SpringWorks Therapeutics, Inc. has recently released its 10-K report, detailing its activities and financial performance. The company is focused on acquiring, developing, and commercializing medicines for underserved patient populations suffering from rare diseases and cancer. Its lead product candidate, nirogacestat, is an oral small molecule gamma secretase inhibitor in Phase III DeFi trial for the treatment of desmoid tumors. The company also has other product candidates in various stages of clinical trials, including mirdametinib and BGB-3245, targeting different diseases and conditions.
In the year ended December 31, 2023, SpringWorks Therapeutics generated $5.4 million in net sales from OGSIVEO, its first commercial product. OGSIVEO, a novel, oral, selective gamma secretase inhibitor, was approved by the United States Food and Drug Administration (FDA) on November 27, 2023, for the treatment of adult patients with progressing desmoid tumors who require systemic treatment.
The company also announced positive topline results from the Phase 2b ReNeu trial of mirdametinib in NF1-PN on November 16, 2023. The trial enrolled 114 patients in two cohorts (pediatric and adult) across 50 sites in the United States, with encouraging responses observed. SpringWorks Therapeutics plans to submit a New Drug Application (NDA) for mirdametinib to the FDA in the first half of 2024.
In terms of financial activities, the company completed a public offering in December 2023, selling 10,905,171 shares of common stock at an offering price of $29.00 per share, resulting in net proceeds of $299.3 million. In September 2022, SpringWorks Therapeutics entered into a private placement transaction, receiving gross proceeds of approximately $225 million. The company also entered into an expanded global, non-exclusive license and collaboration agreement with GSK for nirogacestat, resulting in an aggregate purchase price of approximately $75.0 million from the sale of common stock in a private placement transaction.
As of December 31, 2023, the company had cash, cash equivalents, and available-for-sale marketable securities of $662.6 million, which it believes will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from the date of issuance of the 10-K report. Since its inception in August 2017, SpringWorks Therapeutics has funded its operations primarily with proceeds from the sale of its securities, including net proceeds from various financing activities.
The company also has license and collaboration agreements with Pfizer, Katholieke Universiteit Leuven, the Flanders Institute for Biotechnology, and the Dana-Farber Cancer Institute, which provide for milestone payments, royalties, and other financial obligations based on the development and commercialization of certain products.
As a result of these announcements, the company's shares have moved 2.2% on the market, and are now trading at a price of $49.55. Check out the company's full 10-K submission here.
