0001773427-24-000010 | 10-K | XBRL Viewer | Springworks Therapeutics INC

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Leases - Cash Flow Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,293	$ 859	$ 1,388
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 2,637	$ 5,580	$ 0

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
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 equity-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, 2023 and December 31, 2022 of $176.1 million and $67.5 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); limited by the amount that the fair value is less than the amortized costs basis. If either criterion 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). As of, and for the years ended December 31, 2023 and December 31, 2022, 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. Accounts Receivable, net Accounts receivable, net consists of trade receivables which are amounts due from customers related to product sales. The Company records trade receivables net of chargebacks, invoice discounts, distribution service fees and any allowances for potential credit losses. An allowance for credit losses is determined based on the financial condition and creditworthiness of customers and the Company considers economic factors and events or trends expected to affect future collections experience. Any allowance would reduce the net receivables to the amount that is expected to be collected. The payment history of the Company’s customers will be considered in future assessments of collectibility as these patterns are established over a longer period of time. As of December 31, 2023, the Company determined an allowance for credit losses was insignificant. Inventory and Pre-Approval Inventory The Company began capitalizing inventory for OGSIVEO upon approval by the FDA in November 2023. OGSIVEO is approved for the treatment of adult patients with desmoid tumors. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to research and development expense in the period incurred. Inventory is comprised of raw materials, work-in-process and finished goods, and includes costs related to third-party contract manufacturing, packaging, freight-in and overhead. Inventory is stated at the lower of cost or net realizable value with cost based on the first-in-first-out method. 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. Intangible Asset, net The Company’s finite-lived intangible asset resulted from the capitalization of a milestone payment due under a license and collaboration agreement in connection with the first commercial sale of OGSIVEO in the United States in December 2023. The intangible asset will be amortized on a straight-line basis over its remaining useful life, which is estimated to be the remaining patent life of OGSIVEO. Amortization expense is recorded as cost of product revenue in the consolidated statement of operations. Impairment of Long-Lived Assets The Company reviews its long-lived assets, including property and equipment and finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, including its eventual residual value, is compared to the carrying value to determine whether impairment exists. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the asset, the asset is written-down to its estimated fair value. Revenue Recognition 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 that most faithfully depicts the transfer of goods and services to the customer. Product revenue, net: Revenues from product sales are recorded at the net sales price, or “transaction price,” which includes estimates of variable consideration that result from (i) invoice discounts for prompt payment and specialty distributor and specialty pharmacy service fees, (ii) government and other rebates, chargebacks, discounts and fees, (iii) group purchasing organization (“GPO”) discounts, performance rebates and administrative fees, (iv) product returns and (v) costs of co-pay assistance programs for patients. Reserves are established for the estimates of variable consideration based on the amounts the Company expects to be earned or to be claimed on the related sales. The reserves are classified as reductions to accounts receivable, net or accrued expenses and other current liabilities. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying, payment patterns and the Company’s historical experience. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenues only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary from the Company's estimates, these estimates are adjusted, which would affect net product revenue and earnings in the period such variances become known. 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 in 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. Cost of Product Revenue Our cost of product revenue includes the cost of goods sold, amortization expense for commercial milestones and royalty expense. Our cost of goods sold consists of raw materials, third-party manufacturing costs to manufacture the raw materials into finished product, freight and other costs associated with sales of commercial products. 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 expenses. Advance payments for goods or services to be received in the future for research and development activities are deferred and recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed. Selling, General and Administrative Selling, general and administrative expenses consist primarily of salaries and related costs, including equity-based compensation for personnel in executive, finance, corporate, commercial, business development and administrative functions. Selling, general and administrative expenses also include consulting services, legal fees relating to patent and corporate matters; professional fees for accounting, auditing and tax 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 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. The Company recognizes forfeitures at the time of the actual forfeiture event. 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 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 equity-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 equity-based awards. Inputs used in the Black-Scholes option-pricing model are: •Fair value of common stock, which is the trading price of the Company’s common stock on the grant date of the award. •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 sufficient Company-specific historical and implied volatility information. Therefore, the Company includes the historical volatility of a publicly traded set of peer companies to determine its expected stock volatility 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. 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 as income tax expense. 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. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, to provide more detailed income tax disclosure requirements. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements should be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the standard is for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect ASU 2023-09 to have a material impact on the Company's financial statements.

Leases - Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating lease cost
Fixed	$ 1,653	$ 1,131	$ 993
Variable	866	336	548
Total lease cost	$ 2,519	$ 1,467	$ 1,541

Leases - Future Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 1,476
2025	1,999
2026	2,002
2027	1,904
2028	646
Thereafter	0
Total lease payments	8,027
Less: imputed interest	(970)
Present value of lease liabilities	$ 7,057	$ 5,251

Net Loss per Share

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Numerator:
Net loss	$	(325,104)	$	(277,417)	$	(173,910)
Net loss attributable to common stockholders	(325,104)		(277,417)		(173,910)
Denominator:
Weighted average shares outstanding, basic and diluted	63,123,936		53,290,528		48,497,790
Net loss per share, basic and diluted	$	(5.15)	$	(5.21)	$	(3.59)

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,
	2023	2022
Common stock options issued and outstanding	11,588,576	9,176,815
Restricted stock units subject to future vesting	1,486,540	671,954
Performance stock units subject to future vesting	284,362	—
Restricted stock awards subject to future vesting	106,834	221,759
Total potentially dilutive securities	13,466,312	10,070,528

License and Collaboration Agreements (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended				3 Months Ended	12 Months Ended
	Sep. 07, 2022	Sep. 06, 2022	Sep. 30, 2022	Oct. 31, 2021	May 31, 2021	Oct. 31, 2020	Oct. 31, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Research and Development Arrangement, Contract to Perform for Others
Research and development expenses								$ 150,487	$ 146,122	$ 101,676
Common stock, value issued								7	6
Private Placement
Research and Development Arrangement, Contract to Perform for Others
Sale of stock (in shares)	8,650,520
Sale of stock, consideration received on transaction, gross proceeds	$ 225,000
Sales price (in usd per share)	$ 26.01
Asset Purchase and Exclusive License Agreement \| Katholieke Universiteit Leuven
Research and Development Arrangement, Contract to Perform for Others
Upfront payment					$ 11,000
Asset Purchase and Exclusive License Agreement \| Dana-Farber Cancer Institute
Research and Development Arrangement, Contract to Perform for Others
Upfront payment				$ 300
Development Milestones \| Katholieke Universiteit Leuven
Research and Development Arrangement, Contract to Perform for Others
Potential future payments					120,000
Development Milestones \| Dana-Farber Cancer Institute
Research and Development Arrangement, Contract to Perform for Others
Potential future payments				2,300
Commercial Milestones \| Katholieke Universiteit Leuven
Research and Development Arrangement, Contract to Perform for Others
Potential future payments					$ 165,000
Commercial Milestones \| Dana-Farber Cancer Institute
Research and Development Arrangement, Contract to Perform for Others
Potential future payments				$ 39,000
Pfizer \| License agreement
Research and Development Arrangement, Contract to Perform for Others
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
Milestone payments outstanding							$ 232,500
Pfizer \| License agreement \| Mirdametinib
Research and Development Arrangement, Contract to Perform for Others
Milestone payments outstanding							$ 229,800
Pfizer \| License agreement \| OGSIVEO
Research and Development Arrangement, Contract to Perform for Others
Milestone payments outstanding								11,300
BeiGene \| Clinical collaboration agreement
Research and Development Arrangement, Contract to Perform for Others
Research and development expenses								1,900	$ 1,100	$ 1,100
GSK \| Private Placement
Research and Development Arrangement, Contract to Perform for Others
Sale of stock (in shares)		2,050,819
Sale of stock, consideration received on transaction, gross proceeds		$ 75,000
Sales price (in usd per share)		$ 36.57
Premium rate paid on weighted average share price (percent)		25.00%
Premium term (days)		30 days	30 days
Common stock, value issued			$ 55,500
Other liabilities			$ 19,500
Collaborative arrangement, maximum proceeds from achievement of commercial milestone								$ 550,000
Jazz Pharmaceuticals Ireland Limited \| Asset Purchase and Exclusive License Agreement
Research and Development Arrangement, Contract to Perform for Others
Upfront payment						$ 35,000
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

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, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	13,466,312	10,070,528
Common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	11,588,576	9,176,815
Restricted stock units subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	1,486,540	671,954
Performance stock units subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	284,362	0
Restricted stock awards subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	106,834	221,759

Equity- Based Compensation - Equity-based compensation expense related to restricted stock and stock options (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total equity-based compensation expense	$ 94,534	$ 72,965	$ 38,444
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total equity-based compensation expense	34,398	29,373	14,664
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total equity-based compensation expense	$ 60,136	$ 43,592	$ 23,780

