Biopharmaceutical firm Verastem Oncology (NASDAQ:VSTM) is focused on the advancements of new medicines for cancer patients and yesterday, it was in focus after it announced its financial results for the full fiscal year and the three month period ended on December 31, 2022. It could be a good idea for investors to take a look at some of the highlights from the financial results.
On Wednesday, VSTM stock ended flat at $0.4300 with more than 375.03K shares, compared to volume of 825.16K shares. The stock moved within a range of $0.4205 – 0.4600 after opening trade at $0.4500.
At the end of the fourth quarter, the company had cash, investments and cash equivalents to the tune of $87.9 million. The total operating expenses in the fourth quarter came in at $16.8 million, which was lower than the total operating expenses of $17.1 million in the prior year period.
In the full fiscal year, Verastem managed to generate revenues to the tune of as much as $2.6 million and that was an improvement on the $2.1 million in revenues in the previous year. The total operating expenses for the full year stood at $75.5 million and that was higher than the total operating expenses of $63.5 million in the previous year. Research and development expenses stood at $50.6 million for the year and it was higher than the $39.3 million under the same overhead in the previous fiscal year.