swtx_Current_Folio_8K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 8‑K


CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 12, 2020


SPRINGWORKS THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)


Delaware

    

001‑39044

    

83‑4066827

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

100 Washington Blvd

Stamford, CT 06902

(Address of principal executive offices, including zip code)

(203) 883‑9490

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)

 

Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))

 

Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

SWTX

The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§ 240.12b‑2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 

 

Item 2.02. Results of Operations and Financial Condition.

On May 12, 2020 SpringWorks Therapeutics, Inc. announced its financial results for the quarter ended March 31, 2020. A copy of the press release issued in connection with the announcement is being furnished as Exhibit 99.1 to this Current Report on Form 8‑K.

The information in this Current Report on Form 8‑K (including Exhibit 99.1 attached hereto) is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
No.

    

Description

 

 

 

99.1

 

Press Release issued by SpringWorks Therapeutics, Inc. on May 12, 2020, furnished herewith.

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

SpringWorks Therapeutics, Inc.

 

    

 

Date: May 12, 2020

By:

/s/ Francis I. Perier, Jr.

 

 

Francis I. Perier, Jr.

 

 

Chief Financial Officer

 

swtx_Ex99_1

Exhibit 99.1

 

 

Picture 2

 

 

 

SpringWorks Therapeutics Reports First Quarter 2020 Financial Results and Recent Business Highlights

-            Announced Issuance of New U.S. Composition of Matter Patent to Polymorphic Form of Nirogacestat, Extending Patent Protection into 2039 –

-            Signed Clinical Collaboration with Allogene to Evaluate Nirogacestat in Combination with Allogeneic BCMA CAR T Cell Therapy in Patients with Relapsed or Refractory Multiple  Myeloma –

-            Initiated a Phase 1 Clinical Trial of BGB-3245, a Selective RAF Dimer Inhibitor, in Biomarker Defined Solid Tumors Patients –

STAMFORD, Conn – May 12, 2020SpringWorks Therapeutics, Inc. (Nasdaq: SWTX), a clinical-stage biopharmaceutical company focused on developing life-changing medicines for patients with severe rare diseases and cancer, today provided an update on recent company developments and reported first quarter financial results for the period ended March 31, 2020.

“We are pleased with our execution in the first quarter of 2020, which included building upon our existing intellectual property portfolio by extending the patent protection for our lead product candidate, nirogacestat, to 2039, while continuing to advance our diversified pipeline of targeted oncology programs,” said Saqib Islam, Chief Executive Officer of SpringWorks. “Our focus for the remainder of the year continues to be on enrolling patients in our ongoing clinical trials, advancing nirogacestat as a cornerstone of BCMA combination therapy for patients with multiple myeloma, and further expanding our portfolio through additional business development activities.”

Recent Business Highlights

 

     In March 2020, the United States Patent and Trademark Office issued a new composition of matter patent that covers the polymorphic form of nirogacestat that is currently in clinical development. This patent expires in 2039.

     In March 2020, MapKure LLC, a clinical-stage company that is jointly owned by SpringWorks and BeiGene, Ltd., announced that the first patient was dosed in Australia in a Phase 1 clinical trial of BGB-3245, a selective RAF dimer inhibitor. This ongoing Phase 1 trial is enrolling adult patients with biomarker-defined advanced or refractory solid tumors that may benefit from BGB-3245 treatment. The companies also announced that the U.S. Food and Drug Administration has allowed the Investigational New Drug application submitted for BGB-3245 to proceed, which will enable this study to expand to U.S. sites as well.

     In January 2020, SpringWorks entered into a clinical collaboration agreement with Allogene Therapeutics to evaluate nirogacestat in combination with ALLO-715, an investigational anti-B-cell maturation antigen (BCMA) allogeneic CAR T cell therapy, in patients with relapsed or refractory multiple myeloma.  A Phase 1 study is expected to commence in the second half of 2020.

COVID-19 Update

To date, the COVID-19 pandemic has had a relatively modest impact on SpringWorks’ business operations, in particular on SpringWorks’ clinical trial programs, and the company is undertaking considerable efforts to mitigate the various challenges presented by this crisis. For further details and descriptions of the risks associated with the COVID-19 pandemic, please see the Risk Factors in SpringWorks’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 12, 2020 and refer to the Forward-Looking Statements section in this press release.

First Quarter 2020 Financial Results

     Research and Development (R&D) Expenses: R&D expenses were

$9.7 million for the first quarter, compared to $8.4 million for the comparable period of 2019. The increases in R&D expenses were primarily attributable to growth in employee costs, including non-cash share-based compensation associated with increases in the number of R&D personnel.