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Hartford, Connecticut

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Litigation or contingency expense	$ 0	$ 0

Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Marketable securities:
Amortized Cost	$ 485,344	$ 530,283
Gross Unrealized Gains	1,191	0
Gross Unrealized Losses	0	(767)
Estimated Fair Value	486,535	529,516
U.S. government securities
Marketable securities:
Amortized Cost		232,229
Gross Unrealized Gains		0
Gross Unrealized Losses		(690)
Estimated Fair Value		231,539
Non-U.S. government securities
Marketable securities:
Amortized Cost		9,388
Gross Unrealized Gains		0
Gross Unrealized Losses		(31)
Estimated Fair Value		9,357
Commercial paper
Marketable securities:
Amortized Cost	64,724	238,160
Gross Unrealized Gains	3	0
Gross Unrealized Losses	0	0
Estimated Fair Value	64,727	238,160
Short-term investments \| U.S. government securities
Marketable securities:
Amortized Cost	228,579
Gross Unrealized Gains	212
Gross Unrealized Losses	0
Estimated Fair Value	228,791
Short-term investments \| Corporate debt securities
Marketable securities:
Amortized Cost	9,629	45,710
Gross Unrealized Gains	2	0
Gross Unrealized Losses	0	(44)
Estimated Fair Value	9,631	45,666
Long-term investments \| U.S. government securities
Marketable securities:
Amortized Cost	141,102	4,796
Gross Unrealized Gains	755
Gross Unrealized Losses		(2)
Estimated Fair Value	141,857	$ 4,794
Long-term investments \| Corporate debt securities
Marketable securities:
Amortized Cost	41,310
Gross Unrealized Gains	219
Gross Unrealized Losses	0
Estimated Fair Value	$ 41,529

Equity- Based Compensation - 2019 Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Total equity-based compensation expense	$ 94,534	$ 72,965	$ 38,444
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Minimum risk-free interest rate	3.46%
Maximum risk-free interest rate	4.73%
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	76.70%
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Expected term	6 years 1 month 6 days
Expected volatility	78.80%
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)	2,477,122
CEO Performance Award \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expense, options	$ 117,700
Share compensation recognition period	2 years 4 months 24 days
Total equity-based compensation expense	$ 66,000

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Numerator:
Net loss	$	(325,104)	$	(277,417)	$	(173,910)
Net loss attributable to common stockholders	(325,104)		(277,417)		(173,910)
Denominator:
Weighted average shares outstanding, basic and diluted	63,123,936		53,290,528		48,497,790
Net loss per share, basic and diluted	$	(5.15)	$	(5.21)	$	(3.59)

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,
	2023	2022
Common stock options issued and outstanding	11,588,576	9,176,815
Restricted stock units subject to future vesting	1,486,540	671,954
Performance stock units subject to future vesting	284,362	—
Restricted stock awards subject to future vesting	106,834	221,759
Total potentially dilutive securities	13,466,312	10,070,528

Leases - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 6,144	$ 4,698
Operating lease liabilities, current	1,061	483
Operating lease liabilities, long-term	5,996	4,768
Total operating lease liabilities	$ 7,057	$ 5,251

Consolidated Statement of Stockholders’ Equity - USD ($) $ in Thousands	Total	Private Placement	Market offering	Underwritten Public Offering	GSK	Common	Common Private Placement	Common Market offering	Common Underwritten Public Offering	Common GSK	Treasury	Additional Paid-In Capital	Additional Paid-In Capital Private Placement	Additional Paid-In Capital Market offering	Additional Paid-In Capital Underwritten Public Offering	Additional Paid-In Capital GSK	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 557,058					$ 5					$ 0	$ 675,615					$ 41	$ (118,603)
Balance at the beginning (in shares) at Dec. 31, 2020						48,819,591
Balance at the beginning (in shares) at Dec. 31, 2020											0
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense	38,444											38,444
Issuance of restricted stock award (in shares)						332,226
Forfeitures 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
Other comprehensive income (loss), net of tax	$ (353)																(353)
Net loss	(173,910)																	(173,910)
Ending balance at Dec. 31, 2021	422,396					$ 5					$ 0	715,216					(312)	(292,513)
Balance at the end (in shares) at Dec. 31, 2021						49,247,985
Balance at the end (in shares) at Dec. 31, 2021											0
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense	72,965											72,965
Issuance of common stock		$ 216,831	$ 67,782		$ 55,454		$ 1						$ 216,830	$ 67,782		$ 55,454
Issuance of common stock (in shares)							8,650,520	2,247,500		2,050,819
Issuance of restricted stock award (in shares)						36,625
Forfeitures of restricted stock awards (in shares)						(27,957)
Restricted stock units vested (in shares)						24,369
Exercise of stock options	$ 1,977											1,977
Exercise of stock options (in shares)	223,467					223,467
Shares of common stock used to satisfy tax withholding obligations	$ (1,341)										$ (1,341)
Shares of common stock used to satisfy tax withholding obligations (in shares )											30,199
Other comprehensive income (loss), net of tax	(455)																(455)
Net loss	(277,417)																	(277,417)
Ending balance at Dec. 31, 2022	$ 558,192					$ 6					$ (1,341)	1,130,224					(767)	(569,930)
Balance at the end (in shares) at Dec. 31, 2022	62,423,129					62,453,328
Balance at the end (in shares) at Dec. 31, 2022	30,199										30,199
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense	$ 94,534											94,534
Issuance of common stock				$ 299,300					$ 1						$ 299,299
Issuance of common stock (in shares)									10,905,171
Forfeitures of restricted stock awards (in shares)						(21,113)
Restricted stock units vested (in shares)						238,725
Exercise of stock options	$ 139											139
Exercise of stock options (in shares)	44,250					44,250
Shares of common stock used to satisfy tax withholding obligations	$ (2,800)										$ (2,800)
Shares of common stock used to satisfy tax withholding obligations (in shares )											103,463
Other comprehensive income (loss), net of tax	1,958																1,958
Net loss	(325,104)																	(325,104)
Ending balance at Dec. 31, 2023	$ 626,219					$ 7					$ (4,141)	$ 1,524,196					$ 1,191	$ (895,034)
Balance at the end (in shares) at Dec. 31, 2023	73,486,699					73,620,361
Balance at the end (in shares) at Dec. 31, 2023	133,662										133,662

Intangible Assets, net - Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 600
2025	600
2026	600
2027	600
2028	600
Thereafter	8,200
Intangible assets, net	$ 11,200	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss	$ (325,104)	$ (277,417)	$ (173,910)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,667	765	490
Non-cash operating lease expense	1,653	1,131	993
Equity-based compensation expense	94,534	72,965	38,444
Equity method investment loss	5,038	2,890	988
Changes in operating assets and liabilities
Accounts receivable, net	(5,930)	0	0
Inventory	(3,103)	0	0
Prepaid expenses and other current assets	(5,129)	1,861	(4,609)
Other assets	(838)	61	(707)
Accounts payable	(196)	4,168	2,074
Accrued expenses	15,906	13,325	9,912
Lease liability	(1,293)	(859)	(1,388)
Deferred revenue	0	19,547	0
Other liabilities	0	0	(164)
Net cash used in operating activities	(222,795)	(161,563)	(127,877)
Investing activities
Capital expenditures	(7,385)	(10,196)	(2,016)
Equity method investment	(2,800)	(4,200)	0
Purchases of marketable securities	(575,724)	(481,050)	(305,423)
Proceeds from sale and maturity of marketable securities	620,663	279,849	391,031
Net cash provided by (used in) investing activities	34,754	(215,597)	83,592
Financing activities
Proceeds from issuance of common stock in underwritten public offering, net of issuance costs	299,300	0	0
Treasury stock	(2,800)	(1,341)	0
Proceeds from stock option exercises	139	1,977	1,157
Net cash provided by financing activities	296,639	340,702	1,157
Net increase (decrease) in cash and cash equivalents	108,598	(36,458)	(43,128)
Cash and cash equivalents including restricted cash, beginning of period	68,068	104,526	147,654
Cash and cash equivalents including restricted cash, end of period	176,666	68,068	104,526
Supplemental non-cash disclosure
Right-of-use assets obtained in exchange for operating lease obligations	2,637	5,580	0
Milestone payment for first commercial sale of OGSIVEO included in accrued expenses as of December 31, 2023	11,250	0	0
GSK
Financing activities
Proceeds from issuance of common stock	0	55,454	0
Private Placement
Financing activities
Proceeds from issuance of common stock	0	216,830	0
Market offering
Financing activities
Proceeds from issuance of common stock	$ 0	$ 67,782	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	73,620,361	62,453,328
Common stock, shares outstanding (in shares)	73,486,699	62,423,129
Treasury stock (in shares)	133,662	30,199

