0001773427-24-000033 | 10-Q | XBRL Viewer | Springworks Therapeutics INC

Equity-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

2019 Equity Incentive Plan

The Company's 2019 Stock Option and Incentive Plan, or 2019 Equity Incentive Plan, provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards and dividend equivalent rights to the Company’s officers, employees, directors and other key persons (including consultants). The number of shares available for issuance under the 2019 Equity Incentive Plan is cumulatively increased each January 1, through and including January 1, 2030, by 5% of the number of shares of Common Stock outstanding on the immediately preceding December 31 or such lesser number of shares as determined by the compensation committee of the Company’s board of directors.

As of September 30, 2024, there were 3,518,295 shares available for issuance in connection with future awards under the 2019 Equity Incentive Plan.

Equity-Based Awards

During the nine months ended September 30, 2024, the Company granted 2,448,123 stock option awards to its officers, employees and directors under the 2019 Equity Incentive Plan.

During the nine months ended September 30, 2024, the Company awarded 1,284,075 restricted stock units to its officers, employees and directors under the 2019 Equity Incentive Plan.

During the nine months ended September 30, 2024, 80,796 restricted stock awards previously issued to employees of the Company were released, 514,760 restricted stock units vested and 533,442 stock options were exercised. As of September 30, 2024, there were 7,977,198 stock options vested and exercisable.

Performance Stock Units

On January 4, 2024, the Company’s Chief Executive Officer, or CEO, was granted 88,000 performance based restricted stock units (the target amount) that are subject to a total shareholder return, or TSR, market condition based on the Company’s relative TSR percentile rank compared to companies in the NASDAQ Biotechnology Index during the performance period, and are eligible to be earned and vested from 0% to 150% of the target amount.

Equity-based compensation expense included in the condensed consolidated statements of operations for each of the periods presented is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Research and development	$	8,481	$	8,502	$	29,690	$	25,976
Selling, general and administrative	17,482		14,597		52,980		43,491
Total equity-based compensation expense	$	25,963	$	23,099	$	82,670	$	69,467

As of September 30, 2024, the unrecognized compensation expense related to unvested stock options, restricted stock units, performance stock units and restricted stock awards was $114.3 million, $50.7 million, $6.1 million and $0.2 million, respectively, which is expected to be recognized over a weighted-average remaining period of approximately 2.35 years, 1.83 years, 1.57 years and less than one year, respectively.

As of September 30, 2024, the Company had 12,802,129 stock options outstanding, 2,035,609 unvested restricted stock units, 372,362 unvested performance stock units and 21,223 unvested restricted stock awards.

Net Loss per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of potential common shares not included in the calculation of the diluted net loss per share

The table below provides potentially dilutive securities not included in the computation of the diluted net loss per share for the periods ended September 30, 2024 and September 30, 2023 because to do so would be anti-dilutive:


	As of September 30,
	2024	2023
Common stock options issued and outstanding	12,802,129	11,540,679
Restricted stock units subject to future vesting	2,035,609	1,736,109
Performance stock units subject to future vesting	372,362	—
Restricted stock awards subject to future vesting	21,223	125,615
Total potentially dilutive securities	15,231,323	13,402,403

