0001773427-22-000011 | 10-K | XBRL Viewer | Springworks Therapeutics INC

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 103,961	$ 147,089
Marketable securities	269,540	361,395
Prepaid expenses and other current assets	9,409	4,914
Total current assets	382,910	513,398
Long-term marketable securities	59,230	53,336
Property and equipment, net	3,187	1,075
Operating lease right-of-use assets	1,010	1,944
Equity investment	2,883	3,871
Restricted cash	565	565
Other assets	2,709	2,002
Total assets	452,494	576,191
Current liabilities:
Accounts payable	3,429	1,350
Accrued expenses	25,378	14,885
Operating lease liabilities, current	1,162	1,375
Total current liabilities	29,969	17,610
Operating lease liabilities, long-term	129	1,359
Other long-term liabilities	0	164
Total liabilities	30,098	19,133
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2021 and December 31, 2020.	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized, 49,247,985 and 48,819,591 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively.	5	5
Additional paid-in capital	715,216	675,615
Accumulated other comprehensive income (loss)	(312)	41
Accumulated deficit	(292,513)	(118,603)
Total stockholders’ equity	422,396	557,058
Total liabilities and stockholders’ equity	$ 452,494	$ 576,191

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (shares)	150,000,000	150,000,000
Common stock, shares issued (shares)	49,247,985	48,819,591
Common stock, shares outstanding (shares)	49,247,985	48,819,591

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Licensing revenue	$ 0	$ 35,000	$ 0
Operating expenses:
Research and development	101,676	51,859	42,545
General and administrative	71,792	29,465	16,694
Total operating expenses	173,468	81,324	59,239
Loss from operations	(173,468)	(46,324)	(59,239)
Other income:
Other income (expense)	(152)	25	0
Interest income, net	698	1,330	3,547
Total other income	546	1,355	3,547
Equity investment loss	(988)	(605)	(2,614)
Net loss	(173,910)	(45,574)	(58,306)
Reconciliation of net loss to net loss attributable to common stockholders and unit holders:
Net loss	(173,910)	(45,574)	(58,306)
Net gain attributable to extinguishment of Series A convertible preferred and Junior Series A convertible preferred units	0	0	7,729
Net loss attributable to common stockholders and unit holders, basic	(173,910)	(45,574)	(50,577)
Net loss attributable to common stockholders and unit holders, diluted	$ (173,910)	$ (45,574)	$ (50,577)
Net loss per share, basic (usd per share)	$ (3.59)	$ (1.05)	$ (3.81)
Net loss per share, diluted (usd per share)	$ (3.59)	$ (1.05)	$ (3.81)
Weighted average number of shares outstanding, basic (in shares)	48,497,790	43,300,063	13,274,836
Weighted average number of shares outstanding, diluted (in shares)	48,497,790	43,300,063	13,274,836
Revenue, Product and Service [Extensible List]	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember	us-gaap:LicenseAndServiceMember

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (173,910)	$ (45,574)	$ (58,306)
Changes in other comprehensive income:
Unrealized gain (loss) on marketable securities, net	(353)	41	0
Total changes in other comprehensive income	(353)	41	0
Comprehensive loss	(174,263)	(45,533)	(58,306)
Net gain attributable to extinguishment of Series A convertible preferred and Junior Series A convertible preferred units	0	0	7,729
Comprehensive loss attributable to common stockholders	$ (174,263)	$ (45,533)	$ (50,577)

- Definition

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

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+ Details

Consolidated Statement of Preferred Unit and Members’/Stockholders’ Equity/(Deficit) - USD ($) $ in Thousands	Total	Junior Series A Convertible Preferred	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Series A and B Convertible Preferred Stock	Series A convertible preferred stock	Series B convertible preferred stock
Beginning balance at Dec. 31, 2018							$ 62,930
Beginning balance (in shares) at Dec. 31, 2018							63,600,000
Increase (Decrease) in Temporary Equity
Issuance of convertible preferred units, net								$ 39,367	$ 124,590
Issuance of convertible preferred units, net (in shares)								39,400,000	86,639,279
Convertible preferred extinguishment	$ 9,597					$ 9,597	$ (217,290)	$ (9,597)
Convertible preferred extinguishment (in shares)							(189,639,279)
Ending balance at Dec. 31, 2019							$ 0
Ending balance (in shares) at Dec. 31, 2019							0
Beginning balance at Dec. 31, 2018	(19,369)	$ 2,014	$ 0	$ 1,069	$ 0	(22,452)
Beginning balance (in shares) at Dec. 31, 2018		6,437,500	3,101,206
Increase (Decrease) in Stockholders' Equity
Convertible preferred extinguishment	9,597					9,597	$ (217,290)	$ (9,597)
Junior Series A convertible preferred extinguishment		$ 1,868				(1,868)
Stock Issued During Period, Value, New Issues	169,730		$ 1	169,729
Issuance of common units to founders (in shares)			10,350,000
Stock-based compensation expense	3,109			3,109
Forfeiture of restricted stock awards (in shares)			(248,568)
Conversion of convertible preferred stock into common stock	217,290	$ (3,882)	$ 3	221,169
Conversion of convertible preferred stock into common stock (in shares)		6,437,500	29,794,359
Exercise of stock options	21			21
Exercise of stock options (in shares)			9,080
Net loss	(58,306)					(58,306)
Ending balance at Dec. 31, 2019	322,072	$ 0	$ 4	395,097	0	(73,029)
Ending balance (in shares) at Dec. 31, 2019		0	43,006,077
Increase (Decrease) in Stockholders' Equity
Stock Issued During Period, Value, New Issues	269,592		$ 1	269,591
Issuance of common units to founders (in shares)			5,637,254
Stock-based compensation expense	10,034			10,034
Forfeiture of restricted stock awards (in shares)			(14,224)
Exercise of stock options	$ 893			893
Exercise of stock options (in shares)	190,484		190,484
Other comprehensive income, net of tax	$ 41				41
Net loss	(45,574)					(45,574)
Ending balance at Dec. 31, 2020	557,058	$ 0	$ 5	675,615	41	(118,603)
Ending balance (in shares) at Dec. 31, 2020		0	48,819,591
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense	38,444			38,444
Forfeiture of restricted stock awards (in shares)			(55,475)
Exercise of stock options	$ 1,157			1,157
Exercise of stock options (in shares)	151,643		151,643
Issuance of restricted stock award (in shares)			332,226
Other comprehensive income, net of tax	$ (353)				(353)
Net loss	(173,910)					(173,910)
Ending balance at Dec. 31, 2021	$ 422,396		$ 5	$ 715,216	$ (312)	$ (292,513)
Ending balance (in shares) at Dec. 31, 2021			49,247,985

Consolidated Statement of Preferred Unit and Members'/Stockholders' Equity/(Deficit) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Series B convertible preferred stock
Issuance costs		$ 413
Common Stock
Issuance costs	$ 17,908	$ 16,570

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net loss	$ (173,910)	$ (45,574)	$ (58,306)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	490	349	192
Non-cash operating lease expense	993	1,049	0
Stock compensation expense	38,444	10,034	3,109
Equity investment loss	988	605	2,614
Changes in Operating Assets and Liabilities
Prepaid expenses and other current assets	(4,609)	(1,205)	(2,327)
Other assets	(707)	(843)	(656)
Accounts payable	2,074	(1,304)	1,880
Accrued expenses	9,912	5,945	6,385
Deferred rent	0	0	(335)
Lease Liability	(1,388)	(1,411)	0
Other long-term liabilities	(164)	164	0
Net cash used in operating activities	(127,877)	(32,191)	(47,444)
Investing Activities
Capital expenditures	(2,016)	(642)	(670)
Equity investments	0	(3,500)	(3,590)
Purchases of marketable securities	(305,423)	(442,690)	0
Proceeds from sale and maturity of debt securities	391,031	28,000	0
Net cash provided by (used in) investing activities	83,592	(418,832)	(4,260)
Financing Activities
Proceeds from issuance of common stock, net of issuance costs	0	269,592	169,730
Proceeds from issuance of Series A convertible preferred shares, net of issuance costs	0	0	39,367
Proceeds from issuance of Series B convertible preferred shares, net of issuance costs	0	0	124,590
Proceeds from stock option exercises	1,157	893	21
Net cash provided by financing activities	1,157	270,485	333,708
Net increase (decrease) in cash and cash equivalents	(43,128)	(180,538)	282,004
Cash and cash equivalents including Restricted cash, beginning of period	147,654	328,192	46,188
Cash and cash equivalents including Restricted cash, end of period	104,526	147,654	$ 328,192
Supplemental non-cash items not included above resulting from the adoption of ASC 842
Initial recognition of operating lease right of use asset	1,010	1,944
Initial recognition of lease liabilities	$ (1,291)	$ (2,734)

