SpringWorks Therapeutics, Inc. (SWTX): Business Model Canvas [Dec-2025 Updated]

You're looking at SpringWorks Therapeutics, Inc. after the big Merck KGaA deal, and the business model is now about executing on two rare disease blockbusters-OGSIVEO and GOMEKLI-while managing the massive costs of a full commercial launch, which saw Q1 2025 SG&A hit $\mathbf{\$76.5}$ million. Honestly, this isn't just a biotech story anymore; it's about integrating specialized, high-touch rare disease sales with global pharma muscle to capture value from first-in-class oral therapies. The core question is whether the $\mathbf{\$49.0}$ million in combined product revenue from Q1 2025 can scale fast enough to cover the heavy R&D and launch spend, so let's break down the nine essential blocks that define this newly scaled engine.

SpringWorks Therapeutics, Inc. (SWTX) - Canvas Business Model: Key Partnerships

You're looking at the partnerships that underpinned SpringWorks Therapeutics, Inc.'s strategy right up until its acquisition by Merck KGaA, Darmstadt, Germany, in the latter half of 2025. These alliances were crucial for leveraging external scale, sharing development costs, and accessing novel science.

The most significant event shaping the Key Partnerships block for late 2025 is the acquisition by Merck KGaA, Darmstadt, Germany. This transaction, announced on April 28, 2025, and closed in the second half of 2025, was for an enterprise value of $3.4 billion, based on SpringWorks Therapeutics' cash balance as of December 31, 2024. The purchase price was $47 per share in cash, which represented a 26% premium over the unaffected price of $37.38 on February 7, 2025. This move immediately provided the global commercial and financial scale that SpringWorks Therapeutics had been seeking, integrating its rare tumor portfolio, including OGSIVEO and GOMEKLI, into Merck KGaA's Healthcare business sector. This was Merck KGaA, Darmstadt, Germany's largest acquisition for its Healthcare business in nearly 20 years, following the 2015 purchase of Sigma-Aldrich for $17 billion.

The relationship with Pfizer Inc. is foundational, as SpringWorks Therapeutics was a 2017 spin out from Pfizer, licensing two key assets: nirogacestat and mirdametinib. A concrete example of this ongoing collaboration is the clinical trial to evaluate nirogacestat in combination with Pfizer's anti-BCMA CD3 bispecific antibody, PF‐06863135, for relapsed or refractory multiple myeloma. Under the October 2020 agreement terms, Pfizer sponsors and conducts the Phase 1b/2 study, assuming all associated costs, excluding nirogacestat manufacturing and certain intellectual property expenses.

To bolster its pipeline, SpringWorks Therapeutics executed a strategic in-license deal with Rappta Therapeutics Oy in January 2025 for SW-3431, a first-in-class molecular glue targeting PP2A. SpringWorks Therapeutics paid Rappta Therapeutics $13 million upfront. Rappta Therapeutics is also eligible to receive further clinical, regulatory, and commercial milestone payments, alongside tiered single-digit royalties on net sales. SpringWorks Therapeutics planned to file an Investigational New Drug (IND) application for SW-3431 by the end of 2025.

Development of the RAF dimer inhibitor, brimarafenib, is managed through MapKure, LLC, a joint venture jointly owned by SpringWorks Therapeutics and BeiGene, Ltd. This partnership structure allowed for shared investment in developing assets for MAPK-mutant solid tumors. SpringWorks Therapeutics anticipated receiving additional data disclosures from MapKure regarding the brimarafenib monotherapy trial in the second half of 2025.

Finally, engagement with Patient Advocacy Groups is a core component, helping to deepen connections with the communities served. SpringWorks Therapeutics supported these organizations through various mechanisms:

• Corporate Membership funding to establish scientific partnerships.
• Medical Education funding for independent medical education (IME).
• Sponsorships to advance medical care and scientific research.

Specific groups mentioned include the Desmoid Tumor Research Foundation (DTRF), Rein in Sarcoma, SARC, and the National Organization for Rare Disorders (NORD).

Here is a quick look at the financial commitments tied to these key external relationships:

The structure shows a clear progression: initial licensing from Pfizer, cost-sharing with BeiGene, a new asset acquisition from Rappta Therapeutics, and finally, the realization of global scale via the Merck KGaA, Darmstadt, Germany, buyout. Finance: review Q3 2025 cash burn relative to pre-acquisition projections by next Tuesday.