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common	Treasury	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 558,192	$ 6	$ (1,341)	$ 1,130,224	$ (767)	$ (569,930)
Beginning balance (in shares) at Dec. 31, 2022		62,453,328
Beginning balance (in shares) at Dec. 31, 2022			30,199
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense	69,467			69,467
Forfeitures of restricted stock awards (in shares)		(15,485)
Restricted stock units vested (in shares)		219,142
Exercise of stock options	115			115
Exercise of stock options (in shares)		41,881
Shares of common stock used to satisfy tax withholding obligations (in shares)			93,601
Shares of common stock used to satisfy tax withholding obligations	(2,547)		$ (2,547)
Other comprehensive income (loss), net of tax	454				454
Net loss	(230,782)					(230,782)
Ending balance at Sep. 30, 2023	394,899	$ 6	$ (3,888)	1,199,806	(313)	(800,712)
Ending balance (in shares) at Sep. 30, 2023		62,698,866
Ending balance (in shares) at Sep. 30, 2023			123,800
Beginning balance at Jun. 30, 2023	451,441	$ 6	$ (3,624)	1,176,686	(352)	(721,275)
Beginning balance (in shares) at Jun. 30, 2023		62,679,065
Beginning balance (in shares) at Jun. 30, 2023			114,630
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense	23,099			23,099
Forfeitures of restricted stock awards (in shares)		(3,939)
Restricted stock units vested (in shares)		17,272
Exercise of stock options	21			21
Exercise of stock options (in shares)		6,468
Shares of common stock used to satisfy tax withholding obligations (in shares)			9,170
Shares of common stock used to satisfy tax withholding obligations	(264)		$ (264)
Other comprehensive income (loss), net of tax	39				39
Net loss	(79,437)					(79,437)
Ending balance at Sep. 30, 2023	394,899	$ 6	$ (3,888)	1,199,806	(313)	(800,712)
Ending balance (in shares) at Sep. 30, 2023		62,698,866
Ending balance (in shares) at Sep. 30, 2023			123,800
Beginning balance at Dec. 31, 2023	$ 626,219	$ 7	$ (4,141)	1,524,196	1,191	(895,034)
Beginning balance (in shares) at Dec. 31, 2023	73,486,699	73,620,361
Beginning balance (in shares) at Dec. 31, 2023	133,662		133,662
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense	$ 82,670			82,670
Forfeitures of restricted stock awards (in shares)		(4,815)
Restricted stock units vested (in shares)		514,760
Exercise of stock options	12,025			12,025
Exercise of stock options (in shares)		533,442
Shares of common stock used to satisfy tax withholding obligations (in shares)			194,807
Shares of common stock used to satisfy tax withholding obligations	(7,915)		$ (7,915)
Other comprehensive income (loss), net of tax	416				416
Net loss	(180,834)					(180,834)
Ending balance at Sep. 30, 2024	$ 532,581	$ 7	$ (12,056)	1,618,891	1,607	(1,075,868)
Ending balance (in shares) at Sep. 30, 2024	74,335,279	74,663,748
Ending balance (in shares) at Sep. 30, 2024	194,807		328,469
Beginning balance at Jun. 30, 2024	$ 556,730	$ 7	$ (11,557)	1,591,138	(520)	(1,022,338)
Beginning balance (in shares) at Jun. 30, 2024		74,571,844
Beginning balance (in shares) at Jun. 30, 2024			315,458
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense	25,963			25,963
Forfeitures of restricted stock awards (in shares)		(1,392)
Restricted stock units vested (in shares)		28,815
Exercise of stock options	1,790			1,790
Exercise of stock options (in shares)		64,481
Shares of common stock used to satisfy tax withholding obligations (in shares)			13,011
Shares of common stock used to satisfy tax withholding obligations	(499)		$ (499)
Other comprehensive income (loss), net of tax	2,127				2,127
Net loss	(53,530)					(53,530)
Ending balance at Sep. 30, 2024	$ 532,581	$ 7	$ (12,056)	$ 1,618,891	$ 1,607	$ (1,075,868)
Ending balance (in shares) at Sep. 30, 2024	74,335,279	74,663,748
Ending balance (in shares) at Sep. 30, 2024	194,807		328,469

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of financial assets subject to fair value measurements

As of September 30, 2024 and December 31, 2023, the Company's financial assets and liabilities measured at fair value on a recurring basis consisted of the following:


	As of September 30, 2024
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3
Financial instruments carried at fair value (asset position):
Cash equivalents:
Money market funds	$	54,605	$	54,605	$	—	$	—

Short-term investments:
U.S. government securities	192,557		192,557		—		—

Corporate debt securities	40,256		—		40,256		—
Commercial paper	59,350		—		59,350		—
Long-term investments:
U.S. government securities	77,393		77,393		—		—
Corporate debt securities	44,111		—		44,111		—
Total	$	468,272	$	324,555	$	143,717	$	—


	As of December 31, 2023
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3
Financial instruments carried at fair value (asset position):
Cash equivalents:
Money market funds	$	14,434	$	14,434	$	—	$	—
Commercial paper	49,631		—		49,631		—
Short-term investments:
U.S. government securities	228,791		228,791		—		—
Corporate debt securities	9,631		—		9,631		—
Commercial paper	64,727		—		64,727		—
Long-term investments:
U.S. government securities	141,857		141,857		—		—
Corporate debt securities	41,529		—		41,529		—
Total	$	550,600	$	385,082	$	165,518	$	—

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company enters into contracts in the normal course of business for clinical trials, preclinical studies, manufacturing and other services and products for operating purposes. These contracts generally provide for termination following a certain period after notice and therefore the Company believes that non-cancelable obligations under these agreements are not material. Additionally, the Company has excluded milestone or royalty payments or other contractual payment obligations as the timing and amounts of such obligations are unknown or uncertain. Contingencies From time to time, the Company may be involved in disputes or regulatory inquiries that arise in the ordinary course of business. When the Company determines that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to the financial statements taken as a whole. When a material loss contingency is only reasonably possible, the Company does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can reasonably be made. As of September 30, 2024, there was no litigation or contingency with at least a reasonable possibility of a material loss.

