\nVerastem Oncology (Nasdaq: VSTM), a biopharmaceutical company committed to advancing new medicines for patients with RAS\/MAPK pathway-driven cancers, today reported financial results for the first quarter ended March 31, 2026, and highlighted recent business progress.<\/p>\n
\n\u201cAs we mark the one-year anniversary of the FDA-approval of AVMAPKI FAKZYNJA CO-PACK for KRAS-mutated recurrent low-grade serous ovarian cancer, I am incredibly proud of the progress we have made to deliver a meaningful impact for people living with this rare cancer,\u201d said Dan Paterson, president and chief executive officer at Verastem Oncology. \u201cAs we build on the foundation we have established with the commercial launch, we also look to continue accelerating VS-7375, our potential best-in-class oral, KRAS G12D (ON\/OFF) inhibitor, and are pleased to announce the initiation of three Phase 2 registration-directed trials in pancreatic, non-small cell lung, and colorectal cancers. In an evolving competitive landscape, we remain encouraged by the efficacy data generated by our partner and emerging in the U.S., along with the safety and tolerability profile we are seeing across multiple solid tumor cancers and look forward to sharing data updates throughout this year. Altogether, we believe we are well-positioned to drive strong execution across our commercial launch and expedite VS-7375 development while maintaining disciplined capital management.\u201d<\/p>\n
First Quarter 2026 and Recent Updates<\/b><\/p>\n
AVMAPKI<\/b>\u00ae<\/sup>FAKZYNJA<\/b>\u00ae<\/sup> CO-PACK (avutometinib capsules; defactinib tablets) U.S. Commercial Performance<\/b><\/p>\n Expected Key Milestones:<\/i><\/p>\n VS-7375, an Oral KRAS G12D (ON\/OFF) Inhibitor in Advanced Solid Tumors<\/b><\/p>\n \nThe Company shared multiple updates from GenFleet Therapeutics, its partner developing VS-7375, known as GFH375 in China.<\/p>\n Expected Key Milestones:<\/i><\/p>\n RAMP 205: Avutometinib Plus Defactinib in Combination with Chemotherapy in 1L Metastatic Pancreatic Cancer<\/b><\/p>\n Expected Key Milestone:<\/i><\/p>\n Corporate Updates<\/b><\/p>\n First Quarter 2026 Financial Results<\/b><\/p>\n \nVerastem Oncology ended the first quarter of 2026 with cash, cash equivalents, and investments of $181.7 million.<\/p>\n \nNet product revenue for the three months ended March 31, 2026 (the \u201c2026 Quarter\u201d) was $18.7 million, compared to no revenue recognized for the three months ended March 31, 2025 (the \u201c2025 Quarter\u201d). The Company began commercial sales of the AVMAPKI FAKZYNJA CO-PACK within the U.S. following receipt of FDA approval in May 2025.<\/p>\n \nTotal operating expenses for the 2026 Quarter were $63.6 million, compared to $44.2 million for the 2025 Quarter. Cost of sales was $3.1 million for the 2026 Quarter, compared to no cost of sales recognized for the 2025 Quarter.<\/p>\n \nResearch & development expenses for the 2026 Quarter were $38.2 million, compared to $29.2 million for the 2025 Quarter. The increase of $9.0 million, or 31%, was primarily due to higher costs for investigator fees, drug substance manufacturing, drug product manufacturing, clinical supply, and contract research organizations partially offset by the VS-7375 program option exercise fee paid to GenFleet in the 2025 Quarter.<\/p>\n \nSelling, general & administrative expenses for the 2026 Quarter were $22.3 million, compared to $15.0 million for the 2025 Quarter. The increase of $7.3 million, or 48%, was primarily due to higher costs for personnel and commercial operations.<\/p>\n \nNet loss (GAAP basis) for the 2026 Quarter was $36.6 million, or $0.37 per share (basic), compared to $52.1 million, or $0.96 per share (basic and diluted) for the 2025 Quarter.<\/p>\n \nNon-GAAP adjusted net loss for the 2026 Quarter was $42.7 million, or $0.43 per share (basic) compared to non-GAAP adjusted net loss of $42.9 million, or $0.79 per share (basic), for the 2025 Quarter. Please refer to the GAAP to non-GAAP Reconciliation attached to this press release.<\/p>\n Conference Call and Webcast<\/b><\/p>\n \nVerastem will host a conference call and webcast today at 4:30 p.m. ET to review the first quarter 2026 financial results and recent business updates. To access the live audio webcast of the call, along with accompanying slides, please visit the “Events & Presentations” page in the Investor section of the Company’s website, https:\/\/investor.verastem.com\/events<\/a>. A replay of the webcast will be archived and available following the event.<\/p>\n Use of Non-GAAP Financial Measures<\/b><\/p>\n \nTo supplement Verastem Oncology\u2019s condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company uses the following non-GAAP financial measures in this press release: non-GAAP adjusted net loss and non-GAAP net loss per share. These non-GAAP financial measures exclude certain amounts or expenses from the corresponding financial measures determined in accordance with GAAP.