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of December 31, 2023 and December 31, 2022:


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


	As of December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	232,229	$	—	$	(690)	$	231,539
Non-U.S. government securities	9,388		—		(31)		9,357
Corporate debt securities	45,710		—		(44)		45,666
Commercial paper	238,160		—		—		238,160
Long-term investments:
Corporate debt securities	4,796				(2)		4,794
Total	$	530,283	$	—	$	(767)	$	529,516

Nature of Operations	12 Months Ended
Nature of Operations	Dec. 31, 2023
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 commercial-stage biopharmaceutical company applying a precision medicine approach to developing and commercializing life-changing medicines for underserved patient populations suffering from devastating rare diseases and cancer. The Company has a differentiated portfolio of small molecule targeted oncology assets, including one approved product and several clinical candidates, and is advancing programs in both rare tumor types as well as highly prevalent, genetically defined cancers. OGSIVEO™ (nirogacestat) is the Company's first commercial product. OGSIVEO was approved by the United States Food and Drug Administration, or FDA, on November 27, 2023 for the treatment of adult patients with progressing desmoid tumors who require systemic treatment. Follow-On Offerings On December 8, 2023, the Company completed the sale of 10,905,171 shares of common stock in an underwritten public offering, including 1,422,413 shares of common stock sold pursuant to the underwriter's full exercise of their option to purchase additional shares, at an offering price of $29.00 per share, resulting in net proceeds to the Company of $299.3 million. 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. Private Placements On September 7, 2022, the Company and certain accredited investors, or the Investors, entered into a securities purchase agreement pursuant to which the Company agreed to sell and issue to the Investors in a private placement transaction, or the Private Placement, an aggregate of 8,650,520 shares of Common Stock at a purchase price of $26.01 per share. In connection with the Private Placement, the Company received gross proceeds of approximately $225 million, and after deducting commissions and offering costs, net proceeds were approximately $216.8 million. In connection with the Private Placement, the Company and the Investors also entered into a registration rights agreement, dated September 7, 2022, providing for the registration for resale of the shares. The shares were registered for resale pursuant to the Registration Statement and the prospectus supplement relating to the shares filed with the SEC on September 26, 2022. On September 6, 2022, the Company entered into an expanded global, non-exclusive license and collaboration agreement with GSK, plc, formerly GlaxoSmithKline plc, or GSK, for nirogacestat in combination with belantamab mafodotin (belamaf) and, concurrent with the execution of such agreement, we entered into a stock purchase agreement, or the Stock Purchase Agreement, with an affiliate of GSK, Glaxo Group Limited, or GGL, under which GGL agreed to purchase from the Company in a private placement transaction 2,050,819 shares of Common Stock for an aggregate purchase price of approximately $75.0 million, or $36.57 per share. The shares were sold at a 25% premium to the volume-weighted average share price of the Company’s Common Stock for a specified 30-day period prior to entering into the Stock Purchase Agreement. At-the-Market Offering In August 2022, the Company sold 2,247,500 shares of Common Stock under an ATM Program, resulting in gross proceeds of $69.7 million, less commissions and other fees of $1.9 million for net proceeds of $67.8 million.

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Net operating loss carryforwards, domestic	$ 472,100,000
Net operating loss carryforwards	$ 467,800,000
Available to offset	80.00%
Operating loss carryforward subject to expiration	$ 4,300,000
Tax credit carryforwards	33,500,000
Accrued interest or penalties	0
Increase in valuation allowance	$ 69,400,000
Effective tax rate	0.00%	0.00%	0.00%
State
Income Taxes
Net operating loss carryforwards, domestic state and city	$ 365,500,000
City
Income Taxes
Net operating loss carryforwards, domestic state and city	$ 3,700,000

Intangible Assets, net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Intangible assets, net, which is included in other assets, consisted of the following:


	December 31,
(in thousands)	2023		2022
Definite-lived intangible assets
License agreements	$	11,250	$	—
Intangible assets, gross	11,250		—
Less accumulated amortization	(50)		—
Intangible assets, net	$	11,200	$	—

The Company's finite-lived intangible asset results from the commercial milestone payment due under its license agreement with Pfizer, Inc., or Pfizer. For intangible assets related to products with patent exclusivity, the useful life is the remaining patent exclusivity period of approximately 19.4 years. The Company incurred amortization expense of $0.1 million for the year ended December 31, 2023.

The expected future amortization expense for amortizable finite-lived intangible assets as of December 31, 2023 is as follows:


(in thousands)
2024	$	600
2025	600
2026	600
2027	600
2028	600
Thereafter	8,200
Total future expected amortization expense	$	11,200

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and December 31, 2022:


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


	As of December 31, 2022
			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	$	22,494	$	22,494	$	—	$	—
Short-term investments:
U.S. government securities	231,539		231,539		—		—
Non-U.S. government securities	9,357		—		9,357		—
Corporate debt securities	45,666		—		45,666		—
Commercial paper	238,160		—		238,160		—
Long-term investments:
Corporate debt securities	4,794		—		4,794		—
Total	$	552,010	$	254,033	$	297,977	$	—

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	121,029	$	93,032
Research and development credits	6,069		3,422
Orphan drug credit	27,515		19,401


Capitalized research and development	41,588		21,262
Equity-based compensation	26,429		20,286

Deferred revenue	4,105		—
Other	3,031		1,525
Total deferred tax assets	229,766		158,928
Deferred tax liability:
Operating lease right-of-use assets	(1,290)		(987)
Depreciation	(1,255)		(113)
Other	(2)		(2)
Valuation allowance	(227,219)		(157,826)
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,
	2023		2022		2021
Statutory tax rate	21.00	%	21.00	%	21.00	%
U.S. state and local income taxes, net of U.S. federal income tax benefit	2.17		2.33		5.15
Equity-based compensation	(1.21)		(0.77)		(0.03)
Research and development credit	0.81		0.27		0.50
Orphan drug credit	2.50		1.87		4.99
Section 162(m) limitation	(3.39)		—		—
Other	(0.54)		—		—
Change in valuation allowance	(21.34)		(24.70)		(31.61)
Effective tax rate	—	%	—	%	—	%

Equity- Based Compensation

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Research and development	$	34,398	$	29,373	$	14,664
Selling, general and administrative	60,136		43,592		23,780
Total equity-based compensation expense	$	94,534	$	72,965	$	38,444

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. As of December 31, 2023, there were 2,543,163 shares available for future issuance under the 2019 Equity Incentive Plan.

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 3 or 4 years, and stock options and restricted stock awards granted by the Company to directors generally vest over 1 or 3 years.

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, 2023, there were 2,477,122 shares reserved for issuance under the ESPP. No offering periods under the ESPP had been initiated as of December 31, 2023.

Stock Options

A summary of the changes in the Company’s stock options during the periods presented is as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Intrinsic Aggregate Value
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
Granted	3,207,347	43.28		—	—
Exercised	(223,467)	8.84		—	—
Forfeited/cancelled	(520,478)	68.33		—	—
Outstanding at December 31, 2022	9,176,815	38.13		8.0	53,719,297
Granted	2,994,704	27.65		—	—
Exercised	(44,250)	3.15		—	—
Forfeited/cancelled	(538,693)	44.01		—	—
Outstanding at December 31, 2023	11,588,576	35.28		7.4	117,631,827
Exercisable at December 31, 2023	6,711,390	32.83		6.6	88,814,151

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 2023 include risk-free interest rates of 3.46% – 4.73%, expected dividend yield of 0.00%, expected term in years of 5.5 years - 6.1 years and expected volatility of 76.7% - 78.8%.

At December 31, 2023, the total unrecognized compensation expense related to unvested stock options was $117.7 million, which the Company expects to recognize over a weighted-average remaining period of approximately 2.4 years. For the year ended December 31, 2023, total equity-based compensation expense for stock options was $66.0 million.

Restricted Stock Awards

A summary of the changes in the Company’s restricted stock awards for the periods presented is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
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
Granted	36,625	61.74
Vested	(257,219)	32.03
Forfeited	(27,957)	79.25
Unvested and outstanding at December 31, 2022	221,759	70.71
Granted	—	—
Vested	(93,812)	71.50
Forfeited	(21,113)	63.38
Unvested and outstanding at December 31, 2023	106,834	70.48

At December 31, 2023, the total unrecognized compensation expense related to unvested restricted stock awards was $2.6 million, which the Company expects to recognize over a weighted-average remaining period of approximately less than one year. For the year ended December 31, 2023, total restricted stock awards compensation expense was $6.6 million.