Commitments and Contingencies - Narrative (Details)	9 Months Ended
Commitments and Contingencies - Narrative (Details)	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Litigation or contingency expense	$ 0

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurements
Total financial assets	$ 468,272	$ 550,600
U.S. government securities
Fair Value Measurements
Short-term investments	192,557	228,791
Long term investments	77,393	141,857
Corporate debt securities
Fair Value Measurements
Short-term investments	40,256	9,631
Long term investments	44,111	41,529
Commercial paper
Fair Value Measurements
Short-term investments	59,350	64,727
Money market funds
Fair Value Measurements
Cash equivalents	54,605	14,434
Commercial paper
Fair Value Measurements
Cash equivalents		49,631
Level 1
Fair Value Measurements
Total financial assets	324,555	385,082
Level 1 \| U.S. government securities
Fair Value Measurements
Short-term investments	192,557	228,791
Long term investments	77,393	141,857
Level 1 \| Corporate debt securities
Fair Value Measurements
Short-term investments	0	0
Long term investments	0	0
Level 1 \| Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 1 \| Money market funds
Fair Value Measurements
Cash equivalents	54,605	14,434
Level 1 \| Commercial paper
Fair Value Measurements
Cash equivalents		0
Level 2
Fair Value Measurements
Total financial assets	143,717	165,518
Level 2 \| U.S. government securities
Fair Value Measurements
Short-term investments	0	0
Long term investments	0	0
Level 2 \| Corporate debt securities
Fair Value Measurements
Short-term investments	40,256	9,631
Long term investments	44,111	41,529
Level 2 \| Commercial paper
Fair Value Measurements
Short-term investments	59,350	64,727
Level 2 \| Money market funds
Fair Value Measurements
Cash equivalents	0	0
Level 2 \| Commercial paper
Fair Value Measurements
Cash equivalents		49,631
Level 3
Fair Value Measurements
Total financial assets	0	0
Level 3 \| U.S. government securities
Fair Value Measurements
Short-term investments	0	0
Long term investments	0	0
Level 3 \| Corporate debt securities
Fair Value Measurements
Short-term investments	0	0
Long term investments	0	0
Level 3 \| Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 3 \| Money market funds
Fair Value Measurements
Cash equivalents	$ 0	0
Level 3 \| Commercial paper
Fair Value Measurements
Cash equivalents		$ 0

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 27, 2024. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses, valuation of equity-based compensation awards and variable consideration and other relevant inputs impacting the gross to net revenue recognition adjustments. Management bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. On an ongoing basis, management evaluates its estimates, and adjusts those estimates and assumptions when facts or circumstances change. Changes in estimates are recorded in the period in which they become known. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 3 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 27, 2024. There have been no significant changes in the Company’s significant accounting policies from those disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 27, 2024. Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material impact on the Company's financial statements. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. The effective date for the standard is for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 on a retrospective basis. The Company is currently evaluating the effect of this pronouncement on its disclosures.

Collaboration, Licensing and Variable Interest Entities (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended						3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Equity Method Investments
Additional investment									$ 8,235	$ 2,800
Equity method investment							$ 5,580		5,580		$ 1,955
Unfunded obligation							12,400		12,400
Equity method investment loss							$ 1,809	$ 1,024	$ 4,610	3,203
Common stock, par value (usd per share)							$ 0.0001		$ 0.0001		$ 0.0001
Common stock issued							$ 7		$ 7		$ 7
GSK \| Private Placement
Schedule of Equity Method Investments
Sale of stock (in shares)			2,050,819
Common stock, par value (usd per share)			$ 0.0001
Sale of stock, consideration received on transaction			$ 75,000
Sale of stock, price per share (usd per share)			$ 36.57
Premium rate paid on weighted average share price (percent)			25.00%
Premium term			30 days
Common stock issued			$ 55,500
Other liabilities			$ 19,500				19,500		19,500
MapKure
Schedule of Equity Method Investments
Equity method investment							5,600		5,600
Equity method investment loss							1,800	$ 1,000	4,600	$ 3,200
Equity method investment, maximum risk exposure							$ 18,000		$ 18,000
Series B Preferred Stock \| MapKure
Schedule of Equity Method Investments
Shares acquired (in shares)				4,200,000
Additional investment		$ 2,800		$ 4,200
Purchase obligation (in shares)		2,800,000
Series A Preferred units \| MapKure
Schedule of Equity Method Investments
Shares acquired (in shares)					3,500,000	3,500,000
Additional investment					$ 3,500	$ 3,500
Series C Preferred Stock \| MapKure
Schedule of Equity Method Investments
Shares acquired (in shares)	8,235,200
Additional investment	$ 8,200
Purchase obligation (in shares)	6,176,400
Unfunded obligation	$ 6,200
Ownership interest (in percent)							39.70%		39.70%

