Verastem Stock Price, News & Analysis

Verastem Oncology (Nasdaq: VSTM) has announced updates on its RAMP clinical trials. The RAMP 201 trial for recurrent low-grade serous ovarian cancer (LGSOC) shows promising results, prompting an FDA meeting in Q4 to discuss regulatory paths. Conversely, the RAMP 202 trial for KRAS G12V-mutant non-small cell lung cancer (NSCLC) did not meet criteria for continuation, with an overall response rate of only 11%. Ongoing trials RAMP 203 and RAMP 204 are progressing, and newly issued patents extend coverage of VS-6766 and its combinations to 2038 and 2040.

Verastem Oncology (Nasdaq: VSTM) reported interim findings from its RAMP 201 trial for VS-6766 +/- Defactinib in low-grade serous ovarian cancer, displaying encouraging efficacy results and a favorable safety profile. The company has cash reserves of $94.3 million, expected to last until at least 2025. Financial results for Q2 2022 showed a net loss of $22.0 million, with total revenue at $0.0 million. Operating expenses rose to $21.4 million, primarily driven by research and development costs. The company also received a patent extending VS-6766 protection to 2038.

Verastem Oncology (Nasdaq: VSTM) has granted stock options for 120,500 shares and 80,400 restricted stock units (RSUs) to four new employees as an inducement for their employment. The options have an exercise price of $1.13, aligned with the closing stock price on July 1, 2022. Vesting for the stock options and RSUs will commence after one year, followed by quarterly vesting over three years, contingent on continued employment. This move aligns with Nasdaq rules regarding inducement grants.

Verastem Oncology (Nasdaq: VSTM) announced encouraging interim results from its RAMP 201 trial, which is assessing the efficacy of VS-6766 alone and in combination with defactinib for recurrent low-grade serous ovarian cancer (LGSOC). The analysis showed confirmed anti-tumor responses in both KRAS mutant and wild-type tumors, with approximately 80% of patients remaining on therapy. Importantly, no new safety signals were observed. The trial will continue as data maturation is necessary for making further treatment regimen decisions. Full enrollment is anticipated in the second half of the year.

Verastem Oncology has been awarded the inaugural Therapeutic Accelerator Award by the Pancreatic Cancer Network (PanCAN) for $3.8M, aimed at conducting a Phase 1b/2 clinical trial. This trial will explore the combination of VS-6766 (a RAF/MEK inhibitor) and defactinib (a FAK inhibitor) to enhance treatment responses in patients with metastatic pancreatic cancer. The trial addresses KRAS mutations present in over 95% of pancreatic tumors, with the goal of improving survival rates for affected patients.

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.