SpringWorks Therapeutics, Inc. (SWTX) - Canvas Business Model: Key Activities

You're managing a commercial-stage biotech, so the key activities revolve around maximizing the value of approved assets while aggressively advancing the pipeline. Here's how SpringWorks Therapeutics, Inc. is structuring its core operations as of late 2025, based on recent performance and milestones.

Commercialization of OGSIVEO (nirogacestat) in the U.S. and Europe

The primary activity is driving the adoption of OGSIVEO, the first medicine approved for desmoid tumors. U.S. net product revenue for OGSIVEO hit $61.5 million in the fourth quarter of 2024, contributing to a full-year 2024 U.S. revenue of $172.0 million. By the first quarter of 2025, OGSIVEO generated $44.1 million in revenue. The European expansion is a major 2025 focus; following a positive CHMP Opinion on June 20, 2025, the European Commission granted approval on August 18, 2025. The launch sequence is set to begin in individual EU countries, starting with Germany in mid-2025. Also, long-term efficacy data from the Phase 3 DeFi trial are expected to be published in the Journal of Clinical Oncology by the end of 2025.

Key commercialization metrics include:

• U.S. OGSIVEO Q4 2024 Revenue: $61.5 million
• OGSIVEO Full Year 2024 U.S. Revenue: $172.0 million
• OGSIVEO EC Approval Date: August 18, 2025
• Anticipated EU Launch Start: mid-2025

Launching GOMEKLI (mirdametinib) for NF1-PN in U.S. and European markets

Securing the second revenue stream through the launch of GOMEKLI (mirdametinib) is critical. The FDA approved GOMEKLI on February 11, 2025, for adult and pediatric patients with NF1-PN, making it the first medicine approved for both populations. The U.S. launch followed within two weeks. This product contributed $4.9 million to the Q1 2025 total product revenue of $49.1 million. The European regulatory process saw the European Commission grant conditional approval on July 18, 2025, with an initial EU launch expected in 2025. The company also received a rare pediatric disease priority review voucher (PRV) with this approval, which can command sales prices of $100 million or more.

Here's a look at the initial GOMEKLI commercial and regulatory status:

Advancing targeted oncology pipeline (e.g., SW-682, SW-3431)

SpringWorks Therapeutics, Inc. is actively managing the progression of its emerging assets, which requires significant Research and Development (R&D) focus. R&D expenses for Q1 2025 were $49.6 million. The company is continuing to enroll patients in the Phase 1 trial for SW-682, a TEAD inhibitor, in Hippo-mutant solid tumors. For SW-3431, a PP2A molecular glue acquired for an upfront payment of $13 million, the key activity is filing the Investigational New Drug (IND) application by the end of 2025. Furthermore, data from the MapKure joint venture regarding brimarafenib are anticipated in the second half of 2025.

Managing global regulatory submissions and approvals (FDA, EMA)

This activity is centered on executing the regulatory strategy for both OGSIVEO and GOMEKLI in international markets. For OGSIVEO, the Marketing Authorization Application (MAA) was under review with the EMA as of February 20, 2025, culminating in the August 18, 2025, EC approval. For GOMEKLI, the MAA validation by the EMA led to the July 18, 2025, conditional approval. These approvals unlock the next phase of market access, which involves securing reimbursement in individual EU countries.

Conducting Phase 2/3 clinical trials for pipeline expansion (e.g., nirogacestat in Ovarian GCT)

Clinical trial execution supports future revenue potential. SpringWorks Therapeutics, Inc. expected to report initial data from the Phase 2 trial evaluating nirogacestat as a monotherapy in patients with ovarian granulosa cell tumors in the first half of 2025. The results from this Phase 2 study were submitted to a peer-reviewed journal in April 2025, with publication anticipated by year-end 2025. Also, the company continues to support several industry and academic collaborator studies evaluating nirogacestat in B-cell maturation antigen (BCMA) combination therapy regimens for multiple myeloma.

Pipeline trial milestones for 2025 include:

• Nirogacestat Ovarian GCT data reporting: H1 2025
• Nirogacestat Ovarian GCT data publication: By year-end 2025
• SW-682 trial status: Phase 1 enrolling patients as of Q1 2025
• SW-3431 IND filing: By end of 2025

Finance needs to monitor the cash burn, which was $68.8 million in net cash used in operations for Q1 2025, against the cash balance of $382.7 million at March 31, 2025, to ensure runway through the anticipated profitability in H1 2026.

