Company Reports $3.0 Million in Net Product
Revenues from COPIKTRA®; Raises Product Revenue Guidance for
2019
Cash, Cash Equivalents and Short-Term
Investments of $187.3 Million as of June 30, 2019
Company to Host Conference Call Today at 4:30
PM ET
Verastem, Inc. (Nasdaq: VSTM), operating as Verastem Oncology
(or “the Company”), focused on developing and commercializing
medicines seeking to improve the survival and quality of life of
cancer patients, today reported financial results for the three
months ended June 30, 2019, and provided an overview of recent
accomplishments and clinical development progress for duvelisib
(COPIKTRA®).
“With the third full quarter of the COPIKTRA launch now
complete, including the first full quarter of the follicular
lymphoma (FL) marketing campaign, net sales are up 81%
quarter-over-quarter,” said Dan Paterson, President and Chief
Operating Officer of Verastem Oncology. “We have begun to see early
signs that our physician education efforts are having an impact and
overcoming the historical misperceptions that surround PI3K
inhibitors, namely through strong key opinion leader engagement,
increased podium presentations and numerous new requests for
investigator-sponsored research. Overall, we are encouraged by the
breadth of reach the commercial team is achieving with hematologic
oncologists and we look forward to building on this strong momentum
for the remainder of 2019.”
Key Second Quarter 2019 and Recent Accomplishments:
Corporate and Financial
- Brian Stuglik Appointed Chief Executive Officer and Other
Leadership Changes – In July, Verastem Oncology announced the
appointment of Brian Stuglik as Chief Executive Officer. Mr.
Stuglik, who has served as a member of the Company’s Board of
Directors since September 2017, succeeds Robert Forrester who
stepped down in June 2019. Other leadership changes include Dan
Paterson, the Company’s Chief Operating Officer, assuming the role
of President and Chief Operating Officer and Rob Gagnon, the
Company’s Chief Financial Officer, appointed to Chief Business and
Financial Officer.
- Signed Exclusive License Agreement with Sanofi for the
Development and Commercialization of Duvelisib in Select Eurasian
Territories – In July 2019, the Company announced its entry
into an exclusive license agreement with Sanofi, under which
Verastem Oncology granted exclusive rights to Sanofi to develop and
commercialize products containing COPIKTRA in Russia and CIS,
Turkey, the Middle East and Africa. Under the terms of the
agreement, Verastem Oncology will receive an upfront payment of $5
million (USD) and is eligible to receive aggregate payments of up
to $42 million if certain development and sales milestones are
successfully achieved, plus double-digit percentage royalties based
on future net sales of COPIKTRA in the licensed territories. In
exchange, Sanofi received exclusive rights to develop and
commercialize COPIKTRA and hold the marketing authorization and
product license for COPIKTRA in the licensed territories.
Additionally, Sanofi will have the right to collaborate with
Verastem Oncology on certain global development and clinical trial
activities.
COPIKTRA (duvelisib)
- Ongoing Commercialization of COPIKTRA in the United States
(U.S.) – Verastem Oncology continued the ongoing launch of
COPIKTRA, an oral inhibitor of phosphoinositide 3-kinase (PI3K),
and the first approved dual inhibitor of PI3K-delta and PI3K-gamma,
in the U.S. for the treatment of adult patients with relapsed or
refractory chronic lymphocytic leukemia/small lymphocytic lymphoma
(CLL/SLL) after at least two prior therapies or relapsed or
refractory FL after at least two prior systemic therapies.
Accelerated approval in FL was based on overall response rate and
continued approval may be contingent upon confirmatory trials, the
first of which is expected to start in 2019. During the second
quarter of 2019, the number of prescribing physicians increased by
over 50% and the Company has now achieved reimbursement coverage
for COPIKTRA with virtually all the targeted insurance plans.
COPIKTRA contains a BOXED WARNING and Verastem Oncology has
implemented a Risk Evaluation and Mitigation Strategy to provide
appropriate dosing and safety information to better support
physicians in managing their patients on COPIKTRA.
- Presented COPIKTRA Data at the American Society of Clinical
Oncology (ASCO) 2019 Annual Meeting – In early June, an
abstract was presented at ASCO 2019 that highlighted dose
modification data from the Phase 3 DUO study evaluating COPIKTRA in
patients with relapsed or refractory CLL after at least two prior
therapies. This is the same indication for which COPIKTRA received
approval from the FDA in September 2018. These new data
demonstrated that dose modifications of COPIKTRA may be used to
effectively manage treatment-emergent adverse events, while
allowing patients to remain on therapy. Specifically, the data
suggest that dosing interruptions of a median of 15 days resulted
in similar response rates and progression-free survival to the 16.4
months shown in the COPIKTRA label. The data also showed that when
adverse events of special interest (AESIs) occur, they tend to
appear in the first few months of treatment, followed by a
proportionate decrease in the number of patients experiencing
AESIs.
