$VSTM
Verastem Inc

2023 Q2 Form 10-Q Financial Statement

#000155837023008839 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.399M $7.329M
YoY Change 13.59% 23.51%
% of Gross Profit
Research & Development $12.89M $12.02M
YoY Change -13.4% -11.93%
% of Gross Profit
Depreciation & Amortization $22.00K $30.00K
YoY Change -24.14% 0.0%
% of Gross Profit
Operating Expenses $20.29M $19.34M
YoY Change -5.19% -1.19%
Operating Profit -$20.29M -$19.34M
YoY Change -5.19% 13.92%
Interest Expense $1.121M $769.0K
YoY Change 75.16% 1273.21%
% of Operating Profit
Other Income/Expense, Net -$40.00K -$7.000K
YoY Change -766.67% -125.0%
Pretax Income -$24.28M -$15.71M
YoY Change 10.61% -7.36%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$24.28M -$15.71M
YoY Change 10.61% -7.36%
Net Earnings / Revenue
Basic Earnings Per Share -$1.37 -$0.08
Diluted Earnings Per Share -$1.37 -$0.08
COMMON SHARES
Basic Shares Outstanding 200.9M 200.7M
Diluted Shares Outstanding 200.7M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $183.1M $111.2M
YoY Change 94.14% 4.64%
Cash & Equivalents $183.1M $97.26M
Short-Term Investments $0.00 $13.94M
Other Short-Term Assets $6.875M $7.689M
YoY Change 100.03% 70.22%
Inventory
Prepaid Expenses
Receivables $2.000K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $190.0M $118.9M
YoY Change 94.09% 4.81%
LONG-TERM ASSETS
Property, Plant & Equipment $40.00K $62.00K
YoY Change -73.51% -65.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $36.00K
YoY Change -76.19% -65.71%
Total Long-Term Assets $1.795M $1.984M
YoY Change -29.16% -26.76%
TOTAL ASSETS
Total Short-Term Assets $190.0M $118.9M
Total Long-Term Assets $1.795M $1.984M
Total Assets $191.8M $120.9M
YoY Change 90.98% 4.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.553M $4.903M
YoY Change 166.88% 69.3%
Accrued Expenses $13.76M $13.94M
YoY Change -22.1% 4.84%
Deferred Revenue
YoY Change
Short-Term Debt $579.0K $1.004M
YoY Change
Long-Term Debt Due $290.0K $282.0K
YoY Change
Total Short-Term Liabilities $20.79M $22.36M
YoY Change 3.46% 32.41%
LONG-TERM LIABILITIES
Long-Term Debt $39.74M $39.57M
YoY Change 61.95% 62.11%
Other Long-Term Liabilities $8.482M $4.760M
YoY Change 349.5% 128.96%
Total Long-Term Liabilities $48.22M $44.33M
YoY Change 82.48% 67.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.79M $22.36M
Total Long-Term Liabilities $48.22M $44.33M
Total Liabilities $69.01M $66.69M
YoY Change 48.35% 53.75%
SHAREHOLDERS EQUITY
Retained Earnings -$777.5M -$753.2M
YoY Change 10.66% 10.65%
Common Stock $879.1M $786.3M
YoY Change 16.18% 4.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $101.6M $33.03M
YoY Change
Total Liabilities & Shareholders Equity $191.8M $120.9M
YoY Change 90.98% 4.07%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$24.28M -$15.71M
YoY Change 10.61% -7.36%
Depreciation, Depletion And Amortization $22.00K $30.00K
YoY Change -24.14% 0.0%
Cash From Operating Activities -$19.90M -$20.29M
YoY Change 56.8% 5.21%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $14.00M -$804.0K
YoY Change -52.14% -104.17%
Cash From Investing Activities $14.00M -$804.0K
YoY Change -52.14% -104.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 91.48M 44.05M
YoY Change 12821.05% 73.07%
NET CHANGE
Cash From Operating Activities -19.90M -20.29M
Cash From Investing Activities 14.00M -804.0K
Cash From Financing Activities 91.48M 44.05M
Net Change In Cash 85.58M 22.96M
YoY Change 395.72% -9.73%
FREE CASH FLOW
Cash From Operating Activities -$19.90M -$20.29M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2023Q1 us-gaap Interest Expense
InterestExpense
769000
CY2022Q1 us-gaap Interest Expense
InterestExpense
56000
CY2023Q1 vstm Income Loss From Preferred Stock Tranche Liability
IncomeLossFromPreferredStockTrancheLiability
3430000
CY2022Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
4986000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
200679000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
186264000
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001526119
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
200541000
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
200541000
CY2023Q1 dei Document Type
DocumentType
10-Q
CY2023Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2023Q1 dei Document Period End Date
DocumentPeriodEndDate
2023-03-31
CY2023Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2023Q1 dei Entity File Number
EntityFileNumber
001-35403
CY2023Q1 dei Entity Registrant Name
EntityRegistrantName
Verastem, Inc.