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations SpringWorks Therapeutics, Inc., or the Company, was formed in Delaware on August 18, 2017. The Company 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. The Company 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. Two of the programs are late-stage clinical product candidates: nirogacestat and mirdametinib. COVID-19 Pandemic On March 11, 2020, the World Health Organization designated the outbreak of the disease associated with the novel strain of coronavirus known as COVID-19 as a global pandemic. Governments and businesses around the world have taken unprecedented actions to mitigate the spread of COVID-19, including, but not limited to, shelter-in-place orders, quarantines, significant restrictions on travel, as well as restrictions that prohibit many employees from going to work. Uncertainty with respect to the economic impacts of the pandemic has introduced significant volatility in the financial markets. The global pandemic caused by COVID-19 (including the impact of emerging variant strains of the COVID-19 virus) did not have significant impacts on the Company's financial condition, results of operations or cash flows. While the extent to which the ongoing COVID-19 pandemic impacts the Company’s future results will depend on future developments, the pandemic and associated impacts, including the duration, spread and intensity of the pandemic (including any resurgences), the impact of emerging variant strains of the COVID-19 virus and the rollout of COVID-19 vaccines, all of which remain uncertain and difficult to predict, could result in a material impact to the Company’s future financial condition, results of operations and cash flows. At-the-Market Offering In February 2021, the Company entered into a Sales Agreement with Cowen and Company, LLC, pursuant to which the Company may issue and sell shares of common stock having aggregate offering proceeds of up to $200.0 million from time to time through Cowen as our sales agent. Upon delivery of a placement notice and subject to the terms and conditions of the Sales Agreement, Cowen may sell the Shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. The Company may sell the shares of common stock pursuant to the Sales Agreement in amounts and at times to be determined subject to the terms and conditions of the Sales Agreement, but has no obligation to sell any shares under the Sales Agreement. As of December 31, 2021, the Company had not sold any shares of its common stock under the Sales Agreement. Follow-On Offering On October 13, 2020, the Company completed the sale of 5,637,254 shares of common stock in an underwritten public offering, including 735,294 shares of common stock sold pursuant to the underwriter's full exercise of their option to purchase additional shares, at an offering price of $51.00 per share, resulting in net proceeds to the Company of $269.5 million. Initial Public Offering On September 12, 2019, the Company completed an initial public offering, or IPO, of its common stock. In connections with its IPO, the Company issued and sold 10,350,000 shares of its common stock at a price to the public of $18.00 per share. The net proceeds from the IPO were approximately $169.7 million after deducting underwriting discounts and commissions of $13.0 million and offering expenses of approximately $3.5 million. At the closing of the IPO, 196,076,779 shares of outstanding convertible preferred stock were automatically converted into 29,794,359 shares of common stock at a conversion rate of 6.5810-for-one. Following the IPO, there were no shares of preferred stock outstanding. Reverse Stock Split In August 2019, the Company’s Board of Directors and stockholders approved a one-for-6.5810 reverse stock split of the Company’s common stock. The reverse stock split became effective on August 30, 2019. Stockholders entitled to a fractional share as a result of the reverse stock split received a cash payment in lieu of the fractional shares at the initial public offering price. Series B convertible preferred In March 2019, the Company authorized the sale and issuance of up to 86,639,279 shares of Series B convertible preferred stock. The Series B convertible preferred financing was closed in a single tranche at the original price of $1.4428 per share for gross proceeds of $125 million. Issuance costs totaled $0.4 million. The liquidation preference terms of each of the Series A convertible preferred stock and Junior Series A convertible preferred stock changed in connection with the issuance of Series B convertible preferred. Specifically, after receiving one times its original issue price, the Series A convertible preferred does not participate in the distribution with the Junior Series A convertible preferred prior to final distribution to all stockholders, and the Junior Series A convertible preferred does not participate with all other stockholders in the final distribution. The Company concluded that the changes in the Series A convertible preferred and Junior Series A convertible preferred liquidation preferences are a significant change in the economics of those instruments and therefore were accounted for as an extinguishment. Immediately following the extinguishment of Series A convertible preferred and Junior Series A convertible preferred, the same number of shares was reissued at fair value. As a result, the difference between (1) the fair value of the consideration transferred to the holders of the preferred stock and (2) the carrying amount of the extinguished instruments (net of issuance costs) was recorded to retained earnings. Reorganization Prior to March 29, 2019, the Company conducted its business through SpringWorks Therapeutics, LLC, a Delaware limited liability company. On March 29, 2019, the Company completed a series of transactions pursuant to which SpringWorks MergerSub LLC, a wholly owned subsidiary of SpringWorks Therapeutics, Inc., merged with SpringWorks Therapeutics, LLC, with SpringWorks Therapeutics, LLC surviving the merger as a wholly owned subsidiary of SpringWorks Therapeutics, Inc., or the Reorganization. Upon consummation of the Reorganization, the historical consolidated financial statements of SpringWorks Therapeutics, LLC became the historical consolidated financial statements of SpringWorks Therapeutics, Inc. As part of the Reorganization: Holders of Series A convertible preferred Units of SpringWorks Therapeutics, LLC received one share of Series A convertible preferred stock of SpringWorks Therapeutics, Inc. for each Series A convertible preferred unit held immediately prior to the Reorganization; Holders of Junior Series A convertible preferred units of SpringWorks Therapeutics, LLC received one share of Junior Series A convertible preferred stock of Parent for each Junior Series A convertible preferred unit held immediately prior to the Reorganization; Holders of common units received one share of common stock of SpringWorks Therapeutics, Inc. for each common unit held immediately prior to the Reorganization; Each outstanding incentive unit converted into one share of common stock of SpringWorks Therapeutics, Inc. for each incentive unit held immediately prior to the Reorganization, and such common stock is subject to vesting in accordance with the vesting schedule applicable to such incentive units; and Holders of options exercisable to purchase common units, or unit options, of SpringWorks Therapeutics, LLC received one stock option exercisable to purchase common stock of the Company for each unit option held immediately prior to the Reorganization, at the same exercise price of such unit option immediately prior to the Reorganization. Such stock options continue to be subject to vesting in accordance with the vesting schedule applicable to such unit options.

Risks and Liquidity	12 Months Ended
Risks and Liquidity	Dec. 31, 2021
Risks and Uncertainties [Abstract]
Risks and Liquidity	Risks and Liquidity The Company has incurred losses and negative operating cash flows since inception and had an accumulated deficit of $292.5 million and $118.6 million, and working capital of $352.9 million and $319.4 million at December 31, 2021 and December 31, 2020, respectively. To date, the only revenue recognized by the Company was the nonrefundable upfront payment received under the asset purchase and license agreement with Jazz Pharmaceuticals Ireland Limited, or Jazz in October 2020. The Company does not have any products approved for commercial sale or sources of recurring revenue. The Company is subject to those risks associated with any biopharmaceutical company that has substantial expenditures for development. There can be no assurance that the Company’s development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, consultants and vendors. The Company had cash, cash equivalents and marketable securities of $432.7 million and $561.8 million as of December 31, 2021 and December 31, 2020, respectively. Based on the Company’s cash, cash equivalents and marketable securities at December 31, 2021, 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 were issued.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP. Principles of Consolidation The consolidated financial statements include the accounts of SpringWorks Therapeutics, Inc. and its subsidiaries, collectively, the Company. All intercompany transactions and balances have been eliminated in consolidation. Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting. 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. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, accrued research and development expenses and the valuation of stock-based compensation awards. The Company 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. 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. Segment Information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment. Cash and Cash Equivalents The Company considers all highly liquid instruments that have maturities of three months or less when acquired to be cash equivalents. The Company had cash and cash equivalents as of December 31, 2021 and December 31, 2020 of $104.0 million and $147.1 million, respectively. Marketable Securities Marketable debt securities are reported at fair value with unrealized gains and losses included in Accumulated other comprehensive income. Each reporting period, the Company evaluates whether there are declines in fair value below amortized cost and if these declines are due to credit losses, as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs. If both criteria regarding the intent or ability to hold are met, any decline in fair value due to credit losses is recorded as an allowance through Other income (expense) on the Company’s consolidated statements of operations; limited by the amount that the fair value is less than the amortized costs basis. If either criteria is not met, any previously recorded allowance for credit losses and any excess amortized cost basis over fair value is recorded in Other income (expense) on the Company’s consolidated statements of operations. As of, and for the years ended December 31, 2021 and December 31, 2020, the Company did not have any allowance for credit losses or impairments of its marketable securities. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and available-for-sale marketable securities. The Company maintains each of its cash, cash equivalent balances and marketable securities balances with high quality, financial institutions and the Company’s marketable securities are invested in high-quality, highly liquid debt securities including corporate debt securities, U.S. government securities and commercial paper. Property and Equipment Property and equipment consist of computer equipment, software, furniture and leasehold improvements and are recorded at cost. Property and equipment are depreciated on a straight-line basis over their estimated useful lives. Revenue The Company recognizes revenue for consideration received related to the development and commercialization of medicines, which is conducted through various means, including in-house development by the Company, joint development or collaboration agreements with third parties, sale or out licensing of product rights, and others. The terms of these arrangements and agreements may contain multiple promised goods and services, which may include licenses, know-how, drug product, related agreements and other deliverables. Payments to the Company under these arrangements may include one or more of the following: upfront license fees; milestone payments; and royalties on future product sales. Arrangements Within the Scope of ASC 606, Revenue from Contracts with Customers The Company recognizes revenue in accordance with ASC 606, which applies to all contracts with customers, except for contracts that are within the scope of other standards, such as collaboration arrangements and leases. Pursuant to ASC 606, the Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company determines it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies its performance obligation(s). As part of the accounting for these arrangements, the Company may be required to make significant judgments, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations. The Company assesses whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and may require management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct, the Company considers factors such as the research, manufacturing and commercialization capabilities of the customer and the availability of the associated expertise in the general marketplace. The Company also considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, an entity is required to combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer. The Company determines the amount of variable consideration by using the expected value method or the most likely amount method. The Company includes the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time based on the use of an output or input method. Licenses of intellectual property: The terms of the Company’s license agreements include the license of functional intellectual property, given the functionality of the intellectual property is not expected to change substantially as a result of the Company’s ongoing activities. For licenses that are bundled with other promises (that is, for licenses that are not distinct from other promised goods and services in an arrangement), the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. Up-front Fees: If a license agreement is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the license is deemed to be the predominant item and if the combined performance obligation is satisfied over time or at a point in time. Milestone Payments: At the inception of each arrangement that includes milestone payments (variable consideration), the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments such as developmental and regulatory approval milestones, are generally not considered probable of being achieved until the related activity has been achieved, due to the uncertain nature of the success of clinical trials and obtaining regulatory approvals, which make it unlikely that a significant revenue reversal could be deemed not probable, until such time that the related event has occurred. Royalties: For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all the royalty has been allocated has been satisfied (or partially satisfied). Reimbursement, cost-sharing and profit-sharing payments: Under certain arrangements, the Company has been reimbursed for a portion of its research and development expenses or participates in the cost-sharing of such research and development expenses. Such reimbursements and cost-sharing arrangements have been reflected as a reduction of research and development expense in the Company’s consolidated statements of operations, as the Company does not consider performing research and development services for reimbursement to be a part of its ongoing major or central operations. Research and Development In accordance with ASC 730, “Research and Development”, expenditures for clinical development, including upfront licensing fees and milestone payments associated with products that have not yet been approved by the U.S. Food and Drug Administration, are charged to research and development expense as incurred. These expenses consist of expenses incurred in performing development activities, including salaries and benefits, equity-based compensation expense, preclinical expenses, clinical trial and related clinical manufacturing expenses, contract services and other outside expenses. Expenses incurred for certain research and development activities, including expenses associated with particular activities performed by contract research organizations, investigative sites in connection with clinical trials and contract manufacturing organizations, are recognized based on an evaluation of the progress or completion of specific tasks using either time-based measures or data such as information provided to the Company by its vendors on actual activities completed or costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of expense recognition. Expenses for research and development activities incurred that have yet to be invoiced by the vendors that perform the related activities are reflected in the consolidated financial statements as accrued research and development expenses. Advance payments for goods or services to be received in the future for research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. General and Administrative General and administrative expenses consist primarily of salaries and related costs, including stock-based compensation for personnel in executive, finance, corporate, commercial, business development and administrative functions. General and administrative expenses also include legal fees relating to patent and corporate matters; professional fees for accounting, auditing, tax and consulting services; insurance costs; administrative travel expenses; and facility-related expenses, which include direct depreciation costs and expenses for rent and maintenance of facilities and other operating expenses. Equity-based compensation expense The Company accounts for employee equity-based compensation in accordance with ASC 718, Compensation—Stock Compensation, which requires all equity-based awards to employees and non-employee directors be recognized as expense in the statement of operations based on the grant date fair value of the awards. The Company’s equity-based awards generally vest over three or four years. Stock compensation expense is recognized using the straight-line method, based on the grant date fair value, over the requisite service period of the award, which is generally the vesting term. For awards subject to performance conditions, as well as awards containing both market and performance conditions, the Company recognizes equity award compensation expense using an accelerated recognition method over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions as of the reporting date. The Company recognizes forfeitures at the time of the actual forfeiture event in accordance with the adoption of the guidance per Accounting Standard Update, or ASU, No. 2016-9. The grant-date fair value of performance-based awards with market conditions is estimated using a Monte Carlo simulation method that incorporates the probability of the performance conditions being met as of the grant date. For stock options issued, the Company estimates the grant date fair value and the resulting stock-based compensation expense using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the use of certain subjective assumptions which determine the fair value of stock-based awards. Inputs used in the Black-Scholes option-pricing model are: •Fair value of common stock, which is the current trading price of the Company’s common stock. •Expected term — The expected term represents the period that the equity-based awards are expected to be outstanding. The Company uses the simplified method to calculate the expected term due to the limited Company-specific historical information available for the Company. •Expected volatility — The Company lacks Company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based primarily on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock. •Risk-free interest rate — The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the awards. •Expected dividend — The Company has never paid dividends on its common units or stock and has no plans to pay dividends on its common stock. Therefore, the expected dividend yield is zero. For equity-based compensation grants prior to the IPO, the Company estimated the fair value of equity awards granted using the special case of the market approach, including the guideline public company method and precedent transaction method which is known as a backsolve method. This option pricing model was utilized to solve for the implied total equity value that was consistent with the Company’s Series A convertible preferred units “backsolves” to a preferred share price. The backsolve method derives the implied equity value for one type of equity security from a contemporaneous transaction involving another type of security to calculate the equity value. The use of these valuation approaches required management to make assumptions with respect to the expected volatility of its units and stock, time until a liquidity event and risk-free interest rates. Equity value was allocated to the common, incentive and convertible preferred units, and common, restricted and convertible preferred stock using an option-pricing method. Under this method, the common and incentive units and common stock would have had value only if the funds available for distribution exceeded the value of the convertible preferred units’ liquidation preferences at the anticipated time of a liquidity event, such as a strategic sale, merger or IPO. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of shares outstanding for the period. Diluted net loss per share excludes the potential impact of unvested restricted stock and stock options because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share are the same. Income Taxes Income taxes are accounted for using the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions. These reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its filings or positions is more likely than not to be realized following resolution of any potential contingencies related to the tax benefit. Potential interest related to the underpayment of income taxes will be classified as a component of income tax expense and any related penalties will be classified in income tax expenses in the statement of operations. SpringWorks Therapeutics, LLC elected to be treated under the partnership provisions of the Internal Revenue Service Code prior to the reorganization on March 29, 2019. However, its five wholly owned subsidiaries, SpringWorks Operating Company, SpringWorks Subsidiary 1, SpringWorks Subsidiary 2, SpringWorks Subsidiary 3, and SpringWorks Subsidiary 4, are taxable corporations. Subsequent to the Reorganization, SpringWorks Therapeutics, Inc. became the 100% owner of SpringWorks Therapeutics, LLC, creating a new ultimate parent company, and a consolidated group for income tax reporting. The Reorganization and change in tax status of the reporting entity did not have an impact on the consolidated tax provision. Recently Adopted and Recently Issued Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material impact on the Company's financial statements, and no recently issued accounting pronouncements that are expected to have a material impact on the Company's financial statements.

