$VSTM
Verastem, Inc.

2014 Q1 Form 10-K Financial Statement

#000104746914001894 Filed on March 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.720M $3.590M $3.860M
YoY Change 24.54% -7.47% 67.83%
% of Gross Profit
Research & Development $8.410M $7.800M $6.789M
YoY Change 58.8% 90.52% -16.52%
% of Gross Profit
Depreciation & Amortization $64.00K $70.00K $60.00K
YoY Change 14.29% 16.67% 0.0%
% of Gross Profit
Operating Expenses $13.13M $11.39M $10.64M
YoY Change 44.63% 42.84% 2.05%
Operating Profit -$13.13M -$11.39M -$10.64M
YoY Change 44.63% 42.84% 2.05%
Interest Expense $70.00K $70.00K $50.00K
YoY Change 75.0% 16.67% -16.67%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$13.06M -$11.32M -$10.59M
YoY Change 44.47% 42.93% 2.12%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$13.06M -$11.32M -$10.59M
YoY Change 44.52% 42.96% 2.16%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$512.6K -$447.8K -$471.9K
COMMON SHARES
Basic Shares Outstanding 25.82M shares 25.65M shares 25.59M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.6M $101.3M $99.90M
YoY Change 58.32% 78.98% 113.01%
Cash & Equivalents $13.24M $18.89M $22.64M
Short-Term Investments $92.40M $82.40M $77.30M
Other Short-Term Assets $1.000M $500.0K $1.100M
YoY Change 0.0% 66.67% 266.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $106.6M $102.0M $101.0M
YoY Change 57.42% 78.61% 113.63%
LONG-TERM ASSETS
Property, Plant & Equipment $577.0K $631.0K $674.0K
YoY Change -23.58% -22.19% -23.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.200M $22.30M $30.30M
YoY Change -53.67% -36.1% -40.12%
Other Assets $330.0K $331.0K $322.0K
YoY Change 230.0% 231.0% 222.0%
Total Long-Term Assets $9.141M $23.31M $31.42M
YoY Change -50.67% -34.97% -39.04%
TOTAL ASSETS
Total Short-Term Assets $106.6M $102.0M $101.0M
Total Long-Term Assets $9.141M $23.31M $31.42M
Total Assets $115.7M $125.3M $132.4M
YoY Change 34.19% 34.8% 34.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.515M $2.760M $1.836M
YoY Change 30.58% 49.35% 5.7%
Accrued Expenses $3.585M $4.327M $3.457M
YoY Change 221.81% 685.3% 144.83%
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 $6.392M $7.804M $5.706M
YoY Change 90.01% 225.3% 81.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $18.00K
YoY Change -100.0% -82.0%
Total Long-Term Liabilities $0.00 $0.00 $18.00K
YoY Change -100.0% -82.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.392M $7.804M $5.706M
Total Long-Term Liabilities $0.00 $0.00 $18.00K
Total Liabilities $6.400M $7.800M $5.724M
YoY Change 88.24% 217.46% 78.88%
SHAREHOLDERS EQUITY
Retained Earnings -$100.7M -$87.65M -$76.33M
YoY Change 81.51% 88.7% 98.1%
Common Stock $3.000K $3.000K $3.000K
YoY Change 50.0% 50.0% 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $109.3M $117.4M $126.7M
YoY Change
Total Liabilities & Shareholders Equity $115.7M $125.3M $132.4M
YoY Change 34.19% 34.8% 34.0%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income -$13.06M -$11.32M -$10.59M
YoY Change 44.52% 42.96% 2.16%
Depreciation, Depletion And Amortization $64.00K $70.00K $60.00K
YoY Change 14.29% 16.67% 0.0%
Cash From Operating Activities -$9.280M -$6.550M -$7.100M
YoY Change 46.37% 10.64% 5.34%
INVESTING ACTIVITIES
Capital Expenditures $10.00K -$20.00K -$10.00K
YoY Change -300.0% -93.33%
Acquisitions
YoY Change
Other Investing Activities $4.130M $2.810M -$43.42M
YoY Change -83.64% -42.42% -2021.24%
Cash From Investing Activities $4.120M $2.800M -$43.43M
YoY Change -83.68% -42.74% -2158.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -490.0K 0.000 59.29M
YoY Change -36.36%
NET CHANGE
Cash From Operating Activities -9.280M -6.550M -7.100M
Cash From Investing Activities 4.120M 2.800M -43.43M
Cash From Financing Activities -490.0K 0.000 59.29M
Net Change In Cash -5.650M -3.750M 8.760M
YoY Change -131.15% 264.08% -289.2%
FREE CASH FLOW
Cash From Operating Activities -$9.280M -$6.550M -$7.100M
Capital Expenditures $10.00K -$20.00K -$10.00K
Free Cash Flow -$9.290M -$6.530M -$7.090M
