Verastem, Inc.

What they do

Verastem markets AVMAPKI FAKZYNJA CO-PACK (avutometinib capsules; defactinib tablets), which received FDA accelerated approval on May 8, 2025 for adults with KRAS-mutated recurrent LGSOC who have received prior systemic therapy. The company is running RAMP 301, a Phase 3 confirmatory trial of avutometinib plus defactinib in recurrent LGSOC with and without a KRAS mutation. Its pipeline includes VS-7375, an oral KRAS G12D (ON/OFF) inhibitor in Phase 2 TARGET-D trials across PDAC, NSCLC and CRC, plus partnered discovery assets with GenFleet Therapeutics.

Revenue drivers

• AVMAPKI FAKZYNJA CO-PACK (U.S. commercial product) — The only FDA-approved treatment specifically for KRAS-mutated recurrent LGSOC after prior systemic therapy; generated $25.1 million of net product revenue in Q2 2026, up from $2.1 million in Q2 2025.
• RAMP 301 label expansion potential — Phase 3 trial fully enrolled as of December 2025 in recurrent LGSOC regardless of KRAS mutation status; a positive readout would support expanding the label beyond KRAS-mutated patients.
• VS-7375 KRAS G12D program — Clinical-stage only; three registration-directed Phase 2 TARGET-D trials (2L PDAC, 2L/3L NSCLC, 2L+ CRC) dosed first patients, with no revenue contribution reported to date.

Recent performance

Q2 2026 revenue was $40.1 million, with AVMAPKI FAKZYNJA CO-PACK net product revenue of $25.1 million versus $2.1 million in Q2 2025, reflecting new patient starts and refills. FY2025 revenue was $30.9 million against a net loss of $209.5 million, and operating cash flow was negative $137.5 million. At June 30, 2026 the company reported $136.4 million in cash and equivalents, total assets of $206.5 million, total liabilities of $156.5 million and shareholder equity of $50.0 million. In June 2026, updated RAMP 205 data in first-line metastatic PDAC showed a 52% confirmed objective response rate, 86% six-month overall survival and 68% six-month progression-free survival in 29 patients.

Strategy

Management is funding commercial expansion of AVMAPKI FAKZYNJA CO-PACK while running RAMP 301 as the confirmatory study for the U.S. accelerated approval and for potential geographic expansion. It is advancing VS-7375 across three registration-directed Phase 2 TARGET-D trials, expecting enrollment completion by year-end 2026 and updated clinical data in October 2026. In August 2026 the company entered a non-dilutive royalty financing agreement with Oberland Capital providing up to $75 million, including $50 million at closing, and cited an incremental $90 million of non-dilutive funding. Management states expected product revenue plus the Oberland tranches and a COPIKTRA sales milestone should extend cash runway into the second half of 2027.

Risks

• Single-product dependence — The 10-K states the company is highly dependent on the commercial success of AVMAPKI FAKZYNJA CO-PACK in the U.S. for the foreseeable future, making it sensitive to demand, reimbursement and physician adoption.
• Confirmatory trial and accelerated approval — U.S. approval was accelerated and depends on RAMP 301, whose topline primary endpoint readout is expected mid-2027; a negative result could jeopardize the existing KRAS-mutated LGSOC indication.
• Persistent losses and cash burn — Net loss was $209.5 million in 2025 and operating cash flow was negative $137.5 million, with equity of $50.0 million and liabilities of $156.5 million at June 30, 2026.
• Pipeline and clinical uncertainty — VS-7375 revenue depends on unproven TARGET-D Phase 2 trials in PDAC, NSCLC and CRC that only began dosing patients in 2026, and the 10-K notes preclinical and clinical trials may not be successful.

Outlook

Management expects updated VS-7375 clinical data across pancreatic, lung and colorectal cancers in October 2026 and completion of enrollment in the three TARGET-D Phase 2 trials by year-end 2026. RAMP 301 topline primary endpoint data are expected in mid-2027. The company states its $136.4 million cash position at June 30, 2026, plus the Oberland facility and expected product revenue, should extend its cash runway into the second half of 2027.