Marketable Securities

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of December 31, 2021 and December 31, 2020 at net book value:


	As of December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. Government securities	$	105,043	$	3	$	(79)	$	104,967
Corporate debt securities	78,729		—		(52)		78,677
Commercial paper	85,896		—		—		85,896
Long-term investments:
U.S. Government securities	59,414		—		(184)		59,230
Total	$	329,082	$	3	$	(315)	$	328,770


	As of December 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. Government securities	$	157,079	$	24	$	(1)	$	157,102
Corporate debt securities	74,773		2		(10)		74,765
Commercial paper	129,528		—		—		129,528
Long-term investments:
U.S. Government securities	53,310		26		—		53,336
Total	$	414,690	$	52	$	(11)	$	414,731

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 and commercial paper.

The Company’s available-for-sale securities that are classified as short-term marketable securities in the consolidated balance sheet 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 noncurrent. As of December 31, 2021, the Company did not hold any investments that matured beyond five years.

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

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 that are 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.

The following tables sets forth the fair value hierarchy of the Company’s financial assets and liabilities measured on a recurring basis as of December 31, 2021 and December 31, 2020:


	As of December 31, 2021
			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	$	89,905	$	89,905	$	—	—
Short-term investments:
U.S. Government securities	104,967		104,967		—		—
Corporate debt securities	78,677		—		78,677		—
Commercial paper	85,896		—		85,896		—
Long-term investments:
U.S. Government securities	59,230		59,230		—		—
Total	$	418,675	$	254,102	$	164,573	$	—


	As of December 31, 2020
			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	$	107,723	$	107,723	—		—
Short-term investments:
U.S. Government securities	157,102		157,102		—		—
Corporate debt securities	74,765		—		74,765		—
Commercial paper	129,528		—		129,528		—
Long-term investments:
U.S. Government securities	53,336		53,336		—		—
Total	$	522,454	$	318,161	$	204,293	$	—

The Company’s financial assets measured at fair value on a recurring basis included cash equivalents, which consist of money market funds, and marketable securities.

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 carrying amounts reflected in the Company’s consolidated balance sheets 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.

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2021		2020		Useful Life
Leasehold improvements	$	1,357	$	1,184	Length of lease or 5 years, whichever is shorter
Computer equipment	157		157		3 years
Furniture	360		97		5 years
Software	361		62		3 years
Construction in process	1,971		104
	4,206		1,604
Less accumulated depreciation	(1,019)		(529)
	$	3,187	$	1,075

Depreciation expense was $490,000, $349,000, and $192,000 for the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Operating Leases

The company’s operating leases relate to real estate.

In October 2018, the Company entered into a lease for its corporate headquarters in Stamford, CT. The lease expires in November 2022. The Company received $1.5 million from the previous tenant in connection with the assumption of the lease. The lease payments increase by 2% in each of the subsequent years. The Company established a security deposit of $0.5 million in the form of a letter-of-credit. In January 2022, the Company amended this lease agreement to extend the lease term through April 2028, with two five-year renewal options or one ten-year renewal option. The lease payments increase by 2.5% in each year commencing December 1, 2022.

In August 2018, the Company entered into a five-year operating lease in Durham, NC (the location of the Company’s clinical development operations), with two five-year renewal options. The lease payments increase by 2.75% in each of the subsequent 4 years. Rental payments under the renewal period will be at current market rates for the premises.

Aggregate Lease Information Related to the Application of ASC 842

The following information is disclosed in accordance with ASC 842, which was adopted as of January 1, 2020. The components of lease cost recorded in the Company’s consolidated statement of operations were as follows:


	Twelve Months Ended December 31,
(in thousands)	2021		2020
Operating lease cost
Fixed	$	993	$	1,049
Variable	548		486
Total lease cost	$	1,541	$	1,535

The Company’s leases are included on its consolidated balance sheets as follows:


(in thousands)	As of December 31, 2021		As of December 31, 2020
Operating leases
Operating lease right-of-use-assets	$	1,010	$	1,944
Total operating lease assets	$	1,010	$	1,944

Operating lease liabilities, current	$	1,162	$	1,375
Operating lease liabilities, long-term	129		1,359
Total operating lease liabilities	$	1,291	$	2,734

Maturities of the Company’s operating lease liabilities in accordance with ASC 842 as of December 31, 2021 were as follows:


(in thousands)	Operating Leases
2022	$	1,182
2023	135
2024	—
2025 and thereafter	—
Total lease payments	1,317
Less: imputed interest	(26)
Present value of lease liabilities	$	1,291

The weighted-average remaining lease term and discount rate related to the Company’s leases were as follows:


	As of December 31, 2021
Weighted-average remaining lease term (in years)
Operating leases	1.1
Weighted-average discount rate
Operating leases	3.5	%

Supplemental cash flow information related to the Company’s leases was as follows:


(in thousands)	December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,388
Right-of-use assets obtained in exchange for new operating lease liabilities	—

As of December 31, 2021, the Company did not have any leases not yet commenced that created significant rights and obligations for the Company.

Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
(in thousands)	2021		2020
Accrued professional fees	$	1,108	$	827
Accrued compensation and benefits	12,081		5,834
Accrued research and development	10,069		7,922
Accrued other	2,120		302
Total accrued expenses	$	25,378	$	14,885

Equity-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

Equity Based Compensation

The Company recorded total equity-based compensation expense for the periods presented as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Research and development	$	14,664	$	3,055	$	731
General and administrative	23,780		6,979		2,378
Total equity compensation expense	$	38,444	$	10,034	$	3,109

2019 Equity Incentive Plan

The 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 the Company’s common stock outstanding on the immediately preceding December 31 or such lesser number of shares determined by the Company’s compensation committee.

The terms of stock options and restricted stock awards, including vesting requirements, are determined by the Board of Directors or its delegates, subject to the provisions of the 2019 Equity Incentive Plan. Stock options and restricted stock awards granted by the Company to employees generally vest over three or four years, and stock options and restricted stock awards granted by the Company to directors generally vest over one or three years.

As of December 31, 2021, there were 4,061,466 shares available for future issuance under the 2019 Equity Incentive Plan.

2019 Private Company Plan

On March 29, 2019, the Company adopted the 2019 Stock Option and Incentive Plan, or the 2019 Private Company Plan, in connection with the Reorganization. In connection with the adoption of the 2019 Private Company Plan, all outstanding incentive units and unit options, granted under the 2018 Equity Plan, were exchanged for stock options and restricted stock under the 2019 Private Company Plan.

In connection with the IPO no modification was triggered for the 2019 Private Company Plan and upon the effectiveness of the 2019 Equity Incentive Plan no further grants can be made under the 2019 Private Company Plan. However, the shares of common stock underlying any awards that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by the Company prior to vesting, satisfied without the issuance of stock, expire or are otherwise terminated (other than by exercise) under the 2019 Private Company Plan will be added back to the shares of common stock available for issuance under the 2019 Equity Incentive Plan.

2018 Equity Plan

In January 2018, the Company adopted the 2018 Equity Incentive Plan, or the 2018 Equity Plan. On March 19, 2019, the Company modified its operating agreement to allow for the award of unit options. In connection with the adoption of the 2019 Private Company Plan, as noted above, all outstanding awards were exchanged for identical awards under the 2019 Private Company Plan. No further grants can be made under the 2018 Equity Plan.

2019 Employee Stock Purchase Plan

On August 30, 2019, the Company’s stockholders approved the 2019 Employee Stock Purchase Plan, or the ESPP, which became effective immediately preceding the effectiveness of the Company’s registration statement on September 12, 2019 in connection with the IPO. A total of 442,153 shares of common stock were reserved for issuance under the ESPP. In addition, the number of shares of common stock that may be issued under the ESPP will automatically increase each January 1, through and including January 1, 2028, by the lesser of (i) 663,229 shares of common stock, (ii) 1% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or (iii) such lesser number of shares

determined by the administrator of the ESPP. As of December 31, 2021, there were 1,360,410 shares reserved for issuance under the ESPP. No offering periods under the ESPP had been initiated as of December 31, 2021.

Stock Options

A summary of the changes in the Company’s unit options for the period December 31, 2018 through the Reorganization is as follows:


	Number of Awards	Weighted Average Exercise Price
Outstanding at December 31, 2018	—	—
Granted	148,415	$	1.65
Outstanding at March 29, 2019	148,415	1.65

A summary of the changes in the Company’s stock options during the period of Reorganization through December 31, 2021 is as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Intrinsic Aggregate Value
Outstanding at March 29, 2019	148,415	$	1.65	—	—
Granted	3,177,233	5.21		—	—
Exercised	(9,080)	2.30		—	—
Forfeited/cancelled	(90,843)	2.18		—	—
Outstanding at December 31, 2019	3,225,725	5.08		9.4	107,771,472
Granted	1,580,788	35.90		—	—
Exercised	(190,484)	4.69		—	—
Forfeited/cancelled	(110,483)	23.49		—	—
Outstanding at December 31, 2020	4,505,546	15.51		8.7	256,860,405
Granted	2,547,813	73.37		—	—
Exercised	(151,643)	7.62		—	—
Forfeited/cancelled	(188,303)	37.34		—	—
Outstanding at December 31, 2021	6,713,413	37.03		8.2	196,012,147
Exercisable at December 31, 2021	2,736,057	17.86		7.4	122,887,280

Aggregate intrinsic value is calculated by subtracting the exercise price of the option from the closing price of the Company’s common stock on closing date, multiplied by the number of shares per each option.

Assumptions used in determining the fair value of the stock options granted in 2021 include risk-free interest rates of 0.50% – 1.33%, expected dividend yield of 0.00%, expected term in years of 5.5 years - 6.1 years and expected volatility of 70.0% - 75.0%.

