|
Delaware
(State or other jurisdiction of incorporation or organization) |
| |
2836
(Primary Standard Industrial Classification Code Number) |
| |
83-4066827
(I.R.S. Employee Identification Number) |
|
|
Kingsley L. Taft
Laurie A. Burlingame Goodwin Procter LLP 100 Northern Ave. Boston, MA 02210 (617) 570-1000 |
| |
Brent B. Siler
Divakar Gupta Richard Segal Madison A. Jones Cooley LLP 55 Hudson Yards New York, NY 10001 (212) 479-6000 |
|
| Large Accelerated Filer ☐ | | | Accelerated Filer ☐ | |
| Non-Accelerated Filer ☒ | | | Smaller Reporting Company ☐ | |
| | | | Emerging Growth Company ☒ | |
Title of each Class of Securities to be Registered
|
| | |
Proposed Maximum Aggregate
Offering Price(1)(2) |
| | |
Amount of
Registration Fee(3) |
| ||||||
Common Stock, par value $0.0001 per share | | | | | $ | 115,000,000 | | | | | | $ | 13,938 | | |
| | |
Per share
|
| |
Total
|
| |||
Initial public offering price | | |
$
|
| | | $ | | | |
Underwriting discounts and commissions(1) | | |
$
|
| | | $ | | | |
Proceeds to SpringWorks Therapeutics, Inc., before expenses | | |
$
|
| | | $ | | |
| J.P. Morgan | | |
Goldman Sachs & Co. LLC
|
| |
Cowen
|
|
| | |
Page
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| | | | 216 | | | |
| | | | F-1 | | |
(In thousands, except unit and per unit and share
and per share data) |
| |
Period from
August 18, 2017 (Inception) to December 31, 2017 |
| |
Year Ended
December 31, 2018 |
| |
Six months ended June 30,
|
| |||||||||||||||
|
2018
|
| |
2019
|
| ||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 2,799 | | | | | $ | 9,898 | | | | | $ | 2,786 | | | | | $ | 19,628 | | |
General and administrative
|
| | | | 1,861 | | | | | | 8,593 | | | | | | 4,028 | | | | | | 6,911 | | |
Total operating expenses
|
| | | | 4,660 | | | | | | 18,491 | | | | | | 6,814 | | | | | | 26,539 | | |
Loss from operations
|
| | | | (4,660) | | | | | | (18,491) | | | | | | (6,814) | | | | | | (26,539) | | |
Other income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income, net
|
| | | | 21 | | | | | | 678 | | | | | | 224 | | | | | | 1,283 | | |
Total other Income
|
| | | | 21 | | | | | | 678 | | | | | | 224 | | | | | | 1,283 | | |
Net loss
|
| | | | (4,639) | | | | | | (17,813) | | | | | | (6,590) | | | | | | (25,256) | | |
Net gain attributable to extinguishment of Series A convertible preferred shares and Junior Series A convertible preferred
shares |
| | | | — | | | | | | — | | | | | | — | | | | | | 7,729 | | |
Net loss attributable to common stockholders
|
| | | $ | (4,639) | | | | | $ | (17,813) | | | | | $ | (6,590) | | | | | $ | (17,527) | | |
Net loss per common unit, basic and diluted(1)
|
| | | | | | | | | $ | (7.94) | | | | | $ | (5.71) | | | | | | | | |
Net loss per common share attributable to common stockholders, basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | $ | (3.41) | | |
Weighted average common units outstanding, basic and diluted(1)
|
| | | | | | | | | | 2,244,215 | | | | | | 1,153,592 | | | | | | | | |
Weighted average common shares, outstanding, basic and diluted
|
| | | | | | | | | | — | | | | | | | | | | | | 5,133,617 | | |
Pro forma net loss per share, basic and diluted (unaudited)(2)
|
| | | | | | | | | $ | (0.30) | | | | | | | | | | | $ | (0.12) | | |
Pro forma weighted average common shares
outstanding, basic and diluted (unaudited)(2) |
| | | | | | | | | | 58,749,660 | | | | | | | | | | | | 146,069,969 | | |
| | |
As of June 30, 2019
|
| |||||||||||||||
(in thousands)
|
| |
Actual
|
| |
Pro forma(1)
|
| |
Pro forma as
adjusted(2)(3) |
| |||||||||
