$VSTM
Verastem Inc

2021 Q4 Form 10-K Financial Statement

#000155837022004498 Filed on March 28, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $545.0K $2.053M $506.0K
YoY Change 7.71% -97.68% -86.01%
Cost Of Revenue $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% -96.97%
Gross Profit $545.0K $2.053M $490.0K
YoY Change 11.22% -96.3% -85.06%
Gross Profit Margin 100.0% 100.0% 96.84%
Selling, General & Admin $5.660M $24.12M $7.095M
YoY Change -20.23% -61.57% -70.1%
% of Gross Profit 1038.53% 1174.62% 1447.96%
Research & Development $11.40M $39.35M $10.15M
YoY Change 12.24% -4.9% -18.48%
% of Gross Profit 2091.01% 1916.56% 2072.04%
Depreciation & Amortization $30.00K $200.0K $80.00K
YoY Change -62.5% -60.0% -83.33%
% of Gross Profit 5.5% 9.74% 16.33%
Operating Expenses $17.06M $63.46M $17.25M
YoY Change -1.11% -39.06% -52.33%
Operating Profit -$16.51M -$61.41M -$16.75M
YoY Change -1.45% 24.41% -49.67%
Interest Expense $30.00K $9.972M $1.354M
YoY Change -97.78% -36.86% -75.17%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income -$16.48M -$71.20M -$19.67M
YoY Change -16.21% 5.43% -49.26%
Income Tax $0.00 $194.0K
% Of Pretax Income
Net Earnings -$16.48M -$71.20M -$19.86M
YoY Change -17.03% 5.13% -48.77%
Net Earnings / Revenue -3024.04% -3468.1% -3925.69%
Basic Earnings Per Share -$0.41 -$0.12
Diluted Earnings Per Share -$94.69K -$0.41 -$0.12
COMMON SHARES
Basic Shares Outstanding 182.2M 174.4M 169.9M
Diluted Shares Outstanding 174.4M 169.9M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.3M $100.3M $141.2M
YoY Change -29.01% -29.0% 87.04%
Cash & Equivalents $21.25M $21.25M $67.78M
Short-Term Investments $79.00M $79.00M $73.44M
Other Short-Term Assets $4.968M $4.968M $3.500M
YoY Change 41.94% 41.94% -7.89%
Inventory $0.00
Prepaid Expenses
Receivables $516.0K $516.0K $200.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $105.7M $105.7M $144.9M
YoY Change -27.04% -27.03% 70.59%
LONG-TERM ASSETS
Property, Plant & Equipment $210.0K $2.512M $416.0K
YoY Change -49.52% -18.97% -56.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $6.000M
YoY Change -100.0% -100.0%
Other Assets $169.0K $410.0K $33.00K
YoY Change 412.12% 36.67% -95.94%
Total Long-Term Assets $2.922M $2.922M $9.411M
YoY Change -68.95% -68.91% -84.34%
TOTAL ASSETS
Total Short-Term Assets $105.7M $105.7M $144.9M
Total Long-Term Assets $2.922M $2.922M $9.411M
Total Assets $108.7M $108.7M $154.3M
YoY Change -29.6% -29.58% 6.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.302M $2.302M $1.875M
YoY Change 22.77% 21.16% -80.58%
Accrued Expenses $15.62M $16.29M $14.66M
YoY Change 6.56% 7.16% -24.3%
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 $18.59M $18.59M $17.09M
YoY Change 8.76% 8.71% -42.81%
LONG-TERM LIABILITIES
Long-Term Debt $249.0K $249.0K $19.10M
YoY Change -98.7% -98.7% -81.56%
Other Long-Term Liabilities $2.264M $2.264M $2.900M
YoY Change -21.93% -21.93% 233.33%
Total Long-Term Liabilities $2.513M $2.513M $22.00M
YoY Change -88.58% -88.58% 2428.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.59M $18.59M $17.09M
Total Long-Term Liabilities $2.513M $2.513M $22.00M
Total Liabilities $21.10M $21.10M $39.08M
YoY Change -45.99% -46.03% -71.66%
SHAREHOLDERS EQUITY
Retained Earnings -$663.7M -$592.5M
YoY Change 12.02% 12.91%
Common Stock $751.2M $707.7M
YoY Change 6.15% 33.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $87.56M $87.56M $115.3M
YoY Change
Total Liabilities & Shareholders Equity $108.7M $108.7M $154.3M
YoY Change -29.6% -29.58% 6.41%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$16.48M -$71.20M -$19.86M
YoY Change -17.03% 5.13% -48.77%
Depreciation, Depletion And Amortization $30.00K $200.0K $80.00K
YoY Change -62.5% -60.0% -83.33%
Cash From Operating Activities -$9.933M -$53.50M -$21.71M
YoY Change -54.25% 59.68% -41.67%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $196.0K $0.00
YoY Change 493.94%
Acquisitions
YoY Change
Other Investing Activities $66.00K $283.0K -$79.38M
YoY Change -100.08% -100.6% -415.88%
Cash From Investing Activities $66.00K $87.00K -$79.38M
YoY Change -100.08% -100.18% -416.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.723M
YoY Change -93.66%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.805M 6.885M -36.61M
YoY Change -118.59% -90.11% 188.27%
NET CHANGE
Cash From Operating Activities -9.933M -53.50M -21.71M
Cash From Investing Activities 66.00K 87.00K -79.38M
Cash From Financing Activities 6.805M 6.885M -36.61M
Net Change In Cash -3.062M -46.53M -137.7M
YoY Change -97.78% 314.0% 455.24%
FREE CASH FLOW
Cash From Operating Activities -$9.933M -$53.50M -$21.71M
Capital Expenditures $0.00 $196.0K $0.00
Free Cash Flow -$9.933M -$53.70M -$21.71M
YoY Change -54.25% 60.11% -41.67%

Facts In Submission

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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:#ffffff;"> is a late stage development-stage biopharmaceutical company, with ongoing registration directed trials, committed to advancing new medicines for patients battling 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.</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 (LGSOC), non-small cell lung cancer (NSCLC), colorectal cancer (CRC), pancreatic cancer, uveal melanoma, and endometrial cancer. The Company believes that VS-6766 may be beneficial as a therapeutic as a single agent or when used together in combination with defactinib, 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;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 14. 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, 2021, the Company had cash, cash equivalents, and investments of </span>$100.3 million, and accumulated deficit of $663.7 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 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>
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As of December 31, 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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