Verastem (VSTM) Q1 2026 earnings summary

Executive summary

• Net product revenue reached $18.7 million in Q1 2026, with nearly $50 million cumulative since AVMAPKI FAKZYNJA CO-PACK launch in May 2025, marking the first full quarter of commercial sales following FDA approval.

• Over 400 unique U.S. prescribers, 65% of eligible patients using the copay program, and a favorable reimbursement environment.

• Commercial organization strengthened with the appointment of Daniel Lyons as Chief Commercial Officer and additional sales personnel.

• Pipeline advanced with initiation of three Phase 2 registration-directed trials for VS-7375 in pancreatic, lung, and colorectal cancers.

• Cash, cash equivalents, and investments totaled $181.7 million at quarter-end, providing runway into the first half of 2027.

Financial highlights

• Q1 2026 net product revenue: $18.7 million; product cost of sales: $2.8–$3.1 million.

• Research and development expenses: $38.2 million, up 31% year-over-year, driven by clinical trials and expanded drug production.

• Selling, general & administrative expenses: $22.3 million, up 48% year-over-year, primarily from increased personnel and commercial operations.

• Non-GAAP adjusted net loss: $42.7 million ($0.43 per share), GAAP net loss narrowed to $36.6 million ($0.37 per share basic) from $52.1 million ($0.96 per share) year-over-year.

• Cash, equivalents, and investments at quarter-end: $181.7 million.

Outlook and guidance

• Cash runway expected into the first half of 2027, assuming current spending and revenue trends.

• LGSOC franchise expected to be self-sustaining in H2 2026, with CO-PACK revenues funding commercial and clinical operations.

• Topline readout of the RAMP 301 confirmatory trial for AVMAPKI FAKZYNJA CO-PACK expected in mid-2027.

• Early and mature data updates from the VS-7375 TARGET-D 101 trial anticipated in 2026.

• Focus remains on disciplined capital management and identifying non-dilutive financial opportunities.