Verastem Inc. ($VSTM) recently announced its fourth quarter and full year results. The company’s net loss for the year ended December 31, 2016 (2016 Period) was $36.4 million, or $0.99 per share, as compared to a net loss of $57.9 million, or $1.61 per share, for the year ended December 31, 2015.
Verastem ended the year with cash, cash equivalents and investments of $80.9 million compared to $110.3 million as of December 31, 2015. The company expects to have sufficient cash, cash equivalents and investments to fund its research and development programs and operations into 2018.
The company also recently secured a $25 million loan facility. It entered into a Loan and Security Agreement with Hercules Capital, Inc. for up to $25.0 million in financing. Verastem received the first $2.5 million of financing under the Loan and Security Agreement when the transaction closed.
The company stock has shown strong performance as it grew over 44 percent in the past 12 months. The year so far has proved to be even more robust as the stock gained over 78 percent during this time period. In today’s trading session, the stock created a new 52 weeks high of $2.09. With its strong guidance, Verastem stock is expected to maintain its upward trend.