Restricted Stock Units

A summary of the changes in the Company’s restricted stock units for the periods presented is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2021	—	$	—
Granted	738,508	49.77
Vested	(24,369)	24.62
Forfeited	(42,185)	58.76
Unvested and outstanding at December 31, 2022	671,954	50.11
Granted	1,163,390	27.68
Vested	(238,725)	49.14
Forfeited	(110,079)	31.27
Unvested and outstanding at December 31, 2023	1,486,540	34.11

At December 31, 2023, the total unrecognized compensation expense related to unvested restricted stock units was $32.9 million, which the Company expects to recognize over a weighted-average remaining period of approximately 1.9 years. For the year ended December 31, 2023, total restricted stock unit compensation expense was $19.4 million.

Performance Stock Units

On January 5, 2023, the CEO was granted a supplemental equity award consisting of performance based restricted stock units, or the 2023 CEO PSU award. The 2023 CEO PSU award covers a target of 284,362 shares of the Company's common stock, which are subject to vesting based upon the passage of time, once the Company achieves certain regulatory milestones and the CEO’s continued service with the Company. In addition, the target number of shares of the Company's common stock covered is subject to modification (upwards or downwards) by up to 25% based upon the relative total shareholder return of the Company’s shares compared to the NASDAQ Biotech Index as of the end of the performance period.

At December 31, 2023, the total unrecognized compensation expense related to unvested performance stock units was $4.3 million, which the Company expects to recognize over a weighted-average remaining period of approximately 2.0 years. For the year ended December 31, 2023, total performance stock unit compensation expense was $2.4 million.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
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 equity-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 Equivalents The 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); limited by the amount that the fair value is less than the amortized costs basis. If either criterion 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). As of, and for the years ended December 31, 2023 and December 31, 2022, 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.
Accounts Receivable, net	Accounts Receivable, net Accounts receivable, net consists of trade receivables which are amounts due from customers related to product sales. The Company records trade receivables net of chargebacks, invoice discounts, distribution service fees and any allowances for potential credit losses. An allowance for credit losses is determined based on the financial condition and creditworthiness of customers and the Company considers economic factors and events or trends expected to affect future collections experience. Any allowance would reduce the net receivables to the amount that is expected to be collected. The payment history of the Company’s customers will be considered in future assessments of collectibility as these patterns are established over a longer period of time. As of December 31, 2023, the Company determined an allowance for credit losses was insignificant.
Inventory and Pre-Approval Inventory	Inventory and Pre-Approval Inventory The Company began capitalizing inventory for OGSIVEO upon approval by the FDA in November 2023. OGSIVEO is approved for the treatment of adult patients with desmoid tumors. Prior to regulatory approval, all direct and indirect manufacturing costs were charged to research and development expense in the period incurred. Inventory is comprised of raw materials, work-in-process and finished goods, and includes costs related to third-party contract manufacturing, packaging, freight-in and overhead. Inventory is stated at the lower of cost or net realizable value with cost based on the first-in-first-out method.
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.
Intangible Asset, net	Intangible Asset, net The Company’s finite-lived intangible asset resulted from the capitalization of a milestone payment due under a license and collaboration agreement in connection with the first commercial sale of OGSIVEO in the United States in December 2023. The intangible asset will be amortized on a straight-line basis over its remaining useful life, which is estimated to be the remaining patent life of OGSIVEO. Amortization expense is recorded as cost of product revenue in the consolidated statement of operations.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews its long-lived assets, including property and equipment and finite-lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If such circumstances are determined to exist, an estimate of undiscounted future cash flows produced by the long-lived asset, including its eventual residual value, is compared to the carrying value to determine whether impairment exists. In the event that such cash flows are not expected to be sufficient to recover the carrying amount of the asset, the asset is written-down to its estimated fair value.
Revenue Recognition & Cost of Product Revenue	Revenue Recognition 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 that most faithfully depicts the transfer of goods and services to the customer. Product revenue, net: Revenues from product sales are recorded at the net sales price, or “transaction price,” which includes estimates of variable consideration that result from (i) invoice discounts for prompt payment and specialty distributor and specialty pharmacy service fees, (ii) government and other rebates, chargebacks, discounts and fees, (iii) group purchasing organization (“GPO”) discounts, performance rebates and administrative fees, (iv) product returns and (v) costs of co-pay assistance programs for patients. Reserves are established for the estimates of variable consideration based on the amounts the Company expects to be earned or to be claimed on the related sales. The reserves are classified as reductions to accounts receivable, net or accrued expenses and other current liabilities. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying, payment patterns and the Company’s historical experience. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenues only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary from the Company's estimates, these estimates are adjusted, which would affect net product revenue and earnings in the period such variances become known. 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 in 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. Cost of Product Revenue Our cost of product revenue includes the cost of goods sold, amortization expense for commercial milestones and royalty expense. Our cost of goods sold consists of raw materials, third-party manufacturing costs to manufacture the raw materials into finished product, freight and other costs associated with sales of commercial products.
Research and Development	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 expenses. Advance payments for goods or services to be received in the future for research and development activities are deferred and recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.
Selling, General and Administrative	Selling, General and Administrative Selling, general and administrative expenses consist primarily of salaries and related costs, including equity-based compensation for personnel in executive, finance, corporate, commercial, business development and administrative functions. Selling, general and administrative expenses also include consulting services, legal fees relating to patent and corporate matters; professional fees for accounting, auditing and tax 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 Equity-based 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. The Company recognizes forfeitures at the time of the actual forfeiture event. 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 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 equity-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 equity-based awards. Inputs used in the Black-Scholes option-pricing model are: •Fair value of common stock, which is the trading price of the Company’s common stock on the grant date of the award. •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 sufficient Company-specific historical and implied volatility information. Therefore, the Company includes the historical volatility of a publicly traded set of peer companies to determine its expected stock volatility 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.
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 as income tax expense.
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. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, to provide more detailed income tax disclosure requirements. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements should be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the standard is for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect ASU 2023-09 to have a material impact on the Company's financial statements.

401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Plan (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Contribution expense	$ 1.3	$ 1.0	$ 0.5

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2023
Retirement Benefits [Abstract]
401(k) Plan	401(k) PlanThe Company has 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 pre-tax earnings to the 401(k) Plan. For the years ended December 31, 2023, December 31, 2022 and December 31, 2021, expense for matching contributions was $1.3 million, $1.0 million and $0.5 million, respectively

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Operating Leases

The company’s operating leases relate to real estate.

In August 2018, the Company entered into a five-year operating lease in Durham, NC, for additional office space which houses various corporate functions including clinical development operations. In May 2023, the Company amended this lease agreement to extend the lease term through September 30, 2026, with two consecutive five-year renewal options. Pursuant to the amendment, the lease payments increase by 3.0% each year, commencing October 1, 2023.

In October 2018, the Company entered into a lease for its corporate headquarters in Stamford, CT. 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. Pursuant to the amended agreement, lease payments increase by 2.5% each year.

In March 2023, the Company entered into a five-year operating lease in Research Triangle Park in Durham, NC (the location of the Company’s discovery lab and translational operations), with two consecutive five-year renewal options. Pursuant to the amended agreement, lease payments increase by 3.0% in each of the subsequent four years of the five-year operating lease term. Rental payments under the renewal period will be at current market rates for the premises.

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


	Twelve Months Ended December 31,
(in thousands)	2023		2022		2021
Operating lease cost
Fixed	$	1,653	$	1,131	$	993
Variable(1)	866		336		548
Total lease cost	$	2,519	$	1,467	$	1,541
(1) Variable lease costs consist primarily of taxes, utilities and common area maintenance costs.

