Second Quarter 2026
Filed Aug 6, 2026AVMAPKI FAKZYNJA CO-PACK net product revenue was $25.1 million, total revenue was $40.1 million, and Verastem ended Q2 2026 with $136.4 million in cash, cash equivalents, and investments.
Product revenue and total revenue increased versus the prior-year quarter, while GAAP net loss and operating expenses increased. The company added non-dilutive funding and outlined a cash runway into the second half of 2027, but commercial and clinical milestones remain central to execution.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $40.1 million | – | – |
| Net product revenueGAAP | $25.1 million | – | – |
| Sale of COPIKTRA license and related assets revenueGAAP | $15.0 million | – | – |
| Total operating expensesGAAP | $72.8 million | – | – |
| Cost of salesGAAP | $4.0 million | – | – |
| Research & development expensesGAAP | $41.3 million | – | 67% |
| Selling, general & administrative expensesGAAP | $27.4 million | – | 32% |
| Net lossGAAP | $34.7 million | – | – |
| Net loss per share, basic and dilutedGAAP | $0.35 per share | – | – |
| Adjusted net lossnon-GAAP | $30.6 million | – | – |
| Adjusted net loss per share, basicnon-GAAP | $0.31 per share | – | – |
| Cash, cash equivalents, and investmentsother | $136.4 million | – | – |
| Pro forma cash, cash equivalents, and investmentsother | $201.4 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AVMAPKI FAKZYNJA CO-PACK net product revenueThe company stated that strong quarter-over-quarter growth was driven by new patient starts and increased refills. | $25.1 million | – | – |
| Sale of COPIKTRA license and related assets revenueRevenue was due upon Secura achieving cumulative worldwide net sales of COPIKTRA exceeding $200.0 million during the 2026 Quarter. | $15.0 million | – | – |
Future milestones outlook
- NoteReport updated VS-7375 clinical data in October 2026.
- NoteComplete enrollment across all three TARGET-D Phase 2 trials by the end of 2026.
- NoteMeet with the FDA before the end of the year to review Phase 3 pivotal trial designs in 1L mPDAC, 1L mCRC, and 1L advanced NSCLC.
- NoteEnroll the first patient in each of the Phase 3 pivotal trials in the first half of 2027.
- NoteReport a topline readout of the primary endpoint in the RAMP 301 trial in mid-2027.
- NoteContinue to pursue regulatory paths for potential expansion of recurrent LGSOC into Europe and Japan.
- NoteThe company believes it has sufficient capital to fund operations into the second half of 2027.
What drove it
- AVMAPKI FAKZYNJA CO-PACK began U.S. commercial sales following FDA approval in May 2025.
- Research & development expense increased primarily due to investigator fees, contract research organization costs, drug product manufacturing, and personnel costs, including non-cash stock-based compensation.
- Selling, general & administrative expense increased primarily due to personnel costs, including non-cash stock-based compensation and commercial operations.
- As of May 29, 2026, the RAMP 201 Japan study reported a 44% overall response rate and a 94% disease control rate across 16 efficacy-evaluable patients with recurrent LGSOC receiving avutometinib plus defactinib.
- RAMP 201 Japan response rates were 71% in patients with KRAS-mutated tumors and 22% in those with KRAS wild-type tumors; disease control rates were 100% and 89%, respectively.
- The RAMP 205 recommended phase 2 dose cohort reported a 52% confirmed objective response rate, an 86% overall survival rate at six months, and a 68% progression-free survival rate at six months.
- The company completed target enrollment in TARGET-D 101 PDAC and NSCLC monotherapy cohorts and CRC cetuximab combination cohorts at the end of June. More than 200 patients have been treated with VS-7375 in TARGET-D 101.
- The company cleared the 1200 mg daily dose of VS-7375 with no dose-limiting toxicities observed.
- The FDA granted Fast Track Designation to VS-7375 for specified KRAS G12D-mutated unresectable locally advanced or metastatic NSCLC patients on June 3.
Concerns
- GAAP net loss was $34.7 million, compared to $25.9 million for the 2025 Quarter.
- Total operating expenses were $72.8 million, compared to $45.9 million for the 2025 Quarter.
- Research & development expenses were $41.3 million, compared to $24.8 million for the 2025 Quarter.
- The additional $25 million Oberland tranche is conditional on calendar quarterly worldwide net sales of AVMAPKI FAKZYNJA CO-PACK being at least $40 million prior to May 15, 2027.
- The $50 million Oberland financing closing is subject to satisfaction of closing conditions.
- VS-7375 clinical data are preliminary and patient follow-up continues to mature across monotherapy and combination cohorts.
What to watch
- Updated VS-7375 clinical data expected in October 2026.
- Completion of enrollment across the three TARGET-D Phase 2 trials by the end of 2026.
- A planned FDA meeting before the end of the year on Phase 3 pivotal trial designs in 1L mPDAC, 1L mCRC, and 1L advanced NSCLC.
- The RAMP 301 primary-endpoint topline readout expected in mid-2027.
