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Jun 30, 2024

SpringWorks Therapeutics Q2 2024 Earnings Report

Reported second quarter financial results and recent business highlights.

Key Takeaways

SpringWorks Therapeutics reported a net product revenue of $40.2 million for OGSIVEO in the second quarter of 2024. The company completed the submission of its NDA for mirdametinib in NF1-PN. They also initiated a Phase 1a trial of SW-682 in patients with Hippo mutant solid tumors.

Achieved $40.2 million in OGSIVEO® (nirogacestat) net product revenue in the second quarter.

Completed submission of NDA to the FDA for mirdametinib for the treatment of children and adults with NF1-PN.

Presented Phase 2b ReNeu trial results and additional analyses from Phase 3 DeFi trial at the 2024 ASCO Annual Meeting.

Initiated Phase 1a trial of SW-682 in patients with Hippo mutant solid tumors.

Total Revenue
$59.7M
Previous year: $5.83M
+924.9%
EPS
-$0.54
Previous year: -$1.25
-56.8%
G&A Expenses
$57.8M
Previous year: $47M
+23.1%
R&D Expenses
$44.4M
Previous year: $35.9M
+23.6%
Gross Profit
$57.3M
Cash and Equivalents
$522M
Previous year: $477M
+9.5%
Free Cash Flow
-$42.8M
Previous year: -$50.9M
-16.0%
Total Assets
$617M
Previous year: $517M
+19.3%

SpringWorks Therapeutics

SpringWorks Therapeutics

Forward Guidance

The focus for the second half of 2024 will be to drive broader adoption of OGSIVEO, to advance commercial preparations for the launch of mirdametinib for children and adults with NF1-PN, to continue advancing OGSIVEO and mirdametinib through the European regulatory process, and to progress the emerging portfolio for patient populations with high unmet needs.