# Verastem, Inc. (VSTM) Informational only - not investment advice. CIK: 0001526119 SIC: 2834 Pharmaceutical Preparations SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2834 Pharmaceutical Preparations](/industry/2834/) Latest 10-K filed: 2026-03-04 SEC page: https://www.sec.gov/edgar/browse/?CIK=1526119 Filing source: https://www.sec.gov/Archives/edgar/data/1526119/000110465926023444/vstm-20251231x10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-04 · accession 0001104659-26-023444 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001526119.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 30,914,000 USD | 2025 | verified | | Net income | -209,471,000 USD | 2025 | verified | | Assets | 246,442,000 USD | 2025 | verified | | Revenue YoY | +209.14% | 2025 | computed | | ROE | -366.23% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | VSTM | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Revenue growth | 209.1% | 14.7% | 89 | 127 | | FCF margin | -1,048.0% | -14.0% | 10 | 127 | | ROE | -366.2% | -30.7% | 1 | 171 | | ROA | -85.0% | -21.8% | 5 | 187 | | Liabilities / equity | 3.31 | 0.38 | 85 | 173 | | Current ratio | 3.09 | 4.89 | 33 | 188 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2834 Pharmaceutical Preparations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 30914000 | USD | 2025 | 2026-03-04 | | Net income | -209471000 | USD | 2025 | 2026-03-04 | | Assets | 246442000 | USD | 2025 | 2026-03-04 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001526119.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | | | | 2,053,000 | 2,596,000 | | 10,000,000 | 30,914,000 | | Net income | | | | | -36,440,000 | -67,802,000 | -72,434,000 | -149,209,000 | -67,726,000 | -71,200,000 | -73,812,000 | -87,367,000 | -130,637,000 | -209,471,000 | | Operating income | | | | | -37,002,000 | -67,804,000 | -94,783,000 | -132,341,000 | -49,360,000 | -61,409,000 | -72,937,000 | -92,084,000 | -114,956,000 | -170,129,000 | | Diluted EPS | | | | | -0.99 | -1.76 | -1.37 | -2.00 | -0.44 | -4.90 | -4.57 | -3.96 | -3.66 | -3.02 | | Operating cash flow | | | | | -29,484,000 | -57,310,000 | -74,515,000 | -138,518,000 | -33,506,000 | -53,502,000 | -63,673,000 | -86,460,000 | -104,771,000 | -137,509,000 | | Capital expenditures | 310,000 | 56,000 | 2,429,000 | 211,000 | 39,000 | | 1,507,000 | 7,000 | 33,000 | 196,000 | | | 28,000 | | | Assets | | | | | 83,629,000 | 89,791,000 | 277,236,000 | 145,046,000 | 154,349,000 | 108,662,000 | 95,050,000 | 149,718,000 | 101,538,000 | 246,442,000 | | Liabilities | | | | | 11,332,000 | 32,107,000 | 152,937,000 | 137,872,000 | 39,075,000 | 21,103,000 | 47,659,000 | 71,185,000 | 130,431,000 | 189,245,000 | | Stockholders' equity | | | | | 72,297,000 | 57,684,000 | 124,299,000 | 7,174,000 | 115,274,000 | 87,559,000 | 47,391,000 | 57,374,000 | -28,893,000 | 57,197,000 | | Cash and cash equivalents | | | | | 32,349,000 | 82,176,000 | 129,867,000 | 43,514,000 | 67,782,000 | 21,252,000 | 74,933,000 | 77,909,000 | 88,818,000 | 204,990,000 | | Free cash flow | | | | | -29,523,000 | | -76,022,000 | -138,525,000 | -33,539,000 | -53,698,000 | | | -104,799,000 | | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Return on equity | | | | | -50.40% | -117.54% | -58.27% | | -58.75% | -81.32% | -155.75% | -152.28% | | -366.23% | | Return on assets | | | | | -43.57% | -75.51% | -26.13% | -102.87% | -43.88% | -65.52% | -77.66% | -58.35% | -128.66% | -85.00% | | Liabilities / equity | | | | | 0.16 | 0.56 | 1.23 | 19.22 | 0.34 | 0.24 | 1.01 | 1.24 | | 3.31 | | Current ratio | | | | | 7.40 | 5.13 | 6.83 | 2.84 | 8.48 | 5.69 | 4.29 | 5.45 | 3.07 | 3.09 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001526119.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2018-Q2 | 2018-06-30 | 10,000,000 | | | reported discrete quarter | | 2022-Q1 | 2022-03-31 | | | -0.09 | reported discrete quarter | | 2022-Q2 | 2022-06-30 | | | -0.12 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | -0.09 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.08 | reported discrete quarter | | 2023-Q2 | 2023-03-31 | | -15,714,000 | -0.08 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | -24,281,000 | | reported discrete quarter | | 2023-Q4 | 2023-12-31 | | -27,368,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | | -33,863,000 | | reported discrete quarter | | 2024-Q1 | 2024-06-30 | 10,000,000 | | -0.31 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | -8,256,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | | | -0.60 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 0.00 | -64,551,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | | -52,103,000 | -0.96 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | -52,103,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 2,137,000 | | -0.62 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | -25,934,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 11,242,000 | | -1.35 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 17,535,000 | -32,916,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 18,671,000 | -36,591,000 | -0.46 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | -36,591,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 40,078,000 | | -0.35 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from VSTM's latest 10-K: [/company/VSTM/business/](/company/VSTM/business/). ## Risk Factors Verbatim Item 1A Risk Factors from VSTM's latest 10-K: [/company/VSTM/risk-factors/](/company/VSTM/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1526119/000110465926092007/vstm-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those discussed below and elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for our fiscal year ended December 31, 2025. Please also refer to the sections under headings “Forward-Looking Statements” and “Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for our fiscal year ended December 31, 2025. OVERVIEW We are a biopharmaceutical company committed to developing and commercializing new medicines to improve the lives of patients diagnosed with challenging RAS/MAPK pathway-driven cancers. We market AVMAPKI FAKZYNJA CO-PACK (avutometinib capsules; defactinib tablets) in the United States (“U.S.”), the first treatment specifically FDA-approved for adults with KRAS-mutated LGSOC who have received prior systemic therapy. Our pipeline includes clinical-stage programs, preclinical research programs and externally partnered research programs. Our focus is on novel small molecule drugs developed both as monotherapy and in combination, which inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including targeting RAS directly with KRAS G12D inhibition, targeting the pathway downstream with RAF/MEK inhibition, and targeting the parallel pathway that drives resistance with FAK inhibition. Our goal is to expeditiously develop and deliver transformative therapies that truly change outcomes for people living with RAS/MAPK pathway-driven cancers.  COMMERCIAL PRODUCTS AVMAPKI FAKZYNJA CO-PACK AVMAPKI FAKZYNJA CO-PACK is the first treatment specifically approved by the FDA for adults with KRAS-mutated recurrent LGSOC who have received prior systemic therapy. AVMAPKI (avutometinib) inhibits MEK kinase activity while also blocking the compensatory reactivation of MEK by upstream RAF. RAF and MEK proteins are regulators of the RAS/RAF/MEK/ERK (MAPK) pathway. Blocking RAF and/or MEK activates FAK, a key mediator of drug resistance. FAKZYNJA (defactinib) is a FAK inhibitor and together, the avutometinib and defactinib combination was designed to provide a more complete blockade of the signaling that drives the growth and drug resistance of RAS/MAPK pathway-dependent tumors. The combination is being evaluated in an ongoing international Phase 3 trial, RAMP 301, in recurrent LGSOC with or without a KRAS mutation. The trial was fully enrolled, as of December 2025, and serves as a confirmatory study for the initial indication and has the potential to expand the indication regardless of KRAS mutation status. The results will also be leveraged for potential geographic expansion. We expect to report a topline readout of the primary endpoint in the RAMMP 301 trial in middle of 2027. [[GREPCENT_TABLE]] [["\u00d8","In April 2026, we announced new two-year median follow up data from the Phase 2 RAMP 201 trial that demonstrated durable benefit of avutometinib plus defactinib across both KRAS-mutant and KRAS wild-type recurrent LGSOC patients, with discontinuation rates due to adverse events remaining consistent with the primary analysis, presented at the Society of Gynecologic Oncology 2026 Annual Meeting on Women\u2019s Cancers. A new exposure-response analysis further demonstrated that the approved dose and schedule of avutometinib plus defactinib achieve the optimal therapeutic effect."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u00d8","In June 2026, we announced positive updated results from the RAMP 205 Phase 1b/2a recommended phase 2 dose cohort of 29 patients evaluating avutometinib plus defactinib in combination with gemcitabine and nab-paclitaxel in first-line metastatic pancreatic ductal carcinoma (PDAC). As of the June 5, 2026 data cutoff (median follow-up of 9.8 months) the combination achieved a 52% confirmed objective response rate (cORR), with both an 86% overall survival rate and 68% progression-free survival rate at six months. The combination demonstrated a consistent"]] [[/GREPCENT_TABLE]] 31 Table of Contents [[GREPCENT_TABLE]] [["","safety profile with no new safety signals. Nine patients remain on treatment, and follow-up continues as survival data matures."