2024 Q1 Form 10-K Financial Statement

#000177342724000010 Filed on February 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $21.01M $5.447M $5.447M
YoY Change
Cost Of Revenue $1.202M $422.0K $422.0K
YoY Change
Gross Profit $19.80M $5.025M $5.025M
YoY Change
Gross Profit Margin 94.28% 92.25% 92.25%
Selling, General & Admin $60.11M $59.84M $197.6M
YoY Change 36.08% 47.65% 46.82%
% of Gross Profit 303.54% 1190.77% 3931.36%
Research & Development $53.62M $43.65M $150.5M
YoY Change 59.95% 15.09% 2.99%
% of Gross Profit 270.76% 868.7% 2994.77%
Depreciation & Amortization $729.0K $538.0K $1.667M
YoY Change 188.14% 110.98% 117.91%
% of Gross Profit 3.68% 10.71% 33.17%
Operating Expenses $113.7M $103.5M $348.0M
YoY Change 46.38% 31.91% 24.0%
Operating Profit -$93.93M -$98.46M -$343.0M
YoY Change 20.89% 22.21%
Interest Expense $6.546M $3.768M $17.91M
YoY Change 46.18% -8.61% 427.51%
% of Operating Profit
Other Income/Expense, Net $7.571M $373.0K $22.95M
YoY Change 36.24% 143.79% 273.3%
Pretax Income -$87.39M -$94.32M -$325.1M
YoY Change 19.02% 27.16% 17.19%
Income Tax
% Of Pretax Income
Net Earnings -$87.39M -$94.32M -$325.1M
YoY Change 19.02% 27.16% 17.19%
Net Earnings / Revenue -416.0% -1731.63% -5968.5%
Basic Earnings Per Share -$1.18 -$5.15
Diluted Earnings Per Share -$1.18 -$1.44 -$5.15
COMMON SHARES
Basic Shares Outstanding 73.79M shares 62.58M shares 63.12M shares
Diluted Shares Outstanding 73.77M shares 63.12M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $436.6M $479.2M $479.2M
YoY Change -17.34% -19.07% -19.08%
Cash & Equivalents $118.0M $176.1M $176.1M
Short-Term Investments $318.6M $303.1M $303.1M
Other Short-Term Assets $14.47M $12.68M $12.68M
YoY Change 52.06% 67.95% 67.95%
Inventory $5.216M $3.103M $3.103M
Prepaid Expenses
Receivables $15.53M $5.930M $5.930M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $471.8M $500.9M $500.9M
YoY Change -12.25% -16.48% -16.48%
LONG-TERM ASSETS
Property, Plant & Equipment $18.26M $17.94M $24.09M
YoY Change 16.12% 32.22% 31.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.165M $1.955M $185.3M
YoY Change 60.4% -53.37% 1962.32%
Other Assets $14.77M $14.84M $4.248M
YoY Change 410.86% 460.23% 31.68%
Total Long-Term Assets $185.0M $224.9M $224.9M
YoY Change 486.66% 637.73% 637.73%
TOTAL ASSETS
Total Short-Term Assets $471.8M $500.9M $500.9M
Total Long-Term Assets $185.0M $224.9M $224.9M
Total Assets $656.8M $725.8M $725.8M
YoY Change 15.4% 15.16% 15.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.011M $7.396M $7.396M
YoY Change 0.3% -7.67% -7.67%
Accrued Expenses $56.27M $65.57M $66.63M
YoY Change 96.16% 67.09% 69.79%
Deferred Revenue $4.652M $4.144M
YoY Change 175.27% 25.05%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.92M $78.17M $78.17M
YoY Change 82.55% 53.13% 53.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $20.48M $21.40M $21.40M
YoY Change -16.5% 31.82% 31.82%
Total Long-Term Liabilities $20.48M $21.40M $21.40M
YoY Change -16.5% 1.9% 1.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.92M $78.17M $78.17M
Total Long-Term Liabilities $20.48M $21.40M $21.40M
Total Liabilities $89.39M $99.57M $99.57M
YoY Change 43.55% 38.19% 38.19%
SHAREHOLDERS EQUITY
Retained Earnings -$982.4M -$895.0M
YoY Change 52.69% 57.05%
Common Stock $7.000K $7.000K
YoY Change 16.67% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $567.4M $626.2M $626.2M
YoY Change
Total Liabilities & Shareholders Equity $656.8M $725.8M $725.8M
YoY Change 15.4% 15.16% 15.16%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$87.39M -$94.32M -$325.1M
YoY Change 19.02% 27.16% 17.19%
Depreciation, Depletion And Amortization $729.0K $538.0K $1.667M
YoY Change 188.14% 110.98% 117.91%
Cash From Operating Activities -$78.93M -$62.70M -$222.8M
YoY Change 27.68% 15.69% 37.9%
INVESTING ACTIVITIES
Capital Expenditures $577.0K -$2.302M $7.385M
YoY Change -80.62% -231.09% -27.57%
Acquisitions
YoY Change
Other Investing Activities $22.04M -$161.5M $42.14M
YoY Change -78.3% -54.28% -120.52%
Cash From Investing Activities $21.46M -$159.2M $34.75M
YoY Change -78.23% -55.15% -116.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$296.5M
YoY Change -22210.37%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$552.0K 299.1M $296.6M
YoY Change -70.13% 100259.4% -12.93%
NET CHANGE
Cash From Operating Activities -$78.93M -62.70M -$222.8M
Cash From Investing Activities $21.46M -159.2M $34.75M
Cash From Financing Activities -$552.0K 299.1M $296.6M
Net Change In Cash -$58.02M 77.16M $108.6M
YoY Change -266.06% -118.87% -397.87%
FREE CASH FLOW
Cash From Operating Activities -$78.93M -$62.70M -$222.8M
Capital Expenditures $577.0K -$2.302M $7.385M
Free Cash Flow -$79.51M -$60.40M -$230.2M
YoY Change 22.71% 7.95% 34.01%

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CY2023 us-gaap Nature Of Operations
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">Nature of Operations</span><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 commercial-stage biopharmaceutical company applying a precision medicine approach to 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 assets, including one approved product and several clinical candidates, and is advancing programs in both rare tumor types as well as highly prevalent, genetically defined cancers.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">OGSIVEO™ (nirogacestat) is the Company's first commercial product. OGSIVEO was approved by the United States Food and Drug Administration, or FDA, on November 27, 2023 for the treatment of adult patients with progressing desmoid tumors who require systemic treatment.</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 Offerings</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 December 8, 2023, the Company completed the sale of 10,905,171 shares of common stock in an underwritten public offering, including 1,422,413 shares of common stock sold pursuant to the underwriter's full exercise of their option to purchase additional shares, at an offering price of $29.00 per share, resulting in net proceeds to the Company of $299.3 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%">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%">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:112%">In August 2022, the Company sold 2,247,500 shares of Common Stock under an ATM Program, resulting in gross proceeds of $69.7 million, less commissions and other fees of $1.9 million for net proceeds of $67.8 million.</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 equity-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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CY2022Q4 us-gaap Operating Lease Liability
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