SpringWorks Therapeutics, Inc(NASDAQ:SWTX) 
SpringWorks Therapeutics, Inc., a clinical-stage biopharmaceutical company, acquires, develops, and commercializes medicines for underserved patient populations suffering from rare diseases and cancer. Its lead product candidate is nirogacestat, an oral small molecule gamma secretase inhibitor that ...
Website: http://www.springworkstx.com
Founded: 2017
Full Time Employees: 71
CEO: Saqib Islam
Sector: Healthcare
Industry: Biotechnology
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue: | |||||||||||||||||||||||
product revenue | 49,087,000 | 61,549,000 | 49,301,000 | 40,186,000 | 21,006,000 | ||||||||||||||||||
total revenue | 49,087,000 | 61,549,000 | 49,301,000 | 59,733,000 | 21,006,000 | ||||||||||||||||||
yoy | 133.68% | ||||||||||||||||||||||
qoq | -20.25% | 24.84% | -17.46% | 184.36% | |||||||||||||||||||
operating costs and expenses: | |||||||||||||||||||||||
cost of product revenue | 3,527,000 | 5,554,000 | 3,341,000 | 2,453,000 | 1,202,000 | ||||||||||||||||||
selling, general and administrative | 76,501,000 | 77,099,000 | 61,601,000 | 57,839,000 | 60,113,000 | ||||||||||||||||||
research and development | 49,595,000 | 60,238,000 | 42,296,000 | 44,362,000 | 53,622,000 | 43,652,000 | 37,453,000 | 35,858,000 | 33,524,000 | 37,928,000 | 36,067,000 | 38,024,000 | 34,103,000 | 29,344,000 | 22,866,000 | 32,091,000 | 17,375,000 | 15,262,000 | 13,923,000 | 12,947,000 | 9,727,000 | 12,172,000 | 10,745,000 |
total operating costs and expenses | 129,623,000 | 81,707,250 | 107,238,000 | 104,654,000 | 114,937,000 | ||||||||||||||||||
income from operations | -80,536,000 | -81,342,000 | -57,937,000 | -44,921,000 | -93,931,000 | -98,463,000 | -83,999,000 | -82,852,000 | -77,699,000 | -78,454,000 | -71,740,000 | -69,011,000 | -61,469,000 | -55,796,000 | -40,895,000 | -47,021,000 | -29,756,000 | 11,219,000 | -21,592,000 | -19,821,000 | -16,130,000 | -17,371,000 | -15,329,000 |
yoy | -14.26% | -17.39% | -31.03% | -45.78% | 20.89% | 25.50% | 17.09% | 20.06% | 26.40% | 40.61% | 75.42% | 46.77% | 106.58% | -597.33% | 89.40% | 137.23% | 84.48% | -164.58% | 40.86% | ||||
qoq | -0.99% | 40.40% | 28.98% | -52.18% | -4.60% | 17.22% | 1.38% | 6.63% | -0.96% | 9.36% | 3.95% | 12.27% | 10.17% | 36.44% | -13.03% | 58.02% | -365.23% | -151.96% | 8.93% | 22.88% | -7.14% | 13.32% | |
operating margin % | -164.07% | -132.16% | -117.52% | -75.20% | -447.16% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
interest and other income: | |||||||||||||||||||||||
interest and other income | -998,000 | 5,435,000 | 6,216,000 | 6,778,000 | 7,571,000 | ||||||||||||||||||
total interest and other income | -998,000 | 5,435,000 | 6,216,000 | 6,778,000 | 7,571,000 | 5,976,000 | 5,586,000 | 5,828,000 | 5,557,000 | 4,956,000 | 838,000 | 348,000 | 5,000 | 130,250 | 121,000 | 170,000 | 230,000 | ||||||
equity method investment loss | -1,653,000 | -1,390,000 | -1,809,000 | -1,776,000 | -1,025,000 | ||||||||||||||||||
net income | -83,187,000 | -77,297,000 | -53,530,000 | -39,919,000 | -87,385,000 | -94,322,000 | -79,437,000 | -77,925,000 | -73,420,000 | -74,178,000 | -72,388,000 | -69,050,000 | -61,801,000 | -56,072,000 | -41,041,000 | -47,010,000 | -29,787,000 | 11,272,000 | -21,659,000 | -19,893,000 | -15,294,000 | -16,217,000 | -16,833,000 |
yoy | -4.80% | -18.05% | -32.61% | -48.77% | 19.02% | 27.16% | 9.74% | 12.85% | 18.80% | 32.29% | 76.38% | 46.88% | 107.48% | -597.44% | 89.49% | 136.31% | 94.76% | -169.51% | 28.67% | ||||
