Verastem Oncology Reports Third Quarter 2024 Financial Results and Highlights Recent Business Updates
Verastem Oncology (Nasdaq: VSTM) reported its Q3 2024 financial results and highlighted recent business updates. The company completed the rolling NDA submission for the avutometinib and defactinib combination in recurrent KRAS mutant low-grade serous ovarian cancer (LGSOC) in October 2024. They seek accelerated approval and priority review, with an FDA decision expected by the end of 2024 and potential approval by mid-2025. Verastem presented positive data from the RAMP 201 trial at IGCS 2024, showing robust response rates and low discontinuation due to adverse events. Financially, the company ended Q3 2024 with $113.2 million in cash and equivalents, providing a runway through mid-2025. Total operating expenses were $37.0 million, up from $21.3 million in Q3 2023, driven by increased R&D and SG&A costs. The net loss for Q3 2024 was $24.0 million, or $0.60 per share, compared to $20.0 million, or $0.75 per share, in Q3 2023.
Verastem Oncology (Nasdaq: VSTM) ha riferito i risultati finanziari per il terzo trimestre del 2024 e ha evidenziato aggiornamenti recenti dell'azienda. La società ha completato la presentazione della NDA rolling per la combinazione di avutometinib e defactinib nel cancro ovarico seroso a basso grado ricorrente con mutazione KRAS (LGSOC) nell'ottobre 2024. Richiedono approvazione accelerata e revisione prioritaria, con una decisione da parte della FDA attesa entro la fine del 2024 e un'approvazione potenziale entro metà del 2025. Verastem ha presentato dati positivi dal trial RAMP 201 all'IGCS 2024, mostrando tassi di risposta robusti e bassa interruzione a causa di eventi avversi. Dal punto di vista finanziario, l'azienda ha chiuso il terzo trimestre del 2024 con 113,2 milioni di dollari in liquidità e equivalenti, garantendo una copertura fino a metà del 2025. Le spese operative totali sono ammontate a 37,0 milioni di dollari, in aumento rispetto ai 21,3 milioni di dollari del terzo trimestre del 2023, a causa dell'aumento dei costi di R&S e SG&A. La perdita netta per il terzo trimestre del 2024 è stata di 24,0 milioni di dollari, ovvero 0,60 dollari per azione, rispetto ai 20,0 milioni di dollari, ovvero 0,75 dollari per azione, del terzo trimestre del 2023.
Verastem Oncology (Nasdaq: VSTM) informó sus resultados financieros del tercer trimestre de 2024 y destacó actualizaciones recientes sobre la empresa. La compañía completó la presentación de la NDA rolling para la combinación de avutometinib y defactinib en cáncer de ovario seroso de bajo grado recurrente con mutación KRAS (LGSOC) en octubre de 2024. Buscan aprobación acelerada y revisión prioritaria, con una decisión de la FDA esperada para finales de 2024 y una posible aprobación para mediados de 2025. Verastem presentó datos positivos del ensayo RAMP 201 en el IGCS 2024, mostrando tasas de respuesta sólidas y baja interrupción debido a eventos adversos. Desde el punto de vista financiero, la compañía finalizó el tercer trimestre de 2024 con 113,2 millones de dólares en efectivo y equivalentes, proporcionando un margen hasta mediados de 2025. Los gastos operativos totales fueron de 37,0 millones de dólares, en comparación con los 21,3 millones de dólares en el tercer trimestre de 2023, impulsados por un aumento en los costos de I+D y SG&A. La pérdida neta para el tercer trimestre de 2024 fue de 24,0 millones de dólares, o 0,60 dólares por acción, en comparación con los 20,0 millones de dólares, o 0,75 dólares por acción, en el tercer trimestre de 2023.
