10-K · March 4, 2026
Verastem transitioned to a commercial-stage oncology company in 2025 after FDA accelerated approval of AVMAPKI FAKZYNJA CO-PACK on May 8, 2025 and recognized $30.9 million in net product revenue in the first seven…
Earnings analysis · 10-Q
VSTM earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Verastem reported total revenue of $18.7 million for the first quarter of 2026 due to strong commercial sales of AVMAPKI FAKZYNJA CO-PACK, marking a significant increase from $0 in the same quarter last year. The net…
Read full summary
Verastem reported total revenue of $18.7 million for the first quarter of 2026 due to strong commercial sales of AVMAPKI FAKZYNJA CO-PACK, marking a significant increase from $0 in the same quarter last year. The net loss improved to $36.6 million from $52.1 million year-over-year, reflecting a decline in operating expenses as the commercial operations continue to ramp up.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.47
- Gross margin
- 85.1%
- Segment
- Total Revenue: $18.7 million from product sales
What stood out
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Product Revenue Surge
Verastem's product revenue reached $18.7 million in Q1 2026, a substantial increase from $0 in Q1 2025.
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Gross Margin Achievement
Gross margin percentage was approximately 85.1%, aligning with previous periods, indicating consistent cost management.
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Net Loss Reduction
Net loss decreased to $36.6 million in Q1 2026 compared to $52.1 million in Q1 2025, improving 30% year-over-year.
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Increased Cash Position
Total cash, cash equivalents, and investments totaled $181.7 million as of March 31, 2026.
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Operational Cash Flow Improvement
Cash used in operating activities was $52.1 million, compared to $38.7 million for the same period in 2025, indicating a controlled spend despite growth.
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Tariff Consideration
Change in fair value of the warrant liability led to a $9.3 million income in Q1 2026, significantly higher than a $2.4 million expense in Q1 2025.
What to watch
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Liquidity Concerns
Management highlighted substantial doubt about continuing operations without additional financing, especially after increasing clinical trial expenses.
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Dependence on AVMAPKI FAKZYNJA CO-PACK
Revenue is heavily reliant on the commercial success of AVMAPKI, with no backup product revenue currently.
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Regulatory Risks
There is heightened risk associated with ongoing clinical trials, potentially delaying key product approvals.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · May 13, 2025
Verastem reported a quarterly loss of $52.1 million for Q1 2025, with revenues remaining at zero, which marks a significant decline compared to a loss of $33.9 million in the prior year. The company’s operating expenses…
10-K · March 20, 2025
Verastem (VSTM) positions itself as a late‑stage development biotech focused on RAS/MAPK pathway small molecules, principally the RAF/MEK clamp avutometinib and the FAK inhibitor defactinib, with combination programs…
10-Q · November 8, 2023
Verastem reported zero revenue for the three months ended September 30, 2023 and a Q3 net loss of $20.0M (‑$0.75 per share), with higher R&D and SG&A driving operating expenses of $21.3M. Cash and short-term investments…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.