Verastem (VSTM) Q2 2026 earnings summary

Executive summary

• Net product revenue reached $25.1 million in Q2 2026, driven by strong commercial execution and increased patient uptake for AVMAPKI FAKZYNJA CO-PACK.

• Secured up to $75 million in non-dilutive royalty financing with Oberland Capital, with $50 million funded at closing, and received a $15 million milestone payment from Secura Bio, enhancing liquidity and financial flexibility.

• Advanced the VS-7375 clinical pipeline, dosing first patients in all three Phase 2 registration-directed trials for pancreatic, lung, and colorectal cancers, and completed key cohort enrollments.

• Completed enrollment in phase II studies for pancreatic, colorectal, and non-small cell lung cancers; received FDA Fast Track designation for VS-7375 in NSCLC and other KRAS G12D-mutated indications.

• Expect to provide comprehensive data updates on VS-7375, including response rates and durability, in October 2026.

Financial highlights

• Total Q2 2026 revenue was $40.1 million, up from $2.1 million in Q2 2025, driven by AVMAPKI FAKZYNJA CO-PACK sales and a $15 million COPIKTRA milestone; net product revenue was $25.1 million.

• Operating expenses for Q2 2026 were $72.8 million, with R&D at $41.3 million and SG&A at $27.4 million.

• Non-GAAP adjusted net loss for Q2 2026 was $30.6 million ($0.31/share), improved from $41.3 million ($0.62/share) in Q2 2025.

• Pro forma cash balance at quarter-end was $201.4 million, including new financing and milestone payments.

• Gross margin remained strong, with cost of sales at $4.0 million for Q2 2026.

Outlook and guidance

• LGSOC business expected to be self-sustaining by end of 2026, with commercial revenue funding operations and clinical development.

• Sufficient capital to fund operations into the second half of 2027 and reach key milestones, with cash runway supported by product revenue, milestone payments, and royalty financing.

• Enrollment for all three Phase 2 trials expected to complete by year-end 2026; topline readout for RAMP 301 trial anticipated in mid-2027.

• October 2026 data update for VS-7375 will include response rates and early durability data across three tumor types.

• SG&A expenses projected to remain stable throughout 2026.