|
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 | | | | | $ | | | | | | $ | | |
| | |
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
|
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Page
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| | | | F-1 | | |
(in thousands, except share, unit, per share and per unit data)
|
| |
Period from
August 18, 2017 (inception) to December 31, 2017 |
| |
Year Ended
December 31, 2018 |
| ||||||
Consolidated statement of operations data: | | | | | | | | | | | | | |
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) | | |
Net loss per common unit, basic and diluted(1)
|
| | | $ | — | | | | | $ | (7.94) | | |
Weighted average common units outstanding, basic and diluted(1)
|
| | | | — | | | | | | 2,244,215 | | |
Pro forma net loss per share, basic and diluted
(unaudited)(2) |
| | | | | | | | | $ | (0.30) | | |
Pro forma weighted average common shares outstanding, basic and diluted (unaudited)(2)
|
| | | | | | | | | | 58,749,660 | | |
| | |
As of December 31, 2018
|
| |||||||||||||||
(in thousands)
|
| |
Actual
|
| |
Pro Forma(1)
|
| |
Pro Forma As
Adjusted(2)(3) |
| |||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 45,648 | | | | | $ | 45,648 | | | | | $ | | | |
Working capital(4)
|
| | | | 43,353 | | | | | | 43,353 | | | | | | | | |
Total assets
|
| | | | 48,390 | | | | | | 48,390 | | | | | | | | |
Convertible preferred units
|
| | | | 62,930 | | | | | | — | | | | | | | | |
Accumulated deficit
|
| | | | (22,452) | | | | | | (22,452) | | | | | | | | |
Members’ (deficit) equity
|
| | | | (19,369) | | | | | | 43,561 | | | | | | | | |
| | |
As of December 31, 2018
|
| |||||||||||||||
(in thousands)
|
| |
Actual
|
| |
Pro Forma
|
| |
Pro Forma
As Adjusted(1) |
| |||||||||
Cash and cash equivalents
|
| | | $ | 45,648 | | | | | $ | 45,648 | | | | | $ | | | |
Convertible preferred units, no par value per unit; 103,000,000 units authorized, issued and outstanding, actual; no units authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | $ | 62,930 | | | | | $ | — | | | | | $ | — | | |
Members’ (deficit) equity: | | | | | | | | | | | | | | | | | | | |
Preferred units, no par value per unit; 6,473,500 units authorized, 6,437,500 issued or outstanding, actual; no units authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | | 2,014 | | | | | | — | | | | | | — | | |
Common units, no par value per unit; 1,287,501 units authorized, 1,287,500 units issued and outstanding, actual; no units authorized, issued or outstanding, pro forma and pro forma as adjusted
|
| | | | — | | | | | | — | | | | | | — | | |
Common stock, $0.0001 par value, no shares authorized,
issued or outstanding, actual; shares authorized, issued and outstanding, pro forma; shares authorized, shares issued and outstanding, pro forma as adjusted |
| | | | — | | | | | | | | | | | | | | |
Additional paid-in capital
|
| | | | 1,069 | | | | | | 66,013 | | | | | | | | |
Accumulated deficit
|
| | | | (22,452) | | | | | | (22,452) | | | | | | | | |
Total members’ (deficit) equity
|
| | | | (19,369) | | | | | | 43,561 | | | | | | | | |
Total capitalization
|
| | | $ | 43,561 | | | | | $ | 43,561 | | | | | $ | | | |
|
Assumed initial public offering price per share
|
| | | | | | | | | $ | | | |
|
Historical net tangible book value (deficit) per share as of , 2019
|
| | | $ | | | | | | | | | |
|
Increase in net tangible book value per share attributable to the pro forma adjustments described above
|
| | | | | | | | | | | | |
|
Pro forma net tangible book value per share as of December 31, 2018
|
| | | | | | | | | | | | |
|
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 share, unit, per share and per unit data)
|
| |
Period from
August 18, 2017 (inception) to December 31, 2017 |
| |
Year ended
December 31, 2018 |
| ||||||
Consolidated Statement of Operations Data: | | | | ||||||||||