2019 CEO Performance Award

In June 2019, the Company’s CEO received an award of 176,411 stock options, or the 2019 CEO Performance Award. The 2019 CEO Performance Award can vest over 48 monthly installments based on four years of service, a performance condition (a liquidity event, such as an IPO) and market conditions, assuming continued employment and service through each vesting date. During the vesting period of four years, the 2019 CEO Performance Award is not earned unless the market condition is achieved on each vesting date. If the market condition is not achieved on a vesting date, but is achieved on a future vesting date, the award is earned for the entire period since the last date that such market condition was achieved. All or a portion of the

award can be earned following the initial four-year service period if the market condition is next achieved after such four-year service period and Mr. Islam remains in continuous service. The market condition and performance condition are satisfied when the Company’s common stock is listed on a U.S. national securities exchange and achieves a 60-trading day average closing price of at least $28.49 per share (as adjusted for stock splits, recapitalizations, and similar events).

During the year ended December 31, 2021, 44,103 options of the CEO performance award became exercisable upon the satisfaction of the market condition applicable to this award.

At December 31, 2021, the total unrecognized compensation expense related to unvested stock options was $117.8 million, which the Company expects to recognize over a weighted-average remaining period of approximately 2.7 years. For the year ended December 31, 2021, total stock compensation expense for stock options was $33.0 million.

Restricted Stock

A summary of the changes in the Company’s incentive units for the period December 31, 2018 through the Reorganization is as follows:


	Number of Units	Weighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2018	2,503,744	$	1.25
Vested	(228,209)	0.81
Forfeited	(12,570)	1.45
Unvested and outstanding at March 29, 2019	2,262,965	1.24

A summary of the changes in the Company’s restricted stock during the period from Reorganization through December 31, 2021 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and outstanding at March 29, 2019	2,262,965	$	1.24
Vested	(737,530)	1.26
Forfeited	(235,998)	1.36
Unvested and outstanding at December 31, 2019	1,289,437	1.21
Vested	(588,345)	1.14
Forfeited	(14,224)	1.45
Unvested and outstanding at December 31, 2020	686,868	1.26
Granted	332,226	73.31
Vested	(493,309)	1.19
Forfeited	(55,475)	13.75
Unvested and outstanding at December 31, 2021	470,310	50.76

At December 31, 2021, the total unrecognized compensation expense related to unvested restricted stock was $18.5 million, which the Company expects to recognize over a weighted-average remaining period of approximately 1.73 years. For the year ended December 31, 2021, total restricted stock compensation expense was $5.4 million.

License and Collaboration Agreements	12 Months Ended
License and Collaboration Agreements	Dec. 31, 2021
License and Collaboration Agreements
License and Collaboration Agreements	License and Collaboration Agreements Pfizer Inc. In August and October 2017, the Company entered into four license agreements with Pfizer Inc., or Pfizer, for rights to certain technologies, or the License Agreements. Under the License Agreements, the Company obtained from Pfizer the right to use research, develop, manufacture and commercialize certain products, including nirogacestat and mirdametinib. In connection with the License Agreements, the Company issued 6,437,500 units of Junior Series A convertible preferred units to Pfizer (see Note 1). No cash was received by the Company for these units. The Company is required to pay Pfizer milestones payments of up to an aggregate of $232.5 million for nirogacestat and up to an aggregate of $229.8 million for mirdametinib, each upon achievement of certain commercial milestone events. Royalties are also payable under each License Agreement based on a specified percentage of net sales ranging from mid-single digit percentages to low 20s, Royalty payments under each License Agreement continue until the expiration of the last to expire licensed patent applicable to such product, but not less than ten years after the first commercial sale on a country-by-country basis. BeiGene, Ltd. In August 2018, the Company entered into a clinical collaboration agreement with BeiGene Ltd., or BeiGene to conduct a clinical study of the combination of mirdametinib and a BeiGene compound designated as lifirafenib. In accordance with the terms of the agreement, the Company and BeiGene share equally the costs associated with the clinical study. BeiGene is required to supply the BeiGene compound and the Company is required to supply mirdametinib to conduct the clinical study. The collaboration is guided by a joint steering committee. Specified areas of development require unanimous agreement among all members of the joint steering committee. The Company recorded expense of $1.1 million, $0.9 million and $1.0 million for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively, in connection with this collaboration agreement, which are classified as research and development expenses in the Company’s statement of operations. TEAD inhibitor portfolio license agreement In May 2021, the Company announced an exclusive worldwide license agreement with Katholieke Universiteit Leuven, or KU Leuven, and the Flanders Institute for Biotechnology, or VIB, pursuant to which the Company in-licensed a portfolio of novel small molecule inhibitors of the TEA Domain, or TEAD, family of transcription factors, designed for the potential treatment of biomarker-defined solid tumors driven by aberrant Hippo pathway signaling. Under the terms of the agreement, the Company made an upfront payment of $11 million to KU Leuven and VIB, which was recorded as research and development expense in the consolidated statement of operations. Pursuant to the terms of the agreement, KU Leuven and VIB are also eligible to receive up to $285 million in development, regulatory and commercial milestones and tiered single-digit percentage royalties based on any future net sales of products developed based on the in-licensed technology. EGFR inhibitor portfolio license agreement and sponsored research agreement In October 2021, the Company announced an exclusive worldwide license agreement with Dana-Farber Cancer Institute, or Dana-Farber, pursuant to which it in-licensed a portfolio of novel small molecule inhibitors of Epidermal Growth Factor Receptor, or EGFR, designed for the treatment of EGFR-mutant lung cancers. Under the terms of the agreement, the Company made an upfront payment to Dana-Farber, which was recorded as research and development expense in the consolidated statement of operations. Pursuant to the terms of the agreement, Dana-Farber is also eligible to receive development and commercial milestones and royalties based on any future net sales of products developed based on the in-licensed technology. Concurrent with this license agreement, the Company entered a multi-year sponsored research agreement with Stanford Medicine to fund continued research and development in a laboratory at Stanford Medicine as well as collaborating laboratories at Dana-Farber. This sponsored research agreement is intended to support lead optimization and translational biology efforts as the EGFR inhibitor portfolio advances towards development candidate nomination. GSK clinical collaboration agreement In June 2019, the Company entered into a clinical collaboration agreement with GlaxoSmithKline, or GSK, or the GSK Collaboration Agreement, to evaluate the safety, tolerability and preliminary efficacy of nirogacestat and belantamab mafodotin. Under the terms of the GSK Collaboration Agreement, GSK will sponsor and conduct the adaptive Phase 1b study of nirogacestat, in combination with GSK’s B-cell maturation antigen, or BCMA antibody-drug conjugate, belantamab mafodotin, in patients with relapsed or refractory multiple myeloma. GSK will assume all development costs associated with the study. The Company agreed to manufacture and supply the Company compound for purposes of the study. In October 2021, the Company announced the initiation of an expanded Phase 2 cohort from the first combination dose level that evaluated 0.95 mg/kg dose of BLENREP every three weeks plus nirogacestat based on encouraging preliminary data observed in the Phase 1 portion. The Company also announced the addition of two new sub-studies that will explore BLENREP plus nirogacestat in combination with pomalidomide and dexamethasone and in combination with lenalidomide plus dexamethasone. Pursuant to the GSK Collaboration Agreement, GSK is responsible for administering the clinical trial and is responsible for all costs associated with the direct conduct of the clinical trial, other than the manufacture and supply of nirogacestat and certain expenses related to intellectual property rights. The collaboration is managed by a joint development committee of equal representation by the Company and GSK. Following completion of the clinical trial, within a specified period of time, either party may propose new agreements for the purpose of performing one or more additional clinical trials of the combination therapy for the treatment of relapsed and refractory multiple myeloma. If a party proposes to conduct an additional clinical trial, the parties will negotiate in good faith, without obligation, the details of a definitive agreement to provide for the expansion of the clinical collaboration. If the parties do not reach an agreement, and only one party wishes to proceed with an additional clinical trial, it may do so if the other party does not object to the protocol based on safety concerns. Allogene clinical collaboration agreement In January 2020, the Company entered into a clinical trial collaboration and supply agreement with Allogene Therapeutics, or Allogene, to evaluate nirogacestat in combination with ALLO-715, Allogene’s investigational allogeneic BCMA-targeted chimeric antigen receptor, or CAR, T cell product, in patients with relapsed or refractory multiple myeloma. Allogene is responsible for administering the Phase 1 clinical trial and is responsible for all costs associated with the direct conduct of the clinical trial, other than the manufacture and supply of nirogacestat and certain expenses related to intellectual property rights. The collaboration is managed by a joint development committee of equal representation by the Company and Allogene. Janssen clinical collaboration agreement In September 2020, the Company entered into a clinical collaboration and supply agreement with Janssen Biotech, Inc., or Janssen, to evaluate the Company’s investigational gamma secretase inhibitor, or GSI, nirogacestat, in combination with Janssen’s bispecific antibody targeting BCMA, and CD3, teclistamab, in patients with relapsed or refractory multiple myeloma. Janssen is responsible for administering the Phase 1 clinical trial and is responsible for all costs associated with the direct conduct of the clinical trial, other than the manufacture and supply of nirogacestat and certain expenses related to intellectual property rights. The collaboration is managed by a joint oversight committee of equal representation by the Company and Janssen. Precision BioSciences clinical collaboration agreement In September 2020, the Company entered into a clinical trial collaboration agreement with Precision BioSciences, Inc., or Precision Biosciences, to evaluate nirogacestat in combination with PBCAR269A, an investigational allogeneic, or CAR-T cell therapy candidate targeting BCMA, in patients with relapsed or refractory multiple myeloma. Precision Biosciences is responsible for administering the Phase 1/2a clinical trial and is responsible for all costs associated with the direct conduct of the clinical trial, other than the manufacture and supply of nirogacestat and certain expenses related to intellectual property rights. The collaboration is managed by a joint steering committee of equal representation by the Company and Precision Biosciences. Pfizer clinical collaboration agreement In October 2020, the Company entered into a clinical trial collaboration and supply agreement with Pfizer to evaluate nirogacestat in combination with Pfizer’s bispecific antibody targeting BCMA and CD3, elranatamab, in patients with relapsed or refractory multiple myeloma. Pfizer is responsible for administering the Phase 1b/2 clinical trial and is responsible for all costs associated with the direct conduct of the clinical trial, other than the manufacture and supply of nirogacestat and certain expenses related to intellectual property rights. The collaboration is managed by a joint development committee of equal representation by the Company and Pfizer. Seagen clinical collaboration agreement In June 2021, the Company entered into a clinical collaboration with Seagen to evaluate nirogacestat in combination with SEA-BCMA, Seagen’s investigational monoclonal antibody targeting BCMA in patients with relapsed or refractory multiple myeloma. Pursuant to the terms of the agreement, other than the manufacturing of nirogacestat and certain expenses related to intellectual property rights, Seagen is responsible for the conduct and expenses of the collaboration, which is governed by a joint development committee with equal representation from each party. AbbVie clinical collaboration agreement In December 2021, the Company entered into a clinical collaboration with AbbVie to evaluate nirogacestat in combination with ABBV-383, AbbVie's investigational CD3 bispecific antibody directed against BCMA, in patients with relapsed or refractory multiple myeloma. Pursuant to the terms of the agreement, other than the manufacturing of nirogacestat and certain expenses related to intellectual property rights, AbbVie is responsible for the conduct and expenses of the collaboration, which is governed by a joint steering committee with equal representation from each party Jazz Pharmaceuticals asset purchase and exclusive license agreement In October 2020, the Company and Jazz announced an asset purchase and exclusive license agreement, pursuant to which Jazz acquired the Company’s fatty acid amide hydrolase, or FAAH, inhibitor program including PF-4457845. The FAAH inhibitor program was obtained by the Company as part of the License Agreements in 2018. Jazz made an upfront payment of $35 million to the Company with potential future payments of up to $375 million based upon the achievement of certain clinical development, regulatory, and commercial milestones. In addition, Jazz is obligated to pay the Company tiered sales-based royalties on future net sales of PF-4457845 in the single-digit range. Pursuant to the Jazz Agreement, Jazz is obligated to use commercially reasonable efforts to develop and seek regulatory approval for at least one product in the United States and if regulatory approval is obtained, to commercialize such product in the United States. Consideration received under the Jazz Agreement The Company evaluated the Jazz Agreement under ASC 606, and determined there was a single performance obligation and the license was the predominant item in a bundle of goods that was distinct. The Company transferred all items in the bundle of goods, including the license, in the period ended December 31, 2020. The license is functional intellectual property, given the functionality of the intellectual property is not expected to change substantially as a result of the Company’s ongoing activities, and accordingly, revenue should be recognized at a point in time. The Company recognized the upfront payment as revenue in the period ended December 31, 2020. The Company will not recognize development or regulatory approval milestones until the related activity has been achieved; and royalties, including commercial milestone payments based on the level of sales, will be recognized at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all the royalty has been allocated has been satisfied (or partially satisfied), which for the Jazz Agreement will be the period when the related sales occur.

