vsar-8k_20180508.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2018

 

Versartis, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

001-36361

 

26-4106690

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

 

 

 

 

1020 Marsh Road
Menlo Park, CA 94025

(Address of principal executive offices, including zip code)

 

(650) 963-8580

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).  

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

 

 


 

Item 2.02

Results of Operation and Financial Condition

On May 8, 2018, Versartis, Inc. (the “Company”) issued a press release announcing its financial results for the three month period ended March 31, 2018. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the press release attached as Exhibit 99.1 to this Current Report on Form 8-K shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is furnished with this Current Report on Form 8-K.

 

Exhibit

No.

 

Description

 

 

99.1

 

 

Press Release, issued by Versartis, Inc. on May 8, 2018.

 

 

 

 

 

 


 

INDEX TO EXHIBITS

 

Exhibit

No.

 

Description

 

 

99.1

 

 

Press Release, issued by Versartis, Inc. on May 8, 2018

 

 

 

 

 

 

 

 


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: May 8, 2018 

 

VERSARTIS, INC.

(Registrant)

 

 

 

 

 

 

By:

 

/s/ Shane Ward

 

 

 

 

Shane Ward

 

 

 

 

Senior Vice President and General Counsel

 

 

 

 

vsar-ex991_6.htm

EX 99.1

 

Versartis Reports First Quarter 2018 Financial Results

 

MENLO PARK, Calif., May 8, 2018 (GLOBE NEWSWIRE) -- Versartis, Inc. (NASDAQ:VSAR), an endocrine-focused biopharmaceutical company, today announced financial results for the first quarter ended March 31, 2018.

 

“We have undertaken additional efforts to aggressively manage our cash as we work diligently to complete our strategic review process,” said Jay Shepard, President and CEO of Versartis, Inc.  “We acknowledge the patience our shareholders have shown during this process and we are committed to providing an update as soon as we can.”

 

First Quarter 2018 Financial Results

For the first quarter ended March 31, 2018, Versartis reported a net loss of approximately $9.0 million, or $0.25 per share, basic and diluted, compared to a net loss for the first quarter ended March 31, 2017 of $29.7 million, or $0.85 per share, basic and diluted.

 

Total operating expenses for the quarter ended March 31, 2018 were $8.5 million compared to $29.7 million for the quarter ended March 31, 2017. Research and development (R&D) expenses for the quarter ended March 31, 2018 were $3.6 million, compared to $22.0 million for the quarter ended March 31, 2017. The decrease in R&D expenses was primarily due to the termination of clinical and manufacturing related contracts that supported the company’s Phase 3 clinical trials for somavaratan following the Phase 3 VELOCITY trial failing to meet its primary endpoint. 

 

General and administrative (G&A) expenses were $4.9 million for the quarter ended March 31, 2018 compared to $7.7 million for the quarter ended March 31, 2017.  The decrease in G&A expenses was primarily due to the reduction in workforce and our continued efforts to reduce consulting and professional services expenses following the Phase 3 VELOCITY trial failing to meet its primary endpoint.  

 

Total operating expenses for the quarter ended March 31, 2018 include non-cash stock-based compensation expense of $2.8 million compared to $3.9 million of non-cash stock-based compensation expense for the quarter ended March 31, 2017.

 

Cash, cash equivalents, and short-term investments were $74.7 million as of March 31, 2018.

 

 

 


Contacts:

Kevin Haas

VP, Finance

(650) 963-8595
khaas@versartis.com

 

 

 

Versartis, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share amounts)

 

 

Three Months Ended

 

 

March 31,

 

 

2018

 

 

2017

 

Operating expenses

 

 

 

 

 

 

 

Research and development

$

3,600

 

 

$

22,004

 

General and administrative

 

4,917

 

 

 

7,656

 

Total operating expenses

 

8,517

 

 

 

29,660

 

Loss from operations

 

(8,517

)

 

 

(29,660

)

Interest income

 

193

 

 

 

199

 

Other income (expense), net

 

(657

)

 

 

(261

)

Net loss

 

(8,981

)

 

 

(29,722

)

Net loss per share- basic and diluted

$

(0.25

)

 

$

(0.85

)

Weighted-average common shares used to compute

     basic and diluted net loss per share

 

36,019

 

 

 

35,004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Versartis, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)

 

 

March 31,

 

 

December 31,

 

 

2018

 

 

2017

 

Assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

74,686

 

 

$

81,146

 

Other assets

 

3,594

 

 

 

3,743

 

Build-to-suit lease asset

 

8,829

 

 

 

8,888

 

Total assets

$

87,109

 

 

$

93,777

 

Liabilities and stockholders' equity:

 

 

 

 

 

 

 

Accounts payable and other current liabilities

$

3,535

 

 

$

5,593

 

Build-to-suit lease obligation

 

6,944

 

 

 

5,428

 

Total liabilities

 

10,479

 

 

 

11,021

 

Total stockholders' equity

 

76,630

 

 

 

82,756

 

Total liabilities and stockholders’ equity

$

87,109

 

 

$

93,777