$VSTM
Verastem Inc

2024 Q1 Form 10-K Financial Statement

#000155837024003250 Filed on March 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.35M $8.637M $30.73M
YoY Change 41.25% 41.45% 23.04%
% of Gross Profit
Research & Development $17.71M $22.50M $61.36M
YoY Change 47.37% 109.52% 21.36%
% of Gross Profit
Depreciation & Amortization $6.000K $5.000K $100.0K
YoY Change -80.0% -82.76% 0.0%
% of Gross Profit
Operating Expenses $28.06M $31.14M $92.08M
YoY Change 45.05% 84.85% 21.91%
Operating Profit -$28.06M -$92.08M
YoY Change 45.05% 26.25%
Interest Expense $1.130M $749.0K $4.139M
YoY Change 46.94% 1564.44% 93.68%
% of Operating Profit
Other Income/Expense, Net -$30.00K $3.022M -$109.0K
YoY Change 328.57% -43271.43% -331.91%
Pretax Income -$27.37M -$87.37M
YoY Change 62.83% 18.36%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$33.86M -$27.37M -$87.37M
YoY Change 115.5% 62.83% 18.36%
Net Earnings / Revenue
Basic Earnings Per Share -$1.26 -$3.96
Diluted Earnings Per Share -$1.02 -$3.93
COMMON SHARES
Basic Shares Outstanding 25.30M 25.27M 22.05M
Diluted Shares Outstanding 22.05M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.1M $137.1M $137.1M
YoY Change -0.97% 56.02% 56.02%
Cash & Equivalents $81.32M $77.91M $77.91M
Short-Term Investments $28.81M $59.22M $59.22M
Other Short-Term Assets $7.323M $6.553M $6.553M
YoY Change -4.76% 32.52% 32.52%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $117.7M $143.7M $143.7M
YoY Change -1.03% 54.71% 54.71%
LONG-TERM ASSETS
Property, Plant & Equipment $52.00K $37.00K $1.208M
YoY Change -16.13% -59.78% -35.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.575M $4.587M $4.828M
YoY Change 12608.33% 7808.62% 1514.72%
Total Long-Term Assets $5.865M $6.036M $6.036M
YoY Change 195.61% 176.88% 176.88%
TOTAL ASSETS
Total Short-Term Assets $117.7M $143.7M $143.7M
Total Long-Term Assets $5.865M $6.036M $6.036M
Total Assets $123.5M $149.7M $149.7M
YoY Change 2.2% 57.51% 57.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.449M $7.184M $7.184M
YoY Change 51.93% 46.58% 46.58%
Accrued Expenses $17.38M $17.93M $18.87M
YoY Change 24.72% 19.66% 19.6%
Deferred Revenue
YoY Change
Short-Term Debt $911.0K $0.00 $0.00
YoY Change -9.26%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $26.73M $26.38M $26.38M
YoY Change 19.53% 21.77% 21.77%
LONG-TERM LIABILITIES
Long-Term Debt $40.12M $40.09M $40.09M
YoY Change 1.39% 63.44% 63.44%
Other Long-Term Liabilities $10.47M $4.719M $4.719M
YoY Change 119.96% 221.02% 221.02%
Total Long-Term Liabilities $50.59M $44.81M $44.81M
YoY Change 14.12% 72.35% 72.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.73M $26.38M $26.38M
Total Long-Term Liabilities $50.59M $44.81M $44.81M
Total Liabilities $77.32M $71.19M $71.19M
YoY Change 15.93% 49.36% 49.36%
SHAREHOLDERS EQUITY
Retained Earnings -$858.8M -$824.9M
YoY Change 14.01% 11.85%
Common Stock $883.8M $882.3M
YoY Change 12.41% 12.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.06M $57.37M $78.53M
YoY Change
Total Liabilities & Shareholders Equity $123.5M $149.7M $149.7M
YoY Change 2.2% 57.51% 57.51%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$33.86M -$27.37M -$87.37M
YoY Change 115.5% 62.83% 18.36%
Depreciation, Depletion And Amortization $6.000K $5.000K $100.0K
YoY Change -80.0% -82.76% 0.0%
Cash From Operating Activities -$28.31M -$29.68M -$86.46M
YoY Change 39.54% 78.63% 35.79%
INVESTING ACTIVITIES
Capital Expenditures $21.00K $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $31.00M $12.44M -$44.45M
YoY Change -3955.72% -4.52% -167.16%
Cash From Investing Activities $30.98M $12.44M -$44.45M
YoY Change -3953.11% -4.52% -167.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $91.42M
YoY Change 234.21%
Debt Paid & Issued, Net $300.0K
YoY Change
Cash From Financing Activities 846.0K -446.0K 134.2M
YoY Change -98.08% 159.14%
NET CHANGE
Cash From Operating Activities -28.31M -29.68M -86.46M
Cash From Investing Activities 30.98M 12.44M -44.45M
Cash From Financing Activities 846.0K -446.0K 134.2M
Net Change In Cash 3.518M -17.69M 3.287M
YoY Change -84.68% 392.65% -93.95%
FREE CASH FLOW
Cash From Operating Activities -$28.31M -$29.68M -$86.46M
Capital Expenditures $21.00K $0.00 $0.00
Free Cash Flow -$28.33M -$29.68M -$86.46M
YoY Change 78.63% 35.79%

