$VSTM
Verastem, Inc.

2020 Q3 Form 10-Q Financial Statement

#000155837020013373 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $78.65M $9.032M $3.136M
YoY Change 770.76% -41.77% -68.64%
Cost Of Revenue $32.05M $370.0K $380.0K
YoY Change 8562.16% 640.0%
Gross Profit $46.59M $8.660M $2.760M
YoY Change 437.99% -43.98%
Gross Profit Margin 59.24% 95.88% 88.01%
Selling, General & Admin $20.61M $22.15M $29.30M
YoY Change -6.95% -12.89% 85.31%
% of Gross Profit 44.25% 255.81% 1061.52%
Research & Development $10.96M $12.22M $11.35M
YoY Change -10.34% 5.61% -8.35%
% of Gross Profit 23.51% 141.1% 411.09%
Depreciation & Amortization $260.0K $500.0K $520.0K
YoY Change -48.0% 284.62% -21.21%
% of Gross Profit 0.56% 5.77% 18.84%
Operating Expenses $31.57M $34.37M $40.64M
YoY Change -8.15% -7.18% 44.18%
Operating Profit $15.02M -$26.10M -$38.28M
YoY Change -157.53% 21.02%
Interest Expense $1.898M $5.041M $5.185M
YoY Change -62.35% -5141.0% -3150.0%
% of Operating Profit 12.64%
Other Income/Expense, Net
YoY Change
Pretax Income $13.14M -$30.14M -$42.19M
YoY Change -143.59% 39.09% 129.67%
Income Tax
% Of Pretax Income
Net Earnings $13.14M -$30.14M -$42.19M
YoY Change -143.59% 39.08% 129.69%
Net Earnings / Revenue 16.71% -333.69% -1345.47%
Basic Earnings Per Share $0.08 -$0.41 -$0.57
Diluted Earnings Per Share $0.08 -$0.41 -$0.57
COMMON SHARES
Basic Shares Outstanding 169.5M 74.23M 73.88M
Diluted Shares Outstanding 169.8M 74.23M 73.88M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $170.5M $160.2M $187.3M
YoY Change 6.43% 10.03% 11.03%
Cash & Equivalents $170.5M $104.1M $113.8M
Short-Term Investments $56.90M $74.20M
Other Short-Term Assets $12.40M $4.000M $3.400M
YoY Change 210.0% 66.67% 100.0%
Inventory $500.0K $300.0K
Prepaid Expenses
Receivables $5.700M $2.200M $1.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $188.6M $167.0M $192.3M
YoY Change 12.91% 5.23% 12.85%
LONG-TERM ASSETS
Property, Plant & Equipment $497.0K $4.200M $4.400M
YoY Change -88.17% 250.0% 238.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.00K $1.100M $1.000M
YoY Change -97.91% -8.33% -16.67%
Total Long-Term Assets $29.22M $25.60M $26.20M
YoY Change 14.12% 4.49% 948.0%
TOTAL ASSETS
Total Short-Term Assets $188.6M $167.0M $192.3M
Total Long-Term Assets $29.22M $25.60M $26.20M
Total Assets $217.8M $192.6M $218.5M
YoY Change 13.07% 5.13% 26.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.681M $8.800M $11.50M
YoY Change -46.81% -21.43% 35.29%
Accrued Expenses $23.16M $21.70M $19.70M
YoY Change 6.75% -43.93% 61.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.300M $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $37.68M $30.50M $31.20M
YoY Change 23.53% -42.88% 41.18%
LONG-TERM LIABILITIES
Long-Term Debt $47.20M $136.1M $133.8M
YoY Change -65.32% 533.02% 469.36%
Other Long-Term Liabilities $3.100M $4.400M $4.200M
YoY Change -29.55% 633.33% 950.0%
Total Long-Term Liabilities $50.30M $140.5M $138.0M
YoY Change -64.2% 535.75% 477.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.68M $30.50M $31.20M
Total Long-Term Liabilities $50.30M $140.5M $138.0M
Total Liabilities $88.00M $171.1M $169.2M
YoY Change -48.57% 126.62% 267.03%
SHAREHOLDERS EQUITY
Retained Earnings -$572.6M
YoY Change
Common Stock $702.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $129.8M $21.52M $49.31M
YoY Change
Total Liabilities & Shareholders Equity $217.8M $192.6M $218.5M
YoY Change 13.07% 5.13% 26.37%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $13.14M -$30.14M -$42.19M
YoY Change -143.59% 39.08% 129.69%
Depreciation, Depletion And Amortization $260.0K $500.0K $520.0K
YoY Change -48.0% 284.62% -21.21%
Cash From Operating Activities $44.75M -$27.85M -$34.67M
YoY Change -260.68% 23.45% 235.95%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K $0.00
YoY Change -100.0% -98.21% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $17.60M $46.53M
YoY Change -100.0% -218.04% 116225.0%
Cash From Investing Activities $0.00 $17.60M $46.53M
YoY Change -100.0% -213.7% -8879.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 140.0K 490.0K 9.690M
YoY Change -71.43% 600.0% -91.6%
NET CHANGE
Cash From Operating Activities 44.75M -27.85M -34.67M
Cash From Investing Activities 0.000 17.60M 46.53M
Cash From Financing Activities 140.0K 490.0K 9.690M
Net Change In Cash 44.89M -9.760M 21.55M
YoY Change -559.94% -74.3% -79.37%
FREE CASH FLOW
Cash From Operating Activities $44.75M -$27.85M -$34.67M
Capital Expenditures $0.00 -$10.00K $0.00
Free Cash Flow $44.75M -$27.84M -$34.67M
YoY Change -260.74% 26.55% 255.95%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;margin:0pt;"><b style="font-weight:bold;">1. Nature of business</b></p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Verastem, Inc. (the Company) is a development-stage biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with cancer. The Company’s pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition and focal adhesion kinase (FAK) inhibition. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-indent:36pt;margin:0pt;">The Company’s product candidates, defactinib and VS-6766 (formerly known as CH5126766, CK127, and RO5126766), are being investigated for treatment of various solid tumors. The Company is currently developing its product candidates in both preclinical and clinical studies as potential therapies for certain cancers, including, ovarian cancer, lung cancer, colorectal cancer, pancreatic cancer, and mesothelioma. The Company believes that these compounds may be beneficial as therapeutics either as single agents or when used in combination with immuno-oncology agents<span style="background-color:#ffffff;">, </span>other pathway inhibitors or other current and emerging standard of care treatments in aggressive cancers that do not adequately respond to currently available therapies.</p><p style="background-color:#ffffff;font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On September 24, 2018, the Company’s first commercial product, COPIKTRA® (duvelisib), was approved by the U.S. Food and Drug Administration (the FDA) for the treatment of adult patients with certain hematologic cancers including relapsed or refractory chronic lymphocytic leukemia/ small lymphocytic lymphoma (CLL/SLL) after at least two prior therapies and relapsed or refractory follicular lymphoma (FL) after at least two prior systemic therapies. On August 10, 2020, the Company and Secura Bio, Inc. (Secura) entered into an asset purchase agreement (Secura APA). Pursuant to the Secura APA, the Company sold to Secura its exclusive worldwide license, including certain related assets for the research, development, commercialization, and manufacture in oncology indications of products containing COPIKTRA (duvelisib). The transaction closed on September 30, 2020. Refer to <i style="font-style:italic;">Note 16. License and collaboration agreements</i> for a detailed discussion of the Secura APA.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The condensed consolidated financial statements include the accounts of Verastem Securities Company and Verastem Europe GmbH, wholly-owned subsidiaries of the Company.  All financial information presented has been consolidated and includes the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company is subject to the risks associated with other life science companies, including, but not limited to, possible failure of preclinical testing or clinical trials, competitors developing new technological innovations, inability to obtain marketing approval of the Company’s product candidates, VS-6766 and defactinib, market acceptance and commercial success of the Company’s product candidates, VS-6766 and defactinib, following receipt of regulatory approval, and, protection of proprietary technology and the continued ability to obtain adequate financing to fund the Company’s future operations. If the Company does not obtain marketing approval and successfully commercialize its product candidates, VS-6766 and defactinib, following regulatory approval, it will be unable to generate product revenue or achieve profitability and may need to raise additional capital.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;"> The Company has historical losses from operations and anticipates that it will continue to incur losses as it continues the research and development of its product candidates. As of September 30, 2020, the Company had cash, cash equivalents, restricted cash and short-term investments of </span>$205.7 million, inclusive of $35.2 million of restricted cash, and accumulated deficit of $572.6 million. The Company expects its existing cash resources will be sufficient to fund its planned operations through 12 months from the date of issuance of these condensed consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company expects to finance the future development costs of its clinical product portfolio with its existing cash, cash equivalents and short-term investments, through future milestones and royalties received through the Secura </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">APA or through strategic financing opportunities that could include, but are not limited to collaboration agreements, future offerings of its equity, or the incurrence of debt. However, there is no guarantee that any of these strategic or financing opportunities will be executed or executed on favorable terms, and some could be dilutive to existing stockholders. If the Company fails to obtain additional future capital, it may be unable to complete its planned preclinical studies and clinical trials and obtain approval of certain investigational product candidates from the FDA or foreign regulatory authorities.</p>
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vstm-20200930x10q_htm.xml Edgar Link completed
vstm-20200930xex10d1.htm Edgar Link pending
vstm-20200930xex10d2.htm Edgar Link pending
vstm-20200930xex31d1.htm Edgar Link pending
vstm-20200930xex31d2.htm Edgar Link pending
vstm-20200930xex32d1.htm Edgar Link pending
vstm-20200930xex32d2.htm Edgar Link pending
vstm-20200930xex4d2.htm Edgar Link pending
vstm-20200930xex4d2001.jpg Edgar Link pending
vstm-20200930xex4d2002.jpg Edgar Link pending
vstm-20200930xex4d2003.jpg Edgar Link pending
vstm-20200930xex4d2004.jpg Edgar Link pending
vstm-20200930xex4d2005.jpg Edgar Link pending
vstm-20200930xex4d2006.jpg Edgar Link pending
vstm-20200930xex4d2007.jpg Edgar Link pending
vstm-20200930xex99d1.htm Edgar Link pending
vstm-20200930xex99d1001.jpg Edgar Link pending
vstm-20200930_cal.xml Edgar Link unprocessable
vstm-20200930_def.xml Edgar Link unprocessable
vstm-20200930_lab.xml Edgar Link unprocessable
vstm-20200930_pre.xml Edgar Link unprocessable