SpringWorks Therapeutics, Inc. (SWTX) - Canvas Business Model: Key Resources

You're looking at the core assets that underpinned SpringWorks Therapeutics, Inc.'s value proposition right up to its acquisition by Merck KGaA, Darmstadt, Germany. These aren't just line items; they are the tangible and intangible drivers of their rare disease focus.

The most immediate, hard assets were the cash reserves. As of the first quarter of 2025, SpringWorks Therapeutics, Inc. reported $382.7 million in cash, cash equivalents, and marketable securities. This figure represented a decrease from the $461.9 million held at the close of 2024, reflecting the operational burn associated with launching two new medicines.

The foundation of the company's value proposition rests on its two FDA-approved, first-in-class medicines. These products, OGSIVEO and GOMEKLI, represent the successful execution of their precision medicine approach in underserved tumor areas. Here's a quick look at the commercial assets as of early 2025:

The total product revenue for the first quarter of 2025 reached $49.1 million, a substantial 134% increase year-over-year, showing the immediate commercial traction of these assets.

Protecting these breakthroughs is a robust intellectual property (IP) estate. This IP is critical because it creates the necessary barrier to entry for competitors in these niche markets. You should note the following regarding the patent strategy:

• Patents for both nirogacestat and mirdametinib provide protection extending past the year 2040.
• The global patent strategy shows the highest concentration of filings in the United States, with 64 filings, followed by 26 under the PCT system and 25 in Europe.
• The technology focus is heavily weighted toward chemical compounds and medical applications, specifically categories A61K, A61P, and C07D.

To support the commercialization of these specialized medicines, SpringWorks Therapeutics, Inc. built out a focused sales and distribution apparatus. This infrastructure was key to the rapid uptake of OGSIVEO and the subsequent launch of GOMEKLI. For instance, the company had 35 field representatives ready for the GOMEKLI launch, leveraging experience from the prior OGSIVEO rollout.

Finally, as of late 2025, the ultimate key resource became the access to the acquiring entity's global scale. Merck KGaA, Darmstadt, Germany, completed the acquisition on July 1, 2025, for a total enterprise value of $3.4 billion, based on the initial cash balance as of December 31, 2024. This transaction immediately provided SpringWorks Therapeutics, Inc.'s portfolio with:

• Access to Merck KGaA, Darmstadt, Germany's global reach to expand beyond the U.S. market.
• Integration into a larger rare tumor business unit within the acquirer's Healthcare sector.

The deal terms involved a cash offer of $47 per share, representing an equity value of approximately $3.9 billion.

SpringWorks Therapeutics, Inc. (SWTX) - Canvas Business Model: Value Propositions

The core value SpringWorks Therapeutics, Inc. delivers centers on providing the first or only approved systemic treatments for specific, devastating rare diseases and cancers, often with an oral administration advantage.

First and only FDA-approved systemic therapy for adult desmoid tumors (OGSIVEO)

OGSIVEO (nirogacestat) is an oral gamma secretase inhibitor approved for adults with progressing desmoid tumors who require systemic treatment. Long-term follow-up data from the Phase 3 DeFi trial, utilizing a December 2024 data cutoff, showed that continuous treatment was associated with deepening responses.

The efficacy profile includes:

• Objective Response Rate (ORR) improved to 45.7% with up to four years of treatment.
• This ORR comprised 34.3% Partial Responses (PRs) and 11.4% Complete Responses (CRs) in total.
• Median best percent reduction in target tumor size reached -75.8% for patients completing at least four years of treatment.
• The median duration of OGSIVEO treatment in this long-term analysis was 33.6 months.

The U.S. commercial execution for OGSIVEO generated preliminary fourth quarter 2024 net product revenue of $61.5 million, leading to full-year 2024 U.S. net product revenues of $172.0 million.

First and only FDA-approved therapy for adult and pediatric NF1-PN (GOMEKLI)

GOMEKLI (mirdametinib) received FDA approval on February 11, 2025, for adult and pediatric patients aged 2 years and older with symptomatic plexiform neurofibromas (PN) not amenable to complete resection. This made it the first and only medicine approved for both adults and children with NF1-PN. Neurofibromatosis type 1 (NF1) affects approximately 100,000 children and adults in the United States, with approximately 40,000 living with NF1-PN. Historically, up to approximately 85% of these tumors could not be completely resected.

