SpringWorks Therapeutics, Inc. reported a net loss of $258.1 million for the fiscal year ended December 31, 2024, compared to a net loss of $325.1 million in 2023. This improvement was driven by a significant increase in product revenue, net, which rose from $5.4 million in 2023 to $172.0 million in 2024, following the FDA approval of OGSIVEO (nirogacestat) for the treatment of adult patients with progressing desmoid tumors in November 2023. Other revenue also remained consistent at $19.5 million for both periods. Operating expenses increased by 35% to $469.7 million in 2024, primarily due to increases in selling, general, and administrative expenses (30% increase) and research and development expenses (33% increase).
The increase in selling, general, and administrative expenses reflects the growth of the commercial organization to support the launch of OGSIVEO and GOMEKLI (mirdametinib), while the rise in research and development expenses is attributed to increased external costs related to licensing fees, drug manufacturing, and clinical trials, as well as higher internal costs due to increased personnel and equity-based compensation. The company also reported interest and other income of $26 million in 2024, up 13% from 2023, and an equity method investment loss of $6 million, up 19% from the previous year. As of December 31, 2024, SpringWorks had 368 full-time employees.
Significant developments during the year included the FDA approval of GOMEKLI (mirdametinib) on February 11, 2025, for the treatment of adult and pediatric patients with NF1-associated symptomatic plexiform neurofibromas. The company began commercializing GOMEKLI in February 2025. In addition, SpringWorks received validation from the EMA for Marketing Authorization Applications for both nirogacestat (February 2024) and mirdametinib (August 2024), with regulatory decisions expected in 2025. The company also completed a follow-on offering of common stock in December 2023, raising net proceeds of $299.3 million. A previously announced clinical collaboration agreement with GlaxoSmithKline was terminated in December 2024.
SpringWorks Therapeutics ended 2024 with $461.9 million in cash, cash equivalents, and marketable securities. The company anticipates that its current resources will be sufficient to fund operations for at least the next 12 months. However, the company expects to continue incurring net losses and significant expenses in the near future, driven by ongoing research and development activities, commercialization efforts, and general operating expenses. The company projects achieving profitability in the first half of 2026. The company's financial statements and supplementary data, including a detailed breakdown of revenue, expenses, and cash flows, are included in the 10-K filing.
About SpringWorks Therapeutics, Inc.
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