Verastem (VSTM) Q2 2026 earnings summary

Executive summary

• Net product revenue reached $25.1 million in Q2 2026, driven by AVMAPKI FAKZYNJA CO-PACK sales and increased patient uptake, reflecting strong quarter-over-quarter growth.

• Secured up to $75 million in non-dilutive royalty financing with Oberland Capital, with $50 million funded at closing, enhancing liquidity and extending operational runway.

• Received a $15 million milestone payment from Secura Bio for COPIKTRA sales, further strengthening the cash position.

• Advanced clinical pipeline with initiation of all three Phase 2 registration-directed TARGET-D trials for VS-7375 in pancreatic, lung, and colorectal cancers, and positive updates from RAMP 205 and RAMP 201 studies.

• Completed enrollment in key cohorts and received FDA Fast Track designation for VS-7375 in NSCLC and other KRAS G12D-mutated indications.

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 for Q2 2026 was $25.1 million; product cost of sales was $4.0 million.

• Operating expenses for Q2 2026 were $72.8 million (GAAP), 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, sufficient to fund operations into the second half of 2027.

Outlook and guidance

• Pro forma cash runway is expected to extend into the second half of 2027, supported by product revenue, milestone payments, and royalty financing.

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

• Updated clinical data for VS-7375 across pancreatic, lung, and colorectal cancers expected in October 2026.

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

• Engagement with FDA on Phase 3 trial designs planned by year-end, with first Phase 3 patient enrollments in 1H 2027.