Collaboration, Licensing and Variable Interest Entities	9 Months Ended
Collaboration, Licensing and Variable Interest Entities	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Collaboration, Licensing and Variable Interest Entities	Collaboration, Licensing and Variable Interest Entities MapKure In June 2019, the Company announced the formation of MapKure LLC, or MapKure, an entity jointly owned by the Company and BeiGene Ltd., or BeiGene. BeiGene licensed to MapKure exclusive rights to brimarafenib (BGB-3245), an investigational oral, small molecule selective inhibitor of specific BRAF driver mutations and genetic fusions. MapKure is advancing brimarafenib through clinical development for solid tumor patients harboring BRAF driver mutations and genetic fusions that were observed to be sensitive to the compound in preclinical studies. In addition to the Company’s equity ownership in MapKure, the Company maintains a member on each of MapKure’s joint steering committee and board of directors. The Company also contributes to clinical development and other operational activities for brimarafenib through a service agreement with MapKure. In June 2019, the Company purchased 3,500,000 Series A preferred units of MapKure for $3.5 million and in June 2020, the Company purchased an additional 3,500,000 Series A preferred units of MapKure for $3.5 million, each pursuant to the terms of the Series A preferred unit purchase agreement. In June 2022, the Company made an additional investment in MapKure and purchased 4,200,000 Series B preferred units of MapKure for $4.2 million and in January 2023, the Company purchased an additional 2,800,000 Series B preferred units of MapKure for $2.8 million, pursuant to the terms of the Series B preferred unit purchase agreement. In January 2024, the Company made an additional investment in MapKure and purchased 8,235,200 Series C preferred units of MapKure for $8.2 million, pursuant to the terms of a Series C preferred unit purchase agreement. The Company is required to make subsequent purchases at each of the second and third closings established by such agreement, in each case for an additional 6,176,400 Series C preferred units of MapKure for $6.2 million. As of September 30, 2024, the Company’s ownership interest in MapKure was 39.7%. The Company determined that MapKure is a variable interest entity. The Company is not the primary beneficiary, as the Company does not have the power to direct the activities that most significantly impact the economic performance of MapKure. Accordingly, the Company does not consolidate the financial statements of this entity and accounts for this investment using the equity method of accounting based on a one quarter lag. The Company recognized an equity loss of $1.8 million and $4.6 million for the three and nine months ended September 30, 2024, respectively, and $1.0 million and $3.2 million for the three and nine months ended September 30, 2023, respectively. The Company’s ownership interest in MapKure is included in Equity method investments. As of September 30, 2024, the Company’s maximum exposure to loss as a result of the Company’s involvement with MapKure is $18.0 million, representing the carrying value of the investment of $5.6 million plus the unfunded obligation of $12.4 million. GSK Expanded Non-exclusive License and Collaboration Agreement In September 2022, the Company announced an expansion of its non-exclusive clinical collaboration with GSK plc, formerly GlaxoSmithKline plc, which originally commenced in June 2019. The announcement coincided with the entry by the Company and GlaxoSmithKline Intellectual Property Development Ltd, or GSK, into an amended and restated collaboration and license agreement, or the GSK License Agreement, for the potential continued development and commercialization of nirogacestat in combination with either belantamab mafodotin (belamaf), GSK’s antibody-drug conjugate, or ADC, targeting B-cell maturation antigen, or BCMA, or any other cytotoxic ADC targeting BCMA derived from belantamab that is controlled by GSK, either alone as a combination therapy, or together with other pharmaceutical agents. Pursuant to the terms of the GSK License Agreement and concurrent with the execution of such agreement, the Company entered into a Stock Purchase Agreement with an affiliate of GSK, Glaxo Group Limited, or GGL, under which GGL purchased 2,050,819 shares of the Company’s Common Stock, par value $0.0001 per share, or Common Stock, in a private placement transaction for an aggregate purchase price of approximately $75.0 million, or $36.57 per share. The shares were sold at a 25% premium to the volume-weighted average share price of the Common Stock for a specified 30-day period prior to entering into the Stock Purchase Agreement. The fair value of the Common Stock based on the closing price of Common Stock on the day prior to the effective date of the Stock Purchase Agreement was $55.5 million and was recorded to equity. The $19.5 million of consideration received in excess of the fair value of the Common Stock represented consideration for the license for the potential continued development and commercialization of nirogacestat in combination with GSK compounds, together with the clinical supply of nirogacestat for future belamaf clinical trials and certain research and development costs associated with nirogacestat. The Company recorded the $19.5 million as deferred revenue in September of 2022, and determined that the Company would recognize revenue as the corresponding performance obligations were satisfied in proportion to expenses incurred, including clinical supply and research and development expenses, associated with the GSK License Agreement. On June 6, 2024, the Company announced that it received notice of termination of the GSK License Agreement from GSK. The termination becomes effective 180 days after the date of receipt of the notice of termination. Once the termination becomes effective, the non-exclusive licenses granted by the Company to GSK under the GSK License Agreement will terminate. Termination of the GSK License Agreement does not trigger any payment obligations on the part of the Company or any other material costs. As a result of the termination, the Company fully recognized all previously deferred revenue associated with the GSK License Agreement during the quarter ended June 30, 2024. The $19.5 million recognized is classified as “Other Revenue” in the condensed consolidated statement of operations.