Investments	12 Months Ended
Investments	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments MapKure In June 2019, the Company announced the formation of MapKure, an entity jointly owned by the Company and BeiGene. BeiGene licensed to MapKure exclusive rights to BGB-3245, an oral, small molecule selective inhibitor of specific BRAF driver mutations and genetic fusions. MapKure is advancing BGB-3245 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 has appointed a member to each of MapKure’s joint steering committee and board of directors. The Company also contributes to clinical development and other operational activities for BGB-3245 through a service agreement with MapKure. In conjunction with the formation of MapKure in June 2019, the Company purchased 3,500,000 Series A preferred units of MapKure, or a 25% ownership interest, for $3.5 million, and BeiGene received 10,000,000 Series A preferred units as payment for its contributed intellectual property, or a 71.4% ownership interest. Two individuals each purchased 250,000 Series A preferred units, or 1.8% ownership interest each. In June 2020, the Company purchased an additional 3,500,000 Series A preferred units of MapKure for $3.5 million, as required by the terms of the initial investment in MapKure. As of December 31, 2021, the Company’s ownership interest in MapKure is 38.9%. 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. The Company reaffirmed its assessment as of December 31, 2021. In accordance with ASC 323-10-35-6, the Company records its portion of MapKure’s earnings or losses based on a one quarter lag. For the year ended December 31, 2021, the Company recognized a $1.0 million loss for its portion of MapKure’s losses. The Company’s investment in MapKure is included in “Equity method investments” in the consolidated balance sheet. The balance of the Company’s investment was $2.9 million at December 31, 2021, representing the maximum exposure to loss as a result of the Company’s involvement with MapKure.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2021, the Company had obligations consisting of operating leases for facilities. Refer to Footnote 7: Leases for more information. 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 amount 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 December 31, 2021, and December 31, 2020, there was no litigation or contingency that created at least a reasonable possibility of a material loss.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

As of December 31, 2021 and December 31, 2020, the Company did not have a current or deferred income tax expense or benefit as the Company has incurred losses since inception.

As of December 31, 2021, the Company has federal, state and city net operating loss carryforwards of $257.8 million, $151.1 million and $3.7 million, respectively, which are available to reduce future taxable income. Federal net operating loss carryforwards generated 2018 through 2021 of $253.5 million, will be available to offset 80% of taxable income for an indefinite period of time, until fully utilized. Federal net operating loss carryforwards of $4.3 million reported in 2017, and the state and city net operating loss carryforwards expire at various dates through 2040. The Company also has federal tax credits of $16.7 million, which may be used to offset future tax liabilities. These tax credit carryforwards will expire at various dates beginning in 2038.

The net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess

of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions and other provisions within the Internal Revenue Code. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to an ownership change. Subsequent ownership changes may further affect the limitation in future years.

The Company has not recorded any reserves for uncertain tax positions as of December 31, 2021 or December 31, 2020. The Company has completed a study for the research and development credit carryforwards through December 31, 2020, and has not yet conducted a study of research and development credit carryforwards for the year ended December 31, 2021. The 2021 study, once completed, may result in an adjustment to the Company’s research and development credit carryforwards. A full valuation allowance has been provided against the Company’s research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheets or statements of operations and comprehensive loss if an adjustment were required.

Interest and penalty charges, if any, related to unrecognized tax benefits will be classified as income tax expense in the accompanying statements of operations and comprehensive loss. As of December 31, 2021, the Company had no accrued interest or penalties related to uncertain tax positions.

Since the Company is in a loss carryforward position, it is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available. The Company is not currently under examination by the Internal Revenue Service or any other jurisdictions for any tax years.

The principal components of deferred tax assets and liabilities are as follows:


	As of December 31,
(in thousands)	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	63,418	$	23,630
Research and development credits	2,581		1,673
Orphan drug credit	14,198		5,519
Accrued expenses	18		1,225
Depreciation	128		71
Stock compensation	8,476		1,972
Operating lease liabilities	271		574
Partnership investment	356		—
Total deferred tax assets	89,446		34,664
Deferred tax liability:
Operating lease right-of-use assets	(212)		(408)
Other	(2)		—
Valuation allowance	(89,232)		(34,256)
Net deferred tax assets	$	—	$	—

ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After consideration of all evidence, both positive and negative, the Company has recorded a full valuation allowance against its deferred tax assets at December 31, 2021 and December 31, 2020 because the Company’s management has determined that it is more likely than not that these assets will not be realized. The increase in the valuation allowance of $55.0 million in 2021 primarily relates to the net loss incurred by the Company as well as federal research and orphan drug credits generated.

The effective tax rate for the Company for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 was zero percent. A reconciliation of the income tax expense at the federal statutory tax rate to the Company’s effective income tax rate follows:


	Year Ended December 31,
	2021		2020		2019
Statutory tax rate	21.00	%	21.00	%	21.00	%
U.S. state and local income taxes, net of U.S. federal income tax benefit	5.15		—		—
Stock-based compensation	(0.03)		0.55		—
Research and development credit	0.50		2.12		0.57
Orphan drug credit	4.99		11.95		—
Other	—		0.02		(0.04)
Change in valuation allowance	(31.61)		(35.64)		(21.53)
Effective tax rate	—	%	—	%	—	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2021
Retirement Benefits [Abstract]
401(k) Plan	401(k) PlanIn 2017, the Company adopted a tax-qualified employee savings and retirement plan, or the 401(k) Plan, that covers all of its full-time employees who are at least 21 years of age. Pursuant to the 401(k) Plan, participants may elect to contribute up to the federally allowed maximum limits of their pretax earnings to the 401(k) Plan. Prior to January 1, 2021, the Company did not make any matching contributions. For the year ended December 31, 2021, expense for matching contributions totaling $0.5 million was included in the statement of operations.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Pfizer is a significant shareholder of the Company and a former Pfizer employee is a member of the Board of Directors. See Note 9 for further details on transactions entered into with Pfizer. Prior to the IPO, the Company regarded the Board of Directors, or BOD, as related parties. The Company recorded consulting and BOD expenses totaling $0.2 million for the period January 1, 2019 through the date of the IPO. For the year ended December 31, 2019, the Company recorded consulting and BOD expenses totaling $0.3 million.

Net Loss per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss per Share

Basic and diluted net loss per unit and share is calculated as follows:


	Year Ended December 31,
(In thousands, except share and per-share data)	2021	2020	2019
Numerator:
Net loss	(173,910)	(45,574)	(58,306)
Net gain attributable to extinguishment of Series A convertible preferred and Junior Series A convertible preferred units	—	—	7,729
Net loss attributable to common stockholders	(173,910)	(45,574)	(50,577)
Denominator:

Weighted average shares outstanding, basic and diluted	48,497,790	43,300,063	13,274,836

Net loss per share, basic and diluted	(3.59)	(1.05)	(3.81)

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	As of December 31,
	2021	2020
Common stock options issued and outstanding	6,713,413	4,505,546
Restricted stock subject to future vesting	470,310	686,868
Total potentially dilutive securities	7,183,723	5,192,414

