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VSTM • CIK 0001526119
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Costs and Expenses | $92,084 | $124,956 | $201,043 | $247,322 |
| Operating Income (Loss) | $-92,084 | $-114,956 | $-170,129 | $-159,796 |
| Other Nonoperating Income (Expense) | $-109 | $-123 | $-203 | $-167 |
| Investment Income, Interest | $6,214 | $4,149 | $4,068 | $4,691 |
| Interest Expense | $4,139 | $4,562 | $1,138 | $1,477 |
| Gain (Loss) on Extinguishment of Debt | — | — | $-1,826 | $-1,826 |
| Fair Value Adjustment of Warrants | — | $19,149 | $27,492 | $36,073 |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | — | $-130,452 | $-209,471 | $-201,882 |
| Income Tax Expense (Benefit) | — | $185 | $185 | — |
| Net Income (Loss) Attributable to Parent | $-87,367 | $-130,637 | $-209,471 | $-202,698 |
| Weighted Average Number of Shares Outstanding, Basic | 22,054,000 | 35,713,000 | 69,309,000 | 108,327,000 |
| Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Portion Attributable to Parent | $13 | $-13 | $-13 | — |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $-87,354 | $-130,650 | $-204,242 | $-189,365 |
| Revenue from Contract with Customer, Excluding Assessed Tax | — | $10,000 | — | $10,000 |
| Revenues | $2,596 | $10,000 | $30,914 | $87,526 |
| Cost, Amortization | — | — | $698 | $1,129 |
| Research and Development Expense | $61,356 | $81,334 | $114,599 | $140,216 |
| Selling, General and Administrative Expense | $30,728 | $43,622 | $81,146 | $95,163 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Property, Plant and Equipment, Net | $37 | $32 | $32 | $20 |
| Operating Lease, Right-of-Use Asset | $1,171 | $1,405 | $491 | $2,625 |
| Restricted Cash and Cash Equivalents, Noncurrent | $241 | $241 | $241 | $241 |
| Finite-Lived Intangible Assets, Net | — | — | $16,426 | $15,867 |
| Other Assets, Noncurrent | $4,587 | $4,899 | $6,112 | $11,623 |
| Assets | $149,718 | $101,538 | $246,442 | $206,511 |
| Cash and Cash Equivalents, at Carrying Value | $77,909 | $88,818 | $204,990 | $136,353 |
| Accounts Receivable, after Allowance for Credit Loss | $31 | — | $8,813 | $28,874 |
| Inventory, Net | — | — | $1,833 | $2,396 |
| Prepaid Expense and Other Assets, Current | $6,553 | $5,943 | $7,577 | $8,332 |
| Assets, Current | $143,682 | $94,961 | $223,413 | $176,155 |
| Accounts Payable, Current | $7,184 | $4,026 | $12,448 | $17,999 |
| Accrued Liabilities, Current | $17,928 | $25,952 | $53,981 | $54,196 |
| SupplierFinanceProgramObligationCurrent | — | — | $5,304 | $5,228 |
| Operating Lease, Liability, Current | $941 | $995 | $535 | $493 |
| Liabilities, Current | $26,380 | $30,973 | $72,268 | $78,130 |
| Secured Long-term Debt, Noncurrent | $40,086 | $40,724 | $76,330 | $73,774 |
| SupplierFinanceProgramObligationNoncurrent | — | — | $5,000 | $2,500 |
| Operating Lease, Liability, Noncurrent | $530 | $535 | $535 | $2,121 |
| Warrants and Rights Outstanding | — | $58,199 | $35,647 | $35,647 |
| Liabilities | $71,185 | $130,431 | $189,245 | $156,525 |
| Convertible Preferred Stock, Nonredeemable or Redeemable, Issuer Option, Value | $21,159 | $21,159 | — | $21,159 |
| Common Stock, Value, Issued | $3 | $4 | $8 | $9 |
| Additional Paid in Capital, Common Stock | $882,248 | $926,630 | $1,216,958 | $1,278,196 |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $13 | $13 | $5,229 | $8,043 |
| Retained Earnings (Accumulated Deficit) | $-824,890 | $-955,527 | $-1,164,998 | $-1,236,262 |
