SpringWorks Therapeutics falls on third-quarter revenue miss

SpringWorks Therapeutics

12/11/2024 12:37

** Shares of SpringWorks Therapeutics  SWTX.O  fall 10.68%
to $29.94 premarket
    ** Co posts Q3 rev of $49.30 million, missing analysts
estimates of $53.17 million - LSEG
    ** But net loss narrows to $53.5 million, or 72 cents per
share, from $79.4 million, or $1.27 per share a year ago
    ** Co expects to report initial data from mid-stage trial
evaluating nirogacestat as a monotherapy in patients with a type
of ovarian tumors in H1 2025
    ** Co previously expected to report data in H2 2024
    ** Reports $498 million in cash, cash equivalents and
marketable securities as of September 30
     ** Cash expected to fund co through profitability, which is
anticipated in H1 2026
    ** Up to last close, stock down ~8% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))