Verastem Stock Price, News & Analysis

Verastem Oncology (Nasdaq: VSTM) reported financial results for Q1 2022, securing up to $150 million in non-dilutive funding from Oxford Finance. The company completed enrollment in the selection phases of the RAMP 201 and RAMP 202 trials for VS-6766 and Defactinib in treating low-grade serous ovarian cancer and KRAS G12V mutant non-small cell lung cancer. Q1 revenue reached $2.6 million, up from $1.0 million year-over-year, with a net loss of $17.0 million. The company expects cash runway through 2025 to support ongoing development and potential launches.

Verastem Oncology (Nasdaq: VSTM) has granted stock options for 435,750 shares and 240,900 restricted stock units (RSUs) to nine new employees, under Nasdaq inducement grant exception. The stock options consist of 360,750 shares that vest 25% on the one-year anniversary of hire, with the rest vesting quarterly over three years. Additionally, 75,000 shares vest upon achieving specific business milestones. The exercise price for the options is set at $1.43, corresponding to the closing stock price on April 1, 2022.

Verastem Oncology secured up to $150 million in non-dilutive funding from Oxford Finance LLC, enhancing its financial stability through 2025. The company aims to support the development and potential commercial launches of VS-6766 and defactinib. Recent studies include RAMP 201 for low-grade serous ovarian cancer and RAMP 202 for KRAS G12V mutant non-small cell lung cancer, with topline results expected in 2022. Despite a decrease in total revenue to $2.1 million in 2021, down from $88.5 million in 2020, net loss improved to $71.2 million.

Verastem Oncology (Nasdaq: VSTM) has secured a credit facility of up to $150 million from Oxford Finance LLC, aimed at supporting the development and potential commercial launches of VS-6766 and defactinib. The company initially drew $25 million and has access to further funding based on milestones. Following this funding, Verastem expects a cash runway through 2025, with pro-forma cash of $125.3 million as of December 31, 2021. This financial boost enhances the company's ability to advance its pipeline treatments in cancer.

Verastem Oncology (Nasdaq: VSTM) has appointed Dr. Channing Der to its Scientific Advisory Board to enhance the company's research on RAS pathway-driven cancers, notably the RAF/MEK clamp VS-6766. Dr. Der, a distinguished researcher from the University of North Carolina, brings extensive experience in RAS and RHO oncogenes. His unique insights may significantly influence the therapeutic potential of VS-6766. The company is currently advancing clinical trials involving VS-6766, having received Breakthrough Therapy designation from the FDA for its application in recurrent low-grade serous ovarian cancer.

Verastem Oncology (NASDAQ: VSTM) has outlined its strategic priorities for 2022, focusing on the development of its lead compound, VS-6766, which targets recurrent low-grade serous ovarian cancer and KRAS-mutant non-small cell lung cancer (NSCLC). The company is advancing its RAMP clinical trials and has received Breakthrough Therapy designation from the FDA for VS-6766 combined with defactinib. Key milestones include expected data readouts from ongoing trials, further study expansions, and collaborations in KRAS G12C-mutant NSCLC, aiming to address significant unmet medical needs.

Verastem Oncology (Nasdaq: VSTM) announced the grant of stock options and restricted stock units (RSUs) totaling 2,438 shares to two new employees as part of their inducement for employment. The options have an exercise price of $2.10 per share, which corresponds to the market closing price on January 3, 2022. These options and RSUs will vest 25% on the one-year anniversary of hiring, with the remainder vesting quarterly over three years, contingent on continued employment. The inducement is in accordance with Nasdaq Listing Rule 5635(c)(4).

Verastem Oncology (Nasdaq: VSTM) announced its participation in two upcoming virtual investor conferences. The H.C. Wainwright BIOCONNECT Virtual Conference will feature a fireside chat available on-demand starting January 10, 2022, at 7:00 a.m. ET. Additionally, the B. Riley Oncology Conference will host a fireside chat on January 28, 2022, at 9:30 a.m. ET. Webcasts of both chats will be accessible through the investor section of the company's website, www.verastem.com, along with archived presentations following each event.

Mirati Therapeutics and Verastem Oncology announced a clinical collaboration to assess the combination of Mirati's adagrasib, a KRAS^G12C inhibitor, with Verastem's VS-6766, a RAF/MEK inhibitor, in treating KRAS^G12C-mutant non-small cell lung cancer (NSCLC). This multi-center trial aims to evaluate the maximum tolerated and recommended doses, alongside safety and efficacy in patients resistant to existing treatments. Both companies are optimistic about improved outcomes for patients facing high unmet needs in NSCLC.