qoq | 7.62% | 44.40% | 34.10% | -54.32% | -7.35% | 18.74% | 1.94% | 6.14% | -1.02% | 2.47% | 4.83% | 11.73% | 10.22% | 36.62% | -12.70% | 57.82% | -364.26% | -152.04% | 8.88% | 30.07% | -5.69% | -3.66% | |
net income margin % | -169.47% | -125.59% | -108.58% | -66.83% | -416.00% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
net income per share | -1.11 | -1.04 | -0.72 | -0.54 | -1.18 | -1.45 | -1.27 | -1.25 | -1.18 | -1.17 | -1.37 | -1.41 | -1.26 | -1.16 | -0.84 | -0.97 | -0.62 | 0.3 | -0.51 | -0.47 | -0.37 | 5.43 | -1.77 |
weighted-average common shares outstanding, basic and diluted | 74,885,348 | 74,132,811 | 74,264,501 | 74,121,014 | 73,768,603 | 63,123,936 | 62,521,772 | 62,464,081 | 62,326,992 | 53,290,528 | 52,900,819 | 49,071,590 | 48,937,756 | 48,497,790 | 48,595,420 | 48,422,921 | 48,229,539 | 43,300,063 | 42,148,837 | 41,945,058 | 41,789,120 | 13,274,836 | 9,487,329 |
other revenue | 19,547,000 | ||||||||||||||||||||||
operating expenses: | |||||||||||||||||||||||
general and administrative | 34,428,750 | 46,546,000 | 46,994,000 | 44,175,000 | 40,526,000 | 35,673,000 | 30,987,000 | 27,366,000 | 26,452,000 | 18,029,000 | 14,930,000 | 12,381,000 | 8,519,000 | 7,669,000 | 6,874,000 | 6,403,000 | 5,199,000 | 4,584,000 | |||||
total operating expenses | 103,910,000 | 83,999,000 | 82,852,000 | 77,699,000 | 78,454,000 | 71,740,000 | 69,011,000 | 61,469,000 | 55,796,000 | 40,895,000 | 47,021,000 | 29,756,000 | 23,781,000 | 21,592,000 | 19,821,000 | 16,130,000 | 17,371,000 | 15,329,000 | |||||
other income | -93,250 | -76,000 | -98,000 | -199,000 | 153,000 | -74,000 | -24,000 | -193,000 | -56,000 | -58,000 | -41,000 | 3,000 | |||||||||||
interest income | 4,336,000 | 5,662,000 | 5,926,000 | 5,756,000 | 4,803,000 | 912,000 | 372,000 | 198,000 | 81,000 | 179,000 | 211,000 | 227,000 | 174,000 | 63,000 | 157,000 | 936,000 | 1,267,000 | 997,000 | |||||
equity investment loss | -800,750 | -1,024,000 | -901,000 | -1,278,000 | -680,000 | -1,486,000 | -387,000 | -337,000 | -301,000 | -267,000 | -159,000 | -261,000 | -146,000 | -130,000 | -229,000 | -100,000 | -113,000 | -2,501,000 | |||||
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other income: | |||||||||||||||||||||||
total other income | 199,000 | 63,000 | 157,000 | 936,000 | 1,267,000 | 997,000 | |||||||||||||||||
reconciliation of net income to net income attributable to common stockholders: | |||||||||||||||||||||||
net gain attributable to extinguishment of series a convertible preferred and junior series a convertible preferred units | |||||||||||||||||||||||
net income attributable to common stockholders | -14,211,500 | -21,659,000 | -19,893,000 | ||||||||||||||||||||
net income attributable to common stockholders, basic and diluted | -15,294,000 | -16,217,000 | -16,833,000 | ||||||||||||||||||||
net gain attributable to extinguishment of series a convertible preferred and junior series a convertible preferred shares | 1,932,250 | ||||||||||||||||||||||
net income per unit, basic and diluted | |||||||||||||||||||||||
weighted-average common units outstanding, basic and diluted |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||
current assets: | |||||||||||||||||||||||