- Presented COPIKTRA Data at the European Hematology
Association (EHA) 2019 Annual Meeting – In June, two posters
were presented at EHA 2019. The first poster described results from
a post-hoc analysis evaluating the effect of COPIKTRA on
lymphocytosis in patients with relapsed or refractory CLL/SLL from
the Phase 3 DUO study. In this analysis, treatment with COPIKTRA
rapidly increased lymphocytes and resulted in shrinkage of lymph
nodes, with 86% of patients achieving a lymph node response. The
data were similar in high-risk patients. COPIKTRA also resulted in
resolution of lymphocytosis at up to 21 weeks. The other poster was
an encore presentation of the COPIKTRA dose modification data from
ASCO 2019.
- Presented Supportive Duvelisib Data in Relapsed or
Refractory PTCL at the 15th International Congress on Malignant
Lymphoma (ICML) – In June, Dr. Steven Horwitz, MD, Memorial
Sloan Kettering Cancer Center, and lead investigator of the
Company’s ongoing Phase 2 PRIMO study, gave an oral presentation
highlighting supportive data from two Phase 1 clinical studies
evaluating duvelisib in patients with relapsed or refractory PTCL.
Across both studies, patients treated with duvelisib demonstrated
preliminary, but compelling clinical activity, including a positive
trend in response rates. The preliminary safety profile of
duvelisib in patients with relapsed or refractory PTCL was
considered reasonable and consistent with prior studies. The goal
of the ongoing Phase 2 PRIMO study is to provide guidance on a
duvelisib monotherapy dosing regimen in patients with relapsed or
refractory PTCL and to further characterize its efficacy and
tolerability in this population. Other abstracts presented at ICML
included an analysis of efficacy and safety of duvelisib compared
to ofatumumab from the Phase 3 DUO study in patients with relapsed
or refractory CLL/SLL after ≥2 prior therapies, characterization of
duvelisib in patients with refractory marginal zone lymphoma from
the Phase 2 DYNAMO study, and an overview of preclinical data
showing the potential of duvelisib in mantle cell lymphoma.
Second Quarter 2019 Financial Results
Net product revenue for the three months ended June 30, 2019
(2019 Quarter) was $3.0 million, which reflects the third full
quarter of recorded sales for COPIKTRA. The Company did not have
any product revenue for the three months ended June 30, 2018 (2018
Quarter) as the FDA approved COPIKTRA on September 24, 2018.
License and collaboration revenue for the 2019 Quarter was $0.1
million, compared to $10.0 million for the 2018 Quarter. The 2018
Quarter included license revenue of $10.0 million, related to the
upfront payment received in connection with the license and
collaboration agreement with Yakult in June 2018.
Research and development (R&D) expense for the 2019 Quarter
was $11.3 million, compared to $12.4 million for the 2018 Quarter.
The decrease of $1.1 million, or 8%, was primarily related to a
decrease in consulting fees as a result of activities to file a New
Drug Application for COPIKTRA in the 2018 Quarter and lower R&D
costs associated with the development of COPIKTRA as a result of
site closures in the Company’s Phase 3 DUO and Phase 2 DYNAMO
studies throughout 2018 and 2019 as patients continued to complete
treatment. All of these lower costs were partially offset by an
increase in costs related to the Company’s Phase 2 PRIMO study for
the treatment of patients with relapsed or refractory PTCL.
Selling, general and administrative expense for the 2019 Quarter
was $29.3 million, compared to $15.8 million for the 2018 Quarter.
The increase of $13.5 million, or 85%, was primarily due to higher
personnel and related costs, as well as promotional and consulting
costs in support of the launch of COPIKTRA which includes executive
and non-executive separation costs, debt advisory and other costs
of $2.7 million.
Net loss for the 2019 Quarter was $42.2 million, or $0.57 per
share (basic and diluted), compared to $18.4 million, or $0.30 per
share (basic and diluted), for the 2018 Quarter.