The value delivered in the Phase 2b ReNeu trial is quantified below:

Precision medicine approach targeting genetically defined rare diseases and cancers

OGSIVEO is a gamma secretase inhibitor targeting desmoid tumors. GOMEKLI is a MEK inhibitor targeting the genetic disorder NF1. SpringWorks Therapeutics also holds an exclusive license for SW-3431, a molecular glue targeting Protein Phosphatase 2A (PP2A) mutations in subsets of uterine cancer patients. The company expects to file an Investigational New Drug (IND) application for SW-3431 by the end of 2025.

Significant tumor volume reduction and symptom improvement for underserved patients

For OGSIVEO, longer-term treatment showed sustained improvement in patient-reported outcomes, including symptoms like pain. For GOMEKLI, patients experienced early and sustained significant improvements from baseline in pain and quality of life. The company ended 2024 with $461.9 million in cash, cash equivalents, and marketable securities, anticipating funding operations through profitability in the first half of 2026 (H1 2026).

Oral small molecule therapies offering patient convenience over infusions

Both approved products are administered orally. OGSIVEO is an oral gamma secretase inhibitor. GOMEKLI is an oral, small molecule MEK inhibitor. GOMEKLI is available in 1mg and 2mg capsules and a 1mg tablet for oral suspension.

SpringWorks Therapeutics, Inc. (SWTX) - Canvas Business Model: Customer Relationships

You're building relationships in a space where every patient matters, and that means the connection has to be deep, not just wide. For SpringWorks Therapeutics, Inc. (SWTX), the customer relationship strategy centers on precision and high-touch support, especially given the rare nature of the diseases they target.

High-touch, specialized sales and medical affairs teams for rare disease centers

The commercial structure is built around specialized expertise. As of early 2025, the company had onboarded 35 territory business managers, all possessing deep oncology and rare disease experience, which is key for building credibility quickly. This team's initial focus for a newly approved therapy like GOMEKLI, approved in February 2025, was on preliminary physician profiling targeting approximately 70 Neurofibromatosis Clinical Network (NFCN) centers and other key sites across the U.S.. This targeted approach ensures that the limited, specialized sales and medical affairs resources are concentrated where the patient population resides.

Direct engagement with patient advocacy and support organizations

Engagement with advocacy groups is foundational in rare disease markets. The strategy in 2025 emphasizes working directly with these organizations to support health literacy initiatives and co-create educational content. This is a necessary step to reach the estimated U.S. patient populations: approximately 30,000 adult NF1-PN patients and 10,000 pediatric NF1-PN patients who have significant unmet need.

Dedicated patient support programs for access and reimbursement assistance

For a commercial-stage company, access is everything, especially with high-value, specialized therapies. SpringWorks Therapeutics designed robust patient service offerings to facilitate rapid access and support the treatment experience. While specific program enrollment numbers for late 2025 aren't public, the context is clear: the company is managing the commercialization of OGSIVEO, which achieved $61.5 million in U.S. net product revenue in the third quarter of 2024, and is launching its second product. The relationship here is transactional but heavily supported by assistance programs designed to overcome financial and logistical barriers for patients.

Relationship management with key opinion leaders (KOLs) and oncologists

Managing relationships with Key Opinion Leaders (KOLs) has evolved beyond just conference presentations. In 2025, the focus is on continuous, strategic engagement. This includes utilizing platforms for virtual advisory boards and digital co-publication workflows to capture ongoing feedback. The goal is to evolve the relationship from transactional to strategic, using KOL insights to shape educational strategy. For instance, market research indicated that 91% of surveyed oncologists believed a new therapy would become a standard of care within 12 months of its approval.

Here's a quick view of the relationship focus areas and relevant scale metrics as of late 2025:

The company's overall revenue growth rate of 133.70% provides the financial backdrop supporting the investment in these high-touch relationships, even as the company projected profitability in the first half of 2026.

• The commercial team is built to support the launch of the second medicine in 2025.
• The strategy prioritizes building trust through education and access support.
• The company is committed to sharing scientific presentations at medical congresses to build scientific relationships.
• The relationship management must support the global expansion following the European Commission approval of OGSIVEO in August 2025.

SpringWorks Therapeutics, Inc. (SWTX) - Canvas Business Model: Channels

You're looking at how SpringWorks Therapeutics, Inc. moved its specialized medicines from the lab bench to the patient's hands, especially as the company transitioned under new ownership in 2025. The channels strategy centered on high-touch, specialized access for rare tumor patients.

Specialty pharmacies and distributors for drug delivery in the U.S.