cash and cash equivalents | 63,774,000 | 69,751,000 | 84,456,000 | 79,898,000 | 118,031,000 | 176,053,000 | 98,895,000 | 115,001,000 | 102,401,000 | 67,490,000 | 476,429,000 | 69,571,000 | 81,933,000 | 103,961,000 | 93,852,000 | 84,571,000 | 95,426,000 | 147,089,000 | 84,831,000 | 226,666,000 | 311,075,000 | 327,652,000 | 343,825,000 |
marketable securities | 224,099,000 | 238,234,000 | 292,163,000 | 303,987,000 | 318,552,000 | 303,149,000 | 323,524,000 | 361,706,000 | 425,740,000 | 524,722,000 | 175,514,000 | 264,970,000 | 266,338,000 | 269,540,000 | 334,060,000 | 378,206,000 | 381,985,000 | 361,395,000 | 191,988,000 | 64,567,000 | |||
accounts receivable | 40,347,000 | 46,238,000 | 32,972,000 | 24,504,000 | 15,529,000 | 5,930,000 | |||||||||||||||||
inventory | 12,417,000 | 10,212,000 | 9,826,000 | 7,718,000 | 5,216,000 | 3,103,000 | |||||||||||||||||
prepaid expenses and other current assets | 15,683,000 | 16,030,000 | 15,694,000 | 15,217,000 | 14,470,000 | 12,677,000 | 9,964,000 | 7,194,000 | 9,516,000 | 7,548,000 | 5,344,000 | 7,458,000 | 7,680,000 | 9,409,000 | 5,101,000 | 4,214,000 | 4,103,000 | 4,914,000 | 2,083,000 | 2,563,000 | 2,567,000 | 3,709,000 | 689,000 |
total current assets | 356,320,000 | 380,465,000 | 435,111,000 | 431,324,000 | 471,798,000 | 500,912,000 | 432,383,000 | 483,901,000 | 537,657,000 | 599,760,000 | 657,287,000 | 341,999,000 | 355,951,000 | 382,910,000 | 433,013,000 | 466,991,000 | 481,514,000 | 513,398,000 | 278,902,000 | 293,796,000 | 313,642,000 | 331,361,000 | 344,514,000 |
long-term marketable securities | 94,783,000 | 153,933,000 | 121,504,000 | 138,048,000 | 136,404,000 | 183,386,000 | 4,794,000 | 32,475,000 | 59,230,000 | 52,731,000 | 44,706,000 | 63,631,000 | 53,336,000 | ||||||||||
property and equipment | 19,250,000 | 19,680,000 | 19,336,000 | 18,205,000 | 18,263,000 | 17,943,000 | 20,924,000 | 18,238,000 | 15,728,000 | 13,571,000 | 11,482,000 | 9,193,000 | 6,035,000 | 3,187,000 | 2,089,000 | 1,025,000 | 1,024,000 | 1,075,000 | 1,176,000 | 1,072,000 | 885,000 | 795,000 | 820,000 |
operating lease right-of-use assets | 6,578,000 | 6,979,000 | 6,026,000 | 6,362,000 | 5,817,000 | 6,144,000 | 6,465,000 | 6,763,000 | 6,602,000 | 4,698,000 | 4,908,000 | 5,132,000 | 5,356,000 | 1,010,000 | 1,242,000 | 1,471,000 | 1,697,000 | 1,944,000 | |||||
equity method investment | 4,190,000 | 5,580,000 | 7,389,000 | 9,165,000 | 1,955,000 | ||||||||||||||||||
restricted cash | 626,000 | 624,000 | 621,000 | 619,000 | 616,000 | 613,000 | 610,000 | 608,000 | 605,000 | 578,000 | 551,000 | 550,000 | 590,000 | 565,000 | 565,000 | 565,000 | 565,000 | 565,000 | 565,000 | 565,000 | 565,000 | 540,000 | |
other assets | 27,799,000 | 21,405,000 | 20,700,000 | 15,384,000 | 14,769,000 | 14,835,000 | 3,483,000 | 3,005,000 | 2,891,000 | 2,648,000 | 2,453,000 | 2,687,000 | 2,627,000 | 2,709,000 | 2,451,000 | 2,219,000 | 2,547,000 | 2,002,000 | 1,440,000 | 1,440,000 | 1,440,000 | 1,159,000 | 2,062,000 |
total assets | 505,356,000 | 587,276,000 | 608,878,000 | 617,331,000 | 656,832,000 | 725,788,000 | 467,654,000 | 517,329,000 | 569,197,000 | 630,242,000 | 681,554,000 | 365,919,000 | 405,580,000 | 452,494,000 | 495,275,000 | 520,428,000 | 554,588,000 | 576,191,000 | 286,100,000 | 301,020,000 | 317,408,000 | 334,831,000 | 348,395,000 |
liabilities and stockholders’ equity | |||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||
accounts payable | 14,929,000 | 12,248,000 | 9,654,000 | 7,889,000 | 7,011,000 | 7,396,000 | 5,546,000 | 3,454,000 | 6,990,000 | 8,010,000 | 4,586,000 | 2,191,000 | 1,654,000 | 3,429,000 | 2,498,000 | 3,904,000 | 2,229,000 | 1,350,000 | 1,064,000 | 909,000 | 1,617,000 | 2,654,000 | 2,157,000 |