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) | | |
Net loss per common unit, basic and diluted(1)
|
| | | $ | — | | | | | $ | (7.94) | | |
Weighted average common units outstanding, basic and diluted(1)
|
| | | | — | | | | | | 2,244,215 | | |
Pro forma net loss per share, basic and diluted
(unaudited)(2) |
| | | | | | | | | $ | (0.30) | | |
Pro forma weighted average common shares outstanding, basic and diluted (unaudited)(2)
|
| | | | | | | | | | 58,749,660 | | |
| | |
As of December 31,
|
| |||||||||
(in thousands)
|
| |
2017
|
| |
2018
|
| ||||||
Balance Sheet Data: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 10,271 | | | | | $ | 45,648 | | |
Working capital(1)
|
| | | | 9,888 | | | | | | 43,353 | | |
Total assets
|
| | | | 10,582 | | | | | | 48,390 | | |
Convertible preferred units
|
| | | | 12,554 | | | | | | 62,930 | | |
Accumulated deficit
|
| | | | (4,639) | | | | | | (22,452) | | |
Members’ (deficit) equity
|
| | | | (2,625) | | | | | | (19,369) | | |
(in thousands)
|
| |
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, net
|
| | | | 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 |
| ||||||
Cash used in operating activities
|
| | | $ | (2,239) | | | | | $ | (14,706) | | |
Cash used in investing activities
|
| | | | (44) | | | | | | (293) | | |
Cash provided by financing activities
|
| | | | 12,554 | | | | | | 50,376 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 10,271 | | | | | $ | 35,377 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
(in thousands)
|
| |
Total
|
| |
Less than
1 Year |
| |
1 to 3 Years
|
| |
4 to 5 Years
|
| |
More than
5 years |
| |||||||||||||||
Operating lease commitments(1)
|
| | | $ | 5,464 | | | | | $ | 1,316 | | | | | $ | 4,013 | | | | | $ | 135 | | | | | $ | — | | |
Total
|
| | | $ | 5,464 | | | | | $ | 1,316 | | | | | $ | 4,013 | | | | | $ | 135 | | | | | $ | — | | |
Trial Sponsor
|
| |
Trial ID (Phase)
|
| |
Subjects Exposed
|
| |
Agent used in combination
|
|
Pfizer
|
| | A8641001 (Phase 1) | | | 26 NHV | | | N/A | |
| | | A8641002 (Phase 1) | | | 42 NHV | | | N/A | |
| | | A8641008 (Phase 1) | | | 10 NHV | | | N/A | |
| | | A8641014 (Phase 1) | | |
64 solid tumor patients, including 7 evaluable with desmoid tumors
8 T-ALL/LBL patients
|
| | N/A | |
| | | A8641016 (Phase 1b) | | | 29 metastatic TNBC or locally recurrent/advanced TNBC patients | | | Docetaxel (chemotherapeutic agent) | |
| | | A8641019 (Phase 1/2) | | |
3 treatment naïve mPDAC patients
|
| | Nab-paclitaxel and gemcitabine (chemotherapeutic agents) | |
| | | A8641020 (Phase 2) | | | 19 metastatic TNBC patients | | | N/A | |
NCI
|
| | WI180798 (Phase 2) | | | 17 desmoid tumor patients | | | N/A | |
Trial sponsor
|
| |
Trial ID (Phase)
|
| |
Subjects exposed
|
| |
Agent Used in Combination
|
|
Pfizer
|
| | A4581004 (Phase 1) | | | 23 NHV | | | N/A | |
| | |
A4581001 (Phase 1/2)
|
| | 79 solid tumor patients | | | N/A | |
| | | A4581002 (Phase 2) | | | 34 advanced NSCLC patients | | | N/A | |
| | | B1271002 (Phase 2) | | | 7 KRAS/BRAF-mutant solid tumor patients 36 KRAS-mutant CRC patients |
| | N/A | |
Dana-Farber Cancer Institute
|
| | 13-506 (Phase 1/2) | | | 60 KRAS-mutant NSCLC and solid tumor patients | | | Palbociclib (CDK 4/6 inhibitor) | |
Netherlands Cancer Institute
|
| | M13DAP (Phase 1/2) | | | 36 KRAS-mutant CRC, NSCLC, PDAC patients | | | Dacomitinib (EGFR inhibitor) | |
University of Oxford
|
| |
MErCuRIC1 (Phase 1)
|
| | ~25 RAS mutant and RAS wild type/aberrant cMET CRC patients | | | Crizotinib (ALK/cMET inhibitor) | |
University of Alabama at Birmingham (via
|
| | WI176190 (Phase 2) | | | 19 NF1-PN patients | | | N/A | |
Trial sponsor
|
| |
Trial ID (Phase)
|
| |
Subjects exposed
|
| |
Agent Used in Combination
|
|
Neurofibromatosis Clinical Trial Consortium) | | | | | | | | | | |