CY2023Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2023Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
27-3269467
CY2023Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
117 Kendrick Street, Suite 500
CY2023Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
Needham
CY2023Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
MA
CY2023Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
02494
CY2023Q1 dei City Area Code
CityAreaCode
781
CY2023Q1 dei Local Phone Number
LocalPhoneNumber
292-4200
CY2023Q1 dei Security12b Title
Security12bTitle
Common Stock, $0.0001 par value per share
CY2023Q1 dei Trading Symbol
TradingSymbol
VSTM
CY2023Q1 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2023Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2023Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2023Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2023Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2023Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2023Q1 dei Entity Shell Company
EntityShellCompany
false
CY2023Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
200861380
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
97260000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
74933000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
13944000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
12961000
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
31000
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7689000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4945000
CY2023Q1 us-gaap Assets Current
AssetsCurrent
118893000
CY2022Q4 us-gaap Assets Current
AssetsCurrent
92870000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
62000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
92000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1645000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1789000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
241000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
241000
CY2023Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
36000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
47391000
CY2023Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
120877000
CY2022Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
95050000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2596000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2596000
CY2023Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12015000
CY2022Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
13642000
CY2023Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7329000
CY2022Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5934000
CY2023Q1 us-gaap Costs And Expenses
CostsAndExpenses
19344000
CY2022Q1 us-gaap Costs And Expenses
CostsAndExpenses
19576000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-19344000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-16980000
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
58000
CY2023Q1 us-gaap Assets
Assets
120877000
CY2022Q4 us-gaap Assets
Assets
95050000
CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
4903000
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
4901000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13938000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14983000
CY2023Q1 us-gaap Notes Payable Current
NotesPayableCurrent
1004000
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-7000
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
28000
CY2023Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
976000
CY2023Q1 vstm Deferred Liabilities
DeferredLiabilities
-1403000
CY2022Q4 vstm Deferred Liabilities
DeferredLiabilities
-710000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
829000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
794000
CY2023Q1 vstm Convertible Notes Payable Current1
ConvertibleNotesPayableCurrent1
282000
CY2022Q4 vstm Convertible Notes Payable Current1
ConvertibleNotesPayableCurrent1
275000
CY2023Q1 us-gaap Liabilities Current
LiabilitiesCurrent
22359000
CY2022Q4 us-gaap Liabilities Current
LiabilitiesCurrent
21663000
CY2023Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
39574000
CY2022Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
24526000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1250000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1470000
CY2023Q1 vstm Preferred Stock Tranche Liability
PreferredStockTrancheLiability
3510000
CY2023Q1 us-gaap Liabilities
Liabilities
66693000
CY2022Q4 us-gaap Liabilities
Liabilities
47659000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
200836000
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
200541000
CY2023Q1 us-gaap Common Stock Value
CommonStockValue
20000
CY2022Q4 us-gaap Common Stock Value
CommonStockValue
20000
CY2023Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
786236000
CY2022Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
784894000
CY2023Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
6000
CY2022Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
46000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-753237000
CY2023Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-737523000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
33025000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-15714000
CY2023Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
13804000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-16962000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
200679000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
186264000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-15714000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-16962000
CY2023Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
6000
CY2022Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-147000
CY2023Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-15708000
CY2022Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-17109000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
47391000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-15714000
CY2023Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
6000
