Verastem, Inc.
For the period ended Dec 31, 2024. Filed Mar 20, 2025.
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FY2024 · Filed Mar 20, 2025
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, | |||||||||
| · · 2024 · 2023 · 2022 | |||||||||
| Operating activities | | | | | | | | | |
| Net loss | | $(130,637) | | $(87,367) | | $(73,812) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | |
| Depreciation | | 26 | | 62 | | 118 | |||
| Non-cash operating lease cost | | | (175) | | | (175) | | | (154) |
| Stock-based compensation expense | | 7,342 | | 5,860 | | 6,047 | |||
| Amortization of deferred financing costs, debt discounts and premiums and discounts on available-for-sale marketable securities | | | (5) | | | (1,132) | | | 228 |
| Change in fair value of preferred stock tranche liability | | | (4,189) | | | (2,751) | | | — |
| Change in fair value of warrant liability | | | 19,149 | | | — | | | — |
| Changes in operating assets and liabilities: | | | | | | | | | |
| Accounts receivable, net | | | — | | | 31 | | | 485 |
| Grant receivable | | | (200) | | | — | | | — |
| Prepaid expenses, other current assets and other assets | | (596) | | (5,826) | | 744 | |||
| Accounts payable | | (3,158) | | 2,283 | | 2,599 | |||
| Accrued expenses and other liabilities | | 7,999 | | 2,938 | | (638) | |||
| Deferred liabilities | | | (327) | | | (383) | | | 710 |
| Net cash used in operating activities | | (104,771) | | (86,460) | | (63,673) | |||
| Investing activities | | | | | | | | | |
| Purchases of property and equipment | | | (28) | | | — | | | — |
| Purchases of investments | | — | | (96,447) | | (17,815) | |||
| Maturities of investments | | 60,000 | | 52,000 | | 84,000 | |||
| Net cash provided by (used in) investing activities | | 59,972 | | (44,447) | | 66,185 | |||
| Financing activities | | | | | | | | | |
| Payments for loan amendment | | | (150) | | | — | | | — |
| 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 | | | 1,298 | | | 1,430 | | | — |
| Payments on insurance premium financing | | | (1,298) | | | (1,430) | | | — |
| Proceeds from the exercise of stock options and employee stock purchase program | | | 241 | | | 57 | | | 282 |
| Proceeds from the issuance of common stock and pre-funded warrants, net | | | 14,221 | | | 91,420 | | | 27,354 |
| Proceeds from the issuance of warrants | | | 39,595 | | | — | | | — |
| Proceeds from exercise of warrants | | | 875 | | | — | | | — |
| Net cash provided by financing activities | | 54,782 | | 134,194 | | 51,784 | |||
| Increase in cash, cash equivalents and restricted cash | | 9,983 | | 3,287 | | 54,296 | |||
| Cash, cash equivalents and restricted cash at beginning of period | | 79,076 | | 75,789 | | 21,493 | |||
| Cash, cash equivalents and restricted cash at end of period | | $89,059 | | $79,076 | | $75,789 | |||
| Supplemental disclosure | | | | | | | | | |
| Cash paid for interest | | | 3,774 | | | 3,361 | | | 1,536 |
| Supplemental disclosure of non-cash investing and financing activities | | | | | | | | | |
| Issuance of preferred stock tranche liability | | $— | | $6,940 | | $— | |||
| Purchases of property and equipment included in accounts payable and accrued expenses | | $— | | $7 | | $— | |||
| Issuance costs included in accounts payable and accrued expenses | | $32 | | $— | | $— | |||
| Conversion of Series B Convertible Preferred Stock to common stock | | $21,159 | | $— | | $— | |||
| Conversion of warrant liability to common stock upon warrant exercise | | $545 | | $— | | $— | |||
| Right of use asset obtained in exchange for operating lease liability | | $988 | | $— | | $— | |||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.