Balance sheet data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 185,291 | | | | | $ | 185,291 | | | | | $ | | | |
Working capital(4)
|
| | | | 178,152 | | | | | | 178,152 | | | | | | | | |
Total assets
|
| | | | 194,632 | | | | | | 194,632 | | | | | | | | |
Convertible preferred shares
|
| | | | 217,290 | | | | | | — | | | | | | | | |
Accumulated deficit
|
| | | | (39,979) | | | | | | (39,979) | | | | | | | | |
Stockholders’ (deficit) equity
|
| | | | (33,657) | | | | | | 183,633 | | | | | | | | |
| | |
As of June 30, 2019
|
| |||||||||||||||
(in thousands, except per share data)
|
| |
Actual
|
| |
Pro Forma
|
| |
Pro forma
as adjusted(1) |
| |||||||||
Cash and cash equivalents
|
| | | $ | 185,291 | | | | | $ | 185,291 | | | | | $ | | | |
Series A convertible preferred stock, $0.0001 par value;
103,000,000 shares authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted |
| | | $ | 92,700 | | | | | $ | — | | | | | $ | — | | |
Series B convertible preferred stock, $0.0001 par value, net of issuance cost; 86,639,279 shares authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | | 124,590 | | | | | | — | | | | | | — | | |
Stockholders’ (deficit) equity: | | | | | | | | | | | | | | | | | | | |
Junior Series A convertible preferred stock, $0.0001 par value;
6,437,500 shares authorized, issued and outstanding, actual; no shares authorized, issued or outstanding, pro forma and pro forma as adjusted |
| | | | 3,882 | | | | | | — | | | | | | — | | |
Preferred stock, $0.0001 par value; no shares authorized, issued
or outstanding, actual; 10,000,000 shares authorized and no shares issued or outstanding, pro forma and pro forma as adjusted |
| | | | — | | | | | | — | | | | | | — | | |
Common stock, $0.0001 par value, 232,788,672 authorized, 20,326,427 shares issued and outstanding, actual; 150,000,000 shares authorized, pro forma and pro forma as adjusted; shares issued and outstanding, pro forma; shares issued and outstanding, pro forma as adjusted
|
| | | | — | | | | | | 20 | | | | | | | | |
Additional paid-in capital
|
| | | | 2,440 | | | | | | 223,592 | | | | | | | | |
Accumulated deficit
|
| | | | (39,979) | | | | | | (39,979) | | | | | | | | |
Total stockholders’ (deficit) equity
|
| | | | (33,657) | | | | | | 183,633 | | | | | | | | |
Total capitalization
|
| | | $ | 183,633 | | | | | $ | 183,633 | | | | | $ | | | |
|
Assumed initial public offering price per share
|
| | | | | | | | | $ | | | |
|
Historical net tangible book value (deficit) per share as of June 30, 2019
|
| | | $ | (1.85) | | | | | | | | |
|
Increase in net tangible book value per share attributable to the pro forma adjustments described above
|
| | | | 1.00 | | | | | | | | |
|
Pro forma net tangible book value per share as of June 30, 2019
|
| | | | 0.85 | | | | | | | | |
|
Increase in pro forma net tangible book value per share attributable to
new investors participating in this offering |
| | | | | | | | | | | | |
|
Pro forma as adjusted net tangible book value per share after this offering
|
| | | | | | | | | | | | |
|
Dilution per share to new investors participating in this offering
|
| | | | | | | | | $ | | | |
|
| | |
Shares purchased
|
| |
Total consideration
|
| |
Weighted
average price per share |
| ||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |||||||||||||||
Existing stockholders before this offering
|
| | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | ||
New investors participating in this offering
|
| | | | | | | | | | | | | | | | | | | | | | | |||||
Total
|
| | | | | | | 100% | | | | | $ | | | | | | 100% | | | |
(in thousands, except unit and per unit and
share and per share data) |
| |
Period from
