Verastem (VSTM) Q4 2025 earnings summary

Executive summary

• Achieved FDA approval and commercial launch of AVMAPKI FAKZYNJA CO-PACK for KRAS-mutated recurrent LGSOC, nearly two months ahead of PDUFA date, driving $30.9M net product revenue in 2025 and strong uptake among oncologists.

• Advanced clinical pipeline with robust development in RAS/MAPK pathway-driven cancers, including VS-7375, which cleared multiple dose levels with no DLTs and began Phase 2 registration-directed protocols.

• Expanded prescriber base to nearly 300 by February, with over 75% of target institutions adopting the therapy and strong payer coverage.

• Ended 2025 with $205M in cash, cash equivalents, and investments; pro-forma $234M including January 2026 warrant exercises, extending runway into H1 2027.

• Achieved key milestones including early completion of RAMP 301 and RAMP 205 trial enrollments, and leadership changes to support growth.

Financial highlights

• Q4 2025 net product revenue: $17.5M; FY2025: $30.9M, with cost of sales $2.6M in Q4 and $4.6M–$5.3M for the year.

• Q4 2025 operating expenses: $59.0M (GAAP); FY2025: $201.0M (GAAP), with R&D $31.7M in Q4 and $114.6M for the year, and SG&A $24.4M in Q4 and $81.1M for the year.

• Q4 2025 non-GAAP adjusted net loss: $39.8M ($0.48/share); FY2025: $163.1M ($2.35/share).

• Q4 2025 net loss (GAAP): $32.9M ($0.39/share); FY2025: $209.5M ($3.02/share).

• Weighted average shares outstanding FY2025: 69.3M.

Outlook and guidance

• SG&A expenses expected to remain stable quarterly in 2026; cash runway projected into H1 2027.

• LGSOC franchise expected to be self-sustaining in H2 2026; focus on maximizing CO-PACK adoption and advancing VS-7375 registration.

• Topline readout of RAMP 301 trial expected mid-2027; updates on RAMP-205 and VS-7375-101 trials in 2026.

• Pursuing regulatory expansion in Europe and Japan.