accrued expenses | 65,639,000 | 86,012,000 | 59,733,000 | 45,653,000 | 56,273,000 | 65,569,000 | 40,332,000 | 35,281,000 | 28,687,000 | 39,242,000 | 39,289,000 | 32,212,000 | 21,257,000 | 25,378,000 | 24,344,000 | 17,858,000 | 15,256,000 | 14,885,000 | 11,304,000 | 8,265,000 | 6,595,000 | 8,953,000 | 7,682,000 |
operating lease liabilities, current | 1,700,000 | 1,730,000 | 1,226,000 | 958,000 | 981,000 | 1,061,000 | 1,161,000 | 811,000 | 386,000 | 483,000 | 733,000 | 511,000 | 327,000 | 1,162,000 | 1,257,000 | 1,251,000 | 1,244,000 | 1,375,000 | |||||
total current liabilities | 82,268,000 | 99,990,000 | 70,613,000 | 54,500,000 | 68,917,000 | 78,170,000 | 50,283,000 | 41,910,000 | 37,753,000 | 51,049,000 | 49,494,000 | 34,914,000 | 23,238,000 | 29,969,000 | 28,099,000 | 23,013,000 | 18,729,000 | 17,610,000 | 12,752,000 | 9,551,000 | 8,582,000 | 11,970,000 | 10,195,000 |
operating lease liabilities, long-term | 5,693,000 | 6,182,000 | 5,684,000 | 6,101,000 | 5,581,000 | 5,996,000 | 6,170,000 | 6,796,000 | 6,664,000 | 4,768,000 | 5,000,000 | 5,271,000 | 5,538,000 | 129,000 | 367,000 | 701,000 | 1,031,000 | 1,359,000 | |||||
total liabilities | 87,961,000 | 106,172,000 | 76,297,000 | 60,601,000 | 89,392,000 | 99,569,000 | 72,755,000 | 65,888,000 | 62,273,000 | 72,050,000 | 69,154,000 | 40,185,000 | 28,776,000 | 30,098,000 | 28,597,000 | 23,845,000 | 19,891,000 | 19,133,000 | 13,345,000 | 10,146,000 | 9,274,000 | 12,759,000 | 11,076,000 |
commitments and contingencies | |||||||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||||||
preferred stock, 0.0001 par value... | |||||||||||||||||||||||
common stock, 0.0001 par value... | 8,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 4,000 | 4,000 | 4,000 | 4,000 | |
additional paid-in capital | 1,678,745,000 | 1,646,537,000 | 1,618,891,000 | 1,591,138,000 | 1,560,603,000 | 1,524,196,000 | 1,199,806,000 | 1,176,686,000 | 1,153,702,000 | 1,130,224,000 | 1,111,002,000 | 752,041,000 | 733,477,000 | 715,216,000 | 703,090,000 | 691,953,000 | 683,029,000 | 675,615,000 | 402,601,000 | 399,130,000 | 396,453,000 | 395,097,000 | 394,127,000 |
accumulated deficit | -1,236,352,000 | -1,153,165,000 | -1,075,868,000 | -1,022,338,000 | -982,419,000 | -895,034,000 | -800,712,000 | -721,275,000 | -643,350,000 | -569,930,000 | -495,752,000 | -423,364,000 | -354,314,000 | -292,513,000 | -236,441,000 | -195,400,000 | -148,390,000 | -118,603,000 | -129,875,000 | -108,216,000 | -88,323,000 | -73,029,000 | -56,812,000 |
treasury stock | -25,448,000 | -12,579,000 | -12,056,000 | -11,557,000 | -10,638,000 | -4,141,000 | -3,888,000 | -3,624,000 | -3,272,000 | -1,341,000 | -1,341,000 | -1,129,000 | -906,000 | ||||||||||
accumulated other comprehensive income | 442,000 | 304,000 | 1,607,000 | -520,000 | -113,000 | 1,191,000 | -312,000 | 24,000 | 25,000 | 53,000 | 41,000 | 25,000 | -44,000 | ||||||||||
total stockholders’ equity | 417,395,000 | 481,104,000 | 532,581,000 | 556,730,000 | 567,440,000 | 626,219,000 | 394,899,000 | 451,441,000 | 506,924,000 | 558,192,000 | 612,400,000 | 325,734,000 | 376,804,000 | 422,396,000 | 466,678,000 | 496,583,000 | 534,697,000 | 557,058,000 | 272,755,000 | 290,874,000 | 308,134,000 | 322,072,000 | |