| Stockholders' Equity Attributable to Parent | $57,374 | $-28,893 | $57,197 | $49,986 |
| Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
| Common Stock, Shares Authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 |
| Common Stock, Shares, Issued | 25,281,000 | 44,784,000 | 77,740,000 | 90,482,000 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $-87,367 | $-130,637 | $-209,471 | $-202,698 |
| Net Cash Provided by (Used in) Operating Activities | $-86,460 | $-104,771 | $-137,509 | $-162,195 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $3,287 | $9,983 | $116,172 | $-27,969 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $79,076 | $89,059 | $205,231 | $253,213 |
| Depreciation | $62 | $26 | $30 | $30 |
| Payments to Acquire Property, Plant, and Equipment | $196 | $28 | $28 | $28 |
| Amortization of Intangible Assets | — | — | $698 | $1,129 |
| Payments to Acquire Intangible Assets | — | — | $9,624 | $9,624 |
| Payments to Acquire Debt Securities, Available-for-sale | $96,447 | $96,447 | $96,447 | — |
| Share-based Payment Arrangement, Noncash Expense | $5,860 | $7,342 | $9,404 | $9,679 |
| Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | $52,000 | $60,000 | $60,000 | — |
| Amortization of Debt Issuance Costs and Discounts | $-1,132 | $-5 | $29 | $-235 |
| Net Cash Provided by (Used in) Investing Activities | $-44,447 | $59,972 | $-9,624 | $-9,624 |
| Fair Value Adjustment of Warrants | — | $19,149 | $27,492 | $36,073 |
| Gain (Loss) on Extinguishment of Debt | — | — | $-1,826 | $-1,826 |
| Proceeds from Issuance of Common Stock | $91,420 | $14,221 | $196,976 | $196,976 |
| Proceeds from Issuance of Warrants | — | $39,595 | $39,595 | $39,595 |
| Proceeds from Issuance of Preferred Stock and Preference Stock | $28,099 | $28,099 | $28,099 | $28,099 |
| Proceeds from Warrant Exercises | — | $875 | $33,792 | $49,323 |
| Proceeds from Issuance of Secured Debt | $14,918 | $14,918 | $75,000 | $75,000 |
| Repayments of Long-term Debt | $300 | $300 | $42,579 | $42,579 |
| Payments of Loan Costs | — | $150 | $150 | $150 |
| Proceeds from (Repayments of) Notes Payable | — | — | $-300 | $-300 |
| Proceeds from Stock Options Exercised | $57 | $241 | $116 | $162 |
| Net Cash Provided by (Used in) Financing Activities | $134,194 | $54,782 | $263,305 | $143,615 |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $3,361 | $3,774 | $6,364 | $6,364 |
| Income Taxes Paid, Net | — | — | $185 | $185 |
| Capital Expenditures Incurred but Not yet Paid | $7 | $7 | $7 | $7 |
| Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | — | $32 | $32 | $32 |
| Stock Issued During Period, Value, Conversion of Convertible Securities | $28,000 | $21,159 | $21,159 | $21,159 |
| Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | — | $988 | $988 | — |
| Noncash or Part Noncash Acquisition, Intangible Assets Acquired | — | — | $7,500 | $7,500 |
| Increase (Decrease) in Accounts Receivable | $-31 | $-31 | $8,813 | $26,798 |
| Increase (Decrease) in Inventories | — | — | $1,833 | $1,228 |
| Increase (Decrease) in Prepaid Expense and Other Assets | $5,826 | $596 | $2,605 | $8,317 |
| Increase (Decrease) in Accounts Payable | $2,283 | $-3,158 | $8,422 | $9,952 |
| Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities | $2,938 | $7,999 | $30,833 | $24,331 |
| Increase (Decrease) in Deferred Liabilities | $-383 | $-327 | $-327 | $-327 |