SpringWorks Therapeutics, a commercial-stage biopharmaceutical company, has recently released its 10-K report, detailing its business operations and financial performance. The company is focused on developing and commercializing medicines for underserved patient populations suffering from rare diseases and cancer. Its lead product candidate, OGSIVEO, is in Phase III DeFi trial for the treatment of desmoid tumors, and Nirogacestat is also in Phase 2 clinical development as a monotherapy for the treatment of ovarian granulosa cell tumors (GCT). SpringWorks Therapeutics has collaborations with BeiGene, Ltd. and GlaxoSmithKline LLC, as well as license agreements with Pfizer Inc. for nirogacestat and mirdametinib.
In the 10-K report, SpringWorks Therapeutics provided an overview of its financial condition and results of operations. The company reported generating $172.0 million and $5.4 million in OGSIVEO net sales for the years ended December 31, 2024, and December 31, 2023, respectively. Additionally, the FDA approved GOMEKLI for the treatment of adult and pediatric patients with neurofibromatosis type 1, resulting in net sales generation in February 2025. The company also received validation for its Marketing Authorization Application for nirogacestat and mirdametinib by the European Medicines Agency, with regulatory reviews ongoing.
In terms of financing, SpringWorks Therapeutics completed a public offering, resulting in net proceeds of $299.3 million in December 2023. The company also entered into a Private Placement, receiving gross proceeds of approximately $225 million in September 2022. Furthermore, it completed a stock purchase agreement, resulting in an aggregate purchase price of approximately $75.0 million in September 2022. As of December 31, 2024, the company had cash, cash equivalents, and available-for-sale marketable securities of $461.9 million, which it believes will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months.
SpringWorks Therapeutics reported significant operating losses, with net losses of $258.1 million, $325.1 million, and $277.4 million for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. The company also had an accumulated deficit of $1.2 billion as of December 31, 2024. It expects to continue incurring net losses and significant expenses in the foreseeable future, particularly as it focuses on commercializing its approved products and advancing its development programs.
The company also highlighted its license and collaboration agreements, including agreements with Pfizer Inc. for nirogacestat and mirdametinib, a license agreement with Katholieke Universiteit Leuven and the Flanders Institute for Biotechnology, and a clinical collaboration agreement with BeiGene, Ltd.
SpringWorks Therapeutics' 10-K report provides a comprehensive overview of its business operations, financial performance, and strategic initiatives, offering insight into its progress and future plans. The market has reacted to these announcements by moving the company's shares 7.9% to a price of $60.12. If you want to know more, read the company's complete 10-K report here.