total liabilities and stockholders’ equity | 505,356,000 | 587,276,000 | 608,878,000 | 617,331,000 | 656,832,000 | 725,788,000 | 467,654,000 | 517,329,000 | 569,197,000 | 630,242,000 | 681,554,000 | 365,919,000 | 405,580,000 | 452,494,000 | 495,275,000 | 520,428,000 | 554,588,000 | 576,191,000 | 286,100,000 | 301,020,000 | 317,408,000 | ||
deferred revenue, current | 4,652,000 | 4,144,000 | 3,244,000 | 2,364,000 | 1,690,000 | 3,314,000 | |||||||||||||||||
deferred revenue, long-term | 14,894,000 | 15,403,000 | 16,302,000 | 17,182,000 | 17,856,000 | 16,233,000 | |||||||||||||||||
equity investment | 3,789,000 | 4,814,000 | 5,714,000 | 4,193,000 | 4,873,000 | 6,358,000 | 2,546,000 | 2,883,000 | 3,184,000 | 3,451,000 | 3,610,000 | 3,871,000 | 4,017,000 | 4,147,000 | 876,000 | 976,000 | |||||||
accumulated other comprehensive loss | -313,000 | -352,000 | -162,000 | -767,000 | -1,515,000 | -1,819,000 | -1,458,000 | ||||||||||||||||
other liabilities, current | 4,886,000 | ||||||||||||||||||||||
other liabilities, long-term | 14,660,000 | ||||||||||||||||||||||
other long-term liabilities | 131,000 | 131,000 | 131,000 | 164,000 | 96,000 | ||||||||||||||||||
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deferred rent | 384,000 | 377,000 | 370,000 | 363,000 | 356,000 | ||||||||||||||||||
long-term portion of deferred rent | 497,000 | 595,000 | 692,000 | 789,000 | 881,000 | ||||||||||||||||||
liabilities, convertible preferred units, stock and stockholders’ equity | |||||||||||||||||||||||
convertible preferred units and stock: | |||||||||||||||||||||||
series a convertible preferred units, no par value, net of issuance costs; no units authorized, issued and outstanding at december 31, 2019; 103,000,000 units authorized; 63,600,000 units issued and outstanding at december 31, 2018. | |||||||||||||||||||||||
stockholders’ (deficit) equity: | |||||||||||||||||||||||
junior series a convertible preferred units, no par value; no units authorized, issued or outstanding at december 31, 2019; 6,437,500 units authorized, issued and outstanding at december 31, 2018. | |||||||||||||||||||||||
common units, no par value; no units authorized, issued or outstanding at december 31, 2019; 195,638 units authorized, issued and outstanding at december 31, 2018. | |||||||||||||||||||||||
total liabilities, convertible preferred units, stock and stockholders’ equity | 334,831,000 | ||||||||||||||||||||||
investment in vie | 999,000 | ||||||||||||||||||||||
liabilities, convertible preferred stock and stockholders’ (deficit) equity | |||||||||||||||||||||||
convertible preferred stock: | |||||||||||||||||||||||
series a convertible preferred stock, 0.0001 par value... | |||||||||||||||||||||||
issued or outstanding at september 30, 2019 and december 31, 2018, | |||||||||||||||||||||||
respectively. | |||||||||||||||||||||||
series a convertible preferred units, no par value, net of issuance costs; | |||||||||||||||||||||||
no units authorized, issued and outstanding at september 30, 2019; | |||||||||||||||||||||||
103,000,000 units authorized; 63,600,000 units issued and outstanding | |||||||||||||||||||||||
at december 31, 2018. | |||||||||||||||||||||||
stockholders' (deficit) equity: | |||||||||||||||||||||||
junior series a convertible preferred stock, no par value; no shares authorized, | |||||||||||||||||||||||
junior series a convertible preferred units, no par value; | |||||||||||||||||||||||
no units authorized, issued or outstanding at september 30, 2019; | |||||||||||||||||||||||
