% | 76.38% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | -$1.37 | |
Diluted Earnings Per Share | -$1.19 | -$1.368M |
COMMON SHARES | ||
Basic Shares Outstanding | 62.38M shares | 49.44M shares |
Diluted Shares Outstanding | 52.90M shares |
Balance Sheet
Concept | 2022 Q4 | 2022 Q3 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $592.2M | $651.9M |
YoY Change | 58.56% | 52.35% |
Cash & Equivalents | $67.50M | $476.4M |
Short-Term Investments | $524.7M | $175.5M |
Other Short-Term Assets | $7.548M | $5.344M |
YoY Change | -19.78% | 4.76% |
Inventory | $0.00 | |
Prepaid Expenses | ||
Receivables | $0.00 | |
Other Receivables | ||
Total Short-Term Assets | $599.8M | $657.3M |
YoY Change | 56.63% | 51.79% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $13.57M | $11.48M |
YoY Change | 325.82% | 449.64% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $4.193M | $4.873M |
YoY Change | 45.44% | 53.05% |
Other Assets | $2.648M | $2.453M |
YoY Change | -2.25% | 0.08% |
Total Long-Term Assets | $30.48M | $24.27M |
YoY Change | -56.19% | -61.02% |
TOTAL ASSETS | ||
Total Short-Term Assets | $599.8M | $657.3M |
Total Long-Term Assets | $30.48M | $24.27M |
Total Assets | $630.2M | $681.6M |
YoY Change | 39.28% | 37.61% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $8.010M | $4.586M |
YoY Change | 133.6% | 83.59% |
Accrued Expenses | $39.24M | $39.29M |
YoY Change | 54.63% | 61.39% |
Deferred Revenue | $3.314M | |
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $483.0K | $733.0K |
YoY Change | -58.43% | -41.69% |
Total Short-Term Liabilities | $51.05M | $49.49M |
YoY Change | 70.34% | 76.14% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $4.768M | $5.000M |
YoY Change | 3596.12% | 1262.4% |
Other Long-Term Liabilities | $16.23M | $14.66M |
YoY Change | 11090.84% | |
Total Long-Term Liabilities | $21.00M | $14.66M |
YoY Change | 11090.84% | |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $51.05M | $49.49M |
Total Long-Term Liabilities | $21.00M | $14.66M |
Total Liabilities | $72.05M | $69.15M |
YoY Change | 139.38% | 141.82% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$569.9M | -$495.8M |
YoY Change | 94.84% | 109.73% |
Common Stock | $6.000K | $6.000K |
YoY Change | 20.0% | 20.0% |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $558.2M | $612.4M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $630.2M | $681.6M |
YoY Change | 39.28% | 37.61% |
Cashflow Statement
Concept | 2022 Q4 | 2022 Q3 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$74.18M | -$72.39M |
YoY Change | 32.29% | 76.38% |
Depreciation, Depletion And Amortization | $255.0K | $212.0K |
YoY Change | 74.66% | 78.15% |
Cash From Operating Activities | -$54.20M | -$19.60M |
YoY Change | 17.02% | -27.2% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $1.756M | -$3.528M |
YoY Change | -216.76% | 953.13% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | -$353.3M | $89.76M |
YoY Change | -712.38% | 148.5% |
Cash From Investing Activities | -$355.0M | $86.23M |
YoY Change | -731.9% | 140.97% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | 298.0K | 340.2M |
YoY Change | 22.13% | 79954.35% |
NET CHANGE | ||
Cash From Operating Activities | -54.20M | -19.60M |
Cash From Investing Activities | -355.0M | 86.23M |
Cash From Financing Activities | 298.0K | 340.2M |
Net Change In Cash | -408.9M | 406.9M |
YoY Change | -4145.03% | 4283.78% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$54.20M | -$19.60M |
Capital Expenditures | $1.756M | -$3.528M |
Free Cash Flow | -$55.96M | -$16.08M |
YoY Change | 24.87% | -39.55% |
Facts In Submission
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2022 | ||
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Q3 | ||
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2022-09-30 | ||
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48417300 | shares | |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
48417300 | shares | |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-72388000 | usd |
CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-41041000 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-203239000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-117838000 | usd | |
CY2022Q3 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
304000 | usd |
CY2021Q3 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-1000 | usd |
us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-1203000 | usd | |
us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-17000 | usd | |
CY2022Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
304000 | usd |
CY2021Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-1000 | usd |
us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-1203000 | usd | |
us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-17000 | usd | |
CY2022Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-72084000 | usd |
CY2021Q3 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-41042000 | usd |
us-gaap |
Litigation Settlement Expense
LitigationSettlementExpense
|
0 | usd | |
us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-204442000 | usd | |
us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-117855000 | usd | |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
496583000 | usd |
CY2021Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
10712000 | usd |
CY2021Q3 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
425000 | usd |
CY2021Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-1000 | usd |
CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-41041000 | usd |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
466678000 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
325734000 | usd |
CY2022Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
18518000 | usd |
CY2022Q3 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
377000 | usd |
CY2022Q3 | us-gaap |
Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
|
212000 | usd |
CY2022Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
304000 | usd |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-72388000 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
612400000 | usd |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
557058000 | usd |
us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
26562000 | usd | |
us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
913000 | usd | |
us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-17000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-117838000 | usd | |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
466678000 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
422396000 | usd |
us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
54041000 | usd | |
us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
1679000 | usd | |
us-gaap |
Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
|
1341000 | usd | |
us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-1203000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-203239000 | usd | |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
612400000 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-203239000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-117838000 | usd | |
us-gaap |
Depreciation
Depreciation
|
510000 | usd | |
us-gaap |
Depreciation
Depreciation
|
344000 | usd | |
swtx |
Non Cash Operating Lease Expense
NonCashOperatingLeaseExpense
|
845000 | usd | |
swtx |
Non Cash Operating Lease Expense
NonCashOperatingLeaseExpense
|
745000 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
54041000 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
26562000 | usd | |
us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-2210000 | usd | |
us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-687000 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-4065000 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
301000 | usd | |
us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
-256000 | usd | |
us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
449000 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1162000 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1148000 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
13542000 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
8613000 | usd | |
swtx |
Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
|
-301000 | usd | |
swtx |
Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
|
-1039000 | usd | |
us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