Verastem Oncology (Nasdaq: VSTM)는 2024년 3분기 재무 결과를 발표하고 최근 비즈니스 업데이트를 강조했습니다. 회사는 2024년 10월 재발성 KRAS 변이 저급 소세포 난소암(LGSOC)에서 avutometinib와 defactinib 조합을 위한 NDA 롤링 제출을 완료했습니다. 그들은 FDA의 결정을 2024년 말까지 기대하고 있으며, 2025년 중반까지 승인을 요청하고 있습니다. Verastem은 IGCS 2024에서 RAMP 201 임상 시험의 긍정적인 데이터를 발표했으며, 강력한 반응률과 저조한 부작용으로 인한 중단률을 보였습니다. 재무적으로, 회사는 2024년 3분기에 1억1320만 달러의 현금 및 현금성 자산으로 마감했으며, 2025년 중반까지의 운영 자금을 확보했습니다. 총 운영 비용은 3,700만 달러로 증가하였으며, 이는 2023년 3분기의 2,130만 달러에서 증가한 것입니다. 2024년 3분기의 순손실은 2,400만 달러, 주당 0.60달러였으며, 이는 2023년 3분기의 2,000만 달러, 주당 0.75달러와 비교됩니다.
Verastem Oncology (Nasdaq: VSTM) a annoncé ses résultats financiers du troisième trimestre 2024 et a mis en lumière les mises à jour récentes de l'entreprise. La société a complété en octobre 2024 la soumission de la NDA en cours pour la combinaison d'avutometinib et de defactinib dans le cancer de l'ovaire séreux à bas grade récurrent avec mutation KRAS (LGSOC). Elle recherche une approbation accélérée et une révision prioritaire, avec une décision de la FDA attendue d'ici fin 2024 et une approbation potentielle à mi-2025. Verastem a présenté des données positives de l'essai RAMP 201 lors de l'IGCS 2024, montrant des taux de réponse robustes et une faible interruption en raison d'événements indésirables. Sur le plan financier, la société a terminé le troisième trimestre 2024 avec 113,2 millions de dollars en liquidités et équivalents, garantissant un financement jusqu'à mi-2025. Les dépenses d'exploitation totales se sont élevées à 37,0 millions de dollars, contre 21,3 millions de dollars au troisième trimestre 2023, en raison de l'augmentation des coûts de R&D et de SG&A. La perte nette pour le troisième trimestre 2024 s'est élevée à 24,0 millions de dollars, soit 0,60 dollar par action, contre 20,0 millions de dollars, soit 0,75 dollar par action, au troisième trimestre 2023.
Verastem Oncology (Nasdaq: VSTM) hat seine Finanzzahlen für das 3. Quartal 2024 bekannt gegeben und aktuelle Unternehmensupdates hervorgehoben. Das Unternehmen hat im Oktober 2024 die Rolling-NDA-Einreichung für die Kombination aus avutometinib und defactinib bei rezidivierenden KRAS-mutierten niedrig-gradigen serösen Eierstockkrebs (LGSOC) abgeschlossen. Sie streben eine beschleunigte Genehmigung und Prioritätsprüfung an, wobei eine Entscheidung der FDA bis Ende 2024 und eine mögliche Genehmigung bis Mitte 2025 erwartet wird. Verastem präsentierte positive Daten aus der RAMP 201-Studie auf der IGCS 2024 und zeigte robuste Ansprechraten und wenige Abbrüche aufgrund von unerwünschten Ereignissen. Finanzielle Aspekte: Das Unternehmen schloss das 3. Quartal 2024 mit 113,2 Millionen Dollar in Bar und Baräquivalenten ab, was bis Mitte 2025 einen finanziellen Spielraum bietet. Die gesamten Betriebsausgaben betrugen 37,0 Millionen Dollar, ein Anstieg von 21,3 Millionen Dollar im 3. Quartal 2023, getrieben durch höhere F&E- und SG&A-Kosten. Der Nettoverlust für das 3. Quartal 2024 betrug 24,0 Millionen Dollar oder 0,60 Dollar pro Aktie, verglichen mit 20,0 Millionen Dollar oder 0,75 Dollar pro Aktie im 3. Quartal 2023.
- Completed rolling NDA submission for avutometinib and defactinib combination in recurrent KRAS mutant LGSOC.
- Presented positive, updated safety and efficacy results from the RAMP 201 trial.