<\/p>\n \nManagement believes this non-GAAP information is useful for investors, taken in conjunction with the Company\u2019s GAAP financial statements, because it provides greater transparency and period-over- period comparability with respect to the Company\u2019s operating performance and can enhance investors\u2019 ability to identify operating trends in the Company\u2019s business. Management uses these measures, among other factors, to assess and analyze operational results and trends and to make financial and operational decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the Company\u2019s operating results as reported under GAAP, not in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. The determination of the amounts that are excluded from non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts. Reconciliations between these non-GAAP financial measures and the most comparable GAAP financial measures for the three months ended March 31, 2026 and 2025 are included in the tables accompanying this press release after the unaudited condensed consolidated financial statements.<\/p>\n About AVMAPKI and FAKZYNJA Combination Therapy<\/b><\/p>\n \nAVMAPKI (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.<\/p>\n \nThe U.S. Food and Drug Administration (FDA) approved AVMAPKI\u00ae FAKZYNJA\u00ae CO-PACK (avutometinib capsules; defactinib tablets) for the treatment of adult patients with KRAS-mutated recurrent LGSOC who have received prior systemic therapy on May 8, 2025. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial. Verastem is conducting RAMP 301 (GOG-3097\/ENGOT-ov81\/GTG-UK) (NCT06072781), an international Phase 3 confirmatory trial evaluating the combination of avutometinib and defactinib versus standard chemotherapy or hormonal therapy for the treatment of recurrent low-grade serous ovarian cancer (LGSOC) with and without a KRAS mutation. Verastem is also evaluating avutometinib plus defactinib with standard-of-care chemotherapy as a potential treatment in the first-line for patients with advanced pancreatic cancer (RAMP 205; NCT05669482). Avutometinib and defactinib are not approved by the FDA or any other regulatory authority, either in combination or with other therapies, for any of these investigative uses. Neither avutometinib nor defactinib are approved by the FDA or any other regulatory authority on a stand-alone basis for any use.<\/p>\n AVMAPKI FAKZYNJA CO-PACK U.S. Indication<\/b><\/p>\n Indication<\/span><\/b><\/p>\n \nAVMAPKI FAKZYNJA CO-PACK is indicated for the treatment of adult patients with KRAS<\/i>-mutated recurrent low-grade serous ovarian cancer (LGSOC) who have received prior systemic therapy. This indication is approved under accelerated approval based on tumor response rate and duration of response.<\/i> Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.<\/p>\n Important Safety Information<\/span><\/b><\/p>\n Warnings and Precautions<\/b><\/p>\n Adverse Reactions<\/b><\/p>\n \nThe most common (\u2265 25%) adverse reactions, including laboratory abnormalities, were increased creatine phosphokinase, nausea, fatigue, increased aspartate aminotransferase, rash, diarrhea, musculoskeletal pain, edema, decreased hemoglobin, increased alanine aminotransferase, vomiting, increased blood bilirubin, increased triglycerides, decreased lymphocyte count, abdominal pain, dyspepsia, dermatitis acneiform, vitreoretinal disorders, increased alkaline phosphatase, stomatitis, pruritus, visual impairment, decreased platelet count, constipation, dry skin, dyspnea, cough, urinary tract infection, and decreased neutrophil count.<\/p>\n Drug Interactions<\/b><\/p>\n Use in Specific Populations<\/b><\/p>\n \nClick here for full Prescribing Information<\/a>.<\/p>\n About VS-7375, an Oral KRAS G12D (ON\/OFF) Inhibitor<\/b><\/p>\n \nVS-7375 is a potential best-in-class, potent, and selective oral KRAS G12D dual ON\/OFF inhibitor. VS-7375 is the lead program from the Verastem Oncology discovery and development collaboration with GenFleet Therapeutics. In June 2025, Verastem initiated TARGET-D 101, a Phase 1\/2 dose escalation, dose expansion and combination clinical trial evaluating the safety and efficacy of VS-7375 in patients with advanced KRAS G12D mutant solid tumors. Verastem has further expanded the VS-7375 clinical program with the initiation of three Phase 2 registration-directed, open-label clinical trials: TARGET-D 201 in 2L metastatic pancreatic ductal carcinoma, TARGET-D 202 in 2L\/3L advanced non-small cell lung cancer and TARGET-D 203 in metastatic colorectal cancer. In July 2025, U.S. Food and Drug Administration (FDA) granted Fast Track Designation (FTD) to VS-7375 for the first-line treatment of patients with KRAS G12D-mutated locally advanced or metastatic adenocarcinoma of the pancreas and for the treatment of patients with KRAS G12D-mutated locally advanced or metastatic pancreatic ductal carcinoma who have received at least one prior line of standard systemic therapy.