$VSTM
Verastem Inc

2023 Q1 Form 10-K Financial Statement

#000155837023003738 Filed on March 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $2.596M
YoY Change -100.0% -100.0% 26.45%
Cost Of Revenue $0.00 $0.00
YoY Change
Gross Profit $0.00 $2.596M
YoY Change -100.0% 26.45%
Gross Profit Margin 100.0%
Selling, General & Admin $7.329M $6.106M $24.98M
YoY Change 23.51% 7.88% 3.57%
% of Gross Profit 962.06%
Research & Development $12.02M $10.74M $50.56M
YoY Change -11.93% -5.76% 28.49%
% of Gross Profit 1947.53%
Depreciation & Amortization $30.00K $29.00K $100.0K
YoY Change 0.0% -3.33% -50.0%
% of Gross Profit 3.85%
Operating Expenses $19.34M $16.85M $75.53M
YoY Change -1.19% -1.23% 19.02%
Operating Profit -$19.34M -$16.85M -$72.94M
YoY Change 13.92% 2.03% 18.77%
Interest Expense $769.0K $45.00K $2.137M
YoY Change 1273.21% 50.0% -78.57%
% of Operating Profit
Other Income/Expense, Net -$7.000K -$7.000K $47.00K
YoY Change -125.0%
Pretax Income -$15.71M -$16.81M -$73.81M
YoY Change -7.36% 1.98% 3.67%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$15.71M -$16.81M -$73.81M
YoY Change -7.36% 1.98% 3.67%
Net Earnings / Revenue -2843.3%
Basic Earnings Per Share -$0.08 -$0.38
Diluted Earnings Per Share -$0.08 -$0.08 -$0.38
COMMON SHARES
Basic Shares Outstanding 200.7M 193.7M
Diluted Shares Outstanding 200.7M 193.7K

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.2M $87.89M $87.89M
YoY Change 4.64% -12.33% -12.33%
Cash & Equivalents $97.26M $74.93M $74.93M
Short-Term Investments $13.94M $12.96M $12.96M
Other Short-Term Assets $7.689M $4.945M $4.945M
YoY Change 70.22% -0.46% -0.46%
Inventory
Prepaid Expenses
Receivables $0.00 $31.00K $31.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $118.9M $92.87M $92.87M
YoY Change 4.81% -12.17% -12.17%
LONG-TERM ASSETS
Property, Plant & Equipment $62.00K $92.00K $1.881M
YoY Change -65.56% -56.19% -25.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.00K $58.00K $299.0K
YoY Change -65.71% -65.68% -27.07%
Total Long-Term Assets $1.984M $2.180M $2.180M
YoY Change -26.76% -25.39% -25.39%
TOTAL ASSETS
Total Short-Term Assets $118.9M $92.87M $92.87M
Total Long-Term Assets $1.984M $2.180M $2.180M
Total Assets $120.9M $95.05M $95.05M
YoY Change 4.07% -12.53% -12.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.903M $4.901M $4.901M
YoY Change 69.3% 112.9% 112.9%
Accrued Expenses $13.94M $14.98M $15.78M
YoY Change 4.84% -4.08% -3.14%
Deferred Revenue
YoY Change
Short-Term Debt $1.004M $0.00 $0.00
YoY Change
Long-Term Debt Due $282.0K $275.0K $275.0K
YoY Change
Total Short-Term Liabilities $22.36M $21.66M $21.66M
YoY Change 32.41% 16.53% 16.53%
LONG-TERM LIABILITIES
Long-Term Debt $39.57M $24.53M $24.53M
YoY Change 62.11% 9749.8% 9749.8%
Other Long-Term Liabilities $4.760M $1.470M $1.470M
YoY Change 128.96% -35.07% -35.07%
Total Long-Term Liabilities $44.33M $26.00M $26.00M
YoY Change 67.35% 934.46% 934.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.36M $21.66M $21.66M
Total Long-Term Liabilities $44.33M $26.00M $26.00M
Total Liabilities $66.69M $47.66M $47.66M
YoY Change 53.75% 125.84% 125.84%
SHAREHOLDERS EQUITY
Retained Earnings -$753.2M -$737.5M
YoY Change 10.65% 11.12%
Common Stock $786.3M $784.9M
YoY Change 4.34% 4.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.03M $47.39M $47.39M
YoY Change
Total Liabilities & Shareholders Equity $120.9M $95.05M $95.05M
YoY Change 4.07% -12.53% -12.53%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$15.71M -$16.81M -$73.81M
YoY Change -7.36% 1.98% 3.67%
Depreciation, Depletion And Amortization $30.00K $29.00K $100.0K
YoY Change 0.0% -3.33% -50.0%
Cash From Operating Activities -$20.29M -$16.62M -$63.67M
YoY Change 5.21% 67.28% 19.01%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$804.0K $13.03M $66.19M
YoY Change -104.17% 19634.85% 23286.93%
Cash From Investing Activities -$804.0K $13.03M $66.19M
YoY Change -104.17% 19634.85% 75974.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $27.35M
YoY Change 306.87%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 44.05M 0.000 51.78M
YoY Change 73.07% -100.0% 652.13%
NET CHANGE
Cash From Operating Activities -20.29M -16.62M -63.67M
Cash From Investing Activities -804.0K 13.03M 66.19M
Cash From Financing Activities 44.05M 0.000 51.78M
Net Change In Cash 22.96M -3.591M 54.30M
YoY Change -9.73% 17.28% -216.69%
FREE CASH FLOW
Cash From Operating Activities -$20.29M -$16.62M -$63.67M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$16.62M -$63.67M
YoY Change 67.28% 18.58%

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 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 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, 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, and melanoma. The Company believes that avutometinib 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 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 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, avutometinib and defactinib, market acceptance and commercial success of the Company’s product candidates, avutometinib 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 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 may continue to incur operating losses as it continues the research and development of its product candidates. As of December 31, 2022, the Company had cash, cash equivalents, and investments of </span>$87.9 million, and an accumulated deficit of $737.5 million. The Company expects its existing cash resources along with $30.0 million of gross proceeds raised through the Series B Preferred Stock issuance in January 2023, and expected $15.0 million debt drawdown through its loan and security agreement with Oxford Finance LLC (“Oxford”) expected in March 2023 will be sufficient to fund its planned operations through at least 12 months from the date of issuance of these consolidated financial statements. See <i style="font-style:italic;">Note 16. Subsequent events </i>for detailed description of the Series B Preferred Stock issuance.</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 potential future milestones and royalties received pursuant to the Secura APA, through the loan and security agreement with Oxford, or through other 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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<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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As of December 31, 2022, 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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