Verastem, Inc.

Listed Company

VSTMCIK 0001526119NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsMassachusettsFY ends Dec 31

Period

FY 2025

Revenue

$30.91M

Net Income

$-209.47M

Total Assets

$246.44M

Equity

$57.20M

Shares Out

87.84M

Op. Cash Flow

$-137.51M

Business

Verastem, Inc. is a late-stage development biopharmaceutical company focused on developing and commercializing small molecule medicines for RAS/MAPK pathway-driven cancers. Its main product candidates include avutometinib (a RAF/MEK clamp), defactinib (a FAK/PYK2 inhibitor), and VS-7375 (a KRAS G12D inhibitor), pursued as monotherapy and in combination regimens. Key business segments comprise its RAF/MEK inhibition, FAK inhibition and KRAS inhibition programs, clinical development programs (including RAMP and FRAME trials), and collaboration/licensing activities. Clinical and commercial activities operate through global clinical trials, strategic partnerships, third-party contract manufacturers, and regulatory submissions in the United States, Europe, Japan and other regions.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	31	10	—	3	2
Cost of sales - product	5	—	—	—	—
Cost of sales - intangible amortization	700,000	—	—	—	—
Research and development	115	81	61	51	39
Selling, general and administrative	81	44	31	25	24
Total operating expenses	201	125	92	76	63
Loss from operations	−170	−115	−92	−73	−61
Other expense	−203,000	−123,000	−109,000	47,000	—
Interest income	4	4	6	1	181,000
Interest expense	−1	−5	−4	−2	−10
Loss on debt extinguishment	−2	—	—	—	—
Change in fair value of preferred stock tranche liability	—	4	3	—	—
Change in fair value of warrant liability	−27	−19	—	—	—
Change in fair value of Notes	−13	—	—	—	—
Net loss before taxes	−209	−130	−87	−74	−71
Income tax expense	—	−200,000	—	0	0
Net loss	−209	−131	−87	−74	−71
Net loss per share-basic	−3.02	−3.66	−3.96	−4.57	−4.9
Net loss per share-diluted	−3.02	−3.66	−3.96	−4.57	−4.9
Weighted average common shares outstanding used in computing net loss per share - basic	69	36	22	16	15
Weighted average common shares outstanding used in computing net loss per share - diluted	69	36	22	16	15
Unrealized gain (loss) on available-for-sale securities	—	−13,000	13,000	−34,000	−19,000
Change in fair value of Notes attributable to instrument specific credit risk	5	—	—	—	—
Comprehensive loss	−204	−131	−87	−74	−71

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-11-30	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	205	89	—	78	75
Accounts receivable, net	9	—	—	—	31,000
Inventory	2	—	—	—	—
Grant receivable	200,000	200,000	—	—	—
Prepaid expenses and other current assets	8	6	—	7	5
Total current assets	223	95	—	144	93
Property and equipment, net	—	32,000	—	37,000	92,000
Right-of-use asset, net	500,000	1	1	1	2
Restricted cash	—	241,000	—	241,000	241,000
Intangible assets, net	16	—	—	—	—
Other assets	6	5	—	5	58,000
Total assets	246	102	—	150	95
Accounts payable	12	4	—	7	5
Accrued expenses, short-term	54	26	—	18	15
Vendor financing arrangement, short-term	5	—	—	—	—
Lease liability, short-term	535,000	995,000	—	941,000	794,000
Total current liabilities	72	31	—	26	22
Long-term debt	76	41	—	40	25
Vendor financing arrangement, long-term	5	—	—	—	—
Lease liability, long-term	—	535,000	—	530,000	1
Warrant liability	36	58	—	—	—
Total liabilities	189	130	—	71	48
Series B Convertible Preferred Stock, $0.0001 par value; 944 shares designated at December 31, 2025 and December 31, 2024, respectively; 0 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	—	—	—	21	—
Preferred stock, $0.0001 par value; 5,000 shares authorized: Series A Convertible Preferred Stock, $0.0001 par value; 0 shares and 1,000 shares designated at December 31, 2025 and December 31, 2024, respectively, 0 shares and 1,000 shares issued and outstanding at December 31, 2025 and at December 31, 2024, respectively	—	—	—	—	—
Common stock, $0.0001 par value; 300,000 shares authorized, 77,740 and 44,784 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	8,000	4,000	—	3,000	2,000
Additional paid-in capital	1,217	927	—	882	785
Accumulated other comprehensive income	5	—	—	13,000	—
Accumulated deficit	−1,165	−956	—	−825	−738
Total stockholders' equity (deficit)	57	−29	—	57	47
Total liabilities, convertible preferred stock and stockholders' equity	246	102	—	150	95

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−209	−131	−87	−74	−71
Depreciation	30,000	26,000	62,000	100,000	200,000
Amortization of acquired intangible assets	698,000	—	—	—	—
Non-cash operating lease cost	−81,000	−175,000	−175,000	−154,000	—
Stock-based compensation expense	9	7	6	6	8
Amortization of deferred financing costs, debt discounts and premiums and discounts on available-for-sale marketable securities	29,000	−5,000	−1	228,000	9
Change in fair value of preferred stock tranche liability	—	−4	−3	—	—
Non-cash change in fair value of Notes	7	—	—	—	—
Accounts receivable, net	−9	—	31,000	485,000	−277,000
Grant receivable	—	−200,000	—	—	—
Inventory	−2	—	—	—	—
Prepaid expenses, other current assets and other assets	−3	−596,000	−6	744,000	−2
Accounts payable	8	−3	2	3	623,000
Accrued expenses and other liabilities	31	8	3	−638,000	2
Deferred liabilities	—	−327,000	−383,000	710,000	—
Net cash used in operating activities	−138	−105	−86	−64	−54
Purchases of property and equipment	—	−28,000	—	—	−196,000
Purchases of intangible assets	−10	—	—	—	—
Purchases of investments	—	—	−96	−18	−86
Maturities of investments	—	60	52	84	87
Net cash (used in) provided by investing activities	−10	60	−44	66	87,000
Proceeds from the issuance of common stock and pre-funded warrants, net	197	14	91	27	7
Proceeds from the issuance of warrants	—	40	—	—	—
Proceeds from issuance of Series B Convertible Preferred Stock, net	—	—	28	—	—
Proceeds from exercise of warrants	34	875,000	—	—	—
Proceeds from long-term debt	75	—	15	24	1
Repayment of long-term debt	−43	—	−300,000	—	—
Payments for loan amendment	—	−150,000	—	—	—
Repayment of 2018 Notes	—	—	−300,000	—	—
Proceeds from insurance premium financing	1	1	1	—	—
Payments on insurance premium financing	−1	−1	−1	—	—
Proceeds from the exercise of stock options and employee stock purchase program	116,000	241,000	57,000	282,000	1
Net cash provided by financing activities	263	55	134	52	7
Increase in cash, cash equivalents and restricted cash	116	10	3	54	−47
Cash paid for interest	6	4	3	2	1
Cash paid for income tax expense	185,000	—	—	—	—
Purchases of property and equipment included in accounts payable and accrued expenses	—	—	7,000	—	—
Issuance costs included in accounts payable and accrued expenses	—	32,000	—	—	—
Conversion of warrant liability into additional paid-in capital upon warrant exercise	50	545,000	—	—	—
Right of use asset obtained in exchange for operating lease liability	—	988,000	—	—	—
Purchases of intangible asset in accounts payable and accrued expenses	8	—	—	—	—

Filings

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