$VERV
Verve Therapeutics, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023059771 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $5.144M $3.120M $929.0K
YoY Change 408.3% 235.84%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.28M $11.69M $9.592M
YoY Change 7.37% 21.87% 59.68%
% of Gross Profit
Research & Development $46.81M $43.77M $35.20M
YoY Change 25.55% 24.34% 101.18%
% of Gross Profit
Depreciation & Amortization $1.517M $1.474M $717.0K
YoY Change 64.0% 105.58% 79.25%
% of Gross Profit
Operating Expenses $59.09M $55.45M $44.79M
YoY Change 21.28% 23.8% 90.58%
Operating Profit -$52.33M -$43.86M
YoY Change 19.32% 86.62%
Interest Expense $6.341M $5.840M $1.976M
YoY Change 40.88% 195.55% 3628.3%
% of Operating Profit
Other Income/Expense, Net -$713.0K $6.643M -$1.330M
YoY Change -132.75% -599.47% -276.63%
Pretax Income -$48.32M -$45.69M -$45.19M
YoY Change 17.76% 1.11% 98.65%
Income Tax $32.00K $100.0K $0.00
% Of Pretax Income
Net Earnings -$48.35M -$45.76M -$45.19M
YoY Change 17.69% 1.26% 98.65%
Net Earnings / Revenue -939.97% -1466.6% -4864.37%
Basic Earnings Per Share -$0.72 -$0.79
Diluted Earnings Per Share -$0.69 -$0.72 -$0.79
COMMON SHARES
Basic Shares Outstanding 63.75M 63.72M 59.94M
Diluted Shares Outstanding 63.21M 57.21M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $624.0M $485.2M $550.7M
YoY Change 12.46% -11.9% 41.49%
Cash & Equivalents $206.2M $78.37M $277.0M
Short-Term Investments $417.8M $406.9M $273.7M
Other Short-Term Assets $8.102M $9.900M $9.991M
YoY Change 10.4% -0.91% 91.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $637.9M $498.3M $561.6M
YoY Change 13.28% -11.28% 42.39%
LONG-TERM ASSETS
Property, Plant & Equipment $22.51M $20.80M $15.16M
YoY Change 19.85% 37.23% 130.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.165M $1.528M $410.0K
YoY Change 270.09% 272.68% -82.13%
Total Long-Term Assets $114.7M $114.1M $111.7M
YoY Change -1.14% 2.17% 579.59%
TOTAL ASSETS
Total Short-Term Assets $637.9M $498.3M $561.6M
Total Long-Term Assets $114.7M $114.1M $111.7M
Total Assets $752.7M $612.4M $673.4M
YoY Change 10.82% -9.05% 63.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.636M $1.054M $465.0K
YoY Change 173.76% 126.67% -87.01%
Accrued Expenses $20.18M $23.40M $19.65M
YoY Change -2.84% 19.11% 141.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.01M $34.58M $29.02M
YoY Change 5.45% 19.15% 43.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $189.0K $213.0K $96.39M
YoY Change -33.22% -99.78% 1593.8%
Total Long-Term Liabilities $189.0K $213.0K $96.39M
YoY Change -33.22% -99.78% 1593.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.01M $34.58M $29.02M
Total Long-Term Liabilities $189.0K $213.0K $96.39M
Total Liabilities $153.2M $152.0M $125.4M
YoY Change 19.41% 21.23% 383.43%
SHAREHOLDERS EQUITY
Retained Earnings -$544.3M -$496.0M -$303.2M
YoY Change 58.12% 63.6% 94.94%
Common Stock $1.144B $956.9M $852.0M
YoY Change 27.65% 12.31% 57.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $599.5M $460.4M $547.9M
YoY Change
Total Liabilities & Shareholders Equity $752.7M $612.4M $673.4M
YoY Change 10.82% -9.05% 63.88%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$48.35M -$45.76M -$45.19M
YoY Change 17.69% 1.26% 98.65%
Depreciation, Depletion And Amortization $1.517M $1.474M $717.0K
YoY Change 64.0% 105.58% 79.25%
Cash From Operating Activities -$40.68M -$11.81M -$29.17M
YoY Change 23.68% -59.52% 36.62%
INVESTING ACTIVITIES
Capital Expenditures $2.185M $1.060M -$2.637M
YoY Change -56.02% -140.2% 163.17%
Acquisitions
YoY Change
Other Investing Activities -$6.708M -$10.77M -$52.88M
YoY Change -95.89% -79.63% -74.98%
Cash From Investing Activities -$8.893M -$11.84M -$55.52M
YoY Change -94.72% -78.67% -73.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 177.4M 31.92M 288.4M
YoY Change 347.96% -88.93% -33365.05%
NET CHANGE
Cash From Operating Activities -40.68M -11.81M -29.17M
Cash From Investing Activities -8.893M -11.84M -55.52M
Cash From Financing Activities 177.4M 31.92M 288.4M
Net Change In Cash 127.8M 8.270M 203.7M
YoY Change -179.09% -95.94% -186.86%
FREE CASH FLOW
Cash From Operating Activities -$40.68M -$11.81M -$29.17M
Capital Expenditures $2.185M $1.060M -$2.637M
Free Cash Flow -$42.87M -$12.87M -$26.54M
YoY Change 13.22% -51.5% 30.39%

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<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="text-transform:uppercase;color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Arial;min-width:fit-content;">1. </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Arial;min-width:fit-content;">Nature of the business and basis of presentation</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Organization</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">Verve Therapeutics, Inc. (the “Company” or “Verve”) is a clinical-stage genetic medicines company pioneering a new approach to the care of cardiovascular disease, transforming treatment from chronic management to single-course gene editing medicines. The Company was incorporated on March 9, 2018 as Endcadia, Inc., a Delaware corporation, and began operations shortly thereafter. In January 2019, the Company amended its certificate of incorporation to change its name to Verve Therapeutics, Inc. The Company’s principal offices are located in Boston, Massachusetts.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Liquidity and capital resources</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">Since its inception, the Company has devoted its efforts principally to research and development and raising capital. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company expects that its cash, cash equivalents and marketable securities of </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">485.2</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> as of September 30, 2023 will be sufficient to fund its operations and capital expenditure requirements beyond the next 12 months from the date of issuance of these financial statements. The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to raise capital as and when needed could have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Basis of presentation</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of September 30, 2023, the results of its operations and other comprehensive loss for the three and nine months ended September 30, 2023 and 2022, stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 and cash flows for the nine months ended September 30, 2023 and 2022. Such adjustments are of a normal and recurring nature. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023, or for any future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements as of and for the year ended</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">December 31, 2022</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;">, and the notes thereto, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2023.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
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10563000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
10868000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
11183000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
11506000
CY2023Q2 verv Performance Obligation
PerformanceObligation
25845000
CY2023Q3 verv Performance Obligation
PerformanceObligation
44938000
CY2022Q3 us-gaap Investment Banking Advisory Brokerage And Underwriting Fees And Commissions
InvestmentBankingAdvisoryBrokerageAndUnderwritingFeesAndCommissions
15900000
CY2022Q3 verv Commission On Aggregate Gross Sale Proceeds
CommissionOnAggregateGrossSaleProceeds
0.03
CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
10144170
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8825000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5920000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25862000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15773000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7612826
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.1
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2959242
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
20.35
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
171037
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
34298000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4206762
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
11.91
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y1M6D
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
26495000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
5735451
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
20.83
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y8M12D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
7803000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10825906
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8164494
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.21
CY2022Q3 verv Lease Rent Payment
LeaseRentPayment
500000
verv Lease Rent Payment
LeaseRentPayment
1400000

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