- Ended Q3 2024 with $113.2 million in cash and equivalents, providing a runway through mid-2025.
- Total operating expenses increased to $37.0 million in Q3 2024, up from $21.3 million in Q3 2023.
- Net loss for Q3 2024 was $24.0 million, higher than the $20.0 million net loss in Q3 2023.
Insights
Completed rolling NDA submission for avutometinib and defactinib combination in recurrent KRAS mutant low-grade serous ovarian cancer in October 2024
Company seeking accelerated approval and priority review of its NDA submission for patients with KRAS mutant low-grade serous ovarian cancer; FDA filing decision expected before the end of 2024 with potential for FDA approval decision by mid-2025
Preparations for a potential
Presented positive, updated safety and efficacy results from the RAMP 201 trial at the IGCS 2024 Annual Meeting in October 2024
“In the third quarter of 2024, we made advancements in our recurrent low-grade serous ovarian cancer program, including sharing updated Phase 2 RAMP 201 data demonstrating robust and durable response rates, tumor reductions across a majority of patients regardless of their KRAS mutation status, and low discontinuation rates due to adverse events. We also completed our rolling NDA submission for recurrent KRAS mutant low-grade serous ovarian cancer and strengthened our balance sheet,” said Dan Paterson, president and chief executive officer of Verastem Oncology. “Looking ahead to the fourth quarter of 2024, we anticipate an FDA decision on the acceptance of our NDA, plan to submit our updated RAMP 201 trial data for publication and expect to prepare a
Third Quarter 2024 and Recent Updates
Avutometinib and Defactinib Combination in Low-Grade Serous Ovarian Cancer (LGSOC)
-
Completed the rolling New Drug Application (NDA) submission for the combination of avutometinib and defactinib for adult patients with recurrent KRAS mutant LGSOC, who received at least one prior systemic therapy, in October 2024. The Company submitted the NDA under the
U.S. Food and Drug Administration (FDA) Accelerated Approval pathway and requested Priority Review based on the combination’s potential to address significant unmet medical need among patients with recurrent LGSOC. -
RAMP 301, which is currently enrolling patients with recurrent LGSOC regardless of KRAS mutation status across the
U.S. ,UK , EU,Canada , andAustralia , will serve as a confirmatory study for the initial indication and has potential to expand the indication regardless of KRAS mutation status. The Company plans to complete enrollment in RAMP 301 by the end of 2025. The Company plans to map out a path forward with the FDA for the KRAS wild-type indication, including the ability to leverage data from the ongoing RAMP 301 Phase 3 trial. -
Announced mature data from the RAMP 201 trial that continued to show robust and durable response rates with low discontinuation rates due to adverse events in patients with recurrent KRAS mutant or KRAS wild-type LGSOC who had a minimum follow-up of 12 months, at the International Gynecologic Cancer Society (IGCS) 2024 Annual Meeting on October 17, 2024. The primary analysis of the RAMP 201 trial, with a data cutoff of June 30, 2024, showed a confirmed overall response rate (ORR) by blinded independent central review (BICR) of
31% (34/109;95% CI: 23-41),44% (25/57;95% CI: 31-58) in KRAS mutant LGSOC, and17% (9/52;95% CI: 8-30) in KRAS wild-type LGSOC. The majority (82% ) of all patients had a reduction in their tumors, regardless of KRAS status. The updated data continue to demonstrate avutometinib in combination with defactinib is generally well-tolerated, with a10% discontinuation rate due to adverse events (AEs) and no new safety signals. -
The Company continued its commercial preparation activities for a potential
U.S. launch in mid-2025. -
The Japanese Gynecologic Oncology Group (JGOG) dosed the first patient in a Phase 2 Verastem sponsored clinical trial, called RAMP201J, evaluating the safety and efficacy of avutometinib in combination with defactinib for recurrent LGSOC in
Japan in October 2024.
