$VSTM
Verastem, Inc.

2024 Q4 Form 10-Q Financial Statement

#000155837024014640 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.28M $7.363M
YoY Change 66.73% 14.67%
% of Gross Profit
Research & Development $24.75M $13.95M
YoY Change 77.5% 23.55%
% of Gross Profit
Depreciation & Amortization $7.000K $10.00K
YoY Change -30.0% -66.67%
% of Gross Profit
Operating Expenses $37.03M $21.31M
YoY Change 73.78% 20.33%
Operating Profit -$37.03M -$21.31M
YoY Change 73.78% 20.33%
Interest Expense $1.148M $1.129M
YoY Change 1.68% 57.46%
% of Operating Profit
Other Income/Expense, Net -$77.00K -$13.00K
YoY Change 492.31% -165.0%
Pretax Income -$23.97M -$20.00M
YoY Change 19.84% 10.56%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$23.97M -$20.00M
YoY Change 19.81% 10.58%
Net Earnings / Revenue
Basic Earnings Per Share -$0.60 -$0.75
Diluted Earnings Per Share -$0.60 -$0.75
COMMON SHARES
Basic Shares Outstanding 44.51M 40.24M 25.25M
Diluted Shares Outstanding 40.26M 26.79M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.2M $165.7M
YoY Change -31.68% 59.33%
Cash & Equivalents $113.2M $94.99M
Short-Term Investments $0.00 $70.68M
Other Short-Term Assets $7.287M $8.800M
YoY Change -17.19% 86.88%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $120.7M $174.5M
YoY Change -30.85% 60.43%
LONG-TERM ASSETS
Property, Plant & Equipment $39.00K $35.00K
YoY Change 11.43% -71.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.052M $56.00K
YoY Change 8921.43% 19.15%
Total Long-Term Assets $5.716M $1.668M
YoY Change 242.69% -28.6%
TOTAL ASSETS
Total Short-Term Assets $120.7M $174.5M
Total Long-Term Assets $5.716M $1.668M
Total Assets $126.4M $176.2M
YoY Change -28.26% 58.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.438M $5.118M
YoY Change -13.29% -4.5%
Accrued Expenses $22.15M $16.31M
YoY Change 35.79% 10.32%
Deferred Revenue
YoY Change
Short-Term Debt $133.0K $100.0K
YoY Change 33.0%
Long-Term Debt Due $9.870M $300.0K
YoY Change 3190.0%
Total Short-Term Liabilities $37.37M $23.81M
YoY Change 56.95% 8.86%
LONG-TERM LIABILITIES
Long-Term Debt $30.65M $39.90M
YoY Change -23.19% 61.75%
Other Long-Term Liabilities $26.14M $51.00K
YoY Change 51150.98% -96.97%
Total Long-Term Liabilities $56.79M $51.00K
YoY Change 111243.14% -99.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.37M $23.81M
Total Long-Term Liabilities $56.79M $51.00K
Total Liabilities $94.16M $71.81M
YoY Change 31.12% 48.92%
SHAREHOLDERS EQUITY
Retained Earnings -$891.0M -$797.5M
YoY Change 11.72% 10.66%
Common Stock $902.0M $880.7M
YoY Change 2.43% 12.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.06M $83.18M
YoY Change
Total Liabilities & Shareholders Equity $126.4M $176.2M
YoY Change -28.26% 58.56%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$23.97M -$20.00M
YoY Change 19.81% 10.58%
Depreciation, Depletion And Amortization $7.000K $10.00K
YoY Change -30.0% -66.67%
Cash From Operating Activities -$23.79M -$16.59M
YoY Change 43.43% 10.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$70.08M
YoY Change -100.0% -1608.07%
Cash From Investing Activities $0.00 -$70.08M
YoY Change -100.0% -1608.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 53.60M -890.0K
YoY Change -6122.36% -103.47%
NET CHANGE
Cash From Operating Activities -23.79M -16.59M
Cash From Investing Activities 0.000 -70.08M
Cash From Financing Activities 53.60M -890.0K
Net Change In Cash 29.80M -87.56M
YoY Change -134.04% -676.47%
FREE CASH FLOW
Cash From Operating Activities -$23.79M -$16.59M
Capital Expenditures $0.00
Free Cash Flow -$23.79M
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 the development and commercialization of new medicines to improve the lives of patients diagnosed with cancer. The Company’s pipeline is focused on ras sarcoma (“RAS”)/ mitogen activated pathway kinase (“MAPK”) driven cancers, specifically novel drug candidates that inhibit signaling pathways critical to 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;text-indent:36pt;background:#ffffff;margin:0pt 0pt 12pt 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 LGSOC, non-small cell lung cancer (“NSCLC”), pancreatic cancer, colorectal cancer (“CRC”), and thyroid. 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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 September 30, 2024, the Company had cash, cash equivalents, and investments of $113.2 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 condensed 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. As a result of the assessment in accordance with the applicable accounting standards, these conditions raise substantial doubt about the Company’s ability to continue as a going concern for 12 months after the date the condensed consolidated financial statements are issued.</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 its operations with its existing cash, cash equivalents and investments, through potential future milestones and royalties received pursuant to the asset purchase agreement dated August 10, 2020, between the Company and Secura (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 risks 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 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;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_NKWjw0W_O06dupwQoWoQdQ;"><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 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_gXHJ4KXA30--03g37hUo_g;"><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 for the nine months ended September 30, 2023, to give retroactive effect to the Reverse Stock Split.<span style="background:#ffffff;"> 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. </span>The condensed consolidated statements of convertible preferred stock and stockholders’ equity 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 for the nine months ended September 30, 2023. </p>
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