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;"></span>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”), pancreatic cancer, colorectal cancer (“CRC”), 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;">As of December 31, 2023, the Company had cash, cash equivalents, and investments of $137.1 million. In accordance with applicable accounting standards, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within 12 months after the date of the issuance of these consolidated financial statements. The Company anticipates operating losses may continue for the foreseeable future since the Company does not yet have regulatory approval to sell any of its product candidates, and the Company continues to incur operating costs to execute its strategic plan, including costs related to research and development of its product candidates and commercial readiness activities.  These conditions raise substantial doubt about the Company’s ability to continue as a going concern for 12 months after the date the consolidated financial statements are issued.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company expects to finance its operations 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 Finance LLC (“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, given the risk associated with these potential strategic or financing opportunities, they are not deemed probable for purposes of the going concern assessment. 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">investigational product candidates from the FDA or foreign regulatory authorities.  Therefore, there is substantial doubt about the Company’s ability to continue as a going concern.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;margin:0pt;"><b style="font-weight:bold;">Reverse Stock Split</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-bottom:12pt;text-indent:36pt;background:#ffffff;margin:0pt;"><span style="font-size:10pt;">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 </span><span style="font-size:10pt;">$0.0001</span><span style="font-size:10pt;"> at a ratio of </span><span style="-sec-ix-hidden:Hidden_TYEnAG_KWEmpUHmyPlVVQQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">1-for-12</span></span><span style="font-size:10pt;"> (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 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><span style="-sec-ix-hidden:Hidden_eZfgELxsUEWkJnswwStjPA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span><span style="font-size:10pt;"> 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 </span><span style="font-size:10pt;">300,000,000</span><span style="font-size:10pt;"> shares and the par value of its common stock remains unchanged at </span><span style="font-size:10pt;">$0.0001</span><span style="font-size:10pt;"> per share.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-top:2pt;text-indent:36pt;background:#ffffff;margin:0pt;">The Company has retroactively restated the share and per share amounts in the consolidated financial statements as of December 31, 2022 and the 12 months ended December 31, 2023, 2022 and 2021, to give retroactive effect to the Reverse Stock Split. 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 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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885000
CY2023 us-gaap Lease Cost
LeaseCost
885000
CY2022 us-gaap Lease Cost
LeaseCost
885000
CY2021 us-gaap Lease Cost
LeaseCost
885000
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
1060000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
1039000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
1019000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.146
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1081000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
546000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1627000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
156000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1471000
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13672000
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4147000
CY2023 vstm Number Of Votes Per Each Share Of Common Stock
NumberOfVotesPerEachShareOfCommonStock
1
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5860000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6047000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7711000
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5900000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6000000.0
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7700000
CY2023 vstm Number Of Equity Compensation Plans
NumberOfEquityCompensationPlans
2
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7557026
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2184710
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1597222
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0282
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0215
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0441
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0281
CY2023 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.0098
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.0217
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.0044
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.0008
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2117
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2141
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.0431
CY2023 vstm Effective Income Tax Rate Reconciliation Operating Loss Tax Credit Carryforwards Expiration Percent
EffectiveIncomeTaxRateReconciliationOperatingLossTaxCreditCarryforwardsExpirationPercent
-0.0207
CY2022 vstm Effective Income Tax Rate Reconciliation Operating Loss Tax Credit Carryforwards Expiration Percent
EffectiveIncomeTaxRateReconciliationOperatingLossTaxCreditCarryforwardsExpirationPercent
-0.0226
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0014
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0004
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
110152000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
103243000
CY2023Q4 vstm Deferred Tax Assets Capitalized Research And Development
DeferredTaxAssetsCapitalizedResearchAndDevelopment
20356000
CY2022Q4 vstm Deferred Tax Assets Capitalized Research And Development
DeferredTaxAssetsCapitalizedResearchAndDevelopment
11621000
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
11192000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
7107000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3340000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3450000
CY2023Q4 vstm Deferred Tax Assets Installment Sale
DeferredTaxAssetsInstallmentSale
6909000
CY2022Q4 vstm Deferred Tax Assets Installment Sale
DeferredTaxAssetsInstallmentSale
7768000
CY2023Q4 vstm Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
311000
CY2022Q4 vstm Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
538000
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
346000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
587000
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
152606000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
134314000
CY2023Q4 vstm Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
248000
CY2022Q4 vstm Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
425000
CY2022Q4 us-gaap Deferred Tax Liabilities Derivatives
DeferredTaxLiabilitiesDerivatives
4000
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
29000
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
248000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
458000
CY2023Q4 vstm Deferred Tax Assets Net Of Deferred Tax Liabilities Before Valuation Allowance
DeferredTaxAssetsNetOfDeferredTaxLiabilitiesBeforeValuationAllowance
152358000
CY2022Q4 vstm Deferred Tax Assets Net Of Deferred Tax Liabilities Before Valuation Allowance
DeferredTaxAssetsNetOfDeferredTaxLiabilitiesBeforeValuationAllowance
133856000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
152358000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
133856000
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
18500000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
0
CY2020Q3 vstm Transition Service Agreement Relaxation Term
TransitionServiceAgreementRelaxationTerm
P1Y
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
800000

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