6,437,500 units authorized, issued and outstanding at december 31, 2018. | |||||||||||||||||||||||
43,233,387 shares issued and outstanding, at september 30, 2019; | |||||||||||||||||||||||
no shares authorized, issued or outstanding at december 31, 2018. | 4,000 | ||||||||||||||||||||||
common units, no par value; no units authorized, issued or outstanding | |||||||||||||||||||||||
at september 30, 2019; 195,638 units authorized, issued and outstanding at | |||||||||||||||||||||||
december 31, 2018. | |||||||||||||||||||||||
total stockholders’ (deficit) equity | 337,319,000 | ||||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ (deficit) equity | 348,395,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
operating activities | ||||||||||||||||||||||
net income | -83,187,000 | -77,297,000 | -53,530,000 | -39,919,000 | -87,385,000 | -94,322,000 | -79,437,000 | -77,925,000 | -73,420,000 | -74,178,000 | -72,388,000 | -69,050,000 | -61,801,000 | -56,072,000 | -41,041,000 | -47,010,000 | -29,787,000 | 11,272,000 | -21,659,000 | -19,893,000 | -15,294,000 | -16,217,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||
depreciation and amortization expense | 1,101,000 | 1,017,000 | 878,000 | 844,000 | 729,000 | |||||||||||||||||
non-cash operating lease expense | 525,000 | 262,000 | 680,000 | 443,000 | 400,000 | 477,000 | 439,000 | 451,000 | 286,000 | 286,000 | 286,000 | 287,000 | 272,000 | 248,000 | 243,000 | 245,000 | 257,000 | |||||
equity-based compensation expense | 29,948,000 | 26,470,000 | 25,963,000 | 26,245,000 | 30,462,000 | |||||||||||||||||
equity method investment loss and impairment | 6,595,000 | |||||||||||||||||||||
changes in operating assets and liabilities | ||||||||||||||||||||||
accounts receivable | 5,891,000 | -13,266,000 | -8,468,000 | -8,975,000 | -9,599,000 | |||||||||||||||||
inventory | -2,205,000 | -386,000 | -2,108,000 | -2,502,000 | -2,113,000 | |||||||||||||||||
prepaid expenses and other current assets | 347,000 | -336,000 | -477,000 | -747,000 | -1,793,000 | -2,713,000 | -2,770,000 | 2,322,000 | -1,968,000 | -2,204,000 | 2,114,000 | 222,000 | 1,729,000 | -4,308,000 | -887,000 | -111,000 | 697,000 | -2,831,000 | 480,000 | 4,000 | 1,142,000 | -3,020,000 |
other assets | -656,000 | -5,917,000 | -461,000 | -759,000 | -78,000 | -152,000 | -478,000 | 35,000 | -243,000 | -195,000 | 234,000 | -60,000 | 82,000 | -258,000 | -232,000 | 328,000 | -545,000 | -562,000 | 0 | 0 | -281,000 | 363,000 |
accounts payable | 2,861,000 | 2,664,000 | 1,580,000 | 745,000 | -385,000 | 2,065,000 | 2,574,000 | -4,082,000 | -753,000 | 3,006,000 | 2,395,000 | 537,000 | -1,770,000 | 926,000 | -1,406,000 | 1,675,000 | 879,000 | 286,000 | 155,000 | -708,000 | -1,037,000 | 497,000 |
accrued expenses | -29,336,000 | 36,112,000 | 9,248,000 | 1,097,000 | -9,625,000 | 13,963,000 | 5,012,000 | 7,186,000 | -10,255,000 | -217,000 | 8,104,000 | 10,133,000 | -4,695,000 | 1,299,000 | 5,638,000 | 2,618,000 | 357,000 | 3,626,000 | 3,007,000 | 1,670,000 | -2,358,000 | 1,271,000 |
lease liability | -643,000 | -17,995,000 | -493,000 | -491,000 | -568,000 | -430,000 | -417,000 | -55,000 | -391,000 | -558,000 | -111,000 | -146,000 | -44,000 | -349,000 | -342,000 | -342,000 | -355,000 | |||||
net cash from operating activities | -68,759,000 | -29,500,000 | -25,379,000 | -41,790,000 | -78,930,000 | -62,705,000 | -50,461,000 | -47,811,000 | -61,818,000 | -54,200,000 | -19,604,000 | -39,071,000 | -48,688,000 | -46,316,000 | -26,929,000 | -33,528,000 | -21,104,000 | 15,066,000 | -14,700,000 | -16,159,000 | -16,398,000 | -16,063,000 |