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
	Jan. 04, 2024	Sep. 30, 2024	Dec. 31, 2019
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (percent)	150.00%
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)		514,760
CEO \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	88,000
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of annual increase in the shares			5.00%
Shares available for future issuance (in shares)		3,518,295
2019 Equity Incentive Plan \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expense related to restricted stock awards		$ 50.7
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)		1 year 9 months 29 days
Unvested restricted stock award outstanding (in shares)		2,035,609
2019 Equity Incentive Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Exercise of stock options (in shares)		533,442
Stock options vested and exercisable (in shares)		7,977,198
Unrecognized compensation expense related to unvested stock options		$ 114.3
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)		2 years 4 months 6 days
Stock options outstanding (in shares)		12,802,129
2019 Equity Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expense related to restricted stock awards		$ 0.2
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)		1 year
Unvested restricted stock award outstanding (in shares)		21,223
2019 Equity Incentive Plan \| Restricted Stock \| Employees
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)		80,796
2019 Equity Incentive Plan \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expense related to restricted stock awards		$ 6.1
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)		1 year 6 months 25 days
Unvested restricted stock award outstanding (in shares)		372,362
2019 Equity Incentive Plan \| Executive Officers and Employees \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)		1,284,075
2019 Equity Incentive Plan \| Executive Officers and Employees \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		2,448,123

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of accrued expenses

Accrued expenses consists of the following:


	September 30,		December 31,
(in thousands)	2024		2023
Accrued compensation and benefits	$	20,311	$	26,047
Accrued research and development	14,223		15,129
Accrued milestone	5,000		11,250
Accrued other	20,199		13,143
Total accrued expenses	$	59,733	$	65,569

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	74,663,748	73,620,361
Common stock, shares outstanding (in shares)	74,335,279	73,486,699
Treasury stock (in shares)	194,807	133,662

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Product revenue, net	$ 49,301	$ 0	$ 110,493	$ 0
Other revenue	0	0	19,547	0
Total revenue	49,301	0	130,040	0
Operating costs and expenses:
Cost of product revenue	3,341	0	6,996	0
Selling, general and administrative	61,601	46,546	179,553	137,715
Research and development	42,296	37,453	140,280	106,835
Total operating costs and expenses	107,238	83,999	326,829	244,550
Loss from operations	(57,937)	(83,999)	(196,789)	(244,550)
Interest and other income:
Interest and other income, net	6,216	5,586	20,565	16,971
Total interest and other income	6,216	5,586	20,565	16,971
Equity method investment loss	(1,809)	(1,024)	(4,610)	(3,203)
Net loss	$ (53,530)	$ (79,437)	$ (180,834)	$ (230,782)
Net loss per share, basic (usd per share)	$ (0.72)	$ (1.27)	$ (2.44)	$ (3.70)
Net loss per share, diluted (usd per share)	$ (0.72)	$ (1.27)	$ (2.44)	$ (3.70)
Weighted average number of shares outstanding, basic (in shares)	74,264,501	62,521,772	74,052,151	62,386,496
Weighted average number of shares outstanding, diluted (in shares)	74,264,501	62,521,772	74,052,151	62,386,496
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]	Product [Member]	Product [Member]

