2023 Q1 Form 10-K Financial Statement

#000177342723000010 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $44.18M $40.53M $134.6M
YoY Change 61.42% 53.21% 87.42%
% of Gross Profit
Research & Development $33.52M $37.93M $146.1M
YoY Change -1.7% 29.25% 43.71%
% of Gross Profit
Depreciation & Amortization $253.0K $255.0K $765.0K
YoY Change 134.26% 74.66% 56.12%
% of Gross Profit
Operating Expenses $77.70M $78.45M $280.7M
YoY Change 26.4% 40.61% 61.8%
Operating Profit -$77.70M -$280.7M
YoY Change 26.4% 61.8%
Interest Expense $4.478M $4.123M $3.395M
YoY Change -3321.58% -1974.09% -1270.69%
% of Operating Profit
Other Income/Expense, Net $5.557M $153.0K $6.147M
YoY Change 111040.0% -373.21% 1025.82%
Pretax Income -$73.42M -$74.18M -$277.4M
YoY Change 18.8% 32.29% 59.52%
Income Tax
% Of Pretax Income
Net Earnings -$73.42M -$74.18M -$277.4M
YoY Change 18.8% 32.29% 59.52%
Net Earnings / Revenue
Basic Earnings Per Share -$1.18 -$5.21
Diluted Earnings Per Share -$1.18 -$1.19 -$5.21
COMMON SHARES
Basic Shares Outstanding 62.50M shares 62.38M shares 53.29M shares
Diluted Shares Outstanding 62.33M shares 53.29M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $528.1M $592.2M $592.2M
YoY Change 51.65% 58.56% 58.56%
Cash & Equivalents $102.4M $67.50M $67.49M
Short-Term Investments $425.7M $524.7M $524.7M
Other Short-Term Assets $9.516M $7.548M $7.548M
YoY Change 23.91% -19.78% -19.78%
Inventory $0.00
Prepaid Expenses
Receivables $0.00
Other Receivables
Total Short-Term Assets $537.7M $599.8M $599.8M
YoY Change 51.05% 56.63% 56.63%
LONG-TERM ASSETS
Property, Plant & Equipment $15.73M $13.57M $18.27M
YoY Change 160.61% 325.82% 335.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.714M $4.193M $8.987M
YoY Change 124.43% 45.44% -85.53%
Other Assets $2.891M $2.648M $3.226M
YoY Change 10.05% -2.25% -1.47%
Total Long-Term Assets $31.54M $30.48M $30.48M
YoY Change -36.45% -56.19% -56.19%
TOTAL ASSETS
Total Short-Term Assets $537.7M $599.8M $599.8M
Total Long-Term Assets $31.54M $30.48M $30.48M
Total Assets $569.2M $630.2M $630.2M
YoY Change 40.34% 39.28% 39.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.990M $8.010M $8.010M
YoY Change 322.61% 133.6% 133.6%
Accrued Expenses $28.69M $39.24M $39.24M
YoY Change 34.95% 54.63% 54.63%
Deferred Revenue $1.690M $3.314M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $483.0K $483.0K
YoY Change -58.43% -58.43%
Total Short-Term Liabilities $37.75M $51.05M $51.05M
YoY Change 62.46% 70.34% 70.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $4.768M $4.768M
YoY Change -100.0% 3596.12% 3596.12%
Other Long-Term Liabilities $24.52M $16.23M $16.23M
YoY Change 345.82%
Total Long-Term Liabilities $24.52M $21.00M $21.00M
YoY Change 342.76% 16179.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.75M $51.05M $51.05M
Total Long-Term Liabilities $24.52M $21.00M $21.00M
Total Liabilities $62.27M $72.05M $72.05M
YoY Change 116.41% 139.38% 139.38%
SHAREHOLDERS EQUITY
Retained Earnings -$643.4M -$569.9M
YoY Change 81.6% 94.84%
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 $506.9M $558.2M $558.2M
YoY Change
Total Liabilities & Shareholders Equity $569.2M $630.2M $630.2M
YoY Change 40.34% 39.28% 39.28%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$73.42M -$74.18M -$277.4M
YoY Change 18.8% 32.29% 59.52%
Depreciation, Depletion And Amortization $253.0K $255.0K $765.0K
YoY Change 134.26% 74.66% 56.12%
Cash From Operating Activities -$61.82M -$54.20M -$161.6M
YoY Change 26.97% 17.02% 26.34%
INVESTING ACTIVITIES
Capital Expenditures $2.977M $1.756M $10.20M
YoY Change 24.72% -216.76% 405.75%
Acquisitions
YoY Change
Other Investing Activities $101.6M -$353.3M -$205.4M
YoY Change 252.58% -712.38% -339.93%
Cash From Investing Activities $98.60M -$355.0M -$215.6M
YoY Change 273.16% -731.9% -357.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.341M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.848M 298.0K $340.7M
YoY Change -808.05% 22.13% 29347.02%
NET CHANGE
Cash From Operating Activities -$61.82M -54.20M -$161.6M
Cash From Investing Activities $98.60M -355.0M -$215.6M
Cash From Financing Activities -$1.848M 298.0K $340.7M
Net Change In Cash $34.94M -408.9M -$36.46M
YoY Change -258.79% -4145.03% -15.47%
FREE CASH FLOW
Cash From Operating Activities -$61.82M -$54.20M -$161.6M
Capital Expenditures $2.977M $1.756M $10.20M
Free Cash Flow -$64.80M -$55.96M -$171.8M
YoY Change 26.86% 24.87% 32.23%

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CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020 us-gaap Increase Decrease In Accounts Payable
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CY2020 us-gaap Increase Decrease In Accrued Liabilities
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19547000 usd
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164000 usd
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ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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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
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Nature Of Operations
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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 are 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. In December 2022, the Company submitted a New Drug Application to the U.S. Food and Drug Administration for nirogacestat for the treatment of adults with desmoid tumors. In February 2023, the NDA filing was accepted by the FDA and granted priority review with an assigned Prescription Drug User Fee Act, or PDUFA, target action date of August 27, 2023.</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%">On September 7, 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%">On September 6, 2022, the Company 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-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%">On February 25, 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. </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:112%">During the twelve months ended December 31, 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 December 31, 2022, approximately $130.3 million remains available under the ATM Program. </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:112%">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%">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, including emerging variant strains of COVID-19, </span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">continues to spread 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. Starting at the onset of the COVID-19 pandemic, the Company initiated a number of business continuity measures to mitigate potential disruption to its operations and in order to preserve the integrity of its research and development programs. The Company's response has evolved over the course of the COVID-19 pandemic, and the Company has largely resumed normal operations. To date, the Company has not experienced any material disruptions to the execution of the research and development activities that the Company currently has underway; however, as a result of the COVID-19 pandemic, or any impacts of emerging variant strains of the COVID-19 virus, stagnant vaccination rates and related factors, the Company may experience disruptions that could impact its research and development and commercialization</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">timelines and outcomes. The Company will continue to evaluate the impact of the ongoing COVID-19 pandemic, along with the impact of emerging variants, on its business. 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 business, prospects, future financial condition, results of operations and cash flows.</span>
CY2022Q4 swtx Number Of Clinical Trials
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CY2021Q4 swtx Working Capital
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CY2021Q4 us-gaap Cash Cash Equivalents And Short Term Investments
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CY2022 us-gaap Use Of Estimates
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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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CY2021Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q4 us-gaap Operating Lease Liability
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CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022 us-gaap Operating Lease Payments
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Files In Submission

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