SpringWorks Therapeutics (SWTX) Q1 2025 earnings summary

Executive summary

• SpringWorks Therapeutics is a commercial-stage biopharma focused on rare diseases and oncology, with two FDA-approved products: OGSIVEO and GOMEKLI, and a pipeline of clinical and preclinical candidates.

• OGSIVEO (nirogacestat) is approved for adult desmoid tumors; GOMEKLI (mirdametinib) is approved for NF1-associated plexiform neurofibromas in adults and children.

• On April 27, 2025, SpringWorks entered into a merger agreement to be acquired by Merck KGaA, Darmstadt, Germany, for $47.00 per share in cash, pending customary closing conditions.

Financial highlights

• Net product revenue for Q1 2025 was $49.1 million, up 134% year-over-year from $21.0 million in Q1 2024, driven by OGSIVEO and GOMEKLI launches.

• Net loss for Q1 2025 was $83.2 million, compared to $87.4 million in Q1 2024, a 5% improvement.

• Cash, cash equivalents, and marketable securities totaled $382.7 million as of March 31, 2025, down from $461.9 million at year-end 2024.

• Operating expenses increased to $129.6 million in Q1 2025 from $114.9 million in Q1 2024, mainly due to higher SG&A costs for commercialization.

• Net cash used in operating activities was $68.8 million for Q1 2025, compared to $78.9 million in Q1 2024.

Outlook and guidance

• Management expects current liquidity to fund operations for at least twelve months from the reporting date.

• Profitability is anticipated in the first half of 2026, contingent on continued commercial success of OGSIVEO and GOMEKLI.

• Pre-commercial preparations for OGSIVEO and GOMEKLI are underway in Europe, with regulatory decisions expected in 2025.