$VSTM
Verastem Inc

2021 Q4 Form 10-Q Financial Statement

#000155837021014621 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $545.0K $2.000K $78.65M
YoY Change 7.71% -100.0% 770.76%
Cost Of Revenue $0.00 $0.00 $32.05M
YoY Change -100.0% -100.0% 8562.16%
Gross Profit $545.0K $2.000K $46.59M
YoY Change 11.22% -100.0% 437.99%
Gross Profit Margin 100.0% 100.0% 59.24%
Selling, General & Admin $5.660M $5.523M $20.61M
YoY Change -20.23% -73.21% -6.95%
% of Gross Profit 1038.53% 276150.0% 44.25%
Research & Development $11.40M $9.325M $10.96M
YoY Change 12.24% -14.88% -10.34%
% of Gross Profit 2091.01% 466250.0% 23.51%
Depreciation & Amortization $30.00K $30.00K $260.0K
YoY Change -62.5% -88.46% -48.0%
% of Gross Profit 5.5% 1500.0% 0.56%
Operating Expenses $17.06M $14.85M $31.57M
YoY Change -1.11% -52.97% -8.15%
Operating Profit -$16.51M -$14.85M $15.02M
YoY Change -1.45% -198.86% -157.53%
Interest Expense $30.00K $7.980M $1.898M
YoY Change -97.78% 320.44% -62.35%
% of Operating Profit 12.64%
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income -$16.48M -$22.79M $13.14M
YoY Change -16.21% -273.44% -143.59%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$16.48M -$22.79M $13.14M
YoY Change -17.03% -273.44% -143.59%
Net Earnings / Revenue -3024.04% -1139300.0% 16.71%
Basic Earnings Per Share -$0.13 $0.08
Diluted Earnings Per Share -$94.69K -$0.13 $0.08
COMMON SHARES
Basic Shares Outstanding 182.2M 179.9M 169.5M
Diluted Shares Outstanding 179.9M 169.8M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.3M $103.4M $170.5M
YoY Change -29.01% -39.35% 6.43%
Cash & Equivalents $21.25M $24.31M $170.5M
Short-Term Investments $79.00M $79.10M
Other Short-Term Assets $4.968M $5.236M $12.40M
YoY Change 41.94% -57.77% 210.0%
Inventory
Prepaid Expenses
Receivables $516.0K $105.0K $5.700M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $105.7M $108.8M $188.6M
YoY Change -27.04% -42.32% 12.91%
LONG-TERM ASSETS
Property, Plant & Equipment $210.0K $240.0K $497.0K
YoY Change -49.52% -51.71% -88.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0%
Other Assets $169.0K $223.0K $23.00K
YoY Change 412.12% 869.57% -97.91%
Total Long-Term Assets $2.922M $3.120M $29.22M
YoY Change -68.95% -89.32% 14.12%
TOTAL ASSETS
Total Short-Term Assets $105.7M $108.8M $188.6M
Total Long-Term Assets $2.922M $3.120M $29.22M
Total Assets $108.7M $111.9M $217.8M
YoY Change -29.6% -48.63% 13.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.302M $641.0K $4.681M
YoY Change 22.77% -86.31% -46.81%
Accrued Expenses $15.62M $12.26M $23.16M
YoY Change 6.56% -47.09% 6.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.300M
YoY Change
Total Short-Term Liabilities $18.59M $13.54M $37.68M
YoY Change 8.76% -64.07% 23.53%
LONG-TERM LIABILITIES
Long-Term Debt $249.0K $243.0K $47.20M
YoY Change -98.7% -99.49% -65.32%
Other Long-Term Liabilities $2.264M $2.443M $3.100M
YoY Change -21.93% -21.19% -29.55%
Total Long-Term Liabilities $2.513M $2.686M $50.30M
YoY Change -88.58% -94.66% -64.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.59M $13.54M $37.68M
Total Long-Term Liabilities $2.513M $2.686M $50.30M
Total Liabilities $21.10M $16.22M $88.00M
YoY Change -45.99% -81.57% -48.57%
SHAREHOLDERS EQUITY
Retained Earnings -$663.7M -$647.2M -$572.6M
YoY Change 12.02% 13.03%
Common Stock $751.2M $742.9M $702.4M
YoY Change 6.15% 5.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $87.56M $95.66M $129.8M
YoY Change
Total Liabilities & Shareholders Equity $108.7M $111.9M $217.8M
YoY Change -29.6% -48.63% 13.07%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$16.48M -$22.79M $13.14M
YoY Change -17.03% -273.44% -143.59%
Depreciation, Depletion And Amortization $30.00K $30.00K $260.0K
YoY Change -62.5% -88.46% -48.0%
Cash From Operating Activities -$9.933M -$10.83M $44.75M
YoY Change -54.25% -124.19% -260.68%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $66.00K $10.00M $0.00
YoY Change -100.08% -100.0%
Cash From Investing Activities $66.00K $10.00M $0.00
YoY Change -100.08% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.805M 169.0K 140.0K
YoY Change -118.59% 20.71% -71.43%
NET CHANGE
Cash From Operating Activities -9.933M -10.83M 44.75M
Cash From Investing Activities 66.00K 10.00M 0.000
Cash From Financing Activities 6.805M 169.0K 140.0K
Net Change In Cash -3.062M -658.0K 44.89M
YoY Change -97.78% -101.47% -559.94%
FREE CASH FLOW
Cash From Operating Activities -$9.933M -$10.83M $44.75M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$9.933M -$10.83M $44.75M
YoY Change -54.25% -124.19% -260.74%

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 biopharmaceutical company committed to advancing new medicines for patients with cancer. The Company’s pipeline is focused on novel anticancer agents that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, particularly RAF/MEK inhibition and 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 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 VS-6766 may be beneficial as therapeutics as a single agent or these compounds may be beneficial as therapeutics when used together in combination with other agents<span style="background-color:#ffffff;">, </span>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="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 13. 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 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, 2021 the Company had cash, cash equivalents, and investments of </span>$103.4 million, and accumulated deficit of $647.2 million. The Company expects its existing cash resources will be sufficient to fund its planned operations through at least 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 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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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us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
ConcentrationRiskCreditRiskFinancialInstrumentsOffBalanceSheetRisk
As of September 30, 2021 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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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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EarningsPerShareBasic
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q3 us-gaap Restructuring Reserve
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