Verastem Inc
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
VSTM$8.73+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Year Ended December 31, | |||||||||
| · · 2023 · 2022 · 2021 | |||||||||
| Operating activities | | | | | | | | | |
| Net loss | | $(87,367) | | $(73,812) | | $(71,200) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | |
| Depreciation | | 62 | | 118 | | 206 | |||
| Amortization of right-of-use asset and lease liability | | | (175) | | | (154) | | | (134) |
| Stock-based compensation expense | | 5,860 | | 6,047 | | 7,711 | |||
| Amortization of deferred financing costs, debt discounts and premiums and discounts on available-for-sale marketable securities | | | (1,132) | | | 228 | | | 9,331 |
| Change in fair value of preferred stock tranche liability | | | (2,751) | | | — | | | — |
| Changes in operating assets and liabilities: | | | | | | | | | |
| Accounts receivable, net | | | 31 | | | 485 | | | (277) |
| Prepaid expenses, other current assets and other assets | | (5,826) | | 744 | | (1,558) | |||
| Accounts payable | | 2,283 | | 2,599 | | 623 | |||
| Accrued expenses and other liabilities | | 2,938 | | (638) | | 1,796 | |||
| Deferred liabilities | | | (383) | | | 710 | | | — |
| Net cash used in operating activities | | (86,460) | | (63,673) | | (53,502) | |||
| Investing activities | | | | | | | | | |
| Purchases of property and equipment | | | — | | | — | | | (196) |
| Purchases of investments | | (96,447) | | (17,815) | | (86,442) | |||
| Maturities of investments | | 52,000 | | 84,000 | | 86,725 | |||
| Net cash provided by (used in) investing activities | | (44,447) | | 66,185 | | 87 | |||
| Financing activities | | | | | | | | | |
| Proceeds from issuance of Series B Convertible Preferred Stock, net | | | 28,099 | | | — | | | — |
| Proceeds from long-term debt, net | | | 14,918 | | | 24,148 | | | — |
| Repayment of 2018 Notes | | | (300) | | | — | | | — |
| Proceeds from insurance premium financing | | | 1,430 | | | — | | | — |
| Payments on insurance premium financing | | | (1,430) | | | — | | | — |
| Proceeds from the exercise of stock options and employee stock purchase program | | | 57 | | | 282 | | | 1,087 |
| Settlement of restricted stock for tax withholdings | | | — | | | — | | | (925) |
| Proceeds from the issuance of common stock and pre-funded warrants, net | | | 91,420 | | | 27,354 | | | 6,723 |
| Net cash provided by financing activities | | 134,194 | | 51,784 | | 6,885 | |||
| Increase (decrease) in cash, cash equivalents and restricted cash | | 3,287 | | 54,296 | | (46,530) | |||
| Cash, cash equivalents and restricted cash at beginning of period | | 75,789 | | 21,493 | | 68,023 | |||
| Cash, cash equivalents and restricted cash at end of period | | $79,076 | | $75,789 | | $21,493 | |||
| Supplemental disclosure | | | | | | | | | |
| Cash paid for interest | | $3,361 | | $1,536 | | $1,007 | |||
| Supplemental disclosure of non-cash investing and financing activities | | | | | | | | | |
| Issuance of preferred stock tranche liability | | $6,940 | | $— | | $— | |||
| Conversion of 2020 Notes into common stock | | $— | | $— | | $28,000 | |||
| Purchases of property and equipment included in accounts payable and accrued expenses | | $7 | | $— | | $— | |||
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