0001773427-24-000018 | 10-Q | XBRL Viewer | Springworks Therapeutics INC

Material Terms of Trading Arrangement

The following table shows the “Rule 10b5-1 trading arrangements” and “non-Rule 10b5-1 trading arrangements” (as each term is defined in Item 408(a) of Regulation S-K) adopted by our directors and executive officers during the quarter ended March 31, 2024. No other directors or officers of the Company adopted, materially modified, or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangements during the quarter ended March 31, 2024.

Trading Arrangement

Name and Position

Action Taken (Date of Action)

Rule 10b5-1*

Non-Rule 10b5-1**

Duration of the Trading Plan

Total Number of shares to be sold

Julie Hambleton, M.D.

Director

Adoption

(March 1, 2024)

June 03, 2025

18,422

Saqib Islam, J.D.

Chief Executive Officer

Adoption

(February 29, 2024)

June 04, 2025

318,500 (1)

Badreddin Edris, Ph.D.

Chief Operating Officer

Adoption

(February 29, 2024)

June 04, 2025

110,000 (1)

Bhavesh Ashar, M.B.A.

Chief Commercial Officer

Adoption

(March 15, 2024)

June 18, 2025

168,248 (1)

*Intended to satisfy the affirmative defense Rule 10b5-1(c)

**Not intended to satisfy the affirmative defense Rule 10b5-1(c).

(1)The actual number of shares that will be sold under the Rule 10b5-1 trading arrangement will be calculated at the time of vesting of the RSU, RSA or Option, as applicable, to satisfy tax withholding obligations.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Julie Hambleton, M.D. [Member]

Julie Hambleton, M.D.

Director

true

March 1, 2024

459 days

Saqib Islam, J.D. [Member]

18,422

Saqib Islam, J.D.

Chief Executive Officer

true

February 29, 2024

461 days

Badreddin Edris, Ph.D. [Member]

318,500

Badreddin Edris, Ph.D.

Chief Operating Officer

true

February 29, 2024

461 days

Bhavesh Ashar, M.B.A. [Member]

110,000

Bhavesh Ashar, M.B.A.

Chief Commercial Officer

true

March 15, 2024

460 days

Share-Based Payment Arrangement [Abstract]

168,248

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 21,006	$ 0
Operating costs and expenses:
Cost of product revenue	1,202	0
Selling, general and administrative	60,113	44,175
Research and development	53,622	33,524
Total operating costs and expenses	114,937	77,699
Loss from operations	(93,931)	(77,699)
Interest and other income:
Interest and other income, net	7,571	5,557
Total interest and other income	7,571	5,557
Equity method investment loss	(1,025)	(1,278)
Net loss	$ (87,385)	$ (73,420)
Net loss per share, basic (usd per share)	$ (1.18)	$ (1.18)
Net loss per share, diluted (usd per share)	$ (1.18)	$ (1.18)
Weighted average common shares outstanding, basic (in shares)	73,768,603	62,326,992
Weighted average common shares outstanding, diluted (in shares)	73,768,603	62,326,992
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Product [Member]	Product [Member]

Equity-Based Compensation

3 Months Ended

Mar. 31, 2024

Equity-Based Compensation

2019 Equity Incentive Plan

The Company's 2019 Stock Option and Incentive Plan, or 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 Common Stock outstanding on the immediately preceding December 31 or such lesser number of shares as determined by the compensation committee of the Company’s board of directors.

As of March 31, 2024, there were 3,498,653 shares available for issuance in connection with future awards under the 2019 Equity Incentive Plan.

Equity-Based Awards

During the three months ended March 31, 2024, the Company granted 2,174,108 stock option awards to its officers, employees and directors under the 2019 Equity Incentive Plan.

During the three months ended March 31, 2024, the Company awarded 1,152,182 restricted stock units to its officers, employees and directors under the 2019 Equity Incentive Plan.