Avutometinib in Combination with KRAS G12C Inhibitors in Non-Small Cell Lung Cancer (NSCLC)
Following a thorough evaluation of the Company’s lung cancer clinical development program, Verastem has decided to discontinue the Phase 1/2 RAMP 204 clinical trial evaluating the combination of avutometinib and adagrasib in patients with KRAS G12C-mutant NSCLC. There are no safety concerns with the RAMP 204 trial. The Company is prioritizing the Phase 1/2 RAMP 203 clinical trial, which is evaluating the doublet of avutometinib and sotorasib and the triplet combination of avutometinib and sotorasib plus defactinib in similar patient populations.
- Since the last update of RAMP 203 in October of 2023, enrollment to the doublet of avutometinib plus sotorasib for the KRAS G12C inhibitor naïve Stage I Part B cohort has recently completed, and per protocol patients are being followed to determine if the efficacy supports further expanded enrollment into Stage II. The KRAS G12C inhibitor prior-treated Stage I Part B cohort enrollment is nearly complete.
- Earlier this year, RAMP 203 was modified to include the triplet combination of avutometinib and sotorasib plus defactinib and the first safety cohort of this triplet has been fully enrolled. Preclinical data provide strong evidence that addition of a FAK inhibitor to the sotorasib and avutometinib doublet has the potential to deepen anti-tumor response and significantly delay tumor progression.
- Expect to report updated interim data from the doublet combination of avutometinib plus sotorasib and provide initial safety data and a status of enrollment for the triplet combination of avutometinib, sotorasib and defactinib in the RAMP 203 trial by the end of 2024.
Avutometinib and Defactinib Combination in First-Line Metastatic Pancreatic Cancer
- Preclinical data outlining the scientific rationale for the combination of avutometinib plus defactinib with standard of care chemotherapy was published in the October 23, 2024 edition of Science Translational Medicine.
- Presented initial interim safety and efficacy results from the ongoing RAMP 205 trial of avutometinib and defactinib in combination with current standard of care gemcitabine and nab-paclitaxel in first-line metastatic pancreatic cancer on June 1, 2024, at the American Society of Clinical Oncology (ASCO) Annual Meeting.
- Expect to report updated data from the ongoing RAMP 205 trial in Q1 2025.
VS-7375/GFH375: Oral KRAS G12D (ON/OFF) Inhibitor
-
GenFleet began dosing several patients in the Phase 1/2 trial in
China evaluating VS-7375/GFH375 in patients with KRAS G12D-mutated advanced solid tumors in July 2024. -
After evaluating initial dose escalation data from the Phase 1 study of VS-7375/GFH375 in
China , Verastem anticipates filing aU.S. investigational new drug (IND) application by Q1 2025. - Discovery/lead optimization continues for the second and third programs in the GenFleet collaboration.
Third Quarter 2024 Financial Results
Verastem Oncology ended the third quarter of 2024 with cash, cash equivalents and short-term investments of
Total operating expenses for the three months ended September 30, 2024 (the “2024 Quarter”) were
Research & development expenses for the 2024 Quarter were
Selling, general & administrative expenses for the 2024 Quarter were
Net loss for the 2024 Quarter was
For the 2024 Quarter, non-GAAP adjusted net loss was
Use of Non-GAAP Financial Measures
To supplement Verastem Oncology’s condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in
About the Avutometinib and Defactinib Combination
Avutometinib is a RAF/MEK clamp that induces inactive complexes of MEK with ARAF, BRAF and CRAF potentially creating a more complete and durable anti-tumor response through maximal RAS/MAPK pathway inhibition. In contrast to currently available MEK-only inhibitors, avutometinib blocks both MEK kinase activity and the ability of RAF to phosphorylate MEK. This unique mechanism allows avutometinib to block MEK signaling without the compensatory activation of MEK that appears to limit the efficacy of other MEK-only inhibitors.
Verastem Oncology is currently conducting clinical trials with avutometinib in RAS/MAPK driven tumors as part of its Raf And Mek Program or RAMP. Verastem is currently enrolling patients and activating sites for RAMP 301 (NCT06072781) an international Phase 3 confirmatory trial evaluating the combination of avutometinib and defactinib, a selective FAK inhibitor, versus standard chemotherapy or hormonal therapy for the treatment of recurrent low-grade serous ovarian cancer (LGSOC). RAMP 201 (NCT04625270) is a Phase 2 registration-directed trial of avutometinib in combination with defactinib in patients with recurrent LGSOC and enrollment has been completed for the RAMP 201 trial.
