2024 Q4 Form 10-Q Financial Statement

#000177342724000033 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $49.30M $0.00
YoY Change
Cost Of Revenue $3.341M $0.00
YoY Change
Gross Profit $45.96M $0.00
YoY Change
Gross Profit Margin 93.22%
Selling, General & Admin $61.60M $46.55M
YoY Change 32.33% 30.49%
% of Gross Profit 134.03%
Research & Development $42.30M $37.45M
YoY Change 12.93% 3.84%
% of Gross Profit 92.03%
Depreciation & Amortization $878.0K $490.0K
YoY Change 79.18% 131.13%
% of Gross Profit 1.91%
Operating Expenses $103.9M $84.00M
YoY Change 23.69% 17.09%
Operating Profit -$57.94M -$84.00M
YoY Change -31.03% 17.09%
Interest Expense $4.407M $4.640M
YoY Change -5.02% -908.36%
% of Operating Profit
Other Income/Expense, Net $6.216M $5.586M
YoY Change 11.28% 566.59%
Pretax Income -$53.53M -$79.44M
YoY Change -32.62% 9.74%
Income Tax
% Of Pretax Income
Net Earnings -$53.53M -$79.44M
YoY Change -32.61% 9.74%
Net Earnings / Revenue -108.58%
Basic Earnings Per Share -$0.72 -$1.27
Diluted Earnings Per Share -$0.72 -$1.27
COMMON SHARES
Basic Shares Outstanding 74.39M shares 74.27M shares 62.57M shares
Diluted Shares Outstanding 74.26M shares 62.52M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $376.6M $422.4M
YoY Change -10.84% -35.21%
Cash & Equivalents $84.46M $98.90M
Short-Term Investments $292.2M $323.5M
Other Short-Term Assets $15.69M $10.00M
YoY Change 56.94% 87.13%
Inventory $9.826M
Prepaid Expenses
Receivables $32.97M
Other Receivables $0.00
Total Short-Term Assets $435.1M $432.4M
YoY Change 0.63% -34.22%
LONG-TERM ASSETS
Property, Plant & Equipment $19.34M $20.92M
YoY Change -7.59% 82.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.580M $3.789M
YoY Change 47.27% -22.25%
Other Assets $20.70M $3.483M
YoY Change 494.32% 41.99%
Total Long-Term Assets $173.8M $35.27M
YoY Change 392.66% 45.35%
TOTAL ASSETS
Total Short-Term Assets $435.1M $432.4M
Total Long-Term Assets $173.8M $35.27M
Total Assets $608.9M $467.7M
YoY Change 30.2% -31.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.654M $5.546M
YoY Change 74.07% 20.93%
Accrued Expenses $59.73M $40.33M
YoY Change 48.1% 2.65%
Deferred Revenue $0.00 $3.244M
YoY Change -100.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $70.61M $50.28M
YoY Change 40.43% 1.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $5.684M $22.50M
YoY Change -74.74% 53.48%
Total Long-Term Liabilities $5.684M $22.50M
YoY Change -74.74% 53.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.61M $50.28M
Total Long-Term Liabilities $5.684M $22.50M
Total Liabilities $76.30M $72.76M
YoY Change 4.87% 5.21%
SHAREHOLDERS EQUITY
Retained Earnings -$1.076B -$800.7M
YoY Change 34.37% 61.5%
Common Stock $7.000K $6.000K
YoY Change 16.67% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $532.6M $394.9M
YoY Change
Total Liabilities & Shareholders Equity $608.9M $467.7M
YoY Change 30.2% -31.38%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$53.53M -$79.44M
YoY Change -32.61% 9.74%
Depreciation, Depletion And Amortization $878.0K $490.0K
YoY Change 79.18% 131.13%
Cash From Operating Activities -$25.38M -$50.46M
YoY Change -49.7% 157.4%
INVESTING ACTIVITIES
Capital Expenditures $1.847M $3.620M
YoY Change -48.98% -202.61%
Acquisitions
YoY Change
Other Investing Activities $30.50M $38.22M
YoY Change -20.21% -57.42%
Cash From Investing Activities $28.65M $34.60M
YoY Change -17.2% -59.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.291M -240.0K
YoY Change -637.92% -100.07%
NET CHANGE
Cash From Operating Activities -25.38M -50.46M
Cash From Investing Activities 28.65M 34.60M
Cash From Financing Activities 1.291M -240.0K
Net Change In Cash 4.560M -16.10M
YoY Change -128.32% -103.96%
FREE CASH FLOW
Cash From Operating Activities -$25.38M -$50.46M
Capital Expenditures $1.847M $3.620M
Free Cash Flow -$27.23M -$54.08M
YoY Change -49.66% 236.4%

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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., together with its wholly-owned subsidiaries, collectively, 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, one product candidate under regulatory review for approval, and several clinical candidates, and is advancing programs in both rare tumor types as well as highly prevalent, genetically defined cancers. 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-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 $1.1 billion and $895.0 million, and working capital of $364.5 million and $422.7 million, as of September 30, 2024 and December 31, 2023, respectively. For the three and nine months ended September 30, 2024, the Company recorded net product revenue of $49.3 million and $110.5 million, respectively, from sales of OGSIVEO.</span></div>The Company had cash, cash equivalents and marketable securities of $498.1 million and $662.6 million as of September 30, 2024 and December 31, 2023, respectively. Based on the Company’s cash, cash equivalents and marketable securities as of September 30, 2024, 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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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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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, valuation of equity-based compensation awards and variable consideration and other relevant inputs impacting the gross to net revenue recognition adjustments. 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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CY2024Q3 swtx Accrued Milestone
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