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of SpringWorks Therapeutics, Inc. and its subsidiaries, collectively, the Company. All intercompany transactions and balances have been eliminated in consolidation. Investments in business entities in which the Company lacks control but does have the ability to exercise significant influence over operating and financial policies are accounted for using the equity method of accounting.
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. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, accrued research and development expenses and the valuation of stock-based compensation awards. The Company 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. 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.
Segment Information	Segment Information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment.
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company considers all highly liquid instruments that have maturities of three months or less when acquired to be cash equivalents.
Marketable Securities	Marketable Securities Marketable debt securities are reported at fair value with unrealized gains and losses included in Accumulated other comprehensive income. Each reporting period, the Company evaluates whether there are declines in fair value below amortized cost and if these declines are due to credit losses, as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs. If both criteria regarding the intent or ability to hold are met, any decline in fair value due to credit losses is recorded as an allowance through Other income (expense) on the Company’s consolidated statements of operations; limited by the amount that the fair value is less than the amortized costs basis. If either criteria is not met, any previously recorded allowance for credit losses and any excess amortized cost basis over fair value is recorded in Other income (expense) on the Company’s consolidated statements of operations. As of, and for the years ended December 31, 2021 and December 31, 2020, the Company did not have any allowance for credit losses or impairments of its marketable securities.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and available-for-sale marketable securities. The Company maintains each of its cash, cash equivalent balances and marketable securities balances with high quality, financial institutions and the Company’s marketable securities are invested in high-quality, highly liquid debt securities including corporate debt securities, U.S. government securities and commercial paper.
Property and Equipment	Property and Equipment Property and equipment consist of computer equipment, software, furniture and leasehold improvements and are recorded at cost. Property and equipment are depreciated on a straight-line basis over their estimated useful lives.
Revenue	Revenue The Company recognizes revenue for consideration received related to the development and commercialization of medicines, which is conducted through various means, including in-house development by the Company, joint development or collaboration agreements with third parties, sale or out licensing of product rights, and others. The terms of these arrangements and agreements may contain multiple promised goods and services, which may include licenses, know-how, drug product, related agreements and other deliverables. Payments to the Company under these arrangements may include one or more of the following: upfront license fees; milestone payments; and royalties on future product sales. Arrangements Within the Scope of ASC 606, Revenue from Contracts with Customers The Company recognizes revenue in accordance with ASC 606, which applies to all contracts with customers, except for contracts that are within the scope of other standards, such as collaboration arrangements and leases. Pursuant to ASC 606, the Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company determines it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies its performance obligation(s). As part of the accounting for these arrangements, the Company may be required to make significant judgments, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations. The Company assesses whether each promised good or service is distinct for the purpose of identifying the performance obligations in the contract. This assessment involves subjective determinations and may require management to make judgments about the individual promised goods or services and whether such are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (that is, the good or service is capable of being distinct) and (ii) the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (that is, the promise to transfer the good or service is distinct within the context of the contract). In assessing whether a promised good or service is distinct, the Company considers factors such as the research, manufacturing and commercialization capabilities of the customer and the availability of the associated expertise in the general marketplace. The Company also considers the intended benefit of the contract in assessing whether a promised good or service is separately identifiable from other promises in the contract. If a promised good or service is not distinct, an entity is required to combine that good or service with other promised goods or services until it identifies a bundle of goods or services that is distinct. If the consideration promised in a contract includes a variable amount, the Company estimates the amount of consideration to which it will be entitled in exchange for transferring the promised goods or services to a customer. The Company determines the amount of variable consideration by using the expected value method or the most likely amount method. The Company includes the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) each performance obligation is satisfied at a point in time or over time, and if over time based on the use of an output or input method. Licenses of intellectual property: The terms of the Company’s license agreements include the license of functional intellectual property, given the functionality of the intellectual property is not expected to change substantially as a result of the Company’s ongoing activities. For licenses that are bundled with other promises (that is, for licenses that are not distinct from other promised goods and services in an arrangement), the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. Up-front Fees: If a license agreement is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from the transaction price allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the license is deemed to be the predominant item and if the combined performance obligation is satisfied over time or at a point in time. Milestone Payments: At the inception of each arrangement that includes milestone payments (variable consideration), the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments such as developmental and regulatory approval milestones, are generally not considered probable of being achieved until the related activity has been achieved, due to the uncertain nature of the success of clinical trials and obtaining regulatory approvals, which make it unlikely that a significant revenue reversal could be deemed not probable, until such time that the related event has occurred. Royalties: For arrangements that include sales-based royalties, including commercial milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all the royalty has been allocated has been satisfied (or partially satisfied). Reimbursement, cost-sharing and profit-sharing payments: Under certain arrangements, the Company has been reimbursed for a portion of its research and development expenses or participates in the cost-sharing of such research and development expenses. Such reimbursements and cost-sharing arrangements have been reflected as a reduction of research and development expense in the Company’s consolidated statements of operations, as the Company does not consider performing research and development services for reimbursement to be a part of its ongoing major or central operations.
Research and Development	Research and Development In accordance with ASC 730, “Research and Development”, expenditures for clinical development, including upfront licensing fees and milestone payments associated with products that have not yet been approved by the U.S. Food and Drug Administration, are charged to research and development expense as incurred. These expenses consist of expenses incurred in performing development activities, including salaries and benefits, equity-based compensation expense, preclinical expenses, clinical trial and related clinical manufacturing expenses, contract services and other outside expenses. Expenses incurred for certain research and development activities, including expenses associated with particular activities performed by contract research organizations, investigative sites in connection with clinical trials and contract manufacturing organizations, are recognized based on an evaluation of the progress or completion of specific tasks using either time-based measures or data such as information provided to the Company by its vendors on actual activities completed or costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of expense recognition. Expenses for research and development activities incurred that have yet to be invoiced by the vendors that perform the related activities are reflected in the consolidated financial statements as accrued research and development expenses. Advance payments for goods or services to be received in the future for research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.
General and Administrative	General and Administrative General and administrative expenses consist primarily of salaries and related costs, including stock-based compensation for personnel in executive, finance, corporate, commercial, business development and administrative functions. General and administrative expenses also include legal fees relating to patent and corporate matters; professional fees for accounting, auditing, tax and consulting services; insurance costs; administrative travel expenses; and facility-related expenses, which include direct depreciation costs and expenses for rent and maintenance of facilities and other operating expenses.
Equity-based compensation expense	Equity-based compensation expense The Company accounts for employee equity-based compensation in accordance with ASC 718, Compensation—Stock Compensation, which requires all equity-based awards to employees and non-employee directors be recognized as expense in the statement of operations based on the grant date fair value of the awards. The Company’s equity-based awards generally vest over three or four years. Stock compensation expense is recognized using the straight-line method, based on the grant date fair value, over the requisite service period of the award, which is generally the vesting term. For awards subject to performance conditions, as well as awards containing both market and performance conditions, the Company recognizes equity award compensation expense using an accelerated recognition method over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the expected satisfaction of the performance conditions as of the reporting date. The Company recognizes forfeitures at the time of the actual forfeiture event in accordance with the adoption of the guidance per Accounting Standard Update, or ASU, No. 2016-9. The grant-date fair value of performance-based awards with market conditions is estimated using a Monte Carlo simulation method that incorporates the probability of the performance conditions being met as of the grant date. For stock options issued, the Company estimates the grant date fair value and the resulting stock-based compensation expense using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the use of certain subjective assumptions which determine the fair value of stock-based awards. Inputs used in the Black-Scholes option-pricing model are: •Fair value of common stock, which is the current trading price of the Company’s common stock. •Expected term — The expected term represents the period that the equity-based awards are expected to be outstanding. The Company uses the simplified method to calculate the expected term due to the limited Company-specific historical information available for the Company. •Expected volatility — The Company lacks Company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based primarily on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until it has adequate historical data regarding the volatility of its own traded stock. •Risk-free interest rate — The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the expected term of the awards. •Expected dividend — The Company has never paid dividends on its common units or stock and has no plans to pay dividends on its common stock. Therefore, the expected dividend yield is zero. For equity-based compensation grants prior to the IPO, the Company estimated the fair value of equity awards granted using the special case of the market approach, including the guideline public company method and precedent transaction method which is known as a backsolve method. This option pricing model was utilized to solve for the implied total equity value that was consistent with the Company’s Series A convertible preferred units “backsolves” to a preferred share price. The backsolve method derives the implied equity value for one type of equity security from a contemporaneous transaction involving another type of security to calculate the equity value. The use of these valuation approaches required management to make assumptions with respect to the expected volatility of its units and stock, time until a liquidity event and risk-free interest rates. Equity value was allocated to the common, incentive and convertible preferred units, and common, restricted and convertible preferred stock using an option-pricing method. Under this method, the common and incentive units and common stock would have had value only if the funds available for distribution exceeded the value of the convertible preferred units’ liquidation preferences at the anticipated time of a liquidity event, such as a strategic sale, merger or IPO.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of shares outstanding for the period. Diluted net loss per share excludes the potential impact of unvested restricted stock and stock options because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share are the same.
Income Taxes	Income Taxes Income taxes are accounted for using the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions. These reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its filings or positions is more likely than not to be realized following resolution of any potential contingencies related to the tax benefit. Potential interest related to the underpayment of income taxes will be classified as a component of income tax expense and any related penalties will be classified in income tax expenses in the statement of operations. SpringWorks Therapeutics, LLC elected to be treated under the partnership provisions of the Internal Revenue Service Code prior to the reorganization on March 29, 2019. However, its five wholly owned subsidiaries, SpringWorks Operating Company, SpringWorks Subsidiary 1, SpringWorks Subsidiary 2, SpringWorks Subsidiary 3, and SpringWorks Subsidiary 4, are taxable corporations. Subsequent to the Reorganization, SpringWorks Therapeutics, Inc. became the 100% owner of SpringWorks Therapeutics, LLC, creating a new ultimate parent company, and a consolidated group for income tax reporting. The Reorganization and change in tax status of the reporting entity did not have an impact on the consolidated tax provision.
Recently Adopted and Recently Issued Accounting Pronouncements	Recently Adopted and Recently Issued Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material impact on the Company's financial statements, and no recently issued accounting pronouncements that are expected to have a material impact on the Company's financial statements.

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2021

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 December 31, 2021 and December 31, 2020 at net book value:


	As of December 31, 2021
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. Government securities	$	105,043	$	3	$	(79)	$	104,967
Corporate debt securities	78,729		—		(52)		78,677
Commercial paper	85,896		—		—		85,896
Long-term investments:
U.S. Government securities	59,414		—		(184)		59,230
Total	$	329,082	$	3	$	(315)	$	328,770


	As of December 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. Government securities	$	157,079	$	24	$	(1)	$	157,102
Corporate debt securities	74,773		2		(10)		74,765
Commercial paper	129,528		—		—		129,528
Long-term investments:
U.S. Government securities	53,310		26		—		53,336
Total	$	414,690	$	52	$	(11)	$	414,731

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of financial assets subject to fair value measurements

The following tables sets forth the fair value hierarchy of the Company’s financial assets and liabilities measured on a recurring basis as of December 31, 2021 and December 31, 2020:


	As of December 31, 2021
			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	$	89,905	$	89,905	$	—	—
Short-term investments:
U.S. Government securities	104,967		104,967		—		—
Corporate debt securities	78,677		—		78,677		—
Commercial paper	85,896		—		85,896		—
Long-term investments:
U.S. Government securities	59,230		59,230		—		—
Total	$	418,675	$	254,102	$	164,573	$	—


	As of December 31, 2020
			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	$	107,723	$	107,723	—		—
Short-term investments:
U.S. Government securities	157,102		157,102		—		—
Corporate debt securities	74,765		—		74,765		—
Commercial paper	129,528		—		129,528		—
Long-term investments:
U.S. Government securities	53,336		53,336		—		—
Total	$	522,454	$	318,161	$	204,293	$	—

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and equipment, net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2021		2020		Useful Life
Leasehold improvements	$	1,357	$	1,184	Length of lease or 5 years, whichever is shorter
Computer equipment	157		157		3 years
Furniture	360		97		5 years
Software	361		62		3 years
Construction in process	1,971		104
	4,206		1,604
Less accumulated depreciation	(1,019)		(529)
	$	3,187	$	1,075

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Various Schedules related to operating leases

The components of lease cost recorded in the Company’s consolidated statement of operations were as follows:


	Twelve Months Ended December 31,
(in thousands)	2021		2020
Operating lease cost
Fixed	$	993	$	1,049
Variable	548		486
Total lease cost	$	1,541	$	1,535

The weighted-average remaining lease term and discount rate related to the Company’s leases were as follows:


	As of December 31, 2021
Weighted-average remaining lease term (in years)
Operating leases	1.1
Weighted-average discount rate
Operating leases	3.5	%

Supplemental cash flow information related to the Company’s leases was as follows:


(in thousands)	December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,388
Right-of-use assets obtained in exchange for new operating lease liabilities	—

Schedule of operating lease assets and liabilities

The Company’s leases are included on its consolidated balance sheets as follows:


(in thousands)	As of December 31, 2021		As of December 31, 2020
Operating leases
Operating lease right-of-use-assets	$	1,010	$	1,944
Total operating lease assets	$	1,010	$	1,944

Operating lease liabilities, current	$	1,162	$	1,375
Operating lease liabilities, long-term	129		1,359
Total operating lease liabilities	$	1,291	$	2,734

Schedule of future minimum lease obligations

Maturities of the Company’s operating lease liabilities in accordance with ASC 842 as of December 31, 2021 were as follows:


(in thousands)	Operating Leases
2022	$	1,182
2023	135
2024	—
2025 and thereafter	—
Total lease payments	1,317
Less: imputed interest	(26)
Present value of lease liabilities	$	1,291

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of accrued expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
(in thousands)	2021		2020
Accrued professional fees	$	1,108	$	827
Accrued compensation and benefits	12,081		5,834
Accrued research and development	10,069		7,922
Accrued other	2,120		302
Total accrued expenses	$	25,378	$	14,885

Equity-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

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

The Company recorded total equity-based compensation expense for the periods presented as follows:


	Year Ended December 31,
(in thousands)	2021		2020		2019
Research and development	$	14,664	$	3,055	$	731
General and administrative	23,780		6,979		2,378
Total equity compensation expense	$	38,444	$	10,034	$	3,109

Summary of the changes in the Company's options during the period

A summary of the changes in the Company’s unit options for the period December 31, 2018 through the Reorganization is as follows:


	Number of Awards	Weighted Average Exercise Price
Outstanding at December 31, 2018	—	—
Granted	148,415	$	1.65
Outstanding at March 29, 2019	148,415	1.65