Verastem has completed its submission of a New Drug Application (NDA) to the
Verastem Oncology has established a clinical collaboration with Amgen to evaluate LUMAKRAS™ (sotorasib) in combination with avutometinib and defactinib in both treatment naive and in patients who progressed on a G12C inhibitor as part of the RAMP 203 trial (NCT05074810). Verastem has received Fast Track Designation from the FDA for the triplet combination in April 2024. RAMP 205 (NCT05669482), a Phase 1b/2 clinical trial evaluating avutometinib and defactinib with gemcitabine/nab-paclitaxel in patients with front-line metastatic pancreatic cancer, is supported by the PanCAN Therapeutic Accelerator Award. FDA granted Orphan Drug Designation to avutometinib and defactinib combination for the treatment of pancreatic cancer.
About VS-7375/GFH375
VS-7375/GFH375 is a potential best-in-class, potent and selective oral KRAS G12D (ON/OFF) inhibitor, identified as the lead discovery program from the Verastem Oncology discovery and development collaboration with GenFleet Therapeutics. GenFleet’s IND for VS-7375/GFH375 was approved in
About Verastem Oncology
Verastem Oncology (Nasdaq: VSTM) is a late-stage development biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with cancer. Our pipeline is focused on RAS/MAPK-driven cancers, specifically novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition and FAK inhibition. For more information, please visit www.verastem.com and follow us on LinkedIn.
Forward-Looking Statements
This press release includes forward-looking statements about, among other things, Verastem Oncology’s programs and product candidates, strategy, future plans and prospects, including statements related to the expected timing for the FDA review of the rolling NDA submission for the avutometinib and defactinib combination in LGSOC, the structure of our planned and pending clinical trials, the potential clinical value of various of the Company’s clinical trials, including the RAMP 201, 205 and 301 trials, the timing of commencing and completing trials, including topline data reports, interactions with regulators, the timeline and indications for clinical development, regulatory submissions and the potential for and timing of commercialization of product candidates and potential for additional development programs involving Verastem Oncology’s lead compound, the expected outcome and benefits of our collaboration with GenFleet Therapeutics and the estimated addressable markets of our drug candidates. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," “can,” “promising” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in the forward-looking statements we make. Applicable risks and uncertainties include the risks and uncertainties, among other things, regarding: the success in the development and potential commercialization of our product candidates, including avutometinib in combination with other compounds, including defactinib, LUMAKRAS™ and others; the uncertainties inherent in research and development, such as negative or unexpected results of clinical trials, the occurrence or timing of applications for our product candidates that may be filed with regulatory authorities in any jurisdictions; whether and when regulatory authorities in any jurisdictions may approve any such applications that may be filed for our product candidates, and, if approved, whether our product candidates will be commercially successful in such jurisdictions; our ability to obtain, maintain and enforce patent and other intellectual property protection for our product candidates; the scope, timing, and outcome of any legal proceedings; decisions by regulatory authorities regarding trial design, labeling and other matters that could affect the timing, availability or commercial potential of our product candidates; whether preclinical testing of our product candidates and preliminary or interim data from clinical trials will be predictive of the results or success of ongoing or later clinical trials; that the timing, scope and rate of reimbursement for our product candidates is uncertain; that the market opportunities of our drug candidates are based on internal and third-party estimates which may prove to be incorrect; that third-party payors (including government agencies) may not reimburse; that there may be competitive developments affecting our product candidates; that data may not be available when expected; that enrollment of clinical trials may take longer than expected, which may delay our development programs, including delays in review by the FDA of our NDA submission in recurrent KRAS mutant LGSOC if enrollment in our confirmatory trial is not well underway at the time of submission, or that the FDA may require the Company to have completed enrollment or to enroll additional patients in the Company’s ongoing RAMP-301 confirmatory Phase 3 clinical trial prior to the FDA taking action on our NDA seeking accelerated approval; risks associated with preliminary and interim data, which may not be representative of more mature data, including with respect to