[S-8 POS] SpringWorks Therapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

Palo Alto Networks, Inc. (PANW) – Form 144 filing dated July 1, 2025 discloses a proposed secondary sale of 300,000 common shares by family-related trusts through J.P. Morgan Securities LLC. The shares carry an estimated aggregate market value of $61.392 million based on recent prices and represent approximately 0.05 % of the company’s 666.8 million shares outstanding, implying limited ownership dilution because no new shares are being issued.

The trusts involved (Hawk Family Trust and multiple Cliff Family Trust sub-accounts) have been active sellers. Over the previous three months they completed eight open-market transactions totaling ≈959,796 shares and $145.6 million in gross proceeds, with sales executed on 11-Apr-2025, 1-May-2025 and 2-Jun-2025. The forthcoming 300 k-share block would lift the rolling four-month total to roughly 1.26 million shares.

All sales are made pursuant to Rule 144, which permits resale of restricted or control securities subject to volume, manner-of-sale and notice requirements. The seller certifies that no undisclosed material adverse information is known and, if applicable, that any Rule 10b5-1 trading plan was adopted on the date indicated.

Investment takeaways:

• The filing signals continued insider-related supply but on a scale unlikely to materially affect PANW’s float or trading liquidity.
• Because these are secondary sales, no cash flows to the company; proceeds accrue solely to the trusts.
• Investors may nevertheless monitor insider sentiment, especially given the nine-month cadence of sizable disposals.

Positive

• Minimal dilution risk: 300 k shares represent just 0.05 % of outstanding stock, and no new shares are being issued.
• Regulatory compliance: Filing under Rule 144 demonstrates adherence to volume and disclosure requirements, limiting legal or governance risks.

Negative

• Continued insider-related selling: Roughly 1.26 million shares (~0.19 % of outstanding) have been or will be sold within four months, signaling potential insider profit-taking.
• Supply overhang: Although small relative to float, repeated block sales can create short-term price pressure and raise sentiment concerns.

Insights

Securities Analyst

TL;DR: Small (<0.1% float) insider sale; negligible dilution, but extends multi-month selling trend worth $145 m.

The 300 k-share proposed sale equals roughly one-half day of PANW’s average trading volume and only 0.05 % of outstanding shares, suggesting minimal price pressure. However, when combined with the 960 k shares sold in the prior quarter, insider-related supply reaches ~1.26 m shares (~0.19 % of shares outstanding). While not alarming, the consistent liquidation pattern may be interpreted by some holders as profit-taking near all-time highs. Importantly, the transaction is secondary; corporate capital structure and cash reserves remain unchanged. Overall impact to valuation models is neutral.

Corporate Governance Expert

TL;DR: Rule 144 notice reflects routine estate-trust liquidity; governance risk low, monitoring advisable.

Family trusts linked to company insiders are availing themselves of Rule 144’s safe harbor. The filing affirms the signatory’s representation that no non-public adverse information exists, reducing litigation exposure. Volume limits are respected, indicating adherence to compliance protocols. Although recurrent selling can raise optics questions, the trust-level nature (as opposed to direct C-suite disposal) and the low percentage of equity involved mitigate governance concerns. Impact on shareholder rights or voting control is negligible. I categorize the event as not impactful for governance risk but note that investors may wish to track cumulative dispositions for trend analysis.

Registration No. 333-234365

Registration No. 333-237350

Registration No. 333-253531

Registration No. 333-262996

Registration No. 333-270096

Registration No. 333-277380

Registration No. 333-285076

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Post-Effective Amendment No. 1 to Form S-8 Registration No. 333-234365

Post-Effective Amendment No. 1 to Form S-8 Registration No. 333-237350

Post-Effective Amendment No. 1 to Form S-8 Registration No. 333-253531

Post-Effective Amendment No. 1 to Form S-8 Registration No. 333-262996

Post-Effective Amendment No. 1 to Form S-8 Registration No. 333-270096

Post-Effective Amendment No. 1 to Form S-8 Registration No. 333-277380

Post-Effective Amendment No. 1 to Form S-8 Registration No. 333-285076

UNDER

THE SECURITIES ACT OF 1933

SPRINGWORKS THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	83-4066827
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

100 Washington Blvd

Stamford, CT 06902

(203) 883-9490

(Address of Principal Executive Offices) (Zip Code)

SpringWorks Therapeutics, Inc. 2019 Stock Option and Incentive Plan
SpringWorks Therapeutics, Inc. Amended and Restated 2019 Stock Option and Equity Incentive Plan
SpringWorks Therapeutics, Inc. 2019 Employee Stock Purchase Plan

(Full title of the plans)

Michael MacDougall
Secretary

SpringWorks Therapeutics, Inc.
100 Washington Blvd
Stamford, CT 06902
(203) 883-9490

(Name and address of agent for service) (Telephone number, including area code, of agent for service)

Copies to:

Matthew Hurd Eric Krautheimer
Sullivan & Cromwell LLP
125 Broad Street New York, NY 10004
(212) 558-4000   ​ ​

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		x		Accelerated filer		¨
Non-accelerated filer		¨		Smaller reporting company		¨
				Emerging growth company		¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  ¨