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1313000
CY2023Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
29000
CY2023Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1901000
CY2023Q1 vstm Issuance Of Preferred Stock Tranche Liability
IssuanceOfPreferredStockTrancheLiability
6940000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
33025000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
87559000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-16962000
CY2022Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-147000
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
575000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1646000
CY2022Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
100000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
72771000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-15714000
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-16962000
CY2023Q1 us-gaap Depreciation
Depreciation
30000
CY2022Q1 us-gaap Depreciation
Depreciation
30000
CY2023Q1 vstm Operating Lease Right Of Use Asset And Lease Liability Amortization
OperatingLeaseRightOfUseAssetAndLeaseLiabilityAmortization
-41000
CY2022Q1 vstm Operating Lease Right Of Use Asset And Lease Liability Amortization
OperatingLeaseRightOfUseAssetAndLeaseLiabilityAmortization
-37000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1313000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1646000
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
-36000
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
17000
CY2023Q1 vstm Change In Fair Value Of Of Preferred Stock Tranche Liability
ChangeInFairValueOfOfPreferredStockTrancheLiability
-3430000
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-31000
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
2128000
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2089000
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-510000
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2000
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
92000
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-1045000
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-2449000
CY2023Q1 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
693000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-20286000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-19281000
CY2023Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
13000000
CY2022Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
24250000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-804000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
19264000
CY2023Q1 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
28099000
CY2023Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
14918000
CY2022Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
24772000
CY2023Q1 vstm Proceeds From Insurance Premium Financing
ProceedsFromInsurancePremiumFinancing
1430000
CY2023Q1 vstm Payments On Insurance Premium Financing
PaymentsOnInsurancePremiumFinancing
426000
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
29000
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
100000
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
580000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
44050000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
25452000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
22960000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
25435000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
75789000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21493000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98749000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46928000
CY2023Q1 vstm Issuance Of Preferred Stock Tranche Liability
IssuanceOfPreferredStockTrancheLiability
6940000
CY2022Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
624000
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<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 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;background:#ffffff;margin:0pt;">The Company’s most advanced product candidates, avutometinib and defactinib, are being investigated in both preclinical and clinical studies for the treatment of various solid tumors, including, but not limited to 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;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 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 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, 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;">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 March 31, 2023, the Company had cash, cash equivalents, and investments of $111.2 million, and an accumulated deficit of $753.2 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 potential future milestones and royalties received pursuant to the Secura APA, through the loan and security agreement with<span style="background:#ffffff;"> Oxford Finance LLC (“Oxford”),</span> 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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>
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
111200000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-753200000
CY2023Q1 us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
ConcentrationRiskCreditRiskFinancialInstrumentsOffBalanceSheetRisk
As of March 31, 2023, the Company’s cash, cash equivalents and investments were deposited at four 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. As of March 31, 2023, the Company did not have an accounts receivable balance. For the three months ended March 31, 2023, the Company
CY2022Q2 vstm Grant Awarded Amount
GrantAwardedAmount
3800000
CY2022Q3 vstm Proceeds From Grants
ProceedsFromGrants
500000
CY2023Q1 vstm Proceeds From Grants
ProceedsFromGrants
1800000
CY2023Q1 vstm Reduction In Research And Development Expense
ReductionInResearchAndDevelopmentExpense
100000
CY2023Q1 vstm Deferred Liabilities
DeferredLiabilities
-1400000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
97260000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
74933000
CY2023Q1 vstm Restricted Cash Noncurrent And Prepaid Expenses And Other Current Assets