<\/p>\n About the GenFleet Therapeutics Collaboration<\/b><\/p>\n \nThe collaboration with GenFleet Therapeutics aims to advance three oncology discovery programs related to RAS\/MAPK pathway-driven cancers. The collaboration provides Verastem with an exclusive option to obtain a license for each of the three compounds in the collaboration after the successful completion of pre-determined milestones in a Phase 1 trial. Verastem selected VS-7375 (also known as GFH375), an oral KRAS G12D (ON\/OFF) inhibitor, as its lead program in December 2023 and the license for VS-7375 that was exercised in January 2025 is the first one from this collaboration. The licenses would give Verastem development and commercialization rights outside the GenFleet markets of mainland China, Hong Kong, Macau, and Taiwan.<\/p>\n About Verastem Oncology<\/b><\/p>\n \nVerastem Oncology (Nasdaq: VSTM) is a biopharmaceutical company committed to developing and commercializing new medicines to improve the lives of patients diagnosed with RAS\/MAPK pathway-driven cancers. Verastem markets AVMAPKI\u00ae FAKZYNJA\u00ae CO-PACK in the U.S. Our pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF\/MEK inhibition, FAK inhibition, and KRAS G12D inhibition. For more information, please visit www.verastem.com<\/a> and follow us on LinkedIn<\/a>.<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as \u201canticipate,\u201d \u201cexpect,\u201d \u201cplan,\u201d \u201ccould,\u201d \u201cmay,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cforecast,\u201d \u201cgoal,\u201d \u201cproject,\u201d and other words of similar meaning. Such forward-looking statements address various matters about, among other things, Verastem Oncology\u2019s programs and product candidates, strategy, future plans and prospects, including statements related to the potential for and timing of commercialization of product candidates, the anticipated timing for the IND application for VS-7375\/GFH375, the expected outcome and benefits of the Company\u2019s collaboration with GenFleet Therapeutics (Shanghai), Inc., the timing of commencing and completing trials and compiling data, the expected timing of the presentation of data by the Company and the potential clinical value of various of the Company\u2019s clinical trials. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others: the uncertainties inherent in research and development, such as the possibility of negative or unexpected results of clinical trials; that we may not see a return on investment on the payments we have and may continue to make pursuant to the collaboration and option agreement with GenFleet, or that GenFleet may fail to fully perform under the agreement; that we may not be successful in our continued commercialization of AVMAPKI FAKZYNJA CO-PACK; that the development and commercialization of our product candidates may take longer or cost more than planned, including as a result of conducting additional studies or our decisions regarding execution of such commercialization; that data may not be available when expected; risks associated with preliminary and interim data, which may not be representative of more mature data; risks associated with the regulatory and policy actions proposed and enacted by the current U.S. presidential administration that may adversely affect our business; risks associated with the current administration\u2019s reductions to the FDA\u2019s workforce and any subsequent reductions that may lead to disruptions and delays in the FDA\u2019s review and oversight of our product candidates and impact the FDA\u2019s ability to provide timely feedback on our development programs; that our product candidates may not receive regulatory approval, become commercially successful products, or result in new treatment options being offered to patients; and the risks identified under the heading “Risk Factors” as detailed in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (SEC) on March 4, 2026, as well as the other information we file with the SEC, are possibly realized. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov<\/a>, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this press release, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.