- AVMAPKI FAKZYNJA CO-PACK sales progress relative to the $40 million calendar-quarter worldwide net-sales condition for the optional Oberland tranche.
- Closing of the $50 million Oberland financing arrangement on August 28, 2026, subject to satisfaction of closing conditions.
Balance sheet and cash flow
- Cash, cash equivalents, and investments were $136.4 million as of June 30, 2026.
- On a pro forma basis, inclusive of the $50.0 million non-dilutive royalty financing arrangement expected to close on August 28, 2026 and the $15.0 million net sales milestone from Secura, cash, cash equivalents and investments were $201.4 million as of June 30, 2026.
- The Oberland Capital royalty financing agreement provides up to $75 million in cash, with $50 million at closing on August 28, 2026, plus up to $25 million at the company’s option if calendar quarterly worldwide net sales of AVMAPKI FAKZYNJA CO-PACK are at least $40 million prior to May 15, 2027.
- Secura Bio, Inc. achieved $200 million of cumulative worldwide net sales of COPIKTRA during Q2 2026, entitling Verastem to a $15 million milestone payment received in July 2026.
- The company stated that its pro forma cash position, expected AVMAPKI FAKZYNJA CO-PACK sales revenue, and access to the future Oberland tranche are expected to fund operations into the second half of 2027. There was no operating cash flow or free cash flow reported in the provided text.
Analysis
Verastem reported $40.1 million of total revenue for the 2026 Quarter, compared to $2.1 million in the 2025 Quarter. Net product revenue from AVMAPKI FAKZYNJA CO-PACK was $25.1 million, compared to $2.1 million in the prior-year period. The quarter also included $15.0 million of COPIKTRA license and related-assets revenue, due upon Secura achieving cumulative worldwide net sales of COPIKTRA exceeding $200.0 million.
The company’s cost base increased alongside commercial and clinical activity. Total operating expenses were $72.8 million, compared to $45.9 million in the 2025 Quarter. Research & development expense was $41.3 million, compared to $24.8 million, with the stated increase driven by investigator fees, contract research organization costs, drug product manufacturing, and personnel costs. Selling, general & administrative expense was $27.4 million, compared to $20.7 million, reflecting personnel and commercial operations costs.
GAAP net loss was $34.7 million, or $0.35 per share basic and diluted, compared to $25.9 million, or $0.39 per share basic, in the 2025 Quarter. Non-GAAP adjusted net loss was $30.6 million, or $0.31 per share basic, compared to $41.3 million in the 2025 Quarter. The release did not provide gross margin, operating income, operating cash flow, free cash flow, debt, or a prior-quarter financial comparison.
Liquidity was strengthened through a royalty financing arrangement with Oberland Capital and a COPIKTRA milestone. Cash, cash equivalents, and investments were $136.4 million at June 30, 2026, while pro forma cash, cash equivalents, and investments were stated as $201.4 million inclusive of the expected $50.0 million financing close and the $15.0 million Secura milestone. The optional additional Oberland tranche is contingent on at least $40 million of calendar-quarter worldwide AVMAPKI FAKZYNJA CO-PACK net sales before May 15, 2027.
Pipeline execution is focused on October 2026 VS-7375 data, completion of enrollment across three TARGET-D Phase 2 trials by the end of 2026, and an FDA meeting on Phase 3 designs before year-end. The company reported preliminary activity across KRAS G12D-driven tumor types, cleared a 1200 mg daily VS-7375 dose with no dose-limiting toxicities observed, and expects a RAMP 301 primary-endpoint topline readout in mid-2027.
Management, verbatim
The second quarter marked meaningful progress across our commercial business and pipeline programs, with strong quarter-over-quarter growth for AVMAPKI FAKZYNJA CO-PACK driven by new patient starts and increased refills.
Dan Paterson, president and chief executive officer at Verastem Oncology
In the first-half clinical update for VS-7375, we demonstrated encouraging activity across multiple KRAS G12D-driven tumors, including pancreatic, colorectal, and non-small cell lung cancers.
Dan Paterson, president and chief executive officer at Verastem Oncology
The incremental $90 million in non-dilutive funding strengthens our balance sheet and allows us to get beyond key data read outs, continue evaluating strategic partnerships, and preserve strategic flexibility as we evaluate future financing opportunities.
Dan Paterson, president and chief executive officer at Verastem Oncology
Not in the filing
stated, not guessed- Gross profit and gross margin
- Operating income or loss
- Operating margin
- GAAP net income or loss per share, diluted, for the 2025 Quarter
- Non-GAAP adjusted net loss per share for the 2025 Quarter
- Prior-quarter revenue, product revenue, operating expenses, net loss, EPS, and expense comparisons
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt balance
- Share repurchases
- Dividends
- Quantitative revenue, gross-margin, operating-expense, or tax-rate guidance
- Full financial statements and the remainder of the non-GAAP reconciliation, as the provided filing text ends mid-sentence after the prior-year non-GAAP adjusted net loss disclosure
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.