During the three months ended March 31, 2024, 55,650 restricted stock awards previously issued to employees of the Company were released, 410,752 restricted stock units vested and 326,997 stock options were exercised. As of March 31, 2024, there were 7,112,280 stock options vested and exercisable.

Performance Stock Units

On January 4, 2024, the Company’s Chief Executive Officer, or CEO, was granted 88,000 performance based restricted stock units (the target amount) that are subject to a total shareholder return, or TSR, market condition based on the Company’s relative TSR percentile rank compared to companies in the NASDAQ Biotechnology Index during the performance period, and are eligible to be earned and vested from 0% to 150% of the target amount.

Equity-based compensation expense included in the condensed consolidated statements of operations for each of the periods presented is as follows:


	Three Months Ended March 31,
(in thousands)	2024		2023

Research and development	$	12,423	$	8,918
Selling, general and administrative	18,039		14,477
Total equity-based compensation expense	$	30,462	$	23,395

As of March 31, 2024, the unrecognized compensation expense related to unvested stock options, restricted stock units, performance stock units and restricted stock awards was $144.3 million, $63.9 million, $8.0 million and $1.5 million, respectively, which is expected to be recognized over a weighted-average remaining period of approximately 2.67, 2.25 years, 1.87 years and less than one year, respectively.

As of March 31, 2024, the Company had 13,054,654 stock options outstanding, 2,076,809 unvested restricted stock units, 372,362 unvested performance stock units and 48,561 unvested restricted stock awards.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net loss	$ (87,385)	$ (73,420)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	729	253
Non-cash operating lease expense	400	286
Equity-based compensation expense	30,462	23,395
Equity method investment loss	1,025	1,278
Changes in operating assets and liabilities
Accounts receivable, net	(9,599)	0
Inventory	(2,113)	0
Prepaid expenses and other current assets	(1,793)	(1,968)
Other assets	(78)	(243)
Accounts payable	(385)	(753)
Accrued expenses	(9,625)	(10,255)
Lease liability	(568)	(391)
Net cash used in operating activities	(78,930)	(61,818)
Investing activities
Capital expenditures	(577)	(2,977)
Equity method investment	(8,235)	(2,800)
Purchases of marketable securities	(73,642)	(68,148)
Proceeds from sale and maturity of marketable securities	103,917	172,529
Net cash provided by investing activities	21,463	98,604
Financing activities
Treasury stock	(6,497)	(1,931)
Proceeds from stock option exercises	5,945	83
Net cash used in financing activities	(552)	(1,848)
Net (decrease) increase in cash and cash equivalents	(58,019)	34,938
Cash and cash equivalents including Restricted cash, beginning of period	176,666	68,068
Cash and cash equivalents including Restricted cash, end of period	118,647	103,006
Non-cash investing activities
Right-of-use assets obtained in exchange for operating lease obligations	$ 0	$ 2,136

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consists of the following:


	March 31,		December 31,
(in thousands)	2024		2023
Accrued professional fees	$	13,927	$	26,047
Accrued compensation and benefits	17,121		15,129
Accrued research and development	11,250		11,250
Accrued other	13,975		13,143
Total accrued expenses	$	56,273	$	65,569

Commitments and Contingencies (Details)	3 Months Ended
Commitments and Contingencies (Details)	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Litigation or contingency expense	$ 0

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023:


	As of March 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	194,887	$	—	$	(34)	$	194,853

Corporate debt securities	19,499		—		(22)		19,477
Commercial paper	104,220		2		—		104,222
Long-term investments:
U.S. government securities	103,922		—		(58)		103,864
Corporate debt securities	32,541		—		(1)		32,540
Total	$	455,069	$	2	$	(115)	$	454,956


	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

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP, for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission, or SEC, and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 27, 2024. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. 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. Estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses, valuation of equity-based compensation awards and variable consideration and other relevant inputs impacting the gross and net revenue recognition. Management 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 or assumptions. 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. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 3 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 27, 2024. There have been no significant changes in the Company’s significant accounting policies from those disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 27, 2024. Recently Adopted Accounting Pronouncements There were no recently adopted accounting pronouncements that had a material impact on the Company's financial statements.