YoY Change 46.53% 10.12% 7.59%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="FONT-FAMILY: times;"><font size="2"><b>Use of estimates</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including estimates related to accruals and stock-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable. Actual results could differ from such estimates.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Prior to becoming a public company in February 2012, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company granted stock options at exercise prices not less than the fair market value of its common stock as determined by the board of directors, with input from management. The board of directors determined the estimated fair value of the Company's common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the prices at which the Company sold shares of redeemable convertible preferred stock, the superior rights and preferences of securities senior to the Company's common stock at the time and the likelihood of achieving a liquidity event, such as an IPO or sale of the Company.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid,</font> <font size="2"><i>Valuation of Privately-Held Company Equity Securities Issued as Compensation</i></font> <font size="2">(Practice Aid), to estimate the fair value of its common stock. The methodologies included an asset-based approach and the current value method for the Company's initial common stock valuation as of November&#160;30, 2010, the option pricing method utilizing the reverse backsolve method to estimate the Company's underlying equity value as of July&#160;31, 2011 and a methodology that determined an estimated value under an IPO scenario and a sale scenario based upon an assessment of the probability of occurrence of each scenario as of September&#160;30, 2011, November&#160;17, 2011, and December&#160;31, 2011. Each valuation methodology included estimates and assumptions that required the Company's judgment. These estimates included assumptions regarding future performance, including the successful completion of preclinical studies and clinical trials and the time to completing an IPO or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.</font></p> </div>
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2003000 USD
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
439000 USD
us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
398000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2760000 USD
vstm Increase Decrease In Accrued Liabilities And Deferred Rent
IncreaseDecreaseInAccruedLiabilitiesAndDeferredRent
4327000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
203332000 USD
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
68107000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
36000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
116638000 USD
CY2013 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1302000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1302000 USD
CY2013Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
4255000 shares
CY2013Q3 us-gaap Share Price
SharePrice
15.00
CY2013Q3 vstm Stock Issued During Period Shares Issued Under Underwriters Over Allotment Option
StockIssuedDuringPeriodSharesIssuedUnderUnderwritersOverAllotmentOption
555000 shares
CY2013Q3 vstm Proceeds From Issuance Of Public Offering Net
ProceedsFromIssuanceOfPublicOfferingNet
59800000 USD
CY2013Q4 us-gaap Assets
Assets
125261000 USD
CY2013Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
2760000 USD
CY2013Q4 us-gaap Employee Stock Ownership Plan Esop Fair Value Of Shares Subject To Repurchase Obligation
EmployeeStockOwnershipPlanESOPFairValueOfSharesSubjectToRepurchaseObligation
11000 USD
CY2013Q4 us-gaap Common Stock Value
CommonStockValue
3000 USD
CY2013Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
205068000 USD
CY2013Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
28000 USD
us-gaap Stock Issued1
StockIssued1
837000 USD
CY2013 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
717000 USD
CY2010Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3584000 USD
CY2013 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
331000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
331000 USD
CY2013 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0167 pure
CY2013 vstm Related Party Transaction Payments For Rent To Shareholder
RelatedPartyTransactionPaymentsForRentToShareholder
0 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
29700000 USD
CY2012Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6325000 shares
CY2012Q1 us-gaap Share Price
SharePrice
10.00
CY2012Q1 vstm Proceeds From Issuance Initial Public Offering Net
ProceedsFromIssuanceInitialPublicOfferingNet
56800000 USD
CY2012Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
11740794 shares
CY2012Q1 vstm Common Stock Reverse Stock Split Conversion Ratio
CommonStockReverseStockSplitConversionRatio
3.5 pure
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 USD
us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
52000 USD
CY2013Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
717000 USD
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
717000 USD

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