A summary of the changes in the Company’s stock options during the period of Reorganization through December 31, 2021 is as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Intrinsic Aggregate Value
Outstanding at March 29, 2019	148,415	$	1.65	—	—
Granted	3,177,233	5.21		—	—
Exercised	(9,080)	2.30		—	—
Forfeited/cancelled	(90,843)	2.18		—	—
Outstanding at December 31, 2019	3,225,725	5.08		9.4	107,771,472
Granted	1,580,788	35.90		—	—
Exercised	(190,484)	4.69		—	—
Forfeited/cancelled	(110,483)	23.49		—	—
Outstanding at December 31, 2020	4,505,546	15.51		8.7	256,860,405
Granted	2,547,813	73.37		—	—
Exercised	(151,643)	7.62		—	—
Forfeited/cancelled	(188,303)	37.34		—	—
Outstanding at December 31, 2021	6,713,413	37.03		8.2	196,012,147
Exercisable at December 31, 2021	2,736,057	17.86		7.4	122,887,280

Summary of the changes in the Company's restricted stock

A summary of the changes in the Company’s incentive units for the period December 31, 2018 through the Reorganization is as follows:


	Number of Units	Weighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2018	2,503,744	$	1.25
Vested	(228,209)	0.81
Forfeited	(12,570)	1.45
Unvested and outstanding at March 29, 2019	2,262,965	1.24

A summary of the changes in the Company’s restricted stock during the period from Reorganization through December 31, 2021 is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and outstanding at March 29, 2019	2,262,965	$	1.24
Vested	(737,530)	1.26
Forfeited	(235,998)	1.36
Unvested and outstanding at December 31, 2019	1,289,437	1.21
Vested	(588,345)	1.14
Forfeited	(14,224)	1.45
Unvested and outstanding at December 31, 2020	686,868	1.26
Granted	332,226	73.31
Vested	(493,309)	1.19
Forfeited	(55,475)	13.75
Unvested and outstanding at December 31, 2021	470,310	50.76

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of principal components of the Subsidiaries deferred tax assets

The principal components of deferred tax assets and liabilities are as follows:


	As of December 31,
(in thousands)	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	63,418	$	23,630
Research and development credits	2,581		1,673
Orphan drug credit	14,198		5,519
Accrued expenses	18		1,225
Depreciation	128		71
Stock compensation	8,476		1,972
Operating lease liabilities	271		574
Partnership investment	356		—
Total deferred tax assets	89,446		34,664
Deferred tax liability:
Operating lease right-of-use assets	(212)		(408)
Other	(2)		—
Valuation allowance	(89,232)		(34,256)
Net deferred tax assets	$	—	$	—

Schedule of reconciliation of U.S. statutory income tax rate to effective tax rate

A reconciliation of the income tax expense at the federal statutory tax rate to the Company’s effective income tax rate follows:


	Year Ended December 31,
	2021		2020		2019
Statutory tax rate	21.00	%	21.00	%	21.00	%
U.S. state and local income taxes, net of U.S. federal income tax benefit	5.15		—		—
Stock-based compensation	(0.03)		0.55		—
Research and development credit	0.50		2.12		0.57
Orphan drug credit	4.99		11.95		—
Other	—		0.02		(0.04)
Change in valuation allowance	(31.61)		(35.64)		(21.53)
Effective tax rate	—	%	—	%	—	%

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per share

Basic and diluted net loss per unit and share is calculated as follows:


	Year Ended December 31,
(In thousands, except share and per-share data)	2021	2020	2019
Numerator:
Net loss	(173,910)	(45,574)	(58,306)
Net gain attributable to extinguishment of Series A convertible preferred and Junior Series A convertible preferred units	—	—	7,729
Net loss attributable to common stockholders	(173,910)	(45,574)	(50,577)
Denominator:

Weighted average shares outstanding, basic and diluted	48,497,790	43,300,063	13,274,836

Net loss per share, basic and diluted	(3.59)	(1.05)	(3.81)

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

Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:


	As of December 31,
	2021	2020
Common stock options issued and outstanding	6,713,413	4,505,546
Restricted stock subject to future vesting	470,310	686,868
Total potentially dilutive securities	7,183,723	5,192,414

Nature of Operations (Details) $ / shares in Units, $ in Millions				1 Months Ended
	Oct. 13, 2020 USD ($) $ / shares shares	Sep. 12, 2019 USD ($) $ / shares shares	Sep. 12, 2019 $ / shares shares	Feb. 28, 2021 USD ($)	Aug. 31, 2019	Dec. 31, 2021 trial shares	Dec. 31, 2020 shares
Risks and Liquidity
Number of clinical trials \| trial						2
Conversion rate			6.5810
Preferred stock, shares outstanding (shares)						0	0
Reverse stock split					0.1520
Private Placement
Risks and Liquidity
Shares issued (shares)	5,637,254
Proceeds from issuance of common stock, net of issuance costs \| $				$ 200.0
Underwriter's option
Risks and Liquidity
Shares issued (shares)	735,294
Sales price (per share) \| $ / shares	$ 51.00
Proceeds from issuance of common stock, net of issuance costs \| $	$ 269.5
IPO
Risks and Liquidity
Shares issued (shares)		10,350,000
Sales price (per share) \| $ / shares		$ 18.00	$ 18.00
Net proceeds from the IPO \| $		$ 169.7
Underwriting discounts and commissions \| $		13.0
Issuance costs \| $		$ 3.5
Number of shares converted		196,076,779
Number of shares issued upon conversion		29,794,359	29,794,359
Conversion rate			6.5810
Preferred stock, shares outstanding (shares)		0	0

Nature of Operations - Series B convertible preferred (Details) - Series B convertible preferred stock $ / shares in Units, $ in Millions	1 Months Ended
	Mar. 31, 2019 USD ($) $ / shares shares
Class of Stock [Line Items]
Number of shares authorized to issue \| shares	86,639,279
Price per unit \| $ / shares	$ 1.4428
Proceeds from issuance of convertible preferred shares, net of issuance costs	$ 125.0
Issuance costs	$ 0.4

Nature of Operations - Reorganization (Details)	Mar. 29, 2019 shares
Series A convertible preferred unit
Reorganizations [Line Items]
Number of stock per unit	1
Junior Series A convertible preferred unit
Reorganizations [Line Items]
Number of stock per unit	1
Common units
Reorganizations [Line Items]
Number of stock per unit	1
Incentive units
Reorganizations [Line Items]
Number of stock per unit	1
Unit options
Reorganizations [Line Items]
Number of stock per unit	1

Risks and Liquidity (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Risks and Uncertainties [Abstract]
Accumulated deficit	$ (292,513)	$ (118,603)
Working capital	352,900	319,400
Cash, cash equivalents and marketable securities	$ 432,700	$ 561,800

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Summary of Significant Accounting Policies - Unaudited Pro Forma Information, Segment Information & Cash and Cash Equivalents (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Number of operating segments \| segment	1
Cash and cash equivalents \| $	$ 103,961	$ 147,089

Summary of Significant Accounting Policies - Equity-based compensation expense (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Expected dividend yield	$ 0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years

Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements (Details)	Dec. 31, 2021
Spring Works Therapeutics, LLC
Recently Adopted Accounting Pronouncements
Ownership percentage	100.00%

Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Marketable securities:
Amortized Cost	$ 329,082	$ 414,690
Gross Unrealized Gains	3	52
Gross Unrealized Losses	(315)	(11)
Estimated Fair Value	328,770	414,731
Short-term investments \| U.S. Government securities
Marketable securities:
Amortized Cost	105,043	157,079
Gross Unrealized Gains	3	24
Gross Unrealized Losses	(79)	(1)
Estimated Fair Value	104,967	157,102
Short-term investments \| Corporate debt securities
Marketable securities:
Amortized Cost	78,729	74,773
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(52)	(10)
Estimated Fair Value	78,677	74,765
Short-term investments \| Commercial paper
Marketable securities:
Amortized Cost	85,896	129,528
Estimated Fair Value	85,896	129,528
Long-term investments \| U.S. Government securities
Marketable securities:
Amortized Cost	59,414	53,310
Gross Unrealized Gains	0	26
Gross Unrealized Losses	(184)	0
Estimated Fair Value	$ 59,230	$ 53,336

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurements
Total financial assets	$ 418,675	$ 522,454
U.S. Government securities
Fair Value Measurements
Short-term investments	104,967	157,102
Long-term investment	59,230	53,336
Corporate debt securities
Fair Value Measurements
Short-term investments	78,677	74,765
Commercial paper
Fair Value Measurements
Short-term investments	85,896	129,528
Money market funds
Fair Value Measurements
Cash equivalents	89,905	107,723
Level 1
Fair Value Measurements
Total financial assets	254,102	318,161
Level 1 \| U.S. Government securities
Fair Value Measurements
Short-term investments	104,967	157,102
Long-term investment	59,230	53,336
Level 1 \| Corporate debt securities
Fair Value Measurements
Short-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	89,905	107,723
Level 2
Fair Value Measurements
Total financial assets	164,573	204,293
Level 2 \| U.S. Government securities
Fair Value Measurements
Short-term investments	0	0
Long-term investment	0	0
Level 2 \| Corporate debt securities
Fair Value Measurements
Short-term investments	78,677	74,765
Level 2 \| Commercial paper
Fair Value Measurements
Short-term investments	85,896	129,528
Level 2 \| Money market funds
Fair Value Measurements
Cash equivalents	0	0
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 investment	0	0
Level 3 \| Corporate debt securities
Fair Value Measurements
Short-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

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property and Equipment
Property, plant and equipment, gross	$ 4,206	$ 1,604
Less accumulated depreciation	(1,019)	(529)
Property, plant and equipment, net	3,187	1,075
Leasehold improvements
Property and Equipment
Property, plant and equipment, gross	$ 1,357	1,184
Leasehold improvements \| Maximum
Property and Equipment
Property, plant and equipment, useful life (in years)	5 years
Computer equipment
Property and Equipment
Property, plant and equipment, gross	$ 157	157
Property, plant and equipment, useful life (in years)	3 years
Furniture
Property and Equipment
Property, plant and equipment, gross	$ 360	97
Property, plant and equipment, useful life (in years)	5 years
Software
Property and Equipment
Property, plant and equipment, gross	$ 361	62
Property, plant and equipment, useful life (in years)	3 years
Construction in process
Property and Equipment
Property, plant and equipment, gross	$ 1,971	$ 104

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 490	$ 349	$ 192

Leases (Details) $ in Millions	1 Months Ended
Leases (Details) $ in Millions	Oct. 31, 2018 USD ($)	Aug. 31, 2018 option	Jan. 31, 2022 option
Stamford, CT
Leases
Cash received from previous tenant \| $	$ 1.5
Annual increase in lease payments (as a percent)	2.00%
Security deposit \| $	$ 0.5
Stamford, CT \| Subsequent Event
Leases
Annual increase in lease payments (as a percent)			2.50%
Stamford, CT \| Subsequent Event \| Option One
Leases
Number of renewal options			2
Renewal term (in years)			5 years
Stamford, CT \| Subsequent Event \| Option Two
Leases
Number of renewal options			1
Renewal term (in years)			10 years
Durham, NC
Leases
Annual increase in lease payments (as a percent)		2.75%
Number of renewal options		2
Renewal term (in years)		5 years
Lease term (in years)		5 years
Number of years the lease payment will increase		4 years

Leases - Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost
Fixed	$ 993	$ 1,049
Variable	548	486
Total lease cost	$ 1,541	$ 1,535

Leases - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 1,010	$ 1,944	$ 2,879
Operating lease liabilities, current	1,162	1,375
Operating lease liabilities, long-term	129	1,359
Total operating lease liabilities	$ 1,291	$ 2,734	$ 4,030