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


(in thousands)	As of December 31, 2023		As of December 31, 2022
Operating leases
Operating lease right-of-use-assets	$	6,144	$	4,698
Total operating lease assets	$	6,144	$	4,698

Operating lease liabilities, current	$	1,061	$	483
Operating lease liabilities, long-term	5,996		4,768
Total operating lease liabilities	$	7,057	$	5,251

Maturities of the Company’s operating lease liabilities as of December 31, 2023 were as follows:


(in thousands)	Operating Leases
2024	$	1,476
2025	1,999
2026	2,002
2027	1,904
2028	646
Thereafter	—
Total lease payments	8,027
Less: imputed interest	(970)
Present value of lease liabilities	$	7,057

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


	As of December 31, 2023		As of December 31, 2022
Weighted-average remaining lease term (in years)
Operating leases	4.2		5.2
Weighted-average discount rate
Operating leases	5.8	%	4.2	%

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


(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,293	$	859	$	1,388
Right-of-use assets obtained in exchange for new operating lease liabilities	2,637		5,580		—

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurements
Total financial assets	$ 550,600	$ 552,010
U.S. government securities
Fair Value Measurements
Short-term investments	228,791	231,539
Long-term investment	141,857
Non-U.S. government securities
Fair Value Measurements
Short-term investments		9,357
Corporate debt securities
Fair Value Measurements
Short-term investments	9,631	45,666
Long-term investment	41,529	4,794
Commercial paper
Fair Value Measurements
Short-term investments	64,727	238,160
Money market funds
Fair Value Measurements
Cash equivalents	14,434	22,494
Commercial paper
Fair Value Measurements
Cash equivalents	49,631
Level 1
Fair Value Measurements
Total financial assets	385,082	254,033
Level 1 \| U.S. government securities
Fair Value Measurements
Short-term investments	228,791	231,539
Long-term investment	141,857
Level 1 \| Non-U.S. government securities
Fair Value Measurements
Short-term investments		0
Level 1 \| Corporate debt securities
Fair Value Measurements
Short-term investments	0	0
Long-term investment	0	0
Level 1 \| Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 1 \| Money market funds
Fair Value Measurements
Cash equivalents	14,434	22,494
Level 1 \| Commercial paper
Fair Value Measurements
Cash equivalents	0
Level 2
Fair Value Measurements
Total financial assets	165,518	297,977
Level 2 \| U.S. government securities
Fair Value Measurements
Short-term investments	0	0
Long-term investment	0
Level 2 \| Non-U.S. government securities
Fair Value Measurements
Short-term investments		9,357
Level 2 \| Corporate debt securities
Fair Value Measurements
Short-term investments	9,631	45,666
Long-term investment	41,529	4,794
Level 2 \| Commercial paper
Fair Value Measurements
Short-term investments	64,727	238,160
Level 2 \| Money market funds
Fair Value Measurements
Cash equivalents	0	0
Level 2 \| Commercial paper
Fair Value Measurements
Cash equivalents	49,631
Level 3
Fair Value Measurements
Total financial assets	0	0
Level 3 \| U.S. government securities
Fair Value Measurements
Short-term investments	0	0
Long-term investment	0
Level 3 \| Non-U.S. government securities
Fair Value Measurements
Short-term investments		0
Level 3 \| Corporate debt securities
Fair Value Measurements
Short-term investments	0	0
Long-term investment	0	0
Level 3 \| Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 3 \| Money market funds
Fair Value Measurements
Cash equivalents	0	$ 0
Level 3 \| Commercial paper
Fair Value Measurements
Cash equivalents	$ 0

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (325,104)	$ (277,417)	$ (173,910)
Changes in other comprehensive income (loss):
Unrealized gain (loss) on marketable securities, net	1,958	(455)	(353)
Total changes in other comprehensive income (loss)	1,958	(455)	(353)
Comprehensive loss	$ (323,146)	$ (277,872)	$ (174,263)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
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+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Total revenue	$ 5,447	$ 0	$ 0
Operating expenses:
Cost of product revenue	422	0	0
Research and development	150,487	146,122	101,676
Selling, general and administrative	197,551	134,552	71,792
Total operating expenses	348,460	280,674	173,468
Loss from operations	(343,013)	(280,674)	(173,468)
Interest and other income:
Interest and other income, net	22,947	6,147	546
Total interest and other income	22,947	6,147	546
Equity method investment loss	(5,038)	(2,890)	(988)
Net loss	$ (325,104)	$ (277,417)	$ (173,910)
Net loss per share, basic (in usd per share)	$ (5.15)	$ (5.21)	$ (3.59)
Net loss per share, diluted (in usd per share)	$ (5.15)	$ (5.21)	$ (3.59)
Weighted average common shares outstanding, basic (in shares)	63,123,936	53,290,528	48,497,790
Weighted average common shares outstanding, diluted (in shares)	63,123,936	53,290,528	48,497,790
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Product [Member]

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 26,047	$ 19,142
Accrued research and development	15,129	12,321
Accrued milestone	11,250	0
Accrued other	13,143	7,779
Total accrued expenses	$ 65,569	$ 39,242

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 176,053	$ 67,490
Marketable securities	303,149	524,722
Accounts receivable, net	5,930	0
Inventory	3,103	0
Prepaid expenses and other current assets	12,677	7,548
Total current assets	500,912	599,760
Long-term marketable securities	183,386	4,794
Property and equipment, net	17,943	13,571
Operating lease right-of-use assets	6,144	4,698
Equity method investment	1,955	4,193
Restricted cash	613	578
Other assets	14,835	2,648
Total assets	725,788	630,242
Current liabilities:
Accounts payable	7,396	8,010
Accrued expenses	65,569	39,242
Operating lease liabilities, current	1,061	483
Deferred revenue, current	4,144	3,314
Total current liabilities	78,170	51,049
Operating lease liabilities, long-term	5,996	4,768
Deferred revenue, long-term	15,403	16,233
Total liabilities	99,569	72,050
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2023 and December 31, 2022.	0	0
Common stock, $0.0001 par value, 150,000,000 shares authorized, 73,620,361 and 62,453,328 shares issued and 73,486,699 and 62,423,129 shares outstanding at December 31, 2023 and December 31, 2022, respectively.	7	6
Additional paid-in capital	1,524,196	1,130,224
Accumulated deficit	(895,034)	(569,930)
Treasury stock, at cost (133,662 and 30,199 shares of common stock at December 31, 2023 and December 31, 2022, respectively).	(4,141)	(1,341)
Accumulated other comprehensive income (loss)	1,191	(767)
Total stockholders’ equity	626,219	558,192
Total liabilities and stockholders’ equity	$ 725,788	$ 630,242

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

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

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

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, 2023 and December 31, 2022:


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


	As of December 31, 2022
			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	$	22,494	$	22,494	$	—	$	—
Short-term investments:
U.S. government securities	231,539		231,539		—		—
Non-U.S. government securities	9,357		—		9,357		—
Corporate debt securities	45,666		—		45,666		—
Commercial paper	238,160		—		238,160		—
Long-term investments:
Corporate debt securities	4,794		—		4,794		—
Total	$	552,010	$	254,033	$	297,977	$	—

The Company’s financial assets measured at fair value on a recurring basis included cash equivalents, which consist of money market funds, commercial paper 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, non-U.S. government securities, and commercial paper are classified as Level 2 and valued utilizing various observable market and industry inputs.

The carrying amounts reflected in the Company’s consolidated balance sheets for cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term nature.

- 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

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of December 31, 2023, and December 31, 2022, the Company had obligations consisting of operating leases for facilities. Refer to Footnote 8: 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 the Company believes that non-cancelable obligations under these agreements are insignificant. 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, 2023, and December 31, 2022, there was no litigation or contingency that created at least a reasonable possibility of a material loss.

Income Taxes - Reconciliation of U.S. Statutory Income Tax Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	2.17%	2.33%	5.15%
Equity-based compensation	(1.21%)	(0.77%)	(0.03%)
Research and development credit	0.81%	0.27%	0.50%
Orphan drug credit	2.50%	1.87%	4.99%
Section 162(m) limitation	(3.39%)	0.00%	0.00%
Other	(0.54%)	0.00%	0.00%
Change in valuation allowance	(21.34%)	(24.70%)	(31.61%)
Effective tax rate	0.00%	0.00%	0.00%

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Feb. 21, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-39044
Entity Registrant Name	SPRINGWORKS THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-4066827
Entity Address, Address Line One	100 Washington Blvd
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	(203)
Local Phone Number	883-9490
Title of 12(b) Security	Common Stock, $0.0001 Par Value per Share
Trading Symbol	SWTX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 1,600,965,538
Entity Common Stock, Shares Outstanding		73,786,845
Documents Incorporated by Reference	Documents Incorporated by Reference The registrant's definitive proxy statement relating to the annual meeting of shareholders will be filed with the Securities and Exchange Commission within 120 days after the close of the registrant's fiscal year ended December 31, 2023 and is incorporated by reference in Part III to the extent described herein.
Entity Central Index Key	0001773427
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Equity Method Investment (Details) - USD ($) $ in Thousands	1 Months Ended					12 Months Ended
Equity Method Investment (Details) - USD ($) $ in Thousands	Jan. 31, 2024	Jan. 31, 2023	Jun. 30, 2022	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments
Investment						$ 1,955	$ 4,193
Payment to equity investment						2,800	4,200	$ 0
Equity method investment loss						5,038	$ 2,890	$ 988
MapKure
Schedule of Equity Method Investments
Investment						2,000
Equity method investment loss						$ 5,000
MapKure \| Series A Preferred Stock
Schedule of Equity Method Investments
Shares purchased (in shares)				3,500,000	3,500,000
Ownership interest (in percent)				38.90%	25.00%
Investment				$ 3,500	$ 3,500
MapKure \| Series B Preferred Stock
Schedule of Equity Method Investments
Shares purchased (in shares)		2,800,000	4,200,000
Ownership interest (in percent)						38.90%
Payment to equity investment		$ 2,800	$ 4,200
MapKure \| Series C Preferred Stock \| Subsequent Event
Schedule of Equity Method Investments
Shares purchased (in shares)	8,235,200
Payment to equity investment	$ 8,200
MapKure \| Series C Preferred Stock \| Subsequent Event \| Scenario, Plan
Schedule of Equity Method Investments
Shares purchased (in shares)	6,176,400
Payment to equity investment	$ 6,200