Equity-Based Compensation - Equity-based compensation expense related to restricted stock and stock options (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Total equity-based compensation expense	$ 25,963	$ 23,099	$ 82,670	$ 69,467
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Total equity-based compensation expense	8,481	8,502	29,690	25,976
Selling, general and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount
Total equity-based compensation expense	$ 17,482	$ 14,597	$ 52,980	$ 43,491

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39044
Entity Registrant Name	SPRINGWORKS THERAPEUTICS, INC.
Entity Incorporation, State	DE
Entity Tax Identification Number	83-4066827
Entity Address, Street	100 Washington Blvd
Entity Address, City	Stamford
Entity Address, State	CT
Entity Address, Zip Code	06902
City Area Code	203
Local Phone Number	883-9490
Title of each class	Common Stock, par value $0.0001 per share
Trading Symbol(s)	SWTX
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,386,403
Entity Central Index Key	0001773427
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of available-for-sale marketable securities

The following table summarizes the Company’s available-for-sale marketable securities as of September 30, 2024 and December 31, 2023:


	As of September 30, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	191,957	$	600	$	—	$	192,557
Corporate debt securities	40,063		193		—		40,256
Commercial paper	59,350		—		—		59,350
Long-term investments:
U.S. government securities	77,101		292		—		77,393
Corporate debt securities	43,589		522		—		44,111
Total	$	412,060	$	1,607	$	—	$	413,667


	As of December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	228,579	$	212	$	—	$	228,791
Corporate debt securities	9,629		2		—		9,631
Commercial paper	64,724		3		—		64,727
Long-term investments:
U.S. government securities	141,102		755		—		141,857
Corporate debt securities	41,310		219		—		41,529
Total	$	485,344	$	1,191	$	—	$	486,535

Net Loss per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss per Share

Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share are the same. The table below provides potentially dilutive securities not included in the computation of the diluted net loss per share for the periods ended September 30, 2024 and September 30, 2023 because to do so would be anti-dilutive:


	As of September 30,
	2024	2023
Common stock options issued and outstanding	12,802,129	11,540,679
Restricted stock units subject to future vesting	2,035,609	1,736,109
Performance stock units subject to future vesting	372,362	—
Restricted stock awards subject to future vesting	21,223	125,615
Total potentially dilutive securities	15,231,323	13,402,403

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of equity-based compensation expense related to restricted stock and stock options

Equity-based compensation expense included in the condensed consolidated statements of operations for each of the periods presented is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Research and development	$	8,481	$	8,502	$	29,690	$	25,976
Selling, general and administrative	17,482		14,597		52,980		43,491
Total equity-based compensation expense	$	25,963	$	23,099	$	82,670	$	69,467

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (180,834)	$ (230,782)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	2,451	1,129
Non-cash operating lease expense	1,523	1,176
Equity-based compensation expense	82,670	69,467
Equity method investment loss	4,610	3,203
Changes in operating assets and liabilities
Accounts receivable, net	(27,042)	0
Inventory	(6,723)	0
Prepaid expenses and other current assets	(3,017)	(2,416)
Other assets	(1,298)	(686)
Accounts payable	1,940	(2,261)
Accrued expenses	720	1,943
Deferred revenue	(19,547)	0
Lease liability	(1,552)	(863)
Net cash used in operating activities	(146,099)	(160,090)
Investing activities
Capital expenditures	(3,399)	(9,687)
Payment for intangible asset	(11,250)	0
Equity method investment	(8,235)	(2,800)
Purchases of marketable securities	(204,257)	(309,276)
Proceeds from sale and maturity of marketable securities	277,541	515,722
Net cash provided by investing activities	50,400	193,959
Financing activities
Treasury stock	(7,915)	(2,547)
Proceeds from stock option exercises	12,025	115
Net cash provided by (used in) financing activities	4,110	(2,432)
Net (decrease) increase in cash and cash equivalents	(91,589)	31,437
Cash and cash equivalents including Restricted cash, beginning of period	176,666	68,068
Cash and cash equivalents including Restricted cash, end of period	85,077	99,505
Non-cash investing activities
Right-of-use assets obtained in exchange for operating lease obligations	$ 877	$ 2,637

Net Loss per Share (Details) - shares	9 Months Ended
Net Loss per Share (Details) - shares	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	15,231,323	13,402,403
Common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	12,802,129	11,540,679
Restricted stock units subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	2,035,609	1,736,109
Performance stock units subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	372,362	0
Restricted stock awards subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	21,223	125,615