Net Loss per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss per Share

Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share are the same. The table below provides potentially dilutive securities not included in the computation of the diluted net loss per share for the periods ended March 31, 2024 and March 31, 2023 because to do so would be anti-dilutive:


	As of March 31,
	2024	2023
Common stock options issued and outstanding	13,054,654	11,619,559
Restricted stock units subject to future vesting	2,076,809	1,703,188
Performance stock units subject to future vesting	372,362	—
Restricted stock awards subject to future vesting	48,561	165,303
Total potentially dilutive securities	15,552,386	13,488,050

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Equity-based Compensation Expense Related to Restricted Stock and Stock Options

Equity-based compensation expense included in the condensed consolidated statements of operations for each of the periods presented is as follows:


	Three Months Ended March 31,
(in thousands)	2024		2023

Research and development	$	12,423	$	8,918
Selling, general and administrative	18,039		14,477
Total equity-based compensation expense	$	30,462	$	23,395

Collaboration, Licensing and Variable Interest Entities	3 Months Ended
Collaboration, Licensing and Variable Interest Entities	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Collaboration, Licensing And Variable Interest Entity	Collaboration, Licensing and Variable Interest Entities 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. The ownership interest remained at 38.9%, as required by the terms of the Series B unit purchase agreement. In January 2024, 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. As of March 31, 2024, the Company’s ownership interest in MapKure was 39.7%. 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 based on a one quarter lag. The Company recognized an equity loss of $1.0 million and $1.3 million for the three-month periods ended March 31, 2024 and March 31, 2023, respectively. The Company’s ownership interest in MapKure is included in Equity method investments. As of March 31, 2024, the Company’s maximum exposure to loss as a result of the Company’s involvement with MapKure is $21.6 million, representing the carrying value of the investment of $9.2 million plus the unfunded obligation of $12.4 million. 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 plc, formerly GlaxoSmithKline plc, or 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 an affiliate of GSK, Glaxo Group Limited, or GGL, under which GGL purchased 2,050,819 shares of the Company’s Common Stock, par value $0.0001 per share, or 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 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 of consideration 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 three-month period ended March 31, 2024, the revenue related to the upfront consideration received from the GSK License Agreement was insignificant.

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued professional fees	$ 13,927	$ 26,047
Accrued compensation and benefits	17,121	15,129
Accrued research and development	11,250	11,250
Accrued other	13,975	13,143
Total accrued expenses	$ 56,273	$ 65,569

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Potential Common Shares not Included in the Calculation of the Diluted Net Loss Per Share

The table below provides potentially dilutive securities not included in the computation of the diluted net loss per share for the periods ended March 31, 2024 and March 31, 2023 because to do so would be anti-dilutive:


	As of March 31,
	2024	2023
Common stock options issued and outstanding	13,054,654	11,619,559
Restricted stock units subject to future vesting	2,076,809	1,703,188
Performance stock units subject to future vesting	372,362	—
Restricted stock awards subject to future vesting	48,561	165,303
Total potentially dilutive securities	15,552,386	13,488,050

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Subject to Fair Value Measurements

As of March 31, 2024 and December 31, 2023, the Company's financial assets and liabilities measured at fair value on a recurring basis consisted of the following:


	As of March 31, 2024
			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	$	34,551	$	34,551	$	—	$	—
U.S. government securities	14,983		14,983		—		—
Short-term investments:
U.S. government securities	194,853		194,853		—		—

Corporate debt securities	19,477		—		19,477		—
Commercial paper	104,222		—		104,222		—
Long-term investments:
U.S. government securities	103,864		103,864		—		—
Corporate debt securities	32,540		—		32,540		—
Total	$	504,490	$	348,251	$	156,239	$	—


	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	$	—

Accrued Expenses

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consists of the following:


