$VSTM
Verastem, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023013946 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.363M $7.399M
YoY Change 14.67% 13.59%
% of Gross Profit
Research & Development $13.95M $12.89M
YoY Change 23.55% -13.4%
% of Gross Profit
Depreciation & Amortization $10.00K $22.00K
YoY Change -66.67% -24.14%
% of Gross Profit
Operating Expenses $21.31M $20.29M
YoY Change 20.33% -5.19%
Operating Profit -$21.31M -$20.29M
YoY Change 20.33% -5.19%
Interest Expense $1.129M $1.121M
YoY Change 57.46% 75.16%
% of Operating Profit
Other Income/Expense, Net -$13.00K -$40.00K
YoY Change -165.0% -766.67%
Pretax Income -$20.00M -$24.28M
YoY Change 10.56% 10.61%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$20.00M -$24.28M
YoY Change 10.58% 10.61%
Net Earnings / Revenue
Basic Earnings Per Share -$0.75 -$1.37
Diluted Earnings Per Share -$0.75 -$1.37
COMMON SHARES
Basic Shares Outstanding 25.25M 200.9M
Diluted Shares Outstanding 26.79M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $165.7M $183.1M
YoY Change 59.33% 94.14%
Cash & Equivalents $94.99M $183.1M
Short-Term Investments $70.68M $0.00
Other Short-Term Assets $8.800M $6.875M
YoY Change 86.88% 100.03%
Inventory
Prepaid Expenses
Receivables $0.00 $2.000K
Other Receivables $0.00 $0.00
Total Short-Term Assets $174.5M $190.0M
YoY Change 60.43% 94.09%
LONG-TERM ASSETS
Property, Plant & Equipment $35.00K $40.00K
YoY Change -71.07% -73.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $56.00K $20.00K
YoY Change 19.15% -76.19%
Total Long-Term Assets $1.668M $1.795M
YoY Change -28.6% -29.16%
TOTAL ASSETS
Total Short-Term Assets $174.5M $190.0M
Total Long-Term Assets $1.668M $1.795M
Total Assets $176.2M $191.8M
YoY Change 58.56% 90.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.118M $4.553M
YoY Change -4.5% 166.88%
Accrued Expenses $16.31M $13.76M
YoY Change 10.32% -22.1%
Deferred Revenue
YoY Change
Short-Term Debt $100.0K $579.0K
YoY Change
Long-Term Debt Due $300.0K $290.0K
YoY Change
Total Short-Term Liabilities $23.81M $20.79M
YoY Change 8.86% 3.46%
LONG-TERM LIABILITIES
Long-Term Debt $39.90M $39.74M
YoY Change 61.75% 61.95%
Other Long-Term Liabilities $51.00K $8.482M
YoY Change -96.97% 349.5%
Total Long-Term Liabilities $51.00K $48.22M
YoY Change -99.81% 82.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.81M $20.79M
Total Long-Term Liabilities $51.00K $48.22M
Total Liabilities $71.81M $69.01M
YoY Change 48.92% 48.35%
SHAREHOLDERS EQUITY
Retained Earnings -$797.5M -$777.5M
YoY Change 10.66% 10.66%
Common Stock $880.7M $879.1M
YoY Change 12.38% 16.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.18M $101.6M
YoY Change
Total Liabilities & Shareholders Equity $176.2M $191.8M
YoY Change 58.56% 90.98%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$20.00M -$24.28M
YoY Change 10.58% 10.61%
Depreciation, Depletion And Amortization $10.00K $22.00K
YoY Change -66.67% -24.14%
Cash From Operating Activities -$16.59M -$19.90M
YoY Change 10.0% 56.8%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$70.08M $14.00M
YoY Change -1608.07% -52.14%
Cash From Investing Activities -$70.08M $14.00M
YoY Change -1608.07% -52.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -890.0K 91.48M
YoY Change -103.47% 12821.05%
NET CHANGE
Cash From Operating Activities -16.59M -19.90M
Cash From Investing Activities -70.08M 14.00M
Cash From Financing Activities -890.0K 91.48M
Net Change In Cash -87.56M 85.58M
YoY Change -676.47% 395.72%
FREE CASH FLOW
Cash From Operating Activities -$16.59M -$19.90M
Capital Expenditures
Free Cash Flow
YoY Change

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 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 June 30, 2023, the Company had cash, cash equivalents, and investments of $183.1 million, and an accumulated deficit of $777.5 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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reverse Stock Split</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On May 30, 2023, the Company filed a Certificate of Amendment to the Company’s Restated Certificate of Incorporation, as amended to date, with the Secretary of State of the State of Delaware to effect a reverse stock split of the Company’s issued and outstanding common stock, par value $0.0001 at a ratio of <span style="-sec-ix-hidden:Hidden_q8kxDm5ZyUWTUVFaJsICnA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">1-for-12</span></span> (the “Reverse Stock Split”), as authorized at the Company’s 2023 annual meeting of stockholders held on May 15, 2023. The Company effected the Reverse Stock Split on May 31, 2023. No fractional shares were be issued in connection with the Reverse Stock Split. Stockholders who otherwise were entitled to a fractional share of common stock were entitled to receive a price equal to the closing price of the common stock on the Nasdaq Capital Market on the date immediately preceding the Reverse Stock Split, as adjusted by the ratio of <span style="-sec-ix-hidden:Hidden_RN5LIF_cnUuduYnbOuXl8A;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span> share of common stock for every 12 shares of common stock, multiplied by the applicable fraction of a share. The number of shares of common stock that the Company is authorized to issue remains at 300,000,000 shares and the par value of its common stock remains unchanged at $0.0001 per share.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has retroactively restated the share and per share amounts in the unaudited condensed consolidated financial statements as of June 30, 2023 and December 31, 2022, and for the three and six months ended June 30, 2023 and 2022. Proportionate adjustments were made to the per share exercise price and number of shares of common stock issuable under all outstanding stock options, convertible notes and preferred stock. In addition, proportionate adjustments have been made to the number of shares of common stock issuable upon vesting of the restricted stock units and the number of shares of common stock reserved for the Company’s equity incentive compensation plans. The condensed consolidated statements of convertible preferred stock and stockholders’ equity and balance sheets reflect the impact of the Reverse Stock Split by reclassifying from “common stock” to “additional paid-in capital” in an amount equal to the par value of the decreased shares resulting from the Reverse Stock Split.</p>
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