interim duration of therapy data; that our product candidates will cause adverse safety events and/or unexpected concerns may arise from additional data or analysis, or result in unmanageable safety profiles as compared to their levels of efficacy; that we may be unable to successfully validate, develop and obtain regulatory approval for companion diagnostic tests for our product candidates that require or would commercially benefit from such tests, or experience significant delays in doing so; that the mature RAMP 201 data and associated discussions with the FDA may not support the scope of our NDA submission for the avutometinib and defactinib combination in LGSOC, including with respect to KRAS wild type LGSOC; that our product candidates may experience manufacturing or supply interruptions or failures; that any of our third party contract research organizations, contract manufacturing organizations, clinical sites, or contractors, among others, who we rely on fail to fully perform; that we face substantial competition, which may result in others developing or commercializing products before or more successfully than we do which could result in reduced market share or market potential for our product candidates; that we will be unable to successfully initiate or complete the clinical development and eventual commercialization of our product candidates; that the development and commercialization of our product candidates will take longer or cost more than planned, including as a result of conducting additional studies or our decisions regarding execution of such commercialization; that we may not have sufficient cash to fund our contemplated operations, including certain of our product development programs; that we may not attract and retain high quality personnel; that we or Chugai Pharmaceutical Co., Ltd. will fail to fully perform under the avutometinib license agreement; that the total addressable and target markets for our product candidates might be smaller than we are presently estimating; that we or Secura Bio, Inc. (Secura) will fail to fully perform under the asset purchase agreement with Secura, including in relation to milestone payments; that we will not see a return on investment on the payments we have and may continue to make pursuant to the collaboration and option agreement with GenFleet Therapeutics (
Other risks and uncertainties include those identified under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (SEC) on March 14, 2024 and in any subsequent filings with the SEC, which are available at www.sec.gov. The forward-looking statements contained in this press release reflect Verastem Oncology’s views as of the date hereof, and the Company does not assume and specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Verastem Oncology Condensed Consolidated Balance Sheets (in thousands) (unaudited) |
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September 30, 2024 |
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December 31, 2023 |
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Cash, cash equivalents & short-term investments |
$ |
113,175 |
|
$ |
137,129 |
|
Grant receivable |
|
200 |
|
|
— |
|
Prepaid expenses and other current assets |
|
7,287 |
|
|
6,553 |
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Property and equipment, net |
|
39 |
|
|
37 |
|
Right-of-use asset, net |
|
625 |
|
|
1,171 |
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Restricted cash and other assets |
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5,052 |
|
|
4,828 |
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Total assets |
$ |
126,378 |
|
$ |
149,718 |
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|
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|
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Current Liabilities |
$ |
37,374 |
|
$ |
26,380 |
|
Long term debt |
|
30,647 |
|
|
40,086 |
|
Lease liability, long-term |
|
— |
|
|
530 |
|
Preferred stock tranche liability |
|
— |
|
|
4,189 |
|
Warrant liability |
|
26,138 |
|
|
— |
|
Convertible preferred stock |
|
21,159 |
|
|
21,159 |
|
Stockholders’ equity |
|
11,060 |
|
|
57,374 |
|
Total liabilities, convertible preferred stock and stockholders’ equity |
$ |
126,378 |
|
$ |
149,718 |
Verastem Oncology Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) |
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Three months ended September 30, |
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Nine months ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
Revenue |
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Sale of COPIKTRA license and related assets |
$ |
— |
$ |
— |
$ |
10,000 |
$ |
— |
||||
Total revenue |
|
— |
|
— |
|
10,000 |
|
— |
||||
Operating expenses: |
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Research and development |
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24,754 |
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13,946 |
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60,523 |
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38,854 |