Net Loss per Share - Basic and diluted net loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss	$ (325,104)	$ (277,417)	$ (173,910)
Net loss attributable to common stockholders, basic	(325,104)	(277,417)	(173,910)
Net loss attributable to common stockholders, diluted	$ (325,104)	$ (277,417)	$ (173,910)
Denominator:
Weighted average number of shares outstanding, basic (in shares)	63,123,936	53,290,528	48,497,790
Weighted average number of shares outstanding, diluted (in shares)	63,123,936	53,290,528	48,497,790
Net loss per share, basic (in usd per share)	$ (5.15)	$ (5.21)	$ (3.59)
Net loss per share, diluted (in usd per share)	$ (5.15)	$ (5.21)	$ (3.59)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

+ References

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 1.6	$ 0.8	$ 0.5

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property And Equipment

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2023		2022		Useful Life
Leasehold improvements	$	826	$	826	Length of lease or 5 years, whichever is shorter
Computer equipment	380		368		3-5 years
Lab equipment	2,439		—		5 - 15 years
Furniture	437		437		5 years
Software	12,954		6,048		3-10 years
Construction in process	3,565		7,137
Property and equipment, gross	20,601		14,816
Less accumulated depreciation	(2,658)		(1,245)
Property and equipment, net	$	17,943	$	13,571

Summary of Significant Accounting Policies (Details)	12 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Number of operating segments \| segment	1
Cash and cash equivalents	$ 176,053,000	$ 67,490,000
Expected dividend yield	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Intangible Assets, net - Narrative (Details) $ in Millions	12 Months Ended
Intangible Assets, net - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets
Amortization expense	$ 0.1
Patents
Finite-Lived Intangible Assets
Intangible asset, useful life	19 years 4 months 24 days

Equity- Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Research and development	$	34,398	$	29,373	$	14,664
Selling, general and administrative	60,136		43,592		23,780
Total equity-based compensation expense	$	94,534	$	72,965	$	38,444

Summary of the Changes in the Company's Options During the Period

A summary of the changes in the Company’s stock options during the periods presented is as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Intrinsic Aggregate Value
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
Granted	3,207,347	43.28		—	—
Exercised	(223,467)	8.84		—	—
Forfeited/cancelled	(520,478)	68.33		—	—
Outstanding at December 31, 2022	9,176,815	38.13		8.0	53,719,297
Granted	2,994,704	27.65		—	—
Exercised	(44,250)	3.15		—	—
Forfeited/cancelled	(538,693)	44.01		—	—
Outstanding at December 31, 2023	11,588,576	35.28		7.4	117,631,827
Exercisable at December 31, 2023	6,711,390	32.83		6.6	88,814,151

Summary of Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

A summary of the changes in the Company’s restricted stock awards for the periods presented is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
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
Granted	36,625	61.74
Vested	(257,219)	32.03
Forfeited	(27,957)	79.25
Unvested and outstanding at December 31, 2022	221,759	70.71
Granted	—	—
Vested	(93,812)	71.50
Forfeited	(21,113)	63.38
Unvested and outstanding at December 31, 2023	106,834	70.48

A summary of the changes in the Company’s restricted stock units for the periods presented is as follows:


	Number of Shares	Weighted Average Grant Date Fair Value
Unvested and outstanding at December 31, 2021	—	$	—
Granted	738,508	49.77
Vested	(24,369)	24.62
Forfeited	(42,185)	58.76
Unvested and outstanding at December 31, 2022	671,954	50.11
Granted	1,163,390	27.68
Vested	(238,725)	49.14
Forfeited	(110,079)	31.27
Unvested and outstanding at December 31, 2023	1,486,540	34.11

Leases - Narrative (Details) - option	1 Months Ended
Leases - Narrative (Details) - option	Mar. 31, 2023	May 31, 2023	Jan. 31, 2022	Aug. 31, 2018
Operating Lease in Durham, NC
Leases
Lease term (in years)				5 years
Number of renewal options		2
Renewal term (in years)		5 years
Annual increase in lease payments (as a percent)		3.00%
Corporate Headquarters Stamford Connecticut
Leases
Annual increase in lease payments (as a percent)			2.50%
Corporate Headquarters Stamford Connecticut \| Option One
Leases
Number of renewal options			2
Renewal term (in years)			5 years
Corporate Headquarters Stamford Connecticut \| Option Two
Leases
Number of renewal options			1
Renewal term (in years)			10 years
Research Triangle Park
Leases
Lease term (in years)	5 years
Number of renewal options	2
Renewal term (in years)	5 years
Annual increase in lease payments (as a percent)	3.00%
Research Triangle Park \| Minimum
Leases
Number of years the lease payment will increase	4 years
Research Triangle Park \| Maximum
Leases
Number of years the lease payment will increase	5 years

Equity- Based Compensation - Restricted stock (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Grant Date Fair Value
Stock compensation expense	$ 94,534	$ 72,965	$ 38,444
Restricted stock
Number of shares/units
Unvested and outstanding at the beginning (in shares)	221,759	470,310	686,868
Granted (in shares)	0	36,625	332,226
Vested (in shares)	(93,812)	(257,219)	(493,309)
Forfeited (in shares)	(21,113)	(27,957)	(55,475)
Unvested and outstanding at the end (in shares)	106,834	221,759	470,310
Weighted Average Grant Date Fair Value
Outstanding at the beginning (in dollars per share)	$ 70.71	$ 50.76	$ 1.26
Granted (in dollars per share)	0	61.74	73.31
Vested (in dollars per share)	71.50	32.03	1.19
Forfeited (in dollars per share)	63.38	79.25	13.75
Unvested and outstanding at the end (in dollars per share)	$ 70.48	$ 70.71	$ 50.76
Unrecognized compensation expense, options	$ 2,600
Share compensation recognition period	1 year
Stock compensation expense	$ 6,600
Restricted stock units
Number of shares/units
Unvested and outstanding at the beginning (in shares)	671,954	0
Granted (in shares)	1,163,390	738,508
Vested (in shares)	(238,725)	(24,369)
Forfeited (in shares)	(110,079)	(42,185)
Unvested and outstanding at the end (in shares)	1,486,540	671,954	0
Weighted Average Grant Date Fair Value
Outstanding at the beginning (in dollars per share)	$ 50.11	$ 0
Granted (in dollars per share)	27.68	49.77
Vested (in dollars per share)	49.14	24.62
Forfeited (in dollars per share)	31.27	58.76
Unvested and outstanding at the end (in dollars per share)	$ 34.11	$ 50.11	$ 0
Unrecognized compensation expense, options	$ 32,900
Share compensation recognition period	1 year 10 months 24 days
Stock compensation expense	$ 19,400

Accrued Expenses

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
(in thousands)	2023		2022
Accrued compensation and benefits	$	26,047	$	19,142
Accrued research and development	15,129		12,321
Accrued milestone	11,250		—
Accrued other	13,143		7,779
Total accrued expenses	$	65,569	$	39,242

Intangible Assets, net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets, net, which is included in other assets, consisted of the following:


	December 31,
(in thousands)	2023		2022
Definite-lived intangible assets
License agreements	$	11,250	$	—
Intangible assets, gross	11,250		—
Less accumulated amortization	(50)		—
Intangible assets, net	$	11,200	$	—

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The expected future amortization expense for amortizable finite-lived intangible assets as of December 31, 2023 is as follows:


(in thousands)
2024	$	600
2025	600
2026	600
2027	600
2028	600
Thereafter	8,200
Total future expected amortization expense	$	11,200

Equity- Based Compensation - 2019 Equity Incentive Plan (Details) - 2019 Equity Incentive Plan - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of annual increase in the shares		5.00%
Number of shares authorized for issuance (in shares)	2,543,163
Employee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	3 years
Employee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
Nonemployee \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	1 year
Nonemployee \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and Equipment, net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2023		2022		Useful Life
Leasehold improvements	$	826	$	826	Length of lease or 5 years, whichever is shorter
Computer equipment	380		368		3-5 years
Lab equipment	2,439		—		5 - 15 years
Furniture	437		437		5 years
Software	12,954		6,048		3-10 years
Construction in process	3,565		7,137
Property and equipment, gross	20,601		14,816
Less accumulated depreciation	(2,658)		(1,245)
Property and equipment, net	$	17,943	$	13,571