DEREGISTRATION OF SECURITIES

These Post-Effective Amendments (these “Post-Effective Amendments”) relate to the following Registration Statements on Form S-8 (each, a “Registration Statement,” and collectively, the “Registration Statements”), filed with the Securities and Exchange Commission (the “SEC”) by SpringWorks Therapeutics, Inc., a Delaware corporation (the “Registrant”):

· Registration Statement No. 333-234365, filed with the SEC on October 29, 2019, pertaining to the registration of 2,924,183 shares of common stock, par value $0.0001 per share (“Common Stock”) of the Registrant reserved for issuance under the 2019 Stock Option and Incentive Plan (the “2019 Private Plan”); 2,657,000 shares of restricted stock, par value $0.0001 per share of the Registrant reserved for issuance under the 2019 Private Plan; 3,679,681 shares of Common Stock reserved for issuance under the 2019 Stock Option and Equity Incentive Plan (the “2019 Equity Incentive Plan”); options to purchase 184,385 shares of Common Stock granted under the 2019 Equity Incentive Plan and 442,153 shares of Common Stock reserved for issuance under the 2019 Employee Stock Purchase Plan (the “2019 ESPP”);

· Registration Statement No. 333-237350, filed with the SEC on March 23, 2020, pertaining to the registration of an additional 2,150,304 shares of Common Stock reserved for issuance under the 2019 Equity Incentive Plan and 430,061 shares of Common Stock reserved for issuance under the 2019 ESPP;

· Registration Statement No. 333-253531, filed with the SEC on February 25, 2021, pertaining to the registration of an additional 2,440,980 shares of Common Stock reserved for issuance under the 2019 Equity Incentive Plan and 488,196 shares of Common Stock reserved for issuance under the 2019 ESPP;

· Registration Statement No. 333-262996, filed with the SEC on February 24, 2022, pertaining to the registration of an additional 2,462,400 shares of Common Stock reserved for issuance under the Amended and Restated 2019 Stock Option and Equity Incentive Plan (“Amended 2019 Equity Incentive Plan”) and 492,480 shares of Common Stock reserved for issuance under the 2019 ESPP;

· Registration Statement No. 333-270096, filed with the SEC on February 28, 2023, pertaining to the registration of 3,121,157 shares of Common Stock reserved for issuance under the Amended 2019 Equity Incentive Plan and 624,232 shares of Common Stock reserved for issuance under the 2019 ESPP;

· Registration Statement No. 333-277380, filed with the SEC on February 27, 2024, pertaining to the registration of an additional 3,674,334 shares of Common Stock reserved for issuance under the Amended 2019 Equity Incentive Plan and 663,229 shares of Common Stock reserved for issuance under the 2019 ESPP; and

· Registration Statement No. 333-285076, filed with the SEC on February 20, 2025, pertaining to the registration of an additional 3,720,163 shares of Common Stock reserved for issuance under the Amended 2019 Equity Incentive Plan and 663,229 shares of Common Stock reserved for issuance under the 2019 ESPP.

On July 1, 2025, pursuant to the terms of the Agreement and Plan of Merger, dated April 27, 2025, by and among the Registrant, Merck KGaA, Darmstadt, Germany, a German corporation with general partners (“Parent”), and EMD Holdings Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”), Merger Sub merged with and into the Registrant (the “Merger”), with the Registrant surviving the Merger as a wholly owned subsidiary of Parent.

As a result of the Merger, the Registrant has terminated, as of the date hereof, all offerings of its securities pursuant to its existing registration statements under the Securities Act of 1933, as amended, including the Registration Statements. In accordance with an undertaking made by the Registrant in the Registration Statements to remove from registration by means of a post-effective amendment any of the securities which remain unsold at the termination of the offering, Registrant hereby removes and withdraws from registration all securities of the Registrant registered pursuant to the Registration Statements that remain unsold as of the date hereof, and the Registration Statements are hereby amended, as appropriate, to reflect the deregistration of such securities.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused these Post-Effective Amendments to the Registration Statements on Form S-8 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Stamford, State of Connecticut, on July 1, 2025. No other person is required to sign these Post-Effective Amendments to the Registration Statements on Form S-8 in reliance on Rule 478 of the Securities Act of 1933, as amended.

SPRINGWORKS THERAPEUTICS, INC.
By:	/s/ Michael MacDougall
	Name: Michael MacDougall
	Title: Secretary

FAQ

How many Palo Alto Networks (PANW) shares are being proposed for sale under this Form 144?

The notice covers 300,000 common shares scheduled for sale on or about July 1, 2025.

What is the estimated market value of the PANW shares to be sold?

The filing lists an aggregate market value of approximately $61.392 million for the 300 k shares.

Who is the selling securityholder in this Form 144?

The shares are being sold on behalf of family trusts (e.g., Hawk Family Trust) associated with Palo Alto Networks insiders.

How does the proposed sale compare to PANW’s total shares outstanding?

The 300 k-share block represents about 0.05 % of the company’s 666.8 million shares outstanding.

Have these trusts sold PANW shares recently?

Yes. In the past three months they sold ≈959,796 shares for gross proceeds near $145.6 million.

Will Palo Alto Networks receive any proceeds from this transaction?

No. The sale is secondary; all proceeds accrue to the selling trusts, not to the company.