SpringWorks Therapeutics(US:SWTX)2025-02-20 11:51Financial Performance - OGSIVEO generated net sales of $172.0 million in 2024, up from $5.4 million in 2023[549]. - The company recorded net product revenue of $172.0 million for the year ended December 31, 2024, compared to $5.4 million for the year ended December 31, 2023, reflecting a significant increase of $166.6 million[593]. - Total revenue for 2024 was $191,589 thousand, compared to $5,447 thousand in 2023, indicating a substantial growth[661]. - The net loss for 2024 was $258,131 thousand, an improvement from a net loss of $325,104 thousand in 2023[661]. - The company reported a net loss of $258.1 million for the year ended December 31, 2024, an improvement from a net loss of $325.1 million in 2023, and $277.4 million in 2022[671]. Cash and Securities - The company had cash, cash equivalents, and marketable securities of $461.9 million as of December 31, 2024, down from $662.6 million in 2023[558]. - Cash used in operating activities was $175.6 million in 2024, down from $222.8 million in 2023, indicating improved cash flow management[621]. - The company had cash, cash equivalents, and marketable securities totaling $461.9 million, down from $662.6 million as of December 31, 2023[680]. - The company’s accumulated deficit reached $1.2 billion as of December 31, 2024, compared to $895.0 million as of December 31, 2023[679]. - The company had no outstanding debt as of December 31, 2024[643]. Operating Expenses - Total operating expenses increased to $469.7 million for the year ended December 31, 2024, up from $348.5 million in 2023, representing a 35% increase[593]. - Research and development expenses rose to $200.5 million in 2024, an increase of $50.0 million or 33% compared to $150.5 million in 2023[593]. - Selling, general and administrative expenses were $256.7 million for the year ended December 31, 2024, a 30% increase from $197.6 million in 2023[593]. - The total equity-based compensation expense for 2024 was $109,140,000, compared to $94,534,000 in 2023, indicating a year-over-year increase of approximately 15.4%[737]. Regulatory Approvals and Product Development - GOMEKLI was approved by the FDA on February 11, 2025, for treating NF1-PN, with commercialization starting in the same month[550]. - The FDA approved OGSIVEO in November 2023, leading to revenue generation from sales starting in December 2023[578]. - The company anticipates ongoing regulatory reviews for nirogacestat and mirdametinib, with decisions expected in 2025[551]. - The company began capitalizing inventory for OGSIVEO upon its FDA approval in November 2023[692]. Collaborations and Agreements - The company has entered into a license agreement with Rappta Therapeutics for a portfolio of PP2A activators, with an upfront payment of $13 million and potential future milestones totaling up to $235 million[565]. - The company terminated its collaboration agreement with GSK, effective December 3, 2024, but will continue to support ongoing clinical trials[552]. - The company entered into several clinical trial collaboration agreements to evaluate nirogacestat in combination with BCMA-directed therapies[571]. Future Outlook - The company expects to continue incurring significant expenses related to the commercialization of OGSIVEO and GOMEKLI, as well as ongoing clinical development[560]. - The company anticipates achieving profitability in the first half of 2026, indicating a long-term outlook for financial recovery[614]. - The company expects research and development expenses to continue increasing as it invests in product candidates and preclinical programs[583]. Assets and Liabilities - Total assets decreased to $587,276 thousand in 2024 from $725,788 thousand in 2023, indicating a reduction in overall financial resources[659]. - The company's total accrued expenses increased to $86,012,000 in 2024, up from $65,569,000 in 2023, reflecting a significant rise in accrued compensation and benefits[736]. - The company's property and equipment, net, rose to $19,680,000 in 2024 from $17,943,000 in 2023, showing an increase of about 9.7%[731]. Stock Options and Compensation - The company had 12,818,963 stock options outstanding, with a weighted average exercise price of $35.90 and an intrinsic aggregate value of $105,568,481[742]. - The total unrecognized compensation expense related to unvested stock options was $100.2 million, expected to be recognized over approximately 2.2 years[743]. - The total restricted stock awards compensation expense for the year ended December 31, 2024, was $2.2 million, with 11,101 unvested shares outstanding at year-end[744].