Depreciation expense was $1.6 million, $0.8 million, and $0.5 million for the years ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net loss	$ (325,104)	$ (277,417)	$ (173,910)

- Definition

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

+ References

+ Details

Equity- Based Compensation - Stock options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Outstanding at the beginning (in shares)	9,176,815	6,713,413	4,505,546
Granted (in shares)	2,994,704	3,207,347	2,547,813
Exercised (in shares)	(44,250)	(223,467)	(151,643)
Forfeited/cancelled (in shares)	(538,693)	(520,478)	(188,303)
Outstanding at the end (in shares)	11,588,576	9,176,815	6,713,413	4,505,546
Exercisable (in shares)	6,711,390
Weighted Average Exercise Price
Outstanding at the beginning (usd per share)	$ 38.13	$ 37.03	$ 15.51
Granted (usd per share)	27.65	43.28	73.37
Exercised (usd per share)	3.15	8.84	7.62
Forfeited/cancelled (usd per share)	44.01	68.33	37.34
Outstanding at the end (usd per share)	35.28	$ 38.13	$ 37.03	$ 15.51
Exercisable (usd per share)	$ 32.83
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value
Outstanding at the end (in years)	7 years 4 months 24 days	8 years	8 years 2 months 12 days	8 years 8 months 12 days
Exercisable (in years)	6 years 7 months 6 days
Outstanding at the end	$ 117,631,827	$ 53,719,297	$ 196,012,147	$ 256,860,405
Exercisable	$ 88,814,151

Nature of Operations (Details) - USD ($) $ / shares in Units, $ in Millions					1 Months Ended
	Dec. 08, 2023	Sep. 07, 2022	Sep. 06, 2022	Oct. 13, 2020	Sep. 30, 2022	Aug. 31, 2022
Follow-on Offering
Collaborative Arrangement and Arrangement Other than Collaborative
Shares issued (in shares)	10,905,171			5,637,254
Sales price (in usd per share)	$ 29.00			$ 51.00
Sale of stock, consideration received on transaction, net proceeds	$ 299.3			$ 269.5
Underwriter's Option
Collaborative Arrangement and Arrangement Other than Collaborative
Shares issued (in shares)	1,422,413			735,294
Private Placement
Collaborative Arrangement and Arrangement Other than Collaborative
Shares issued (in shares)		8,650,520
Sales price (in usd per share)		$ 26.01
Sale of stock, consideration received on transaction, net proceeds		$ 216.8
Sale of stock, consideration received on transaction, gross proceeds		$ 225.0
Private Placement \| GSK
Collaborative Arrangement and Arrangement Other than Collaborative
Shares issued (in shares)			2,050,819
Sales price (in usd per share)			$ 36.57
Sale of stock, consideration received on transaction, gross proceeds			$ 75.0
Premium rate paid on weighted average share price (percent)			25.00%
Premium term (days)			30 days		30 days
At-The-Market Offering \| Cowen And Company, LLC
Collaborative Arrangement and Arrangement Other than Collaborative
Shares issued (in shares)						2,247,500
Sale of stock, consideration received on transaction, net proceeds						$ 67.8
Sale of stock, consideration received on transaction, gross proceeds						69.7
Commission fee						$ 1.9

Intangible Assets, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Definite-lived intangible assets
Intangible assets, gross	$ 11,250	$ 0
Less accumulated amortization	(50)	0
Intangible assets, net	11,200	0
License agreements
Definite-lived intangible assets
Intangible assets, gross	$ 11,250	$ 0

Risks and Liquidity (Details) - USD ($) $ in Thousands	12 Months Ended
Risks and Liquidity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Accumulated deficit	$ 895,034	$ 569,930
Working capital	422,700	548,700
Net revenue	5,447	0	$ 0
Cash, cash equivalents and marketable securities	662,600	$ 597,000
OGSIVEO
Concentration Risk [Line Items]
Net revenue	$ 5,400

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 121,029	$ 93,032
Research and development credits	6,069	3,422
Orphan drug credit	27,515	19,401
Capitalized research and development	41,588	21,262
Equity-based compensation	26,429	20,286
Deferred revenue	4,105	0
Other	3,031	1,525
Total deferred tax assets	229,766	158,928
Deferred tax liability:
Operating lease right-of-use assets	(1,290)	(987)
Depreciation	(1,255)	(113)
Other	(2)	(2)
Valuation allowance	(227,219)	(157,826)
Net deferred tax assets	$ 0	$ 0

Marketable Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of December 31, 2023 and December 31, 2022:


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


	As of December 31, 2022
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	232,229	$	—	$	(690)	$	231,539
Non-U.S. government securities	9,388		—		(31)		9,357
Corporate debt securities	45,710		—		(44)		45,666
Commercial paper	238,160		—		—		238,160
Long-term investments:
Corporate debt securities	4,796				(2)		4,794
Total	$	530,283	$	—	$	(767)	$	529,516

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

The Company’s securities classified as short-term marketable securities mature within one year or less of the balance sheet date. Marketable securities that mature greater than one year from the balance sheet date are classified as long-term. As of December 31, 2023, the Company did not hold any investments that matured beyond five years.

Equity Method Investment	12 Months Ended
Equity Method Investment	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment MapKure In June 2019, the Company announced the formation of MapKure LLC, or MapKure, an entity jointly owned by the Company and BeiGene Ltd., or BeiGene. BeiGene licensed to MapKure exclusive rights to brimarafenib (BGB-3245), an investigational oral, small molecule selective inhibitor of specific BRAF driver mutations and genetic fusions. MapKure is advancing brimarafenib through clinical development for solid tumor patients harboring BRAF driver mutations and genetic fusions that were observed to be sensitive to the compound in preclinical studies. In addition to the Company’s equity ownership in MapKure, the Company maintains a member on each of MapKure’s joint steering committee and board of directors. The Company also contributes to clinical development and other operational activities for brimarafenib through a service agreement with MapKure. In conjunction with the formation of MapKure in June 2019, the Company purchased 3,500,000 Series A preferred units of MapKure, or a 25.0% ownership interest, for $3.5 million and in June 2020, the Company purchased an additional 3,500,000 Series A preferred units of MapKure for $3.5 million, increasing its ownership interest to 38.9%, as required by the terms of the Series A unit purchase agreement. In June 2022, the Company made an additional investment in MapKure and purchased 4,200,000 Series B preferred units of MapKure for $4.2 million, pursuant to the terms of a Series B preferred unit purchase agreement. In January 2023, pursuant to terms of the Series B preferred unit purchase agreement, the Company purchased an additional 2,800,000 Series B preferred units of MapKure for $2.8 million. As of December 31, 2023, the Company’s ownership interest in MapKure was 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, 2023. The Company records its portion of MapKure’s earnings or losses based on a one quarter lag. For the year ended December 31, 2023, the Company recognized a $5.0 million loss for its portion of MapKure’s losses. The Company’s investment in MapKure is included in equity method investment. The balance of the Company’s investment was $2.0 million at December 31, 2023, representing the maximum exposure to loss as a result of the Company’s involvement with MapKure. In January 2024, as part of a Series C financing round, the Company made an additional investment in MapKure and purchased 8,235,200 Series C preferred units of MapKure for $8.2 million, pursuant to the terms of a Series C preferred unit purchase agreement. The Company is required to make subsequent purchases at each of the second and third closings established by such agreement, in each case for an additional 6,176,400 Series C preferred units of MapKure for $6.2 million. This additional investment does not significantly modify the Company’s ownership interest or the Company’s ability to direct the activities that most significantly impact the economic performance of MapKure.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

As of December 31, 2023 and December 31, 2022, 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, 2023, the Company has federal, state and city net operating loss carryforwards of $472.1 million, $365.5 million and $3.7 million, respectively, which are available to reduce future taxable income. Federal net operating loss carryforwards generated 2018 through 2023 of $467.8 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 2037. The Company also has federal tax credits of $33.5 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, 2023 or December 31, 2022.