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 84,456	$ 176,053
Marketable securities	292,163	303,149
Accounts receivable, net	32,972	5,930
Inventory	9,826	3,103
Prepaid expenses and other current assets	15,694	12,677
Total current assets	435,111	500,912
Long-term marketable securities	121,504	183,386
Property and equipment, net	19,336	17,943
Operating lease right-of-use assets	6,026	6,144
Equity method investment	5,580	1,955
Restricted cash	621	613
Other assets	20,700	14,835
Total assets	608,878	725,788
Current liabilities:
Accounts payable	9,654	7,396
Accrued expenses	59,733	65,569
Operating lease liabilities, current	1,226	1,061
Deferred revenue, current	0	4,144
Total current liabilities	70,613	78,170
Operating lease liabilities, long-term	5,684	5,996
Deferred revenue, long-term	0	15,403
Total liabilities	76,297	99,569
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding at September 30, 2024 and December 31, 2023.	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized, 74,663,748 and 73,620,361 shares issued and 74,335,279 and 73,486,699 shares outstanding at September 30, 2024 and December 31, 2023, respectively.	7	7
Additional paid-in capital	1,618,891	1,524,196
Accumulated deficit	(1,075,868)	(895,034)
Treasury stock, at cost (194,807 and 133,662 shares of common stock at September 30, 2024 and December 31, 2023, respectively).	(12,056)	(4,141)
Accumulated other comprehensive (loss) income	1,607	1,191
Total stockholders’ equity	532,581	626,219
Total liabilities and stockholders’ equity	$ 608,878	$ 725,788

Accrued Expenses

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consists of the following:


	September 30,		December 31,
(in thousands)	2024		2023
Accrued compensation and benefits	$	20,311	$	26,047
Accrued research and development	14,223		15,129
Accrued milestone	5,000		11,250
Accrued other	20,199		13,143
Total accrued expenses	$	59,733	$	65,569

Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable securities:
Amortized Cost	$ 412,060	$ 485,344
Gross Unrealized Gains	1,607	1,191
Gross Unrealized Losses	0	0
Estimated Fair Value	413,667	486,535
U.S. government securities
Marketable securities:
Amortized Cost	191,957	228,579
Gross Unrealized Gains	600	212
Gross Unrealized Losses	0	0
Estimated Fair Value	192,557	228,791
Commercial paper
Marketable securities:
Amortized Cost	59,350	64,724
Gross Unrealized Gains	0	3
Gross Unrealized Losses	0	0
Estimated Fair Value	59,350	64,727
Short-term investments: \| Corporate debt securities
Marketable securities:
Amortized Cost	40,063	9,629
Gross Unrealized Gains	193	2
Gross Unrealized Losses	0	0
Estimated Fair Value	40,256	9,631
Long-term investments: \| U.S. government securities
Marketable securities:
Amortized Cost	77,101	141,102
Gross Unrealized Gains	292	755
Gross Unrealized Losses	0	0
Estimated Fair Value	77,393	141,857
Long-term investments: \| Corporate debt securities
Marketable securities:
Amortized Cost	43,589	41,310
Gross Unrealized Gains	522	219
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 44,111	$ 41,529

Nature of Operations	9 Months Ended
Nature of Operations	Sep. 30, 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, one product candidate under regulatory review for approval, 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 $1.1 billion and $895.0 million, and working capital of $364.5 million and $422.7 million, as of September 30, 2024 and December 31, 2023, respectively. For the three and nine months ended September 30, 2024, the Company recorded net product revenue of $49.3 million and $110.5 million, respectively, from sales of OGSIVEO. The Company had cash, cash equivalents and marketable securities of $498.1 million and $662.6 million as of September 30, 2024 and December 31, 2023, respectively. Based on the Company’s cash, cash equivalents and marketable securities as of September 30, 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.

Nature of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Nature of Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 1,075,868		$ 1,075,868		$ 895,034
Working capital	364,500		364,500		422,700
Cash, cash equivalents and marketable securities	498,100		498,100		$ 662,600
Revenue
Product revenue, net	49,301	$ 0	110,493	$ 0
OGSIVEO
Revenue
Product revenue, net	$ 49,300		$ 110,500

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 27, 2024. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses, valuation of equity-based compensation awards and variable consideration and other relevant inputs impacting the gross to net revenue recognition adjustments. Management bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. On an ongoing basis, management evaluates its estimates, and adjusts those estimates and assumptions when facts or circumstances change. Changes in estimates are recorded in the period in which they become known.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material impact on the Company's financial statements.