investing activities | ||||||||||||||||||||||
capital expenditures | -30,000 | -1,052,000 | -1,847,000 | -975,000 | -577,000 | 2,302,000 | -3,622,000 | -3,088,000 | -2,977,000 | -1,756,000 | -3,528,000 | -2,525,000 | -2,387,000 | -1,504,000 | -335,000 | -132,000 | -45,000 | -54,000 | -167,000 | -261,000 | -160,000 | 0 |
free cash flows | -68,789,000 | -30,552,000 | -27,226,000 | -42,765,000 | -79,507,000 | -60,403,000 | -54,083,000 | -50,899,000 | -64,795,000 | -55,956,000 | -23,132,000 | -41,596,000 | -51,075,000 | -47,820,000 | -27,264,000 | -33,660,000 | -21,149,000 | 15,012,000 | -14,867,000 | -16,420,000 | -16,558,000 | -16,063,000 |
equity method investment | 0 | 0 | 0 | -8,235,000 | ||||||||||||||||||
purchases of marketable securities | -80,844,000 | -45,025,000 | -85,590,000 | -73,642,000 | -266,448,000 | -96,664,000 | -144,464,000 | -68,148,000 | -413,097,000 | 0 | -44,711,000 | -23,242,000 | -86,560,000 | -77,966,000 | -54,524,000 | -86,373,000 | -250,727,000 | -127,396,000 | ||||
proceeds from sale and maturity of marketable securities | 73,423,000 | 101,041,000 | 75,520,000 | 98,104,000 | 103,917,000 | |||||||||||||||||
net cash from investing activities | 73,393,000 | 14,145,000 | 28,648,000 | 289,000 | 21,463,000 | -159,205,000 | 34,599,000 | 60,756,000 | 98,604,000 | -355,010,000 | 86,232,000 | 26,757,000 | 26,424,000 | 56,181,000 | 35,785,000 | 22,544,000 | -30,918,000 | -222,781,000 | -127,563,000 | -68,328,000 | -160,000 | -130,000 |
financing activities | ||||||||||||||||||||||
treasury stock | -12,869,000 | -523,000 | -499,000 | -919,000 | -6,497,000 | -253,000 | -264,000 | -352,000 | -1,931,000 | 0 | -212,000 | |||||||||||
proceeds from stock option exercises | 2,260,000 | 1,176,000 | 1,790,000 | 4,290,000 | 5,945,000 | 24,000 | 22,000 | 10,000 | 83,000 | 298,000 | 377,000 | 135,000 | 1,167,000 | 244,000 | 425,000 | 129,000 | 359,000 | 381,000 | 428,000 | 78,000 | 6,000 | 20,000 |
net cash from financing activities | -10,609,000 | 653,000 | 1,291,000 | 3,371,000 | -552,000 | 299,071,000 | -242,000 | -342,000 | -1,848,000 | 298,000 | 340,231,000 | -88,000 | 261,000 | 244,000 | 425,000 | 129,000 | 359,000 | 269,973,000 | 428,000 | 78,000 | 6,000 | 20,000 |
net increase in cash and cash equivalents | -5,975,000 | -14,702,000 | 4,560,000 | -38,130,000 | -58,019,000 | 77,161,000 | -16,104,000 | 12,603,000 | 34,938,000 | -10,855,000 | -51,663,000 | 62,258,000 | -141,835,000 | -84,409,000 | -16,552,000 | -16,173,000 | ||||||
cash and cash equivalents including restricted cash, beginning of period | 70,375,000 | 0 | 0 | 0 | 176,666,000 | 0 | 0 | 0 | 68,068,000 | 0 | 0 | 0 | 104,526,000 | 0 | 0 | 0 | 147,654,000 | 0 | 0 | 0 | 328,192,000 | |
cash and cash equivalents including restricted cash, end of period | 64,400,000 | -14,702,000 | 4,560,000 | -38,130,000 | 118,647,000 | 77,161,000 | -16,104,000 | 12,603,000 | 103,006,000 | -408,912,000 | 406,859,000 | -12,402,000 | 82,523,000 | 10,109,000 | 9,281,000 | -10,855,000 | 95,991,000 | 62,258,000 | -141,835,000 | -84,409,000 | 311,640,000 | |
supplemental non-cash disclosure | ||||||||||||||||||||||
milestone payment for first commercial sale of gomekli included in accrued expenses as of march 31, 2025 | 6,000,000 | |||||||||||||||||||||