For the 2019 Quarter, non-GAAP adjusted net loss was $35.7
million, or $0.48 per share, compared to non-GAAP adjusted net loss
of $16.7 million, or $0.27 per share, for the 2018 Quarter. Please
refer to the GAAP to Non-GAAP Reconciliation attached to this press
release.
As of June 30, 2019, Verastem Oncology had cash, cash
equivalents and short-term investments of $187.3 million.
Financial Guidance for Fiscal 2019
Verastem Oncology is raising its full-year guidance for net
product revenue of COPIKTRA. The Company now expects net product
revenue of COPIKTRA to be in the range of $12-14 million, higher
than the previous estimate of $10-12 million. This guidance is
based on product revenue to date, current run rates and near-term
expectations.
Conference Call and Webcast Information
The Verastem Oncology management team will host a conference
call and webcast today, Thursday, August 1, 2019, at 4:30 PM (ET).
The call can be accessed by dialing (877) 341-5660 (U.S. and
Canada) or (315) 625-3226 (international), five minutes prior to
the start of the call and providing the passcode 6256817.
The live, listen-only webcast of the conference call can be
accessed by visiting the investors section of the Company's website
at www.verastem.com. A replay of the webcast will be archived on
the Company's website for 90 days following the call.
About Chronic Lymphocytic Leukemia/Small Lymphocytic
Lymphoma
Chronic lymphocytic leukemia (CLL) and small lymphocytic
lymphoma (SLL) are cancers that affect lymphocytes and are
essentially the same disease, with the only difference being the
location where the cancer primarily occurs. When most of the cancer
cells are located in the bloodstream and the bone marrow, the
disease is referred to as CLL, although the lymph nodes and spleen
are often involved. When the cancer cells are located mostly in the
lymph nodes, the disease is called SLL. The symptoms of CLL/SLL
include a tender, swollen abdomen and feeling full even after
eating only a small amount. Other symptoms can include fatigue,
shortness of breath, anemia, bruising easily, night sweats, weight
loss, and frequent infections. However, many patients with CLL/SLL
will live for years without symptoms. In 2018, there were
approximately 200,000 patients in the United States affected by
CLL/SLL with nearly 20,000 new diagnoses. While there are therapies
currently available, real-world data reveals that a significant
number of patients either relapse following treatment, become
refractory to current agents, or are unable to tolerate treatment,
representing a significant medical need. The potential of
additional oral agents, particularly as a monotherapy that can be
used in the general community physician’s armamentarium, may hold
significant value in the treatment of patients with CLL/SLL.
About Follicular Lymphoma
Follicular lymphoma (FL) is typically a slow-growing or indolent
form of non-Hodgkin lymphoma (NHL) that arises from B-lymphocytes,
making it a B-cell lymphoma. In 2018, this lymphoma subtype
accounted for 20 to 30 percent of all NHL cases, with more than
140,000 people in the United States with FL and more than 13,000
newly diagnosed patients. Common symptoms of FL include enlargement
of the lymph nodes in the neck, underarms, abdomen, or groin, as
well as fatigue, shortness of breath, night sweats, and weight
loss. Often, patients with FL have no obvious symptoms of the
disease at diagnosis. Follicular lymphoma is usually not considered
to be curable, but more of a chronic disease, with patients living
for many years with this form of lymphoma. The potential of
additional oral agents, particularly as a monotherapy that can be
used in the general community physician’s armamentarium, may hold
significant value in the treatment of patients with FL.
About Peripheral T-Cell Lymphoma
Peripheral T-cell lymphoma (PTCL) is a rare, aggressive type of
non-Hodgkin lymphoma (NHL) that develops in mature white blood
cells called “T cells” and “natural killer (NK) cells”1 which
circulate with the lymphatic system.2 PTCL accounts for between
10-15% of all non-Hodgkin lymphomas (NHLs) and generally affects
people aged 60 years and older.1 Although there are many different
subtypes of peripheral T-cell lymphoma, they often present in a
similar way, with widespread, enlarged, painless lymph nodes in the
neck, armpit or groin.2 There is currently no established standard
of care for patients with relapsed or refractory disease.1
About COPIKTRA™ (duvelisib)
COPIKTRA is an oral inhibitor of phosphoinositide 3-kinase
(PI3K), and the first approved dual inhibitor of PI3K-delta and
PI3K-gamma, two enzymes known to help support the growth and
survival of malignant B-cells. PI3K signaling may lead to the
proliferation of malignant B-cells and is thought to play a role in
the formation and maintenance of the supportive tumor
microenvironment.3,4,5 COPIKTRA is indicated for the treatment of
adult patients with relapsed or refractory chronic lymphocytic
leukemia/small lymphocytic lymphoma (CLL/SLL) after at least two
prior therapies and relapsed or refractory follicular lymphoma (FL)
after at least two prior systemic therapies. COPIKTRA is also being
developed by Verastem Oncology for the treatment of peripheral
T-cell lymphoma (PTCL), for which it has received Fast Track
status, and is being investigated in combination with other agents
through investigator-sponsored studies.6 For more information on
COPIKTRA, please visit www.COPIKTRA.com. Information about
duvelisib clinical trials can be found on
www.clinicaltrials.gov.