	March 31,		December 31,
(in thousands)	2024		2023
Accrued professional fees	$	13,927	$	26,047
Accrued compensation and benefits	17,121		15,129
Accrued research and development	11,250		11,250
Accrued other	13,975		13,143
Total accrued expenses	$	56,273	$	65,569

Net Loss per Share (Details) - shares	3 Months Ended
Net Loss per Share (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	15,552,386	13,488,050
Common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	13,054,654	11,619,559
Restricted stock units subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	2,076,809	1,703,188
Performance stock units subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	372,362	0
Restricted stock awards subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share
Total potentially dilutive securities (in shares)	48,561	165,303

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations SpringWorks Therapeutics, Inc., together with its wholly-owned subsidiaries, collectively, 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. The Company has incurred losses and negative operating cash flows since inception and had an accumulated deficit of $982.4 million and $895.0 million, and working capital of $402.9 million and $422.7 million, as of March 31, 2024 and December 31, 2023, respectively. In December 2023, the Company began to generate revenue from sales of OGSIVEO in the United States. For the three months ended March 31, 2024, the Company recorded net revenue of $21.0 million from the sales of OGSIVEO. The Company had cash, cash equivalents and marketable securities of $573.0 million and $662.6 million as of March 31, 2024 and December 31, 2023, respectively. Based on the Company’s cash, cash equivalents and marketable securities as of March 31, 2024, 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 are issued.

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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.

As of March 31, 2024 and December 31, 2023, the Company's financial assets and liabilities measured at fair value on a recurring basis consisted of the following:


	As of March 31, 2024
			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	$	34,551	$	34,551	$	—	$	—
U.S. government securities	14,983		14,983		—		—
Short-term investments:
U.S. government securities	194,853		194,853		—		—

Corporate debt securities	19,477		—		19,477		—
Commercial paper	104,222		—		104,222		—
Long-term investments:
U.S. government securities	103,864		103,864		—		—
Corporate debt securities	32,540		—		32,540		—
Total	$	504,490	$	348,251	$	156,239	$	—


	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 March 31, 2024 and December 31, 2023, the Company’s financial assets measured at fair value on a recurring basis using a market approach included cash equivalents, which consist of money market funds, and marketable securities, which consist of high-quality, highly liquid available-for-sale debt securities including corporate debt securities, U.S. government securities, and commercial paper.

The Company’s money market funds are readily convertible into cash and the net asset value of each fund on the last day of the quarter is used to determine fair value. The U.S. government securities are classified as Level 1 and valued utilizing quoted market prices. The Company’s corporate debt securities, and commercial paper are classified as Level 2 and valued utilizing various market and industry inputs.

The Company considers all highly liquid instruments that have maturities of three months or less when acquired to be cash equivalents. The carrying amounts for cash equivalents, accounts payable, and accrued expenses approximate fair value due to their short-term maturities.

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

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Common	Treasury	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 558,192	$ 6	$ (1,341)	$ 1,130,224	$ (767)	$ (569,930)
Balance at the beginning (in shares) at Dec. 31, 2022		62,453,328
Balance at the beginning (in shares) at Dec. 31, 2022			30,199
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense	23,395			23,395
Forfeiture of restricted stock awards (in shares)		(1,039)
Restricted stock units vested (in shares)		140,575
Exercise of stock options (in shares)		30,913
Exercise of stock options	83			83
Shares of common stock used to satisfy tax withholding obligations (in shares)			70,140
Shares of common stock used to satisfy tax withholding obligations	(1,931)		$ (1,931)
Other comprehensive income, net of tax	605				605
Net loss	(73,420)					(73,420)
Ending balance at Mar. 31, 2023	506,924	$ 6	$ (3,272)	1,153,702	(162)	(643,350)
Balance at the end (in shares) at Mar. 31, 2023		62,623,777
Balance the end (in shares) at Mar. 31, 2023			100,339
Beginning balance at Dec. 31, 2023	$ 626,219	$ 7	$ (4,141)	1,524,196	1,191	(895,034)
Balance at the beginning (in shares) at Dec. 31, 2023	73,486,699	73,620,361
Balance at the beginning (in shares) at Dec. 31, 2023	133,662		133,662
Increase (Decrease) in Stockholders' Equity
Equity-based compensation expense	$ 30,462			30,462
Forfeiture of restricted stock awards (in shares)		(2,623)
Restricted stock units vested (in shares)		410,752
Exercise of stock options (in shares)		326,997
Exercise of stock options	5,945			5,945
Shares of common stock used to satisfy tax withholding obligations (in shares)			160,629
Shares of common stock used to satisfy tax withholding obligations	(6,497)		$ (6,497)
Other comprehensive income, net of tax	(1,304)				(1,304)
Net loss	(87,385)					(87,385)
Ending balance at Mar. 31, 2024	$ 567,440	$ 7	$ (10,638)	$ 1,560,603	$ (113)	$ (982,419)
Balance at the end (in shares) at Mar. 31, 2024	74,061,196	74,355,487
Balance the end (in shares) at Mar. 31, 2024	160,629		294,291

Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
U.S. government securities
Amortized Cost	$ 455,069	$ 485,344
Gross Unrealized Gains	2	1,191
Gross Unrealized Losses	(115)	0
Estimated Fair Value	454,956	486,535
Short-term Investments \| U.S. government securities
U.S. government securities
Amortized Cost	194,887	228,579
Gross Unrealized Gains	0	212
Gross Unrealized Losses	(34)	0
Estimated Fair Value	194,853	228,791
Short-term Investments \| Corporate debt securities
U.S. government securities
Amortized Cost	19,499	9,629
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(22)	0
Estimated Fair Value	19,477	9,631
Short-term Investments \| Commercial paper
U.S. government securities
Amortized Cost	104,220	64,724
Gross Unrealized Gains	2	3
Gross Unrealized Losses	0	0
Estimated Fair Value	104,222	64,727
Long Term Investments \| U.S. government securities
U.S. government securities
Amortized Cost	103,922	141,102
Gross Unrealized Gains	0	755
Gross Unrealized Losses	(58)	0
Estimated Fair Value	103,864	141,857
Long Term Investments \| Corporate debt securities
U.S. government securities
Amortized Cost	32,541	41,310
Gross Unrealized Gains	0	219
Gross Unrealized Losses	(1)	0
Estimated Fair Value	$ 32,540	$ 41,529

Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Total financial assets	$ 504,490	$ 550,600
U.S. government securities
Fair Value Measurements
Short-term investments	194,853	228,791
Long term investments	103,864	141,857
Corporate debt securities
Fair Value Measurements
Short-term investments	19,477	9,631
Long term investments	32,540	41,529
Commercial paper
Fair Value Measurements
Short-term investments	104,222	64,727
Money market funds
Fair Value Measurements
Cash equivalents	34,551	14,434
U.S. government securities
Fair Value Measurements
Cash equivalents	14,983
Commercial paper
Fair Value Measurements
Cash equivalents		49,631
Level 1
Fair Value Measurements
Total financial assets	348,251	385,082
Level 1 \| U.S. government securities
Fair Value Measurements
Short-term investments	194,853	228,791
Long term investments	103,864	141,857
Level 1 \| Corporate debt securities
Fair Value Measurements
Short-term investments	0	0
Long term investments	0	0
Level 1 \| Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 1 \| Money market funds
Fair Value Measurements
Cash equivalents	34,551	14,434
Level 1 \| U.S. government securities
Fair Value Measurements
Cash equivalents	14,983
Level 1 \| Commercial paper
Fair Value Measurements
Cash equivalents		0
Level 2
Fair Value Measurements
Total financial assets	156,239	165,518
Level 2 \| U.S. government securities
Fair Value Measurements
Short-term investments	0	0
Long term investments	0	0
Level 2 \| Corporate debt securities
Fair Value Measurements
Short-term investments	19,477	9,631
Long term investments	32,540	41,529
Level 2 \| Commercial paper
Fair Value Measurements
Short-term investments	104,222	64,727
Level 2 \| Money market funds
Fair Value Measurements
Cash equivalents	0	0
Level 2 \| U.S. government securities
Fair Value Measurements
Cash equivalents	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 investments	0	0
Level 3 \| Corporate debt securities
Fair Value Measurements
Short-term investments	0	0
Long term investments	0	0
Level 3 \| Commercial paper
Fair Value Measurements
Short-term investments	0	0
Level 3 \| Money market funds
Fair Value Measurements
Cash equivalents	0	0
Level 3 \| U.S. government securities
Fair Value Measurements
Cash equivalents	$ 0
Level 3 \| Commercial paper
Fair Value Measurements
Cash equivalents		$ 0