equity method investment loss | 1,390,000 | 1,809,000 | 1,776,000 | 1,025,000 | ||||||||||||||||||
deferred revenue | 17,782,000 | 0 | ||||||||||||||||||||
payment for intangible asset | -5,000,000 | 0 | ||||||||||||||||||||
proceeds from issuance of common stock in underwritten public offering, net of issuance costs | ||||||||||||||||||||||
proceeds from issuance of common stock to gsk | 0 | |||||||||||||||||||||
proceeds from issuance of common stock in private placement, net of issuance costs | 0 | |||||||||||||||||||||
proceeds from issuance of common stock under at-the-market offering, net of issuance costs | 0 | |||||||||||||||||||||
right-of-use assets obtained in exchange for operating lease obligations | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
milestone payment for first commercial sale of ogsiveo included in accrued expenses as of december 31, 2023 | ||||||||||||||||||||||
non-cash investing activities | ||||||||||||||||||||||
other liabilities | ||||||||||||||||||||||
depreciation expense | 494,000 | 382,000 | 253,000 | 255,000 | 212,000 | 190,000 | 108,000 | 146,000 | 119,000 | 115,000 | 110,000 | 110,000 | 95,000 | 74,000 | 70,000 | 65,000 | ||||||
stock compensation expense | 23,098,000 | 22,974,000 | 23,395,000 | 18,924,000 | 18,518,000 | 18,429,000 | 17,094,000 | 11,882,000 | 10,712,000 | 8,795,000 | 7,055,000 | 3,042,000 | 3,043,000 | 2,599,000 | 1,350,000 | 950,000 | ||||||
equity investment loss | 1,024,000 | 901,000 | 1,278,000 | 680,000 | 1,486,000 | 387,000 | 337,000 | 301,000 | 267,000 | 159,000 | 261,000 | 146,000 | 130,000 | 229,000 | 100,000 | 113,000 | ||||||
equity investments | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
proceeds from sale and maturity of debt securities | 134,885,000 | 208,308,000 | 172,529,000 | 59,843,000 | 89,760,000 | 78,193,000 | 52,053,000 | 144,245,000 | 114,086,000 | 77,200,000 | 55,500,000 | |||||||||||
equity investment | -2,800,000 | |||||||||||||||||||||
proceeds from issuance of common stock upon closing of follow-on offering, net of issuance costs | ||||||||||||||||||||||
net decrease in cash and cash equivalents | -12,402,000 | -22,003,000 | ||||||||||||||||||||
supplemental non-cash items not included above resulting from the adoption of asc 842 | ||||||||||||||||||||||
initial recognition of operating lease right of use asset | ||||||||||||||||||||||
initial recognition of lease liabilities | ||||||||||||||||||||||
other long-term liabilities | -131,000 | 0 | 0 | -33,000 | 68,000 | |||||||||||||||||
shares of common stock repurchased to satisfy tax withholding obligations | -906,000 | |||||||||||||||||||||
deferred rent | -91,000 | -90,000 | -90,000 | -85,000 | ||||||||||||||||||
proceeds from issuance of common stock, net of issuance costs | 0 | |||||||||||||||||||||
proceeds from issuance of series a convertible preferred shares, net of issuance costs | 0 | |||||||||||||||||||||
proceeds from issuance of series b convertible preferred shares, net of issuance costs | 0 | |||||||||||||||||||||
other | ||||||||||||||||||||||
| ||||||||||||||||||||||
unrealized loss on marketable securities | ||||||||||||||||||||||
non-cash license expense | ||||||||||||||||||||||
purchases of property and equipment | ||||||||||||||||||||||
investment in mapkure | ||||||||||||||||||||||
cash and cash equivalents, beginning of period | ||||||||||||||||||||||
cash and cash equivalents, end of period |