August 18, 2017 (inception) to December 31, 2017 |
| |
Year ended
December 31, 2018 |
| |
Six months ended June 30,
|
| |||||||||||||||
|
2018
|
| |
2019
|
| ||||||||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 2,799 | | | | | $ | 9,898 | | | | | $ | 2,786 | | | | | $ | 19,628 | | |
General and administrative
|
| | | | 1,861 | | | | | | 8,593 | | | | | | 4,028 | | | | | | 6,911 | | |
Total operating expenses
|
| | | | 4,660 | | | | | | 18,491 | | | | | | 6,814 | | | | | | 26,539 | | |
Loss from operations
|
| | | | (4,660) | | | | | | (18,491) | | | | | | (6,814) | | | | | | (26,539) | | |
Other income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income, net
|
| | | | 21 | | | | | | 678 | | | | | | 224 | | | | | | 1,283 | | |
Total other Income
|
| | | | 21 | | | | | | 678 | | | | | | 224 | | | | | | 1,283 | | |
Net loss
|
| | | | (4,639) | | | | | | (17,813) | | | | | | (6,590) | | | | | | (25,256) | | |
Net gain attributable to extinguishment of Series A convertible preferred units and Junior Series A convertible
preferred units |
| | | | — | | | | | | — | | | | | | — | | | | | | 7,729 | | |
Net loss attributable to common stockholders
|
| | | $ | (4,639) | | | | | $ | (17,813) | | | | | $ | (6,590) | | | | | $ | (17,527) | | |
Net loss per common unit, basic and diluted(1)
|
| | | | | | | | | $ | (7.94) | | | | | $ | (5.71) | | | | | | | | |
Net loss per common share attributable to common stockholders, basic and diluted
|
| | | | | | | | | | | | | | | | | | | | | $ | (3.41) | | |
Weighted average common units outstanding, basic and diluted
|
| | | | | | | | | | 2,244,215 | | | | | | 1,153,592 | | | | | | — | | |
Weighted average common shares outstanding, basic and diluted
|
| | | | | | | | | | — | | | | | | | | | | | | 5,133,617 | | |
Pro forma net loss per share, basic and
diluted (unaudited)(2) |
| | | | | | | | | $ | (0.30) | | | | | | | | | | | $ | (0.12) | | |
Pro forma weighted average common shares outstanding, basic and diluted (unaudited)(2)
|
| | | | | | | | | | 58,749,660 | | | | | | | | | | | | 146,069,969 | | |
| | |
As of December 31,
|
| |
As of June 30, 2019
|
| ||||||||||||
(in thousands)
|
| |
2017
|
| |
2018
|
| ||||||||||||
Balance sheet data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 10,271 | | | | | $ | 45,648 | | | | | $ | 185,291 | | |
Working capital(1)
|
| | | | 9,888 | | | | | | 43,353 | | | | | | 178,152 | | |
Total assets
|
| | | | 10,582 | | | | | | 48,390 | | | | | | 194,632 | | |
Series A convertible preferred units and shares
|
| | | | 12,554 | | | | | | 62,930 | | | | | | 92,700 | | |
Series B convertible preferred shares
|
| | | | — | | | | | | — | | | | | | 124,590 | | |
Accumulated deficit
|
| | | | (4,639) | | | | | | (22,452) | | | | | | (39,979) | | |
Stockholders’ (deficit)
|
| | | | (2,625) | | | | | | (19,369) | | | | | | (33,657) | | |
(in thousands)
|
| |
Six months ended June 30,
|
| |
Change
|
| ||||||||||||
|
2018
|
| |
2019
|
| ||||||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 2,786 | | | | | $ | 19,628 | | | | | $ | 16,842 | | |
General and administrative
|
| | | | 4,028 | | | | | | 6,911 | | | | | | 2,883 | | |
Total operating expenses
|
| | | | 6,814 | | | | | | 26,539 | | | | | | 19,725 | | |
Loss from operations
|
| | | | (6,814) | | | | | | (26,539) | | | | | | (19,725) | | |
Other income: | | | | | | | | | | | | | | | | | | | |
Interest income, net
|
| | | | 224 | | | | | | 1,283 | | | | | | 1,059 | | |
Total other income, net
|
| | | | 224 | | | | | | 1,283 | | | | | | 1,059 | | |
Net loss
|
| | | $ | (6,590) | | | | | $ | (25,256) | | | | | $ | (18,666) | | |
(in thousands)
