$VSTM
Verastem, Inc.

2020 Q4 Form 10-K Financial Statement

#000155837021003211 Filed on March 18, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2020 Q2
Revenue $506.0K $78.65M $4.307M
YoY Change -86.01% 770.76% 37.34%
Cost Of Revenue $10.00K $32.05M $390.0K
YoY Change -96.97% 8562.16% 2.63%
Gross Profit $490.0K $46.59M $3.920M
YoY Change -85.06% 437.99% 42.03%
Gross Profit Margin 96.84% 59.24% 91.01%
Selling, General & Admin $7.095M $20.61M $15.44M
YoY Change -70.1% -6.95% -47.29%
% of Gross Profit 1447.96% 44.25% 393.93%
Research & Development $10.15M $10.96M $9.344M
YoY Change -18.48% -10.34% -17.64%
% of Gross Profit 2072.04% 23.51% 238.37%
Depreciation & Amortization $80.00K $260.0K $500.0K
YoY Change -83.33% -48.0% -3.85%
% of Gross Profit 16.33% 0.56% 12.76%
Operating Expenses $17.25M $31.57M $24.79M
YoY Change -52.33% -8.15% -39.02%
Operating Profit -$16.75M $15.02M -$21.26M
YoY Change -49.67% -157.53% -44.45%
Interest Expense $1.354M $1.898M $1.868M
YoY Change -75.17% -62.35% -63.97%
% of Operating Profit 12.64%
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$19.67M $13.14M -$23.01M
YoY Change -49.26% -143.59% -45.46%
Income Tax $194.0K
% Of Pretax Income
Net Earnings -$19.86M $13.14M -$23.01M
YoY Change -48.77% -143.59% -45.47%
Net Earnings / Revenue -3925.69% 16.71% -534.25%
Basic Earnings Per Share -$0.12 $0.08 -$0.14
Diluted Earnings Per Share -$0.12 $0.08 -$0.14
COMMON SHARES
Basic Shares Outstanding 169.9M 169.5M 165.4M
Diluted Shares Outstanding 169.9M 169.8M 165.4M

Balance Sheet

Concept 2020 Q4 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $141.2M $170.5M $125.3M
YoY Change 87.04% 6.43% -33.1%
Cash & Equivalents $67.78M $170.5M $125.3M
Short-Term Investments $73.44M
Other Short-Term Assets $3.500M $12.40M $11.50M
YoY Change -7.89% 210.0% 238.24%
Inventory $0.00 $6.316M
Prepaid Expenses
Receivables $200.0K $5.700M $1.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $144.9M $188.6M $144.6M
YoY Change 70.59% 12.91% -24.81%
LONG-TERM ASSETS
Property, Plant & Equipment $416.0K $497.0K $791.0K
YoY Change -56.07% -88.17% -82.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.000M
YoY Change
Other Assets $33.00K $23.00K $401.0K
YoY Change -95.94% -97.91% -59.9%
Total Long-Term Assets $9.411M $29.22M $53.94M
YoY Change -84.34% 14.12% 105.88%
TOTAL ASSETS
Total Short-Term Assets $144.9M $188.6M $144.6M
Total Long-Term Assets $9.411M $29.22M $53.94M
Total Assets $154.3M $217.8M $198.5M
YoY Change 6.41% 13.07% -9.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.875M $4.681M $2.241M
YoY Change -80.58% -46.81% -80.51%
Accrued Expenses $14.66M $23.16M $21.45M
YoY Change -24.3% 6.75% 8.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.300M $4.600M
YoY Change
Total Short-Term Liabilities $17.09M $37.68M $28.78M
YoY Change -42.81% 23.53% -7.74%
LONG-TERM LIABILITIES
Long-Term Debt $19.10M $47.20M $51.30M
YoY Change -81.56% -65.32% -61.66%
Other Long-Term Liabilities $2.900M $3.100M $870.0K
YoY Change 233.33% -29.55% -79.29%
Total Long-Term Liabilities $22.00M $50.30M $870.0K
YoY Change 2428.74% -64.2% -99.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.09M $37.68M $28.78M
Total Long-Term Liabilities $22.00M $50.30M $870.0K
Total Liabilities $39.08M $88.00M $84.16M
YoY Change -71.66% -48.57% -50.26%
SHAREHOLDERS EQUITY
Retained Earnings -$592.5M -$572.6M -$585.8M
YoY Change 12.91%
Common Stock $707.7M $702.4M $700.2M
YoY Change 33.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $115.3M $129.8M $114.4M
YoY Change
Total Liabilities & Shareholders Equity $154.3M $217.8M $198.5M
YoY Change 6.41% 13.07% -9.14%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$19.86M $13.14M -$23.01M
YoY Change -48.77% -143.59% -45.47%
Depreciation, Depletion And Amortization $80.00K $260.0K $500.0K
YoY Change -83.33% -48.0% -3.85%
Cash From Operating Activities -$21.71M $44.75M -$22.55M
YoY Change -41.67% -260.68% -34.96%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$30.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$79.38M $0.00 $0.00
YoY Change -415.88% -100.0% -100.0%
Cash From Investing Activities -$79.38M $0.00 -$30.00K
YoY Change -416.0% -100.0% -100.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -36.61M 140.0K 12.68M
YoY Change 188.27% -71.43% 30.86%
NET CHANGE
Cash From Operating Activities -21.71M 44.75M -22.55M
Cash From Investing Activities -79.38M 0.000 -30.00K
Cash From Financing Activities -36.61M 140.0K 12.68M
Net Change In Cash -137.7M 44.89M -9.900M
YoY Change 455.24% -559.94% -145.94%
FREE CASH FLOW
Cash From Operating Activities -$21.71M $44.75M -$22.55M
Capital Expenditures $0.00 $0.00 -$30.00K
Free Cash Flow -$21.71M $44.75M -$22.52M
YoY Change -41.67% -260.74% -35.04%

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CY2020 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1. Nature of business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Verastem, Inc. (the Company)<span style="background-color:#ffffff;"> 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, particularly RAF/MEK inhibition and FAK inhibition.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:12pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>The Company’s most advanced product candidates, VS-6766 and defactinib, are being investigated in both preclinical and clinical studies for treatment of various solid tumors, including, low-grade serous ovarian cancer, non-small cell lung cancer, colorectal cancer, pancreatic cancer, uveal melanoma, and endometrial cancer. The Company believes that these compounds may be beneficial as therapeutics either as single agents or when used together in combination with other agents, other pathway inhibitors or other current and emerging standard of care treatments in cancers that do not adequately respond to currently available therapies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>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, collaboration and commercial 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 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 December 31, 2020, the Company had cash, cash equivalents, restricted cash, and investments of </span>$147.5 million, and accumulated deficit of $592.5 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 consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 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 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><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:14pt 0pt 0pt 0pt;"><span style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">​</span></p>
CY2020Q4 us-gaap Cash Cash Equivalents And Short Term Investments
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Use of estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:12pt 0pt 12pt 0pt;">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 revenue recognition, including returns, rebates, and other pricing adjustments, accrued and prepaid clinical trial expense and other general 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.</p>
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CY2020 us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
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As of December 31, 2020, the Company’s cash, cash equivalents and investments were deposited at three financial institutions and it has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.
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CY2020 us-gaap Lease Cost
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CY2019 us-gaap Current Income Tax Expense Benefit
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CY2020Q4 us-gaap Deferred Income Tax Liabilities
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CY2019Q4 us-gaap Deferred Income Tax Liabilities
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76331000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73854000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73877000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74228000
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76331000

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