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u00d8","In July 2026, updated data from the RAMP 201 Japan study were presented at the Annual Meeting of the Japanese Society of Gynecologic Oncology (JSGO). As of May 29, 2026, 16 efficacy-evaluable patients with recurrent LGSOC had received avutometinib plus defactinib, with a median follow up of 12.4 months. The combination achieved a 44% overall response rate and a 94% disease control rate across all patients. Response rates were 71% in patients with KRAS-mutated tumors and 22% in those with KRAS wild-type tumors, with disease control rates of 100% and 89%, respectively. Overall, 94% of patients experienced tumor shrinkage, and 11 of 16 patients remained on treatment at the data cutoff."]] [[/GREPCENT_TABLE]] CLINICAL PIPELINE VS-7375, an Oral KRAS G12D (ON/OFF) Inhibitor VS-7375 is a potential best-in-class, potent, and selective oral KRAS G12D dual ON/OFF inhibitor. VS-7375 has a differentiated profile compared to other RAS inhibitors. Based on preclinical data, VS-7375 offers dual, potent inhibition of both ON and OFF states of KRAS G12D. We believe this correlates with better in vivo efficacy and durability versus ON-only RAS inhibitors. VS-7375 has demonstrated a high affinity for KRAS G12D with long residence time (18-24 hours) in preclinical models. We believe this correlates with a more rapid and durable suppression of pERK signaling (which controls growth and cell survival) when compared to other ON-only KRAS G12D inhibitors in tumor cell lines. The selective inhibition of VS-7375 to KRAS G12D has shown, in preclinical models, to spare T cell proliferation to maintain a normal healthy immune response, versus a RAS-multi-inhibitor, which impairs T cell proliferation at increasing concentrations of drug. The once daily (“QD”) oral dosing of VS-7375 achieves exposures corresponding to maximal tumor regressions across preclinical models for pancreatic, lung and colorectal cancers. Verastem announced in April 2025 that the U.S. Investigational New Drug (“IND”) application for (VS-7375-101) was cleared and initiated a Phase 1/2 clinical trial in June 2025 in patients with advanced KRAS G12D mutant solid tumors, including PDAC, non-small cell lung cancer (“NSCLC”) and colorectal cancer (“CRC”). In April 2026 we branded the trials as the VS-7375 TARGET-D Clinical Trial Program. TARGET-D 101 (VS-7375-101) is a Phase 1/2 dose escalation, dose expansion and combination-evaluation trial. In the TARGET-D 101 Phase 1/2 study, the Company cleared multiple monotherapy dose levels, including the 1200 mg QD dose with no dose-limiting toxicities (“DLTs”) and no major toxicities. Patients continue to be evaluated at the 1200 mg QD dose level. The Company also cleared multiple dose levels in combination with cetuximab with no DLTs. The Company completed targeted enrollment in patients with pancreatic and lung cancer monotherapy cohorts and the colorectal cancer combination cohort with cetuximab in the Phase 1/2 study. Following feedback from the FDA, the Company amended its Phase 1/2 trial protocol to separate out disease-specific Phase 2 registration-directed trials for KRAS G12D mutated second line (“2L”) PDAC, 2L/ third line (“3L”) NSCLC and 2L or later CRC. [[GREPCENT_TABLE]] [["\u00d8","In June 2026, we announced during an R&D event preliminary update and progress from the VS-7375 TARGET-D clinical development program. Data presented in June continued to support a differentiated profile of VS-7375, demonstrating encouraging anti-tumor activity across multiple KRAS G12D-driven tumor types, including metastatic PDAC, metastatic CRC and advanced NSCLC, with evidence of dose-dependent activity, favorable pharmacokinetics (\u201cPK\u201d) supporting target exposure, and a favorable and manageable safety and tolerability profile. The updated PK data continued to show the 900 mg QD dose achieves target plasma levels of VS-7375 and provides clear separation from the 600 mg QD dose."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u00d8","At the R&D event, we announced our and Erasca, Inc.