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 20,311	$ 26,047
Accrued research and development	14,223	15,129
Accrued milestone	5,000	11,250
Accrued other	20,199	13,143
Total accrued expenses	$ 59,733	$ 65,569

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (53,530)	$ (79,437)	$ (180,834)	$ (230,782)
Changes in other comprehensive income:
Unrealized gain on marketable securities, net	2,127	39	416	454
Total changes in other comprehensive income	2,127	39	416	454
Comprehensive loss	$ (51,403)	$ (79,398)	$ (180,418)	$ (230,328)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of September 30, 2024 and December 31, 2023:


	As of September 30, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	191,957	$	600	$	—	$	192,557
Corporate debt securities	40,063		193		—		40,256
Commercial paper	59,350		—		—		59,350
Long-term investments:
U.S. government securities	77,101		292		—		77,393
Corporate debt securities	43,589		522		—		44,111
Total	$	412,060	$	1,607	$	—	$	413,667


	As of December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	228,579	$	212	$	—	$	228,791
Corporate debt securities	9,629		2		—		9,631
Commercial paper	64,724		3		—		64,727
Long-term investments:
U.S. government securities	141,102		755		—		141,857
Corporate debt securities	41,310		219		—		41,529
Total	$	485,344	$	1,191	$	—	$	486,535

The Company’s marketable securities are available-for-sale securities and consist of high-quality, highly liquid debt securities including corporate debt securities, U.S. government securities, non-U.S. government securities, and commercial paper.

The Company’s securities classified as short-term marketable securities mature within one year or less of the balance sheet date. Marketable securities that mature greater than one year from the balance sheet date are classified as long-term. As of September 30, 2024, the Company did not hold any investments with maturity dates greater than five years.

As of, and for, the three and nine months ended September 30, 2024,

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (53,530)	$ (79,437)	$ (180,834)	$ (230,782)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of the Company’s financial assets measured on a recurring basis are classified based upon a fair value hierarchy consisting of the following three levels:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets, or liabilities.

Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the instrument.

Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The fair value hierarchy is based on inputs to valuation techniques used to measure fair value that are either observable or unobservable. Observable inputs reflect assumptions market participants would use in pricing an asset or liability based on market data obtained from independent sources while unobservable inputs reflect a reporting entity's pricing based upon their own market assumptions.

As of September 30, 2024 and December 31, 2023, the Company's financial assets and liabilities measured at fair value on a recurring basis consisted of the following:


	As of September 30, 2024
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3
Financial instruments carried at fair value (asset position):
Cash equivalents:
Money market funds	$	54,605	$	54,605	$	—	$	—

Short-term investments:
U.S. government securities	192,557		192,557		—		—

Corporate debt securities	40,256		—		40,256		—
Commercial paper	59,350		—		59,350		—
Long-term investments:
U.S. government securities	77,393		77,393		—		—
Corporate debt securities	44,111		—		44,111		—
Total	$	468,272	$	324,555	$	143,717	$	—


	As of December 31, 2023
			Fair Value Hierarchy
(in thousands)	Total		Level 1		Level 2		Level 3
Financial instruments carried at fair value (asset position):
Cash equivalents:
Money market funds	$	14,434	$	14,434	$	—	$	—
Commercial paper	49,631		—		49,631		—
Short-term investments:
U.S. government securities	228,791		228,791		—		—
Corporate debt securities	9,631		—		9,631		—
Commercial paper	64,727		—		64,727		—
Long-term investments:
U.S. government securities	141,857		141,857		—		—
Corporate debt securities	41,529		—		41,529		—
Total	$	550,600	$	385,082	$	165,518	$	—

As of September 30, 2024 and December 31, 2023, the Company’s financial assets measured at fair value on a recurring basis using a market approach included cash equivalents, which consist of money market funds, and marketable securities, which consist of high-quality, highly liquid available-for-sale debt securities including corporate debt securities, U.S. government securities, and commercial paper.

The Company’s money market funds are readily convertible into cash and the net asset value of each fund on the last day of the quarter is used to determine fair value. The U.S. government securities are classified as Level 1 and valued utilizing quoted market prices. The Company’s corporate debt securities, and commercial paper are classified as Level 2 and valued utilizing various market and industry inputs.

The Company considers all highly liquid instruments that have maturities of three months or less when acquired to be cash equivalents. The carrying amounts for cash equivalents, accounts payable, and accrued expenses approximate fair value due to their short-term maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details