     General and Administrative (G&A) Expenses:  G&A expenses were $6.4 million for the first quarter, compared to $3.3 million for the comparable period of 2019. The increases in G&A expenses were primarily attributable to growth in employee costs, including non-cash share-based compensation associated with increases in the number of G&A personnel, and increases in consulting and professional services related to the expansion of our business activities.

     Net Loss Attributable to Common Stockholders: SpringWorks reported net loss of $15.3 million, or a loss of $0.37 per share, for the first quarter of 2020. This compares to net loss of $11.4 million, or a loss of $5.41 per share, for the comparable period of 2019.

     Cash Position: Cash and cash equivalents were $311.1 million as of March 31, 2020.

About SpringWorks Therapeutics

SpringWorks is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for underserved patient populations suffering from devastating rare diseases and cancer. SpringWorks has a differentiated portfolio of small molecule targeted oncology product candidates and is advancing two potentially registrational clinical trials in rare tumor types, as well as several other programs addressing highly prevalent, genetically defined cancers. SpringWorks’ strategic approach and operational excellence in clinical development have enabled it to rapidly advance its two lead product candidates into late-stage clinical trials while simultaneously entering into multiple shared-value partnerships with industry leaders to expand its portfolio. For more information, please visit www.springworkstx.com.

Follow SpringWorks Therapeutics on social media: @SpringWorksTx and LinkedIn.

SpringWorks uses its website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Such disclosures will be included on the Company’s website in the ‘Investors & Media’ section. Accordingly, investors should monitor such portions of the SpringWorks website, in addition to following press releases, SEC filings and public conference calls and webcasts.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding SpringWorks’ clinical trials and its strategy, business plans and focus. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those related to SpringWorks’ financial results, the timing for completion of SpringWorks’ clinical trials of its product candidates, whether and when, if at all, SpringWorks’ product candidates will receive approval from the U.S. Food and Drug Administration, or FDA, or other foreign regulatory authorities, uncertainties and assumptions regarding the impact of the COVID-19 pandemic on SpringWorks’ business, operations, clinical trials, supply chain, strategy, goals and anticipated timelines, competition from other biopharmaceutical companies, and other risks identified in SpringWorks’ SEC filings. SpringWorks cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. SpringWorks disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent SpringWorks’ views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date.

SpringWorks Therapeutics, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

 

(In thousands, except share and per-share data)

 

2020

 

2019

 

Change

Operating expenses:

   

 

  

    

 

  

    

 

  

Research and development

 

$

9,727

 

$

8,423

 

$

1,304

General and administrative

 

 

6,403

 

 

3,265

 

 

3,138

Total operating expenses

 

 

16,130

 

 

11,688

 

 

4,442

Loss from operations

 

 

(16,130)

 

 

(11,688)

 

 

(4,442)

Other income:

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

936

 

 

279

 

 

657

Total other income

 

 

936

 

 

279

 

 

657

Equity investment loss

 

 

(100)

 

 

 —

 

 

(100)

Net loss

 

$

(15,294)

 

$

(11,409)

 

$

(3,885)

Reconciliation of net loss to net loss attributable to common stockholders:

 

 

 

 

 

 

 

 

 

Net loss

 

$

(15,294)

 

$

(11,409)

 

$

(3,885)

Net gain attributable to extinguishment of Series A convertible preferred and Junior Series A convertible preferred units

 

 

 

 

 

7,729

 

 

(7,729)

Net loss attributable to common stockholders, basic and diluted

 

$

(15,294)

 

$

(3,680)

 

$

(11,614)

 

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

 

$

(0.37)

 

 

(5.41)

 

 

 

Weighted average common shares outstanding, basic and diluted

 

 

41,789,120

 

 

680,006

 

 

 

 

 

 

 

SpringWorks Therapeutics, Inc. and Subsidiaries

Selected Balance Sheet Data

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

    

 

March 31, 2020

 

    

December 31, 2019

(In thousands)

 

 

 

 

Cash and cash equivalents

 

 

$

311,075

 

 

$

327,652

Working Capital (2)

 

 

 

305,060

 

 

 

319,391

Total Assets

 

 

 

317,408

 

 

 

334,831

Total liabilities

 

 

 

9,274

 

 

 

12,759

Accumulated deficit

 

 

 

(88,323)

 

 

 

(73,029)

Total stockholders’ (deficit) equity

 

 

 

308,134

 

 

 

322,072

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2)   We define working capital as current assets less current liabilities.

 

Contact:

Kim Diamond

Phone: 203-561-1646

Email: kdiamond@springworkstx.com