About Verastem Oncology
Verastem Oncology (Nasdaq: VSTM) is a commercial
biopharmaceutical company committed to the development and
commercialization of medicines to improve the lives of patients
diagnosed with cancer. We are driven by the strength, tenacity and
courage of those battling cancer – single-minded in our resolve to
deliver new therapies that not only keep cancer at bay but improve
the lives of patients diagnosed with cancer. Because for us, it’s
personal.
Our first FDA approved product is now available for the
treatment of patients with certain types of indolent non-Hodgkin’s
lymphoma (iNHL). Our pipeline comprises product candidates that
seek to treat cancer by modulating the local tumor
microenvironment. For more information, please visit
www.verastem.com.
COPIKTRA™ (duvelisib) – Select Important Safety
Information
WARNING: FATAL AND SERIOUS TOXICITIES: INFECTIONS, DIARRHEA
OR COLITIS, CUTANEOUS REACTIONS, and PNEUMONITIS
See full prescribing information for complete boxed warning.
- Fatal and/or serious infections occurred in 31% of
COPIKTRA-treated patients. Monitor for signs and symptoms of
infection. Withhold COPIKTRA if infection is suspected.
- Fatal and/or serious diarrhea or colitis occurred in 18% of
COPIKTRA-treated patients. Monitor for the development of severe
diarrhea or colitis. Withhold COPIKTRA.
- Fatal and/or serious cutaneous reactions occurred in 5% of
COPIKTRA-treated patients. Withhold COPIKTRA.
- Fatal and/or serious pneumonitis occurred in 5% of
COPIKTRA-treated patients. Monitor for pulmonary symptoms and
interstitial infiltrates. Withhold COPIKTRA.
WARNINGS AND PRECAUTIONS
- Hepatotoxicity: Monitor hepatic function.
- Neutropenia: Monitor blood counts.
- Embryo-Fetal toxicity: COPIKTRA can cause fetal harm. Advise
patients of potential risk to a fetus and to use effective
contraception.
ADVERSE REACTIONS: The most common adverse reactions
(> 20%) are diarrhea or colitis, neutropenia, rash, fatigue,
pyrexia, cough, nausea, upper respiratory infection, pneumonia,
musculoskeletal pain, and anemia.
To report SUSPECTED ADVERSE REACTIONS, contact Verastem, Inc.
(Verastem) at 877-7RXVSTM or 1-877-779-8786, or U.S. Food and Drug
Administration (FDA) at 1-800-FDA-1088 or www.fda.gov/medwatch.
DRUG INTERACTIONS
- CYP3A inducers: Avoid co-administration with strong CYP3A
inducers.
- CYP3A inhibitors: Monitor for COPIKTRA toxicities when
co-administered with strong or moderate CYP3A inhibitors. Reduce
COPIKTRA dose to 15 mg twice daily when co-administered with strong
CYP3A4 inhibitors.
- CYP3A substrates: Monitor for signs of toxicities when
co-administering COPIKTRA with sensitive CYP3A substrates.
See full Prescribing Information for complete Boxed Warning
and other important safety information.
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 the
United States (GAAP), the Company uses the following non-GAAP
financial measures in this press release: non-GAAP adjusted net
loss and non-GAAP net loss per share. These non-GAAP financial
measures exclude certain amounts or expenses from the corresponding
financial measures determined in accordance with GAAP. Management
believes this non-GAAP information is useful for investors, taken
in conjunction with the Company’s GAAP financial statements,
because it provides greater transparency and period-over-period
comparability with respect to the Company’s operating performance
and can enhance investors’ ability to identify operating trends in
the Company’s business. Management uses these measures, among other
factors, to assess and analyze operational results and trends and
to make financial and operational decisions. Non-GAAP information
is not prepared under a comprehensive set of accounting rules and
should only be used to supplement an understanding of the Company’s
operating results as reported under GAAP, not in isolation or as a
substitute for, or superior to, financial information prepared and
presented in accordance with GAAP. In addition, these non-GAAP
financial measures are unlikely to be comparable with non-GAAP
information provided by other companies. The determination of the
amounts that are excluded from non-GAAP financial measures is a
matter of management judgment and depends upon, among other
factors, the nature of the underlying expense or income amounts.
