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SpringWorks Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net product revenue of $49.3 million from sales of OGSIVEO in the United States. This marks the first revenue from OGSIVEO, which was approved by the FDA in November 2023.
Operating costs and expenses totaled $107.2 million, including $61.6 million in selling, general, and administrative expenses and $42.3 million in research and development expenses.
The company reported a net loss of $53.5 million for the quarter, compared to a net loss of $79.4 million in the same quarter of the previous year.
Interest and other income for the quarter was $6.2 million, up from $5.6 million in the previous year, attributed to higher market yields and increased cash from financing activities.
SpringWorks had cash, cash equivalents, and marketable securities of $498.1 million as of September 30, 2024. The company estimates that its current liquidity will enable it to meet operating expenses through at least the next twelve months.
The filing also details the company's ongoing development activities, including regulatory submissions for mirdametinib for NF1-PN, which has been granted priority review by the FDA with a target action date of February 28, 2025.
SpringWorks continues to focus on expanding the reach of OGSIVEO to additional geographies, with a Marketing Authorization Application under review by the European Medicines Agency.
The company is also evaluating nirogacestat for the treatment of ovarian granulosa cell tumors and has several ongoing clinical collaborations to explore combination therapies in multiple myeloma.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SpringWorks Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.