Leases - Future Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Operating Leases
2022	$ 1,182
2023	135
2024	0
2025	0
Total lease payments	1,317
Less: imputed interest	(26)
Present value of lease liabilities	$ 1,291	$ 2,734	$ 4,030

Leases - Supplemental Information (Details)	Dec. 31, 2021
Weighted-average remaining lease term (in years)
Operating leases -Weighted-average remaining lease term (in years)	1 year 1 month 6 days
Weighted-average discount rate
Operating leases - Weighted-average discount rate	3.50%

Leases - Cash Flow Statement (Details) $ in Thousands	12 Months Ended
Leases - Cash Flow Statement (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,388
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued professional fees	$ 1,108	$ 827
Accrued compensation and benefits	12,081	5,834
Accrued research and development	10,069	7,922
Accrued other	2,120	302
Total accrued expenses	$ 25,378	$ 14,885

Equity-Based Compensation - Equity-based compensation expense related to restricted stock and stock options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total equity compensation expense	$ 38,444	$ 10,034	$ 3,109
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total equity compensation expense	14,664	3,055	731
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total equity compensation expense	$ 23,780	$ 6,979	$ 2,378

Equity-Based Compensation - 2019 Equity Incentive Plan (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	3 years
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares authorized for issuance (in shares)	4,061,466
Percentage of annual increase in the shares		5.00%
2019 Equity Incentive Plan \| Employee and Non employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
2019 Equity Incentive Plan \| Employee and Non employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	3 years

Equity-Based Compensation - 2019 Employee Stock Purchase Plan (Details) - shares	12 Months Ended
	Dec. 31, 2021	Aug. 30, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Minimum risk-free interest rate	0.50%
Maximum risk-free interest rate	1.33%
Expected dividend yield	0.00%
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Expected term	5 years 6 months
Expected volatility	70.00%
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Expected term	6 years 1 month 6 days
Expected volatility	75.00%
2019 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for future issuance (in shares)		442,153
Automatic increase in to shares authorized by the number of shares (in shares)		663,229
Automatic increase in to shares authorized as percentage of outstanding stock		1.00%
Number of shares authorized for issuance (in shares)	1,360,410

Equity-Based Compensation - Stock options (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 29, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding at the beginning (in shares)	0	148,415	4,505,546	3,225,725	0
Granted (in shares)	148,415	3,177,233	2,547,813	1,580,788
Exercised (in shares)		(9,080)	(151,643)	(190,484)
Forfeited/cancelled (in shares)		(90,843)	(188,303)	(110,483)
Outstanding at the end (in shares)	148,415	3,225,725	6,713,413	4,505,546	3,225,725
Exercisable (in shares)			2,736,057
Weighted Average Exercise Price
Outstanding at the beginning (in dollars per share)	$ 0	$ 1.65	$ 15.51	$ 5.08	$ 0
Granted (in dollars per share)	1.65	5.21	73.37	35.90
Exercised (in dollars per share)		2.30	7.62	4.69
Forfeited/cancelled (in dollars per share)		2.18	37.34	23.49
Outstanding at the end (in dollars per share)	$ 1.65	$ 5.08	37.03	$ 15.51	$ 5.08
Exercisable (in dollars per share)			$ 17.86
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at the end (in years)		8 years 8 months 12 days	8 years 2 months 12 days		9 years 4 months 24 days
Exercisable (in years)			7 years 4 months 24 days
Outstanding at the end (in dollars)		$ 107,771,472	$ 196,012,147	$ 256,860,405	$ 107,771,472
Exercisable (in dollars)			$ 122,887,280

Equity-Based Compensation - CEO Performance Award (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2019 installment $ / shares shares	Mar. 29, 2019 shares	Dec. 31, 2019 shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Incentive units issued (in shares)		148,415	3,177,233	2,547,813	1,580,788
Exercisable (in shares)				2,736,057
Stock compensation expense \| $				$ 38,444	$ 10,034	$ 3,109
CEO Performance Award \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Exercisable (in shares)				44,103
Unrecognized compensation expense, options \| $				$ 117,800
Share compensation recognition period				2 years 8 months 12 days
Stock compensation expense \| $				$ 33,000
CEO Performance Award \| CEO \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Incentive units issued (in shares)	176,411
Vesting period , number of monthly installments \| installment	48
Service of CEO	4 years
Vesting period (in years)	4 years
Average closing price \| $ / shares	$ 28.49
Number of trading day on which average closing price is based	60 days

Equity-Based Compensation - Restricted stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 29, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Grant Date Fair Value
Stock compensation expense			$ 38,444	$ 10,034	$ 3,109
Restricted Stock
Number of Shares
Unvested and outstanding at the beginning (in shares)	2,503,744	2,262,965	686,868	1,289,437	2,503,744
Granted (in shares)			332,226
Vested (in shares)	(228,209)	(737,530)	(493,309)	(588,345)
Forfeited (in shares)	(12,570)	(235,998)	(55,475)	(14,224)
Unvested and outstanding at the end (in shares)	2,262,965	1,289,437	470,310	686,868	1,289,437
Weighted Average Grant Date Fair Value
Outstanding at the beginning (in dollars per share)	$ 1.25	$ 1.24	$ 1.26	$ 1.21	$ 1.25
Granted (in dollars per share)			73.31
Vested (in dollars per share)	0.81	1.26	1.19	1.14
Forfeited (in dollars per share)	1.45	1.36	13.75	1.45
Unvested and outstanding at the end (in dollars per share)	$ 1.24	$ 1.21	$ 50.76	$ 1.26	$ 1.21
Unrecognized compensation expense, options			$ 18,500
Share compensation recognition period			1 year 8 months 23 days
Stock compensation expense			$ 5,400

License and Collaboration Agreements (Details)	1 Months Ended		3 Months Ended	12 Months Ended
License and Collaboration Agreements (Details)	May 31, 2021 USD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2017 USD ($) trial shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)
Research and Development Arrangement, Contract to Perform for Others
Preferred stock, shares issued (shares) \| shares				0	0
Research and development expenses				$ 101,676,000	$ 51,859,000	$ 42,545,000
Asset Purchase and Exclusive License Agreement \| Katholieke Universiteit Leuven
Research and Development Arrangement, Contract to Perform for Others
Upfront payment	$ 11,000,000
Potential future payments	$ 285,000,000
Pfizer \| License agreement
Research and Development Arrangement, Contract to Perform for Others
Number of license agreements with rights to certain technologies \| trial			4
Minimum period after first commercial sale on country-by-country basis			10 years
Pfizer \| License agreement \| Nirogacestat
Research and Development Arrangement, Contract to Perform for Others
Maximum milestone payments under agreement			$ 232,500,000
Pfizer \| License agreement \| Mirdametinib
Research and Development Arrangement, Contract to Perform for Others
Maximum milestone payments under agreement			$ 229,800,000
Pfizer \| License agreement \| Junior Series A convertible preferred unit
Research and Development Arrangement, Contract to Perform for Others
Preferred stock, shares issued (shares) \| shares			6,437,500
Gross cash proceeds from issuance			$ 0
BeiGene \| Clinical collaboration agreement
Research and Development Arrangement, Contract to Perform for Others
Research and development expenses				$ 1,100,000	$ 900,000	$ 1,000,000
Jazz Pharmaceuticals Ireland Limited \| Asset Purchase and Exclusive License Agreement
Research and Development Arrangement, Contract to Perform for Others
Upfront payment		$ 35,000,000
Jazz Pharmaceuticals Ireland Limited \| Asset Purchase and Exclusive License Agreement \| Maximum
Research and Development Arrangement, Contract to Perform for Others
Potential future payments		$ 375,000,000

Investments (Details) $ in Thousands	1 Months Ended		12 Months Ended
Investments (Details) $ in Thousands	Jun. 30, 2020 USD ($) shares	Jun. 30, 2019 USD ($) individual shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Schedule of Equity Method Investments
Investment			$ 2,883	$ 3,871
Number of individuals under the equity method investments \| individual		2
Equity investment loss			988	$ 605	$ 2,614
Series A Preferred Stock
Schedule of Equity Method Investments
Shares purchased (in shares) \| shares		250,000
Ownership interest		1.80%
MapKure
Schedule of Equity Method Investments
Investment			2,900
Equity investment loss			$ 1,000
MapKure \| Series A Preferred Stock
Schedule of Equity Method Investments
Shares purchased (in shares) \| shares	3,500,000	3,500,000
Ownership interest		25.00%	38.90%
Investment	$ 3,500	$ 3,500

Income Taxes - Additional information (Details)	12 Months Ended
Income Taxes - Additional information (Details)	Dec. 31, 2021 USD ($)
Income Taxes
Net operating loss carryforwards, domestic	$ 257,800,000
Net operating loss carryforwards	$ 253,500,000
Available to offset	80.00%
Operating loss carryforward subject to expiration	$ 4,300,000
Tax credit carryforwards	16,700,000
Accrued interest or penalties	0
Increase in valuation allowance	55,000,000
State
Income Taxes
Net operating loss carryforwards, domestic state and city	151,100,000
City
Income Taxes
Net operating loss carryforwards, domestic state and city	$ 3,700,000

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 63,418	$ 23,630
Research and development credits	2,581	1,673
Orphan drug credit	14,198	5,519
Accrued expenses	18	1,225
Depreciation	128	71
Stock compensation	8,476	1,972
Operating lease liabilities	271	574
Partnership investment	356	0
Total deferred tax assets	89,446	34,664
Deferred tax liability:
Operating lease right-of-use assets	(212)	(408)
Other	(2)	0
Valuation allowance	(89,232)	(34,256)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Reconciliation of U.S. Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of the U.S. statutory income tax rate to the Company's effective tax rate
Statutory tax rate	21.00%	21.00%	21.00%
U.S. state and local income taxes, net of U.S. federal income tax benefit	5.15%	0.00%	0.00%
Stock-based compensation	(0.03%)	0.55%	0.00%
Research and development credit	0.50%	2.12%	0.57%
Orphan drug credit	4.99%	11.95%	0.00%
Other	0.00%	0.02%	(0.04%)
Change in valuation allowance	(31.61%)	(35.64%)	(21.53%)
Effective tax rate	0.00%	0.00%	0.00%

401(k) Plan - Additional information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Retirement Benefits [Abstract]
Contribution expense	$ 0.5

Related Party Transactions (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 01, 2019	Dec. 31, 2019
Director
Related Party Transaction [Line Items]
Consulting and BOD expenses	$ 0.2	$ 0.3

Net Loss per Share - Basic and diluted net loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss	$ (173,910)	$ (45,574)	$ (58,306)
Net gain attributable to extinguishment of Series A convertible preferred and Junior Series A convertible preferred units	0	0	7,729
Net loss attributable to common stockholders and unit holders, basic	(173,910)	(45,574)	(50,577)
Net loss attributable to common stockholders and unit holders, diluted	$ (173,910)	$ (45,574)	$ (50,577)
Denominator:
Weighted average number of shares outstanding, basic (in shares)	48,497,790	43,300,063	13,274,836
Weighted average number of shares outstanding, diluted (in shares)	48,497,790	43,300,063	13,274,836
Net loss per share, diluted (usd per share)	$ (3.59)	$ (1.05)	$ (3.81)
Net loss per share, basic (usd per share)	$ (3.59)	$ (1.05)	$ (3.81)

Net Loss per Share - Potential common units not included in the calculation of the diluted net loss per unit and share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	7,183,723	5,192,414
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	6,713,413	4,505,546
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	470,310	686,868