Every 10-Q that Verastem, Inc. (VSTM) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow VSTM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full VSTM filings page.
Verastem, Inc. reported Q2 2026 total revenue of $40.1 million, up from $2.1 million a year earlier. Revenue comprised $25.1 million of net product sales of AVMAPKI FAKZYNJA CO-PACK and $15.0 million from a COPIKTRA license and related-asset milestone.
Total operating expenses were $72.8 million, resulting in a net loss of $34.7 million for the quarter and $71.3 million for the first half of 2026. Cash, cash equivalents and restricted cash were $136.6 million at June 30, 2026, compared with $205.2 million at December 31, 2025.
The company states that ongoing losses and funding needs raise substantial doubt about its ability to continue as a going concern over the 12 months following issuance, absent additional capital or significantly higher product and milestone revenues.
Verastem, Inc. reports first-quarter 2026 results, showing its transition to a commercial-stage oncology company but also emphasizing substantial doubt about its ability to continue as a going concern over the next twelve months.
The company generated $18.7 million in net product revenue from AVMAPKI FAKZYNJA CO-PACK in the United States, compared with no revenue a year earlier. Operating expenses rose to $63.6 million, driven mainly by $38.2 million in research and development and $22.3 million in selling, general and administrative costs.
Verastem recorded a net loss of $36.6 million, an improvement from a $52.1 million loss in the prior-year quarter, helped by a $9.3 million non-cash gain from changes in warrant liability fair value. Cash, cash equivalents, restricted cash and investments totaled about $181.9 million as of March 31, 2026, but management’s assessment highlights continued operating losses, significant cash use and dependence on future financings or revenues, leading to the disclosed going concern uncertainty.
Verastem (VSTM) filed its Q3 2025 10‑Q, marking its first full quarter of U.S. sales for AVMAPKI FAKZYNJA CO‑PACK. Product revenue reached $11.2 million for the quarter, reflecting initial commercialization following FDA approval on May 8, 2025. Cost of sales totaled $2.0 million, including $0.3 million of intangible amortization.
The company reported a net loss of $98.5 million, driven by R&D of $29.0 million, SG&A of $21.0 million, and a $55.9 million non‑cash loss from the change in fair value of warrant liability. Cash and cash equivalents were $137.7 million at September 30, 2025. Operating cash use was $107.6 million year‑to‑date, offset by financing inflows from a $75.0 million note issuance, equity transactions, and warrant exercises.
The filing states substantial doubt about the company’s ability to continue as a going concern over the next 12 months as it scales commercialization and R&D. A Note Purchase Agreement provides revenue participation of 1.00% on the first $100 million of annual net sales of included products, potentially increasing to 2.00% if all $150 million notes are purchased. Shares outstanding were 66,776,006 as of November 3, 2025.
Q2-25 highlights: Verastem (VSTM) recorded its first commercial revenue after the 8-May-25 FDA approval of AVMAPKI FAKZYNJA CO-PACK for KRAS-mt recurrent LGSOC. Net product sales were $2.1 million; six-month revenue totals $12.1 million, including a $10 million COPIKTRA asset sale.
Profitability: R&D expense was $24.8 million and SG&A $20.7 million, pushing operating costs to $45.9 million. Net loss widened to $25.9 million (-$0.39 basic EPS) versus -$8.3 million a year earlier; six-month loss reached $78.0 million. Diluted EPS (-$0.62) reflects warrant liability re-measurement.
Liquidity & capital: Cash and cash equivalents rose to $164.3 million (vs $88.8 million YE24) after a $75 million Note Purchase Agreement, $100.1 million equity/pre-funded warrant raise and $13.8 million warrant exercises. Operating cash burn was $71.3 million YTD. Long-term debt stands at $74.3 million; warrant liability fell to $21.8 million.
Balance sheet & risk: Total assets $196.3 million; stockholders’ equity swings positive to $36.1 million, yet management still cites “substantial doubt” about one-year going concern due to expected ongoing losses.
Operations: Commercial launch underway via specialty pharmacies (two customers = 100% receivables). Pipeline trials (RAMP series, VS-7375) continue alongside commercialization build-out.