$VSTM
Verastem Inc

2022 Q3 Form 10-Q Financial Statement

#000155837022016278 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2021 Q3
Revenue $0.00 $2.000K
YoY Change -100.0% -100.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $2.000K
YoY Change -100.0%
Gross Profit Margin 100.0%
Selling, General & Admin $6.421M $5.523M
YoY Change 16.26% -73.21%
% of Gross Profit 276150.0%
Research & Development $11.29M $9.325M
YoY Change 21.05% -14.88%
% of Gross Profit 466250.0%
Depreciation & Amortization $30.00K $30.00K
YoY Change 0.0% -88.46%
% of Gross Profit 1500.0%
Operating Expenses $17.71M $14.85M
YoY Change 19.27% -52.97%
Operating Profit -$17.71M -$14.85M
YoY Change 19.28% -198.86%
Interest Expense $717.0K $7.980M
YoY Change -91.02% 320.44%
% of Operating Profit
Other Income/Expense, Net $20.00K $0.00
YoY Change
Pretax Income -$18.09M -$22.79M
YoY Change -20.61% -273.44%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$18.09M -$22.79M
YoY Change -20.61% -273.44%
Net Earnings / Revenue -1139300.0%
Basic Earnings Per Share -$0.09 -$0.13
Diluted Earnings Per Share -$0.09 -$0.13
COMMON SHARES
Basic Shares Outstanding 187.8M 179.9M
Diluted Shares Outstanding 197.2M 179.9M

Balance Sheet

Concept 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.0M $103.4M
YoY Change 0.54% -39.35%
Cash & Equivalents $78.17M $24.31M
Short-Term Investments $25.81M $79.10M
Other Short-Term Assets $4.709M $5.236M
YoY Change -10.06% -57.77%
Inventory
Prepaid Expenses
Receivables $74.00K $105.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $108.8M $108.8M
YoY Change 0.0% -42.32%
LONG-TERM ASSETS
Property, Plant & Equipment $121.0K $240.0K
YoY Change -49.58% -51.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $47.00K $223.0K
YoY Change -78.92% 869.57%
Total Long-Term Assets $2.336M $3.120M
YoY Change -25.13% -89.32%
TOTAL ASSETS
Total Short-Term Assets $108.8M $108.8M
Total Long-Term Assets $2.336M $3.120M
Total Assets $111.1M $111.9M
YoY Change -0.7% -48.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.359M $641.0K
YoY Change 736.04% -86.31%
Accrued Expenses $14.79M $12.26M
YoY Change 20.65% -47.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.87M $13.54M
YoY Change 61.59% -64.07%
LONG-TERM LIABILITIES
Long-Term Debt $24.67M $243.0K
YoY Change 10051.03% -99.49%
Other Long-Term Liabilities $1.682M $2.443M
YoY Change -31.15% -21.19%
Total Long-Term Liabilities $26.35M $2.686M
YoY Change 880.98% -94.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.87M $13.54M
Total Long-Term Liabilities $26.35M $2.686M
Total Liabilities $48.22M $16.22M
YoY Change 197.26% -81.57%
SHAREHOLDERS EQUITY
Retained Earnings -$720.7M -$647.2M
YoY Change 11.36% 13.03%
Common Stock $783.6M $742.9M
YoY Change 5.49% 5.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.87M $95.66M
YoY Change
Total Liabilities & Shareholders Equity $111.1M $111.9M
YoY Change -0.7% -48.63%

Cashflow Statement

Concept 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$18.09M -$22.79M
YoY Change -20.61% -273.44%
Depreciation, Depletion And Amortization $30.00K $30.00K
YoY Change 0.0% -88.46%
Cash From Operating Activities -$15.08M -$10.83M
YoY Change 39.3% -124.19%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $4.647M $10.00M
YoY Change -53.53%
Cash From Investing Activities $4.647M $10.00M
YoY Change -53.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.62M 169.0K
YoY Change 15062.13% 20.71%
NET CHANGE
Cash From Operating Activities -15.08M -10.83M
Cash From Investing Activities 4.647M 10.00M
Cash From Financing Activities 25.62M 169.0K
Net Change In Cash 15.19M -658.0K
YoY Change -2408.36% -101.47%
FREE CASH FLOW
Cash From Operating Activities -$15.08M -$10.83M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$15.08M -$10.83M
YoY Change 39.3% -124.19%

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="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-indent:36pt;background:#ffffff;margin:0pt;">Verastem, Inc. (the “Company”) is a late stage development biopharmaceutical company, with an ongoing registration directed trial, 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 rapidly accelerated fibrosarcoma (“RAF”)/ mitogen-activated protein kinase kinase (“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;background:#ffffff;margin:0pt;">The Company’s most advanced product candidates, avutometinib (VS-6766) and defactinib, are being investigated in both preclinical and clinical studies for the 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 avutometinib (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;background:#ffffff;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 after at least two prior therapies and relapsed or refractory follicular lymphoma 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;"><span style="white-space:pre-wrap;">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, avutometinib (VS-6766) and defactinib, market acceptance and commercial success of the Company’s product candidates, avutometinib (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, avutometinib (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.</span></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 may continue to incur operating losses as it continues the research and development of its product candidates. As of September 30, 2022 the Company had cash, cash equivalents, and investments of </span>$104.0 million, and an accumulated deficit of $720.7 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 pursuant to the Secura APA, through our loan and security agreement with<span style="background:#ffffff;"> Oxford Finance LLC (“Oxford”),</span> or through other strategic financing </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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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