For U.S. drug delivery, the focus was on specialty channels equipped to handle complex therapies like OGSIVEO (nirogacestat) and GOMEKLI (mirdametinib). Onco360, for instance, was selected as a national pharmacy partner specifically for GOMEKLI (mirdametinib) as of February 2025.

• Onco360 selected as national pharmacy partner for GOMEKLI (mirdametinib) in February 2025.
• Hospitals and clinics represent a significant channel for specialty drug distribution, requiring specialized infrastructure.

The broader U.S. specialty drug distribution market, where these channels operate, is heavily weighted toward oncology:

Direct sales force targeting rare tumor specialists and oncology centers

The commercialization effort required a focused sales team to reach the small, specific population of rare tumor specialists treating conditions like desmoid tumors and NF1-PN. This specialized targeting is inherent in the company's focus on rare oncology, where patients can't wait.

• The company's rare tumor portfolio targets conditions like desmoid tumors and NF1-PN.
• The business combination with Merck KGaA, Darmstadt, Germany, was valued at an enterprise value of $3.4 billion (€3.0 billion) as of the closing in July 2025, reflecting the value of the U.S. commercial success built on these specialized channels.

Global commercial network of Merck KGaA for international expansion

The acquisition by Merck KGaA, Darmstadt, Germany, finalized in July 2025 for an enterprise value of $3.4 billion, immediately activated a global commercial network. This was a key channel strategy shift for international reach beyond the U.S. launch success.

• Acquisition closed July 1, 2025, for an enterprise value of $3.4 billion.
• The deal is expected to be accretive to Merck KGaA's EPS pre by 2027.
• OGSIVEO (nirogacestat) received a positive opinion from the EMA's CHMP in June 2025, paving the way for European market access.
• EZMEKLY (mirdametinib) received conditional approval from the European Commission in July 2025 for adult and pediatric patients with NF1-PN.

Peer-reviewed publications and medical conference presentations (e.g., ASCO)

Scientific dissemination through key medical channels validates the products and informs prescribing patterns among specialists. SpringWorks Therapeutics actively presented data throughout 2025.

The company's commitment to sharing science means they were presenting at major venues, like the European Society for Medical Oncology Annual Congress in October 2025, and the CTOS Congress in November 2025. That's how you build credibility in a niche market, defintely.

SpringWorks Therapeutics, Inc. (SWTX) - Canvas Business Model: Customer Segments

You're looking at the core patient populations that drive the revenue engine for SpringWorks Therapeutics, Inc. (SWTX) as of late 2025. This isn't just about one drug; it's about two distinct, high-need rare disease communities where SWTX has established itself as a first-mover or a strong challenger.

Adult Patients with Progressing Desmoid Tumors Requiring Systemic Treatment

This segment is the initial commercial base for OGSIVEO (nirogacestat), which became the first FDA-approved drug for this indication in November 2023. The market is niche but underserved, which allowed for rapid establishment as the systemic standard of care. By the end of 2024, OGSIVEO had already generated preliminary U.S. net product revenue of $172.0 million since its launch. Annually, between 900 and 1,500 people in the United States are newly diagnosed with a desmoid tumor. The European market is also opening up; the European Commission granted marketing authorization for OGSIVEO in August 2025, making it the first and only approved therapy in the European Union (EU) for this condition.

Adult and Pediatric Patients with Symptomatic NF1-PN Not Amenable to Complete Resection

This segment is targeted by GOMEKLI (mirdametinib), which gained FDA approval in February 2025, making it the first and only medicine approved for both adults and children with symptomatic NF1-PN not amenable to complete resection. In the U.S., there are an estimated 40,000 people living with NF1-PN. Critically, adults make up about 75% of this patient population, a group previously managed only with off-label therapies or surgery. The pivotal Phase 2b ReNeu trial that supported this approval enrolled 114 patients in total: 58 adults and 56 pediatric patients aged 2 years and older.

Here's a quick math on the target populations for the two commercial assets:

Oncologists and Rare Tumor Specialists Prescribing OGSIVEO and GOMEKLI

The adoption curve for these specialized therapies depends heavily on key prescribers. For GOMEKLI, initial commercial efforts focused on building relationships within specialized centers. Management indicated an initial focus on approximately 70 NFCN (Neurofibromatosis Clinical Network) centers and other key sites in the U.S. as of January 2025. For OGSIVEO, the launch success was supported by an 'enthusiastic prescriber base' showing a strong preference for the drug early in 2025. These specialists are the gatekeepers to the patient pools.

