Verastem (VSTM) Q3 2026 earnings summary

Executive summary

• Q3 net product revenue was $24.0M, up 114% YoY; strong refills supported demand while new starts moderated.

• VS-7375 showed early antitumor activity in pancreatic, lung and colorectal cancer cohorts, supporting continued Phase 2 studies and planned Phase 3 development.

• October’s $250.0M gross offering lifted pro forma cash to $422.8M; cash and expected product revenue are projected to fund operations into 1H 2028.

Financial highlights

• Q3 net product revenue was $24.0M versus $11.2M a year earlier; operating expenses were $99.2M, including R&D of $68.8M and SG&A of $26.5M.

• GAAP net loss was $74.7M, or $0.74 per share, versus $98.5M, or $1.35 per share; adjusted net loss was $72.8M, or $0.72 per share, versus $39.1M, or $0.53 per share.

• Q3 cost of sales was $3.9M; R&D growth reflected VS-7375 trial, manufacturing, CRO and personnel costs, while SG&A growth reflected personnel and commercial operations.

• 9M revenue was $82.8M, including $67.8M product revenue and a $15.0M COPIKTRA milestone; GAAP net loss was $146.0M.

• 9M operating expenses totaled $235.6M, including R&D of $148.4M and SG&A of $76.2M; operating cash use was $129.6M.

Outlook and guidance

• Cash runway is projected into 1H 2028, supporting completion of Phase 2 studies and initiation of pivotal Phase 3 programs in PDAC, CRC and NSCLC.

• TARGET-D 301 in first-line metastatic PDAC is planned to open by year-end 2026; first patients in CRC and NSCLC pivotal trials are planned in 1H 2027.

• Planned data include mature TARGET-D 101 mCRC results in Q1 2027, initial 2L PDAC Phase 2 results in Q2 2027, and 2L NSCLC and CRC Phase 2 data in 2H 2027.

• FDA decision on the blister-pack NDA is expected by February 7, 2027; RAMP 301 topline primary-endpoint results are expected mid-2027.

• Q4 SG&A is expected to remain consistent as commercial launch investment and expense discipline continue.