For the quarter ending 2026-03-31, VSTM had -$39,439K decrease in cash & cash equivalents over the period.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Revenue-Product | - | 17,535 | 13,379 | - |
| Cost of sales - product | - | 2,612 | 1,988 | - |
| Cost of sales - intangible amortization | - | 280 | 418 | - |
| Research and development expenses | - | 31,127 | 80,938 | - |
| Commercial expenses | - | 12,034 | 22,282 | - |
| Medical affairs expenses | - | 3,431 | 7,615 | - |
| General and administrative expenses | - | 7,098 | 21,414 | - |
| Stock-based compensation expense | - | 2,026 | 7,379 | - |
| Depreciation expense | - | 20 | 12 | - |
| Interest income | - | 1,104 | 2,964 | - |
| Interest expense | - | 415 | 723 | - |
| Loss on debt extinguishment | - | 0 | -1,826 | - |
| Change in fair value of warrant liability | - | -10,485 | 37,977 | - |
| Change in fair value of notes | - | 2,598 | 10,153 | - |
| Other segment items | - | 399 | 173 | - |
| Net loss | -36,591 | -32,916 | -98,518 | -78,037 |
| Depreciation | - | 18 | 2 | 10 |
| Amortization of acquired intangible assets | 279 | 280 | 290 | 128 |
| Non-cash operating lease cost | -27 | -19 | -18 | -44 |
| Stock-based compensation expense | 2,046 | 2,025 | 2,178 | 5,201 |
| Loss on debt extinguishment | - | 0 | 0 | -1,826 |
| Amortization of deferred financing costs, debt discounts and premiums and discounts on available-for-sale marketable securities | -119 | 0 | 0 | 29 |
| Change in fair value of warrant liability | -9,323 | -10,485 | 55,881 | -17,904 |
| Non-cash change in fair value of notes | 186 | 890 | 1,105 | 4,565 |
| Accrued expenses, long term | - | - | - | 6,264 |
| Accounts receivable, net | 1,345 | 2,097 | 4,640 | 2,076 |
| Inventory | 454 | 39 | 626 | 1,168 |
| Prepaid expenses, other current assets and other assets | 857 | 707 | 1,103 | 795 |
| Accounts payable | -2,846 | 3,904 | 497 | 4,021 |
| Accrued expenses and other liabilities | -3,065 | 9,192 | 15,000 | 6,641 |
| Net cash used in operating activities | -52,116 | -29,954 | -36,216 | -71,339 |
| Purchases of intangible assets | - | 1,345 | 8,279 | - |
| Purchases of investments | 16,015 | - | - | - |
| Net cash used in investing activities | -16,015 | -1,345 | -8,279 | - |
| Proceeds from long-term debt | - | 0 | 0 | 75,000 |
| Repayment of long-term debt | - | -1 | 0 | 42,580 |
| Proceeds from the issuance of common stock and pre-funded warrants, net | - | 96,881 | 0 | 100,095 |
| Repayment of vendor financing arrangement | 1,250 | - | - | - |
| Proceeds from exercise of warrants | 29,371 | 1,869 | 18,083 | 13,840 |
| Proceeds from insurance premium financing | 736 | 0 | 0 | 1,180 |
| Payments on insurance premium financing | 207 | 188 | 278 | 714 |
| Proceeds from the exercise of stock options and employee stock purchase program | 42 | 20 | 74 | 22 |
| Net cash provided by financing activities | 28,692 | 98,583 | 17,879 | 146,843 |
| (decrease) increase in cash, cash equivalents and restricted cash | -39,439 | 67,284 | -26,616 | 75,504 |
| Cash, cash equivalents and restricted cash at beginning of period | 205,231 | 137,947 | 89,059 | - |
| Cash, cash equivalents and restricted cash at end of period | 165,792 | 205,231 | 137,947 | - |