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (87,385)	$ (73,420)
Changes in other comprehensive income:
Unrealized (loss) gain on marketable securities, net	(1,304)	605
Total changes in other comprehensive (loss) income	(1,304)	605
Comprehensive loss	$ (88,689)	$ (72,815)

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

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+ Details

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Jan. 04, 2024	Mar. 31, 2024	Dec. 31, 2019
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (in percent)	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Award vesting rights (in percent)	150.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)		410,752
CEO \| Performance stock units subject to future vesting
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	88,000
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of annual increase in the shares (in percent)			5.00%
Shares available for future issuance (in shares)		3,498,653
2019 Equity Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Exercise of stock options (in shares)		326,997
Stock options vested and exercisable (in shares)		7,112,280
Unrecognized compensation expense related to unvested stock options		$ 144.3
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)		2 years 8 months 1 day
Stock options outstanding (in shares)		13,054,654
2019 Equity Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expense related to restricted stock awards		$ 63.9
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)		2 years 3 months
Unvested restricted stock award outstanding (in shares)		2,076,809
2019 Equity Incentive Plan \| Restricted stock awards subject to future vesting
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expense related to restricted stock awards		$ 1.5
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)		1 year
Unvested restricted stock award outstanding (in shares)		48,561
2019 Equity Incentive Plan \| Restricted stock awards subject to future vesting \| Employees
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)		55,650
2019 Equity Incentive Plan \| Performance stock units subject to future vesting
Share-based Compensation Arrangement by Share-based Payment Award
Unrecognized compensation expense related to restricted stock awards		$ 8.0
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period (in years)		1 year 10 months 13 days
Unvested restricted stock award outstanding (in shares)		372,362
2019 Equity Incentive Plan \| Executive officers and employees \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		2,174,108
2019 Equity Incentive Plan \| Executive officers and employees \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award
Shares vested (in shares)		1,152,182

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (87,385)	$ (73,420)

Investments, Debt and Equity Securities [Abstract]

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

+ References

+ Details

Marketable Securities

3 Months Ended

Mar. 31, 2024

Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of March 31, 2024 and December 31, 2023:


	As of March 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Marketable securities:
Short-term investments:
U.S. government securities	$	194,887	$	—	$	(34)	$	194,853

Corporate debt securities	19,499		—		(22)		19,477
Commercial paper	104,220		2		—		104,222
Long-term investments:
U.S. government securities	103,922		—		(58)		103,864
Corporate debt securities	32,541		—		(1)		32,540
Total	$	455,069	$	2	$	(115)	$	454,956


	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

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 March 31, 2024, the Company did not hold any investments with maturity dates greater than five years.

As of, and for the three months ended March 31, 2024, the Company did not have any allowance for credit losses or impairments of its marketable securities.

Nature of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
Nature of Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Accumulated deficit	$ (982,419)		$ (895,034)
Working capital	402,900		422,700
Net revenue	21,006	$ 0
Cash, cash equivalents and marketable securities	573,000		$ 662,600
OGSIVEO
Disaggregation of Revenue [Line Items]
Net revenue	$ 21,000

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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Amount of accumulated undistributed earnings (deficit).

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