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Selling, general and administrative |
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12,276 |
|
7,363 |
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32,843 |
|
22,091 |
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Total operating expenses |
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37,030 |
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21,309 |
|
93,366 |
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60,945 |
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Loss from operations |
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(37,030) |
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(21,309) |
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(83,366) |
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(60,945) |
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Other expense |
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(77) |
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(13) |
|
(131) |
|
(60) |
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Interest income |
|
831 |
|
2,247 |
|
3,181 |
|
4,345 |
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Interest expense |
|
(1,148) |
|
(1,129) |
|
(3,416) |
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(3,019) |
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Change in fair value of preferred stock tranche liability |
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— |
|
200 |
|
4,189 |
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(320) |
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Change in fair value of warrant liability |
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13,457 |
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— |
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13,457 |
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— |
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Net loss |
$ |
(23,967) |
$ |
(20,004) |
$ |
(66,086) |
$ |
(59,999) |
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Net loss per share—basic and diluted |
$ |
(0.60) |
$ |
(0.75) |
$ |
(2.11) |
$ |
(2.93)(1) |
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Weighted average common shares outstanding used in computing: |
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Net loss per share – basic and diluted |
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40,258 |
|
26,790 |
|
31,350 |
|
20,452(1) |
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(1) Amounts have been retroactively restated to reflect the 1-for-12 reverse stock split effected on May 31, 2023 |
Verastem Oncology Reconciliation of GAAP to Non-GAAP Financial Information (in thousands, except per share amounts) (unaudited) |
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Three months ended September 30, |
Nine months ended September 30, |
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2024 |
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2023 |
|
2024 |
|
2023 |
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Net loss reconciliation |
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|
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Net loss (GAAP basis) |
$ |
(23,967) |
$ |
(20,004) |
$ |
(66,086) |
$ |
(59,999) |
||||
Adjust: |
|
|
|
|
||||||||
Stock-based compensation expense |
|
1,935 |
|
1,517 |
|
35,323 |
|
4,262 |
||||
Non-cash interest, net |
|
201 |
|
(371) |
|
(212) |
|
(295) |
||||
Change in fair value of preferred stock tranche liability |
|
— |
|
(200) |
|
(4,189) |
|
320 |
||||
Change in fair value of warrant liability |
|
(13,457) |
|
— |
|
(13,457) |
|
— |
||||
Severance and Other |
|
10 |
|
47 |
|
619 |
|
85 |
||||
Adjusted net loss (non-GAAP basis) |
$ |
(35,278) |
$ |
(19,011) |
$ |
(78,002) |
$ |
(55,627) |
||||
|
|
|
|
|
||||||||
Reconciliation of net loss per share |
|
|
|
|
||||||||
Net loss per share – diluted (GAAP Basis) |
|
(0.60) |
|
(0.75) |
|
(2.11) |
|
(2.93)(1) |
||||
Adjust per diluted share: |
|
|
|
|
||||||||
Stock-based compensation expense |
|
0.05 |
|
0.06 |
|
0.17 |
|
0.21(1) |
||||
Non-cash interest, net |
|
— |
|
(0.01) |
|
(0.01) |
|
(0.02)(1) |
||||
Change in fair value of preferred stock tranche liability |
|
— |
|
(0.01) |
|
(0.13) |
|
0.02(1) |
||||
Change in fair value of warrant liability |
|
(0.33) |
|
— |
|
(0.43) |
|
— |
||||
Severance and Other |
|
— |
|
— |
|
0.02 |
|
— |
||||
Adjusted net loss per share – diluted (non-GAAP basis) |
$ |
(0.88) |
$ |
(0.71) |
$ |
(2.49) |
$ |
(2.72)(1) |
||||
Weighted average common shares outstanding used in computing net loss per share—diluted |
|
40,258 |
|
26,790 |
|
31,350 |
|
20,452(1) |
||||
(1) Amounts have been retroactively restated to reflect the 1-for-12 reverse stock split effected on May 31, 2023 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106260252/en/
For Investor and Media Inquiries:
Julissa Viana
Vice President, Corporate Communications and Investor Relations
investors@verastem.com or
media@verastem.com
Source: Verastem Oncology
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