Reconciliations between these non-GAAP financial measures and the
most comparable GAAP financial measures for the three and six
months ended June 30, 2019 and 2018 are included in the tables
accompanying this press release after the unaudited condensed
consolidated financial statements.
Forward looking statements notice
This press release and the commentary in the conference call to
be held today each include forward-looking statements about
Verastem Oncology’s strategy, future plans and prospects, including
statements regarding the development and activity of Verastem
Oncology’s lead product COPIKTRA, and Verastem Oncology’s PI3K
program generally, its commercialization of COPIKTRA, the potential
commercial success of COPIKTRA, including financial guidance and
patient population estimates, the anticipated adoption of COPIKTRA
by patients and physicians, the structure of its planned and
pending clinical trials and the timeline and indications for
clinical development, regulatory submissions and commercialization
activities. The words "anticipate," "believe," "estimate,"
"expect," "intend," "may," "plan," "predict," "project," "target,"
"potential," "will," "would," "could," "should," "continue," and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Each forward-looking statement is subject
to risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in such
statement.
Applicable risks and uncertainties include the risks and
uncertainties, among other things, regarding: the commercial
success of COPIKTRA in the United States; physician and patient
adoption of COPIKTRA, including those related to the safety and
efficacy of COPIKTRA; the uncertainties inherent in research and
development of COPIKTRA, such as negative or unexpected results of
clinical trials; whether and when any applications for COPIKTRA may
be filed with regulatory authorities in any other jurisdictions;
whether and when regulatory authorities in any other jurisdictions
may approve any such other applications that may be filed for
COPIKTRA, which will depend on the assessment by such regulatory
authorities of the benefit-risk profile suggested by the totality
of the efficacy and safety information submitted and, if approved,
whether COPIKTRA will be commercially successful in such
jurisdictions; our ability to obtain, maintain and enforce patent
and other intellectual property protection for COPIKTRA and our
other product candidates; the scope, timing, and outcome of any
legal proceedings; decisions by regulatory authorities regarding
labeling and other matters that could affect the availability or
commercial potential of COPIKTRA; the fact that regulatory
authorities in the U.S. or other jurisdictions, if approved, could
withdraw approval; 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 third-party payors
(including government agencies) may not reimburse for COPIKTRA;
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; that
COPIKTRA or our other product candidates will cause unexpected
safety events, experience manufacturing or supply interruptions or
failures, or result in unmanageable safety profiles as compared to
their levels of efficacy; that COPIKTRA will be ineffective at
treating patients with lymphoid malignancies; 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; that
we may not have sufficient cash to fund our contemplated
operations; that we, CSPC Pharmaceutical Group, Yakult Honsha Co.,
Ltd., Sanofi or Infinity Pharmaceuticals, Inc. will fail to fully
perform under the duvelisib license agreements; that we may be
unable to make additional draws under our debt facility or obtain
adequate financing in the future through product licensing,
co-promotional arrangements, public or private equity, debt
financing or otherwise; that we will not pursue or submit
regulatory filings for our product candidates, including for
duvelisib in patients with chronic lymphocytic leukemia/small
lymphocytic lymphoma (CLL/SLL) or indolent non-Hodgkin lymphoma
(iNHL) in other jurisdictions; and that our product candidates will
not receive regulatory approval, become commercially successful
products, or result in new treatment options being offered to
patients.
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, 2018 as filed with the SEC on March
12, 2019 and in any subsequent filings with the SEC. 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.
References
1 The Leukemia & Lymphoma Society.
Peripheral T-Cell Lymphoma Facts. July 2014.
2 Leukemia Foundation.
http://www.leukaemia.org.au/blood-cancers/lymphomas/non-hodgkin-lymphoma-nhl/peripheral-t-cell-lymphoma
3 Winkler D.G., Faia K.L., DiNitto J.P. et
al. PI3K-delta and PI3K-gamma inhibition by IPI-145 abrogates
immune responses and suppresses activity in autoimmune and
inflammatory disease models. Chem Biol 2013; 20:1-11.