\u2019s (\u201cErasca\u201d) intent to enter into an agreement to evaluate VS-7375 with Erasca\u2019s potential best-in-class oral pan-RAS molecular glue ERAS-0015, across KRAS G12D mutant solid tumor models. In July, the companies executed an agreement enabling the planned preclinical evaluation. Subject to the outcome of the preclinical evaluation and the execution of a definitive agreement, the Companies intend to explore a future clinical trial collaboration to evaluate the combination in patients with advanced solid tumors."]] [[/GREPCENT_TABLE]] ​ [[GREPCENT_TABLE]] [["\u00d8","Also, in June 2026 we announced that the FDA granted Fast Track Designation to VS-7375 for the treatment of adult patients with KRAS G12D-mutated unresectable locally advanced or metastatic NSCLC who have received platinum-based chemotherapy and an anti-PD-(L)1 antibody either concurrently or sequentially."]] [[/GREPCENT_TABLE]] 32 Table of Contents [[GREPCENT_TABLE]] [["\u00d8","We have dosed the first patients in three Phase 2 registration-directed trials, including:"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","1.","TARGET-D 201 to evaluate VS-7375 at 900 mg QD both as monotherapy and in combination with cetuximab in patients with second-line PDAC. The study is also evaluating VS-7375 and cetuximab in the first-line PDAC setting."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","2.","TARGET-D 202 to evaluate VS-7375 at 900 mg QD in patients with advanced NSCLC who have received one-to-two prior lines of therapy. The study is also evaluating VS-7375 in NSCLC patients with asymptomatic untreated brain metastasis."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","3.","TARGET-D 203 to evaluate VS-7375 at 900 mg QD in 2L+ CRC as both monotherapy and in combination with epidermal growth factor receptor inhibitors, including cetuximab or panitumumab, and chemotherapy in patients with metastatic CRC."]] [[/GREPCENT_TABLE]] Expected key milestones: [[GREPCENT_TABLE]] [["\u00d8","We expect to report updating VS-7375 clinical data in October 2026."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u00d8","We expect to complete enrollment across all three TARGET-D phase 2 trials by end of 2026"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u00d8","We expect to meet with the FDA before the end of 2026 to review Phase 3 pivotal trial designs in first-line (\u201c1L\u201d) metastatic PDAC, 1L metastatic CRC, and 1L advanced NSCLC"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["\u00d8","We expect to enroll the first patient in each of the Phase 3 pivotal trials in the first half of 2027."]] [[/GREPCENT_TABLE]] GENFLEET THERAPEUTICS (SHANGHAI), Inc We shared updates from GenFleet Therapeutics, our partner developing VS-7375, known as GFH375, in China. [[GREPCENT_TABLE]] [["\u00d8","In April 2026, GenFleet announced that GFH375 was granted Breakthrough Therapy Designation in China for patients with KRAS G12D-mutated metastatic pancreatic cancer who have received at least one prior systemic therapy."]] [[/GREPCENT_TABLE]] FINANCIAL OPERATIONS OVERVIEW As of June 30, 2026, we had an accumulated defi [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1526119/000110465926023444/vstm-20251231x10k.htm Complete FY 2025 MD&A: /company/VSTM/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-03-04 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those discussed below and as set forth under “Risk Factors.” Please also refer to the section under the heading “Forward-Looking Statements.” OVERVIEW We are a biopharmaceutical company committed to developing and commercializing new medicines to improve the lives of patients diagnosed with challenging RAS/MAPK pathway-driven cancers. Verastem markets AVMAPKI FAKZYNJA CO-PACK (avutometinib capsules; defactinib tablets) in the U.S., the first treatment specifically FDA-approved for adults with KRAS mutated recurrent LGSOC who have received prior systemic therapy. AVMAPKI FAKZYNJA CO-PACK received accelerated approval in the U.S. on May 8, 2025. We are also conducting RAMP 301, a Phase 3 trial designed to evaluate avutometinib plus defactinib versus Investigator’s Choice of Treatment (“ICT”) in patients with recurrent LGSOC with and without a KRAS mutation. This trial will serve as a confirmatory study for the initial U.S. indication and has the potential to expand the indication regardless of KRAS mutation status. Results of the RAMP 301 trial may also support future regulatory filings in Europe and Japan. Our pipeline includes clinical-stage programs, preclinical research programs and externally partnered early-stage programs. Our focus is on novel small molecule drugs developed both as monotherapy and in combination, which inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including targeting RAS directly with KRAS G12D inhibition, targeting the pathway downstream with RAF/MEK inhibition, and targeting the parallel pathway that drives resistance with FAK inhibition. Our focus is to expeditiously develop and deliver transformative therapies that truly change outcomes for people living with RAS/MAPK pathway-driven cancers. Our operations to date have been focused on organizing and staffing our company, business planning, raising capital, identifying and acquiring potential product candidates, undertaking preclinical studies and clinical trials for our product candidates and initiating U.S. commercial