Interest and penalty charges, if any, related to unrecognized tax benefits will be recorded as income tax expense. As of December 31, 2023, 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)	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	121,029	$	93,032
Research and development credits	6,069		3,422
Orphan drug credit	27,515		19,401


Capitalized research and development	41,588		21,262
Equity-based compensation	26,429		20,286

Deferred revenue	4,105		—
Other	3,031		1,525
Total deferred tax assets	229,766		158,928
Deferred tax liability:
Operating lease right-of-use assets	(1,290)		(987)
Depreciation	(1,255)		(113)
Other	(2)		(2)
Valuation allowance	(227,219)		(157,826)
Net deferred tax assets	$	—	$	—

A valuation allowance is recorded 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, 2023 and December 31, 2022 because the Company has determined that it is more likely than not that these assets will not be realized. The increase in the valuation allowance of $69.4 million in 2023 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, 2023, December 31, 2022 and December 31, 2021 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,
	2023		2022		2021
Statutory tax rate	21.00	%	21.00	%	21.00	%
U.S. state and local income taxes, net of U.S. federal income tax benefit	2.17		2.33		5.15
Equity-based compensation	(1.21)		(0.77)		(0.03)
Research and development credit	0.81		0.27		0.50
Orphan drug credit	2.50		1.87		4.99
Section 162(m) limitation	(3.39)		—		—
Other	(0.54)		—		—
Change in valuation allowance	(21.34)		(24.70)		(31.61)
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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Property and equipment, gross	$ 20,601	$ 14,816
Less accumulated depreciation	(2,658)	(1,245)
Property and equipment, net	17,943	13,571
Leasehold improvements
Property and Equipment
Property and equipment, gross	$ 826	826
Leasehold improvements \| Maximum
Property and Equipment
Property, plant and equipment, useful life (in years)	5 years
Computer equipment
Property and Equipment
Property and equipment, gross	$ 380	368
Computer equipment \| Minimum
Property and Equipment
Property, plant and equipment, useful life (in years)	3 years
Computer equipment \| Maximum
Property and Equipment
Property, plant and equipment, useful life (in years)	5 years
Lab equipment
Property and Equipment
Property and equipment, gross	$ 2,439	0
Lab equipment \| Minimum
Property and Equipment
Property, plant and equipment, useful life (in years)	5 years
Lab equipment \| Maximum
Property and Equipment
Property, plant and equipment, useful life (in years)	15 years
Furniture
Property and Equipment
Property and equipment, gross	$ 437	437
Property, plant and equipment, useful life (in years)	5 years
Software
Property and Equipment
Property and equipment, gross	$ 12,954	6,048
Software \| Minimum
Property and Equipment
Property, plant and equipment, useful life (in years)	3 years
Software \| Maximum
Property and Equipment
Property, plant and equipment, useful life (in years)	10 years
Construction in process
Property and Equipment
Property and equipment, gross	$ 3,565	$ 7,137

Risks and Liquidity	12 Months Ended
Risks and Liquidity	Dec. 31, 2023
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 $895.0 million and $569.9 million, and working capital of $422.7 million and $548.7 million at December 31, 2023 and December 31, 2022, respectively. In November 2023, the FDA approved OGSIVEO (nirogacestat) for the treatment of adult patients with desmoid tumors. In December 2023, the Company began to generate revenue from sales of OGSIVEO in the United States, for which the Company recorded net revenue of $5.4 million in 2023. 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 $662.6 million and $597.0 million as of December 31, 2023 and December 31, 2022, respectively. Based on the Company’s cash, cash equivalents and marketable securities at December 31, 2023, 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.

Leases - Supplemental Information (Details)	Dec. 31, 2023	Dec. 31, 2022
Weighted-average remaining lease term (in years)
Operating leases -Weighted-average remaining lease term (in years)	4 years 2 months 12 days	5 years 2 months 12 days
Weighted-average discount rate
Operating leases - Weighted-average discount rate	5.80%	4.20%

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
(in thousands)	2023		2022
Accrued compensation and benefits	$	26,047	$	19,142
Accrued research and development	15,129		12,321
Accrued milestone	11,250		—
Accrued other	13,143		7,779
Total accrued expenses	$	65,569	$	39,242

Equity- Based Compensation - Performance Stock Units (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 05, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		2,994,704	3,207,347	2,547,813
Total equity-based compensation expense		$ 94,534	$ 72,965	$ 38,444
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of shares subject to modification (percent)	25.00%
Unrecognized compensation expense, options		$ 4,300
Share compensation recognition period		2 years
Total equity-based compensation expense		$ 2,400
CEO \| Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	284,362

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

License and Collaboration Agreements	12 Months Ended
License and Collaboration Agreements	Dec. 31, 2023
License and Collaboration Agreements
License and Collaboration Agreements	License and Collaboration Agreements Pfizer Inc. Pursuant to the terms of its licenses with Pfizer, 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. A milestone was met upon the first commercial sale of OGSIVEO in December 2023, and a milestone payment of $11.3 million is due to Pfizer, which has been accrued and included in accrued expenses as of December 31, 2023, and is expected to be paid in the second quarter of 2024. 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 $1.9 million for the year ended December 31, 2023, and $1.1 million for each of the years ended December 31, 2022 and December 31, 2021, in connection with this collaboration agreement. 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, in the aggregate, up to $120 million in development milestones, up to $165 million in 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 of $0.3 million 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 up to $2.3 million in development milestones, up to $39 million in commercial milestones and single-digit percentage 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 expanded non-exclusive license and collaboration agreement In September 2022, the Company announced an expansion of its ongoing, non-exclusive clinical collaboration with GSK, which originally commenced in June 2019. The announcement coincided with the entry by the Company and GSK into an amended and restated collaboration and license agreement, or the GSK License Agreement, for the potential continued development and commercialization of nirogacestat in combination with either belantamab mafodotin (belamaf), GSK’s antibody-drug conjugate, or ADC, targeting B-cell maturation antigen, or BCMA, or any other cytotoxic ADC targeting BCMA derived from belantamab that is controlled by GSK, either alone as a combination therapy, or together with other pharmaceutical agents. Pursuant to the terms of the GSK License Agreement and concurrent with the execution of such agreement, the Company entered into a Stock Purchase Agreement with GGL, under which GGL purchased 2,050,819 shares of the Company’s Common Stock in a private placement transaction for an aggregate purchase price of approximately $75.0 million, or $36.57 per share. The shares were sold at a 25% premium to the volume-weighted average share price of the Company’s Common Stock for a specified 30-day period prior to entering into the Stock Purchase Agreement. The fair value of the Common Stock based on the closing price of Common Stock on the day prior to the effective date of the Stock Purchase Agreement was $55.5 million and was recorded to equity. The $19.5 million received in excess of the fair value of the Common Stock represents consideration for the license for the potential continued development and commercialization of nirogacestat in combination with GSK compounds, together with the clinical supply of nirogacestat for future belamaf clinical trials and certain research and development costs associated with nirogacestat. The Company recorded the $19.5 million as deferred revenue in September of 2022 and will recognize revenue as the corresponding performance obligation is satisfied in proportion to expenses incurred, including clinical supply and research and development expenses, associated with the GSK License Agreement. For the year ended December 31, 2023, the Company did not recognize any revenue related to the upfront consideration received from the GSK License Agreement. Under the terms of the GSK License Agreement, the Company is also eligible to receive up to $550.0 million in additional payments, if certain development and commercial milestones are met. The Company continues to retain full commercial rights to nirogacestat. Additionally, SpringWorks will seek to make nirogacestat commercially available in markets where approval has been sought by GSK for a combination with belamaf. 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. Pursuant to the development plan under the Jazz Agreement, Jazz initially studied PF-04457845, now known as JZP150, as a treatment for post-traumatic stress disorder, or PTSD. On December 21, 2023, Jazz announced topline results from its Phase 2 trial of JZP150 in PTSD. The trial did not meet its primary or secondary endpoints. Jazz disclosed plans to further evaluate the data, but does not anticipate moving forward with additional JZP150 development in PTSD.

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of 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)	2023		2022		2021
Operating lease cost
Fixed	$	1,653	$	1,131	$	993
Variable(1)	866		336		548
Total lease cost	$	2,519	$	1,467	$	1,541
(1) Variable lease costs consist primarily of taxes, utilities and common area maintenance costs.

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


	As of December 31, 2023		As of December 31, 2022
Weighted-average remaining lease term (in years)
Operating leases	4.2		5.2
Weighted-average discount rate
Operating leases	5.8	%	4.2	%

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


(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,293	$	859	$	1,388
Right-of-use assets obtained in exchange for new operating lease liabilities	2,637		5,580		—

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, 2023		As of December 31, 2022
Operating leases
Operating lease right-of-use-assets	$	6,144	$	4,698
Total operating lease assets	$	6,144	$	4,698

Operating lease liabilities, current	$	1,061	$	483
Operating lease liabilities, long-term	5,996		4,768
Total operating lease liabilities	$	7,057	$	5,251

Schedule of Future Minimum Lease Obligations

Maturities of the Company’s operating lease liabilities as of December 31, 2023 were as follows:


(in thousands)	Operating Leases
2024	$	1,476
2025	1,999
2026	2,002
2027	1,904
2028	646
Thereafter	—
Total lease payments	8,027
Less: imputed interest	(970)
Present value of lease liabilities	$	7,057