4 Reif K et al. Cutting Edge: Differential
Roles for Phosphoinositide 3 kinases, p110-gamma and p110-delta, in
lymphocyte chemotaxis and homing. J Immunol 2004:173:2236-2240.
5 Schmid M et al. Receptor Tyrosine
Kinases and TLR/IL1Rs Unexpectedly activate myeloid cell PI3K, a
single convergent point promoting tumor inflammation and
progression. Cancer Cell 2011; 19:715-727.
6 www.clinicaltrials.gov, NCT03372057
Verastem, Inc.
Condensed Consolidated Balance
Sheets
(in thousands)
June 30,
December 31,
2019
2018
Cash, cash equivalents and investments
$
187,253
$
249,653
Accounts receivable, net
1,389
306
Inventory
294
327
Prepaid expenses and other current
assets
3,410
2,973
Property and equipment, net
1,149
1,369
Intangible assets, net
20,793
21,577
Right-of-use asset, net
3,225
—
Other assets
1,028
1,031
Total assets
$
218,541
$
277,236
Current Liabilities
$
31,204
$
37,077
Long-term debt
34,673
19,506
Convertible senior notes
99,163
95,231
Lease Liability, long-term
3,694
—
Other liabilities
500
1,123
Stockholders’ equity
49,307
124,299
Total liabilities and stockholders’
equity
$
218,541
$
277,236
Verastem, Inc.
Unaudited Condensed
Consolidated Statements of Operations
(in thousands, except per share
amounts)
Three months ended June
30,
Six months ended June
30,
2019
2018
2019
2018
Revenue:
Product revenue, net
$
3,019
$
—
$
4,690
$
—
License and collaboration revenue
117
10,000
117
10,000
Total revenue
3,136
10,000
4,807
10,000
Operating expenses:
Cost of sales - product
377
—
534
—
Cost of sales - intangible
amortization
392
—
785
—
Research and development
11,346
12,381
21,103
23,315
Selling, general and administrative
29,298
15,813
55,331
25,640
Total operating expenses
41,413
28,194
77,753
48,955
Loss from operations
(38,277
)
(18,194
)
(72,946
)
(38,955
)
Interest income
1,268
343
2,765
534
Interest expense
(5,185
)
(516
)
(10,115
)
(996
)
Net loss
$
(42,194
)
$
(18,367
)
$
(80,296
)
$
(39,417
)
Net loss per share—basic and diluted
$
(0.57
)
$
(0.30
)
$
(1.09
)
$
(0.70
)
Weighted average common shares outstanding
used in computing net loss per share—basic and diluted
73,877
61,256
73,865
56,074
Verastem, Inc.
Reconciliation of GAAP to
Non-GAAP Financial Information
(in thousands, except per share
amounts)
Three months ended June
30,
Six months ended June
30,
2019
2018
2019
2018
Net Loss Reconciliation
Net Loss (GAAP basis)
$
(42,194
)
$
(18,367
)
$
(80,296
)
$
(39,417
)
Adjust:
Amortization of acquired intangible
asset
393
—
785
—
Stock-based compensation expense
3,065
1,539
5,313
2,867
Non-cash interest, net
1,207
95
2,815
178
Severance and Other
1,780
—
1,780
—
Adjusted Net Loss (non-GAAP
basis)
$
(35,749
)
$
(16,733
)
$
(69,603
)
$
(36,372
)
Reconciliation of Net Loss Per
Share
Net Loss per share – diluted (GAAP
Basis)
(0.57
)
(0.30
)
(1.09
)
(0.70
)
Adjust per diluted share:
Amortization of acquired intangible
asset
0.01
—
0.01
—
Stock-based compensation expense
0.04
0.03
0.07
0.05
Non-cash interest, net
0.02
0.00
0.04
0.00
Severance and Other
0.02
—
0.02
—
Adjusted Net Loss per share – diluted
(non-GAAP Basis)
$
(0.48
)
$
(0.27
)
$
(0.94
)
$
(0.65
)
Weighted average common shares outstanding
used in computing net loss per share—diluted
73,877
61,256
73,865
56,074
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190801005848/en/
Investors: John Doyle Vice President, Investor Relations &
Finance +1 781-469-1546 jdoyle@verastem.com Media: Lisa Buffington
Corporate Communications +1 781-292-4205
lbuffington@verastem.com
Verastem (NASDAQ:VSTM)
Historical Stock Chart
From Aug 2024 to Sep 2024
Verastem (NASDAQ:VSTM)
Historical Stock Chart
From Sep 2023 to Sep 2024