|
| |
Six months ended June 30,
|
| |
Change
|
| ||||||||||||
|
2018
|
| |
2019
|
| ||||||||||||||
Nirogacestat
|
| | | $ | 1,665 | | | | | $ | 11,935 | | | | | $ | 10,270 | | |
Mirdametinib
|
| | | | 624 | | | | | | 5,881 | | | | | | 5,257 | | |
Other
|
| | | | 497 | | | | | | 1,812 | | | | | | 1,315 | | |
Total research and development expenses
|
| | | $ | 2,786 | | | | | $ | 19,628 | | | | | $ | 16,842 | | |
(in thousands)
|
| |
Six months ended June 30,
|
| |
Change
|
| ||||||||||||
|
2018
|
| |
2019
|
| ||||||||||||||
Personnel-related
|
| | | $ | 1,636 | | | | | $ | 2,770 | | | | | $ | 1,134 | | |
Equity-based compensation expense
|
| | | | 563 | | | | | | 1,060 | | | | | | 497 | | |
Professional and consulting fees
|
| | | | 1,627 | | | | | | 2,090 | | | | | | 463 | | |
Facility-related and other
|
| | | | 202 | | | | | | 991 | | | | | | 789 | | |
Total general and administrative expenses
|
| | | $ | 4,028 | | | | | $ | 6,911 | | | | | $ | 2,883 | | |
(in thousands, except unit and per unit data)
|
| |
Period from
August 18, 2017 (inception) to December 31, 2017 |
| |
Year ended
December 31, 2018 |
| ||||||
Operating expenses: | | | | | | | | | | | | | |
Research and development
|
| | | $ | 2,799 | | | | | $ | 9,898 | | |
General and administrative
|
| | | | 1,861 | | | | | | 8,593 | | |
Total operating expenses
|
| | | | 4,660 | | | | | | 18,491 | | |
Loss from operations
|
| | | | (4,660) | | | | | | (18,491) | | |
Other income: | | | | | | | | | | | | | |
Interest income
|
| | | | 21 | | | | | | 678 | | |
Total other Income
|
| | | | 21 | | | | | | 678 | | |
Net loss
|
| | | $ | (4,639) | | | | | $ | (17,813) | | |
(in thousands)
|
| |
Period from
August 18, 2017 (inception) to December 31, 2017 |
| |
Year ended
December 31, 2018 |
| ||||||
Nirogacestat
|
| | | $ | 1,238 | | | | | $ | 5,560 | | |
Mirdametinib
|
| | | | 1,045 | | | | | | 2,675 | | |
Other
|
| | | | 516 | | | | | | 1,663 | | |
Total research and development expenses
|
| | | $ | 2,799 | | | | | $ | 9,898 | | |
(in thousands)
|
| |
Period from
August 18, 2017 (inception) to December 31, 2017 |
| |
Year ended
December 31, 2018 |
| ||||||
Personnel-related
|
| | | $ | 911 | | | | | $ | 3,645 | | |
Equity-based compensation expense
|
| | | | — | | | | | | 906 | | |
Professional and consulting fees
|
| | | | 887 | | | | | | 3,235 | | |
Facility-related and other
|
| | | | 63 | | | | | | 807 | | |
Total general and administrative expenses
|
| | | $ | 1,861 | | | | | $ | 8,593 | | |
(in thousands)
|
| |
Period from
August 18, 2017 (inception) to December 31, 2017 |
| |
Year ended
December 31, 2018 |
| |
Six months ended June 30,
|
| |||||||||||||||
|
2018
|
| |
2019
|
| ||||||||||||||||||||
Cash used in operating activities
|
| | | $ | (2,239) | | | | | $ | (14,706) | | | | | $ | (4,484) | | | | | $ | (20,268) | | |
Cash used in investing activities
|
| | | | (44) | | | | | | (293) | | | | | | (65) | | | | | | (4,046) | | |
Cash provided by financing activities
|
| | | | 12,554 | | | | | | 50,376 | | | | | | 50,400 | | | | | | 163,957 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 10,271 | | | | | $ | 35,377 | | | | | $ | 45,851 | | | | | $ | 139,643 | | |
| | |
Payments due by period
|
| |||||||||||||||||||||||||||
(in thousands)
|
| |
Total
|
| |
Remaining
6 months of 2019 |
| |
1 to 3 years
|
| |
4 to 5 years
|
| |
More than
5 years |
| |||||||||||||||
Operating lease commitments(1)
|
| | | $ | 4,808 | | | | | $ | 660 | | | | | $ | 4,013 | | | | | $ | 135 | | | | | $ | — | | |
Total
|
| | | $ | 4,808 | | | | | $ | 660 | | | | | $ | 4,013 | | | | | $ | 135 | | | | | $ | — | | |