Nature of Operations

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

Nature of Operations

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 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.

The Company has incurred losses and negative operating cash flows since inception and had an accumulated deficit of $982.4 million and $895.0 million, and working capital of $402.9 million and $422.7 million, as of March 31, 2024 and December 31, 2023, respectively. In December 2023, the Company began to generate revenue from sales of OGSIVEO in the United States. For the three months ended March 31, 2024, the Company recorded net revenue of $21.0 million from the sales of OGSIVEO.

The Company had cash, cash equivalents and marketable securities of $573.0 million and $662.6 million as of March 31, 2024 and December 31, 2023, respectively. Based on the Company’s cash, cash equivalents and marketable securities as of March 31, 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.