$SWTX
SpringWorks Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000177342723000029 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
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 $46.55M $46.99M $30.99M
YoY Change 30.49% 51.64% 107.55%
% of Gross Profit
Research & Development $37.45M $35.86M $38.02M
YoY Change 3.84% -5.7% 18.49%
% of Gross Profit
Depreciation & Amortization $490.0K $382.0K $190.0K
YoY Change 131.13% 101.05% 65.22%
% of Gross Profit
Operating Expenses $84.00M $82.85M $69.01M
YoY Change 17.09% 20.06% 46.77%
Operating Profit -$84.00M -$82.85M -$69.01M
YoY Change 17.09% 20.06% 46.77%
Interest Expense $4.640M $5.030M -$15.00K
YoY Change -908.36% -33633.33% -128.85%
% of Operating Profit
Other Income/Expense, Net $5.586M $5.828M $348.0K
YoY Change 566.59% 1574.71% 104.71%
Pretax Income -$79.44M -$77.93M -$69.05M
YoY Change 9.74% 12.86% 46.88%
Income Tax
% Of Pretax Income
Net Earnings -$79.44M -$77.93M -$69.05M
YoY Change 9.74% 12.85% 46.88%
Net Earnings / Revenue
Basic Earnings Per Share -$1.27 -$1.25 -$1.41
Diluted Earnings Per Share -$1.27 -$1.25 -$1.407M
COMMON SHARES
Basic Shares Outstanding 62.57M shares 62.52M shares 49.07M shares
Diluted Shares Outstanding 62.52M shares 62.46M shares 49.07M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $422.4M $476.7M $334.5M
YoY Change -35.21% 42.5% -27.71%
Cash & Equivalents $98.90M $115.0M $69.57M
Short-Term Investments $323.5M $361.7M $265.0M
Other Short-Term Assets $10.00M $7.194M $7.458M
YoY Change 87.13% -3.54% 76.98%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $432.4M $483.9M $342.0M
YoY Change -34.22% 41.49% -26.77%
LONG-TERM ASSETS
Property, Plant & Equipment $20.92M $25.00M $9.193M
YoY Change 82.23% 171.96% 796.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.789M $4.814M $6.358M
YoY Change -22.25% -24.28% 84.24%
Other Assets $3.483M $3.613M $2.687M
YoY Change 41.99% 34.46% 21.09%
Total Long-Term Assets $35.27M $33.43M $23.92M
YoY Change 45.35% 39.75% -55.24%
TOTAL ASSETS
Total Short-Term Assets $432.4M $483.9M $342.0M
Total Long-Term Assets $35.27M $33.43M $23.92M
Total Assets $467.7M $517.3M $365.9M
YoY Change -31.38% 41.38% -29.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.546M $3.454M $2.191M
YoY Change 20.93% 57.64% -43.88%
Accrued Expenses $40.33M $36.09M $32.21M
YoY Change 2.65% 12.05% 80.38%
Deferred Revenue $3.244M $2.364M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $511.0K
YoY Change -59.15%
Total Short-Term Liabilities $50.28M $41.91M $34.91M
YoY Change 1.59% 20.04% 51.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $5.271M
YoY Change -100.0% -100.0% 651.93%
Other Long-Term Liabilities $22.50M $23.98M $5.271M
YoY Change 53.48% 354.9% 3923.66%
Total Long-Term Liabilities $22.50M $23.98M $5.271M
YoY Change 53.48% 354.9% 3923.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.28M $41.91M $34.91M
Total Long-Term Liabilities $22.50M $23.98M $5.271M
Total Liabilities $72.76M $65.89M $40.19M
YoY Change 5.21% 63.96% 68.53%
SHAREHOLDERS EQUITY
Retained Earnings -$800.7M -$721.3M -$423.4M
YoY Change 61.5% 70.36% 116.68%
Common Stock $6.000K $6.000K $5.000K
YoY Change 0.0% 20.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $394.9M $451.4M $325.7M
YoY Change
Total Liabilities & Shareholders Equity $467.7M $517.3M $365.9M
YoY Change -31.38% 41.38% -29.69%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$79.44M -$77.93M -$69.05M
YoY Change 9.74% 12.85% 46.88%
Depreciation, Depletion And Amortization $490.0K $382.0K $190.0K
YoY Change 131.13% 101.05% 65.22%
Cash From Operating Activities -$50.46M -$47.81M -$39.07M
YoY Change 157.4% 22.37% 16.52%
INVESTING ACTIVITIES
Capital Expenditures $3.620M $3.088M -$2.525M
YoY Change -202.61% -222.3% 1888.19%
Acquisitions
YoY Change
Other Investing Activities $38.22M $63.84M $29.28M
YoY Change -57.42% 118.03% 29.15%
Cash From Investing Activities $34.60M $60.76M $26.76M
YoY Change -59.88% 127.07% 18.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -240.0K -342.0K -88.00K
YoY Change -100.07% 288.64% -168.75%
NET CHANGE
Cash From Operating Activities -50.46M -47.81M -39.07M
Cash From Investing Activities 34.60M 60.76M 26.76M
Cash From Financing Activities -240.0K -342.0K -88.00K
Net Change In Cash -16.10M 12.60M -12.40M
YoY Change -103.96% -201.62% 14.22%
FREE CASH FLOW
Cash From Operating Activities -$50.46M -$47.81M -$39.07M
Capital Expenditures $3.620M $3.088M -$2.525M
Free Cash Flow -$54.08M -$50.90M -$36.55M
YoY Change 236.4% 39.27% 9.4%

Facts In Submission

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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:112%">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 programs in both rare tumor types as well as 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, or NDA, to the U.S. Food and Drug Administration, or FDA, 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. On June 2, 2023, the FDA notified the Company that it had updated the PDUFA action date for the NDA by the standard extension period of three months to allow more time to review additional analyses of previously submitted data that had been provided by the Company in response to the FDA's information requests. The updated PDUFA action date for the NDA is November 27, 2023.</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 $721.3 million and $569.9 million, and working capital of $442.0 million and $548.7 million, as of June 30, 2023 and December 31, 2022, 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>The Company had cash, cash equivalents and marketable securities of $476.7 million and $597.0 million as of June 30, 2023 and December 31, 2022, respectively. Based on the Company's cash, cash equivalents and marketable securities as of June 30, 2023, 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.
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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. 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.</span></div>
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Files In Submission

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swtx-20230630.xsd Edgar Link pending
swtx-20230630xex311.htm Edgar Link pending
swtx-20230630xex312.htm Edgar Link pending
swtx-20230630xex321.htm Edgar Link pending
swtx-20230630xex322.htm Edgar Link pending
swtx-20230630_def.xml Edgar Link unprocessable
swtx-20230630_lab.xml Edgar Link unprocessable
swtx-20230630_pre.xml Edgar Link unprocessable
swtx-20230630_cal.xml Edgar Link unprocessable
swtx-20230630_htm.xml Edgar Link completed