19546000 | usd | |
us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-33000 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-107363000 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-81561000 | usd | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
8440000 | usd | |
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
512000 | 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
|
218863000 | usd | |
us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
220006000 | usd | |
us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
246786000 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
139413000 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
27411000 | usd | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
1341000 | usd | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
0 | usd | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1679000 | usd | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
913000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
340404000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
913000 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
372454000 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-53237000 | 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 |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
476980000 | usd |
CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
94417000 | 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 late-stage clinical trials, one registrational and one potentially registrational, 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 $495.8 million and $292.5 million, and working capital of $607.8 million and $352.9 million, as of September 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-style:italic;font-weight:400;line-height:112%">At-the-Market Program</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 February 25, 2021, the Company entered into a Sales Agreement with Cowen and Company, LLC serving as sales agent, or the Agent, with respect to an at-the-market offering program, or ATM Program, under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.0001 per share, or Common Stock, having an aggregate offering price of up to $200 million through the Agent. Any shares offered and sold in the ATM Program are issued pursuant to the Company’s registration statement on Form S-3, or the Registration Statement, filed with the Securities and Exchange Commission, or SEC, on October 6, 2020, the prospectus supplement relating to the ATM Program filed with the SEC on February 25, 2021, and any applicable additional prospectus supplements related to the ATM Program that form a part of the Registration Statement.</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%">During the three months ended September 30, 2022, the Company sold 2,247,500 shares of Common Stock under the ATM Program for gross proceeds of $69.7 million, less commissions and other fees of $1.9 million for net proceeds of $67.8 million. As of September 30, 2022, approximately $130.3 million remains available under the ATM Program. </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:112%">Private Placements</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%">In September 2022, the Company and certain accredited investors, or the Investors, entered into a securities purchase agreement pursuant to which the Company agreed to sell and issue to the Investors in a private placement transaction, or the Private Placement, an aggregate of 8,650,520 shares of Common Stock at a purchase price of $26.01 per share. In connection with the Private Placement, the Company received gross proceeds of approximately $225 million, and after deducting commissions and offering costs, net proceeds were approximately $216.8 million. In connection with the Private Placement, the Company and the Investors also entered into a registration rights agreement, dated September 7, 2022, providing for the registration for resale of the shares. The shares were registered for resale pursuant to the Registration Statement and the prospectus supplement relating to the shares filed with the SEC on September 26, 2022.</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%">In September 2022, we entered into an expanded global, non-exclusive license and collaboration agreement with GSK, plc, formerly GlaxoSmithKline plc, or GSK, for nirogacestat in combination with belantamab mafodotin (belamaf) and, concurrent with the execution of such agreement, we entered into a stock purchase agreement, or the Stock Purchase Agreement, with an affiliate of GSK, Glaxo Group Limited, or GGL, under which GGL agreed to purchase from the Company in a private placement transaction 2,050,819 shares of Common Stock for an aggregate purchase price of approximately $75.0 million, or $36.57 per share. The shares were sold at a 25% premium to the volume-weighted average share price of the Company’s Common Stock for a specified 30-day period prior to entering into the Stock Purchase Agreement.</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 $651.9 million and $432.7 million as of September 30, 2022 and December 31, 2021, respectively. Based on the Company's cash, cash equivalents and marketable securities as of September 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> | ||
CY2022Q3 | swtx |
Number Of Clinical Trials
NumberOfClinicalTrials
|
2 | trial |
CY2022Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-495800000 | usd |
CY2021Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-292500000 | usd |
CY2022Q3 | swtx |
Working Capital
WorkingCapital
|
607800000 | usd |
CY2021Q4 | swtx |
Working Capital
WorkingCapital
|
352900000 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
651900000 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
432700000 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
Use of EstimatesThe 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 adjusts those estimates and assumptions when facts or circumstances change. Changes in estimates are recorded in the period in which they become known. | ||
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 |
us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | segment | |
CY2022Q3 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
177029000 | usd |
CY2022Q3 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
0 | usd |
CY2022Q3 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
1515000 | usd |
CY2022Q3 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
175514000 | 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 |
CY2022Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
18518000 | usd |
CY2021Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
10712000 | usd |
CY2022Q3 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
8086000 | usd |
CY2021Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1108000 | usd |
CY2022Q3 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
12233000 | usd |
CY2021Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
12081000 | usd |
CY2022Q3 | swtx |
Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
|
14023000 | usd |
CY2021Q4 | swtx |
Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
|
10069000 | usd |
CY2022Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
4947000 | usd |
CY2021Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
2120000 | usd |
CY2022Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
39289000 | usd |
CY2021Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
25378000 | usd |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
54041000 | usd | |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
26562000 | usd | |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
103000 | usd |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
1262000 | usd |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
1155000 | usd |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
1184000 | usd |
CY2022Q3 | swtx |
Lessee Operating Lease Liability Payments Due After Three Year
LesseeOperatingLeaseLiabilityPaymentsDueAfterThreeYear
|
2881000 | usd |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
6585000 | usd |
CY2022Q3 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
852000 | usd |
CY2022Q3 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
5733000 | usd |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
9993259 | shares | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
6947045 | shares |