Academic and Industry Partners for Combination Therapy Trials

SpringWorks Therapeutics, Inc. is actively expanding the utility of its molecules through external collaborations, which broadens the potential customer base beyond the initial rare disease indications. This is particularly true for OGSIVEO (nirogacestat) in oncology settings. The company continues to support several industry and academic collaborator studies evaluating nirogacestat as part of BCMA (B-cell maturation antigen) combination therapy regimens for patients with multiple myeloma.

The key external players involved in clinical development, including those for nirogacestat, include:

• Academic Collaborators like the Children's Oncology Group (COG) for a Phase 2 trial in pediatric desmoid tumors.
• Industry partners for preclinical, Phase 1, and Phase 2 studies involving nirogacestat, such as GSK, Janssen, Pfizer, Regeneron, and AbbVie.
• The planned acquisition by Merck KGaA in April 2025 solidifies a major industry relationship, aligning SWTX's rare tumor portfolio with Merck's broader healthcare strategy.

Finance: draft 13-week cash view by Friday.

SpringWorks Therapeutics, Inc. (SWTX) - Canvas Business Model: Cost Structure

The cost structure for SpringWorks Therapeutics, Inc. is heavily weighted toward operating expenses supporting commercialization and pipeline progression as of late 2025. The primary cost drivers are Selling, General, and Administrative (SG&A) and Research and Development (R&D) activities.

High Selling, General, and Administrative (SG&A) expenses totaled $76.5 million in Q1 2025. This increase was driven by commercial launches.

Significant Research and Development (R&D) expenses were $49.6 million in Q1 2025, focused on pipeline advancement.

The company incurred costs associated with manufacturing and supply chain for two commercial products.

Milestone payments to partners included a $6.0 million payment to Pfizer in Q1 2025.

Costs related to global regulatory filings and post-marketing commitments are also a component of the structure.

Additional financial context for Q1 2025 operating costs includes:

• Net loss of $83.2 million.
• Net cash used in operating activities of $68.8 million.
• Cash, cash equivalents, and marketable securities balance of $382.7 million as of March 31, 2025.

The commercial success of the two products contributed to revenue, but also to the operating expense base. OGSIVEO generated $44.1 million in Q1 2025 revenue, and GOMEKLI contributed $4.9 million following its U.S. launch in February 2025.

Future R&D commitments include an expected IND filing for SW-3431 by the end of 2025.

Finance: draft 13-week cash view by Friday.

SpringWorks Therapeutics, Inc. (SWTX) - Canvas Business Model: Revenue Streams

You're looking at the top-line drivers for SpringWorks Therapeutics, Inc. as of late 2025. The revenue streams are heavily weighted toward the commercial success of their two approved products, supplemented by potential non-recurring events like voucher monetization and contractual milestones.

The immediate, tangible revenue comes from product sales, which showed significant growth early in the year. For the first quarter of 2025, the combined net product revenue hit $49.1 million.

Here's the quick math on the product revenue breakdown for Q1 2025:

Looking ahead, the market consensus for the full fiscal year 2025 revenue is set at approximately $330.84 million. That figure incorporates the expected ramp-up for both OGSIVEO and the initial contribution from GOMEKLI, which received its FDA approval in February 2025.

Beyond product sales, SpringWorks Therapeutics has other important, albeit less predictable, revenue components:

• Milestone payments and royalties from licensing agreements, such as the initial arrangement with Pfizer, which entitles Pfizer to undisclosed payments tied to clinical development milestones and royalties on sales of approved products.
• Potential revenue from the monetization of the Rare Pediatric Disease Priority Review Voucher (PRV).
• Other potential milestone payments from out-licensed assets, like the FAAH inhibitor program, which could yield up to $375.0 million in potential milestone payments plus incremental tiered royalties in the mid- to high-single digit percentages on future net sales of that specific asset.

The Rare Pediatric Disease Priority Review Voucher (PRV) is a key non-recurring asset. SpringWorks Therapeutics received this voucher following the February 11, 2025, FDA approval of GOMEKLI (mirdametinib) for symptomatic NF1-PN. While the program itself expired at the end of 2024, GOMEKLI's approval qualified the company to receive one. These vouchers are highly valuable; for instance, recent comparable sales have been reported in the range of $150 million to $155 million, representing a significant, one-time cash infusion opportunity if SpringWorks Therapeutics chooses to sell it rather than redeem it for an expedited review of a future product.

So, you've got the core product sales, the full-year projection, and the potential upside from contractual milestones and the PRV. Finance: draft 13-week cash view by Friday.