operations following the approval of COPIKTRA through our ownership period ending in September 2020 and in anticipation of and following the approval of AVMAPKI FAKZYNJA CO-PACK in May 2025. We have financed our operations to date primarily through public and private offerings of our common stock, pre-funded warrants and warrants, offerings of convertible notes, sales of common stock under our at-the-market equity offering program, our Note Purchase Agreement, former loan agreements, the upfront payments and milestone payments under our license and collaboration agreements with Sanofi, CSPC, and Yakult, the upfront payment and milestone payments received under the Secura APA, and sales of Series B Convertible Preferred Stock. Additionally, we have also financed a portion of our operations through product revenue, including from AVMAPKI FAKZYNJA CO-PACK, beginning with our U.S. commercial launch in May 2025 and from COPIKTRA, from its U.S. commercial launch in September 2018 through our sale of the COPIKTRA license in September 2020. As of December 31, 2025, we had an accumulated deficit of $1,165.0 million. Our net loss was $209.5 million, $130.6 million, and $87.4 million, for the years ended December 31, 2025, 2024, and 2023, respectively. We anticipate to incur significant expenses and operating losses may continue for the foreseeable future as we continue to incur operating costs to execute our strategic plan, including costs related to research and development of our product candidates and commercial activities. As of December 31, 2025, we had cash, and cash equivalents of $205.0 million and received $29.4 million in January 2026 from exercises of warrants. We expect our existing cash resources including proceeds from exercise of warrants in January 2026, along with revenue we expect to generate from sales of AVMAPKI FAKZYNJA CO-PACK, will be sufficient to fund our planned operations through 12 months from the date of issuance of these consolidated financial statements. 84 Table of Contents We expect to finance our operations with our existing cash, cash equivalents and investments, through potential future milestones and royalties received pursuant to the Secura APA, through the Note Purchase Agreement, through future product revenues or through other strategic financing opportunities that could include, but are not limited to collaboration agreements, offerings of our equity, or the incurrence of debt. If we fail to obtain additional capital or generate sufficient revenue from our commercialization activities in the future, we may be unable to complete our planned preclinical studies and clinical trials and obtain approval of certain investigational product candidates from the FDA or foreign regulatory authorities. FINANCIAL OPERATIONS OVERVIEW Revenue Product Revenue, net Product revenue, net, is recognized when earned on gross sales of AVMAPKI FAKZYNJA CO-PACK in the U.S. less provisions for all variable consideration.  These provisions include trade allowances, rebates, chargebacks and discounts, product returns and other incentives. We sell AVMAPKI FAKZYNJA CO-PACK to a limited number of specialty pharmacies and specialty distributors. Although we expect net product revenues to increase over time, the provisions for product sales allowances may fluctuate based on the mix of sales to either specialty pharmacy or specialty distributor customers.  See “Critical Accounting Policies and Significant Judgements and Estimates” below for more information on the components of net U.S. product sales of AVMAPKI FAKZYNJA CO-PACK. Sales of Intellectual Property Sales of intellectual property represents revenue generated from the sale of our COPIKTRA license and related assets to Secura. The sale included intellectual property related to duvelisib in oncology indications, certain existing duvelisib inventory, certain manufacturing equipment and, claims and rights under certain contracts pertaining to duvelisib, including net contract prepaid balances. Costs of Sales - Product Cost of sales - product consists of costs of AVMAPKI FAKZYNJA CO-PACK on which product revenue was recognized, royalties owed on such sales, and certain period costs including inventory write downs. Prior to the FDA approval of AVMAPKI FAKZYNJA CO-PACK, expenses associated with the manufacturing of AVMAPKI FAKZYNJA CO-PACK were recorded as research and development expense. Certain of the product costs of AVMAPKI FAKZYNJA CO-PACK units sold during the year ended December 31, 2025, were expensed prior to obtaining regulatory approval and, therefore, are not included in cost of sales - product during this period. We expect cost of sales – product to increase in relation to product revenues as we deplete these inventories. There was no cost of sales – product