RestrictedCashNoncurrentAndPrepaidExpensesAndOtherCurrentAssets
1489000
CY2022Q4 vstm Restricted Cash Noncurrent And Prepaid Expenses And Other Current Assets
RestrictedCashNoncurrentAndPrepaidExpensesAndOtherCurrentAssets
856000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98749000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
75789000
CY2023Q1 vstm Cash Cash Equivalents Restricted Cash And Short Term Investments Accumulated Gross Unrealized Gain Before Tax
CashCashEquivalentsRestrictedCashAndShortTermInvestmentsAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2022Q4 vstm Cash Cash Equivalents Restricted Cash And Short Term Investments Accumulated Gross Unrealized Gain Before Tax
CashCashEquivalentsRestrictedCashAndShortTermInvestmentsAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2022Q4 vstm Cash Cash Equivalents Restricted Cash And Short Term Investments Accumulated Gross Unrealized Loss Before Tax
CashCashEquivalentsRestrictedCashAndShortTermInvestmentsAccumulatedGrossUnrealizedLossBeforeTax
2000
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2023Q1 us-gaap Interest Receivable
InterestReceivable
100000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
2
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
6000000.0
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
39574000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
24526000
CY2023Q1 vstm Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
8952000
CY2022Q4 vstm Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
8535000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1786000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3844000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
972000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
469000
CY2023Q1 vstm Accrued Consulting Fees Current
AccruedConsultingFeesCurrent
991000
CY2022Q4 vstm Accrued Consulting Fees Current
AccruedConsultingFeesCurrent
902000
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
204000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
192000
CY2023Q1 vstm Accrued Commercialization Costs Current
AccruedCommercializationCostsCurrent
90000
CY2022Q4 vstm Accrued Commercialization Costs Current
AccruedCommercializationCostsCurrent
148000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
943000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
893000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13938000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14983000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
40000000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
25000000
CY2023Q1 vstm Debt Instrument Final Payment Fee
DebtInstrumentFinalPaymentFee
304000
CY2022Q4 vstm Debt Instrument Final Payment Fee
DebtInstrumentFinalPaymentFee
225000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
730000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
699000
CY2023Q1 vstm Contractual Interest Expense
ContractualInterestExpense
632000
CY2022Q1 vstm Contractual Interest Expense
ContractualInterestExpense
41000
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
58000
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
10000
CY2023Q1 vstm Amortization Of Final Payment Fee
AmortizationOfFinalPaymentFee
79000
CY2022Q1 vstm Amortization Of Final Payment Fee
AmortizationOfFinalPaymentFee
5000
CY2023Q1 us-gaap Interest Expense
InterestExpense
769000
CY2022Q1 us-gaap Interest Expense
InterestExpense
56000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
15000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
20000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
5000000
CY2023Q1 vstm Long Term Debt Maturities Aggregate Principal Due
LongTermDebtMaturitiesAggregatePrincipalDue
40000000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1600000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2100000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
221000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
221000
CY2023Q1 us-gaap Lease Cost
LeaseCost
221000
CY2022Q1 us-gaap Lease Cost
LeaseCost
221000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
262000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
257000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.146
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
798000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1081000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
546000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2425000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
346000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2079000
CY2023Q1 vstm Debt Instrument Redemption Price Percentage In Case Of Indenture
DebtInstrumentRedemptionPricePercentageInCaseOfIndenture
1
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
86605794
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18635188
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Other Commitment
OtherCommitment
0

Files In Submission

Name View Source Status
0001558370-23-008839-index-headers.html Edgar Link pending
0001558370-23-008839-index.html Edgar Link pending
0001558370-23-008839.txt Edgar Link pending
0001558370-23-008839-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R51.htm Edgar Link pending
R52.htm Edgar Link pending
R53.htm Edgar Link pending
R54.htm Edgar Link pending
R55.htm Edgar Link pending
R56.htm Edgar Link pending
R57.htm Edgar Link pending
R58.htm Edgar Link pending
R59.htm Edgar Link pending
R6.htm Edgar Link pending
R60.htm Edgar Link pending
R61.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
vstm-20230331.xsd Edgar Link pending
vstm-20230331x10q.htm Edgar Link pending
vstm-20230331xex31d1.htm Edgar Link pending
vstm-20230331xex31d2.htm Edgar Link pending
vstm-20230331xex32d1.htm Edgar Link pending
vstm-20230331xex32d2.htm Edgar Link pending
vstm-20230331xex99d1.htm Edgar Link pending
vstm-20230331xex99d1001.jpg Edgar Link pending
vstm-20230331_def.xml Edgar Link unprocessable
vstm-20230331_cal.xml Edgar Link unprocessable
vstm-20230331_lab.xml Edgar Link unprocessable
vstm-20230331_pre.xml Edgar Link unprocessable
vstm-20230331x10q_htm.xml Edgar Link completed