recognized during the year ended December 31, 2024. Cost of Sales - Intangible Amortization Cost of sales – intangible amortization represents amortization expense recognized on finite-lived AVMAPKI FAKZYNJA CO-PACK-related intangible assets, which we began amortizing during the second quarter of 2025. There was no cost of sales – intangible amortization recognized during the year ended December 31, 2024. Research and Development Expenses Research and development expenses consist of costs associated with our research activities, including the development of our product candidates. Research and development expenses include product/ product candidate and/or project-specific costs, as well as unallocated costs. We allocate external research and development services, expenses incurred by third parties such as CROs, clinical sites, manufacturing organizations and consultants, by project and/or product candidate. We use our employee and infrastructure resources in a cross-functional manner 85 Table of Contents across multiple research and development projects. Our project costing methodology does not allocate personnel, infrastructure and other indirect costs to specific clinical programs or projects. Product/ product candidate/ project specific costs include: [[GREPCENT_TABLE]] [["","\u25cf","direct third-party costs, which include expenses incurred under agreements with CROs, the cost of consultants who assist with the development of our product candidates on a program-specific basis, clinical site costs, and any other third-party expenses directly attributable to the development of the product candidates;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","direct costs related to avutometinib or defactinib that are not specific to a clinical trial such as the costs relating to contract manufacturing operations including manufacturing costs in connection with producing avutometinib and defactinib are included within \u201cAvutometinib and defactinib manufacturing and non-clinical trial specific\u201d as the cost to manufacture avutometinib and defactinib is not allocated to specific clinical trials; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","license fees."]] [[/GREPCENT_TABLE]] Unallocated costs include: [[GREPCENT_TABLE]] [["","\u25cf","research and development employee-related expenses, including salaries, benefits, travel, and stock-based compensation expense;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","cost of consultants, including our scientific advisory board, who assist with our research and development but are not allocated to a specific program; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","facilities, depreciation, and other allocated expenses, which include direct and allocated expenses for rent and maintenance of facilities, and laboratory supplies."]] [[/GREPCENT_TABLE]] ​ The table below summarizes our direct research and development expenses for our product/ product candidates/ projects and our unallocated research and development costs for the years ended December 31, 2025, 2024, and 2023: [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/VSTM/mda/fy2025/ All MD&A years: /company/VSTM/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/VSTM/mda/fy2024/): filed 2025-03-20; accession 0001558370-25-003372 (https://www.sec.gov/Archives/edgar/data/1526119/000155837025003372/vstm-20241231x10k.htm) - [FY 2023 MD&A](/company/VSTM/mda/fy2023/): filed 2024-03-14; accession 0001558370-24-003250 (https://www.sec.gov/Archives/edgar/data/1526119/000155837024003250/vstm-20231231x10k.htm) - [FY 2022 MD&A](/company/VSTM/mda/fy2022/): filed 2023-03-14; accession 0001558370-23-003738 (https://www.sec.gov/Archives/edgar/data/1526119/000155837023003738/vstm-20221231x10k.htm) - [FY 2021 MD&A](/company/VSTM/mda/fy2021/): filed 2022-03-28; accession 0001558370-22-004498 (https://www.sec.gov/Archives/edgar/data/1526119/000155837022004498/vstm-20211231x10k.htm) ## FDA-approved drug applications Applications listed under this company's exact-matched sponsor name. Approved applications only. | FDA-listed trade name | Active ingredient | Application | Original approval | | --- | --- | --- | --- | | AVMAPKI FAKZYNJA CO-PACK (COPACKAGED) | AVUTOMETINIB POTASSIUM; DEFACTINIB HYDROCHLORIDE | [NDA219616](/drug/nda-219616/) | 2025-05-08 | Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers. This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent. ## Macro cross-references Indicators mapped to this company's SIC classification (industry 2834 Pharmaceutical Preparations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/VSTM.md · JSON record: /company/VSTM.json · verified financials: /company/VSTM/financials.json / /company/VSTM/financials.csv · machine TOC for the whole site: /llms.txt