<\/p>\n Verastem Oncology<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n \n(in thousands)<\/p>\n<\/td>\n<\/tr>\n March 31, 2026<\/b><\/p>\n<\/td>\n December 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \nCash, cash equivalents, and investments<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n181,678<\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n \n204,990<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,158<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,813<\/p>\n<\/td>\n<\/tr>\n \nInventory<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,287<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,833<\/p>\n<\/td>\n<\/tr>\n \nGrants receivable<\/p>\n<\/td>\n \n200<\/p>\n<\/td>\n \n200<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses and other current assets<\/p>\n<\/td>\n \n8,581<\/p>\n<\/td>\n \n7,577<\/p>\n<\/td>\n<\/tr>\n \nRight-of-use asset, net<\/p>\n<\/td>\n \n2,793<\/p>\n<\/td>\n \n491<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,146<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,426<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash and other assets<\/p>\n<\/td>\n \n5,965<\/p>\n<\/td>\n \n6,112<\/p>\n<\/td>\n<\/tr>\n Total assets<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 227,808<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 246,442<\/b><\/p>\n<\/td>\n<\/tr>\n \nCurrent Liabilities<\/p>\n<\/td>\n \n66,845<\/p>\n<\/td>\n \n72,268<\/p>\n<\/td>\n<\/tr>\n \nLong term debt<\/p>\n<\/td>\n \n73,120<\/p>\n<\/td>\n \n76,330<\/p>\n<\/td>\n<\/tr>\n \nVendor financing arrangement, long-term<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,750<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,000<\/p>\n<\/td>\n<\/tr>\n \nLease liability, long-term<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,316<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nWarrant liability<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n35,647<\/p>\n<\/td>\n<\/tr>\n \nStockholders\u2019 equity<\/p>\n<\/td>\n \n81,777<\/p>\n<\/td>\n \n57,197<\/p>\n<\/td>\n<\/tr>\n Total liabilities and stockholders\u2019 equity<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 227,808<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 246,442<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Verastem Oncology<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Statements of Operations<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands, except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2026<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \nRevenue:<\/p>\n<\/td>\n \nProduct revenue, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n18,671<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nTotal revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,671<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nOperating expenses:<\/p>\n<\/td>\n \nCost of sales \u2013 product<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,772<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nCost of sales \u2013 intangible amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n279<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nResearch and development<\/p>\n<\/td>\n \n38,218<\/p>\n<\/td>\n \n29,152<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,299<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,044<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n63,568<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n44,174<\/p>\n<\/td>\n<\/tr>\n \nLoss from operations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(44,897)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(44,174)<\/p>\n<\/td>\n<\/tr>\n \nOther expense<\/p>\n<\/td>\n \n(61)<\/p>\n<\/td>\n \n(40)<\/p>\n<\/td>\n<\/tr>\n \nInterest income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,297<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n960<\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(382)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(192)<\/p>\n<\/td>\n<\/tr>\n \nLoss on debt extinguishment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,826)<\/p>\n<\/td>\n<\/tr>\n \nChange in fair value of warrant liability<\/p>\n<\/td>\n \n9,323<\/p>\n<\/td>\n \n(2,416)<\/p>\n<\/td>\n<\/tr>\n \nChange in fair value of Notes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,871)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,415)<\/p>\n<\/td>\n<\/tr>\n \nNet Loss<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(36,591)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(52,103)<\/p>\n<\/td>\n<\/tr>\n \nNet loss per share\u2014basic<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.37)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.96)<\/p>\n<\/td>\n<\/tr>\n \nNet loss per share\u2014diluted<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.46)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.96)<\/p>\n<\/td>\n<\/tr>\n \nWeighted average common shares outstanding used in computing:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet loss per share \u2013 basic<\/p>\n<\/td>\n \n98,292<\/p>\n<\/td>\n \n54,173<\/p>\n<\/td>\n<\/tr>\n \nNet loss per share \u2013 diluted<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n99,148<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54,173<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Verastem Oncology<\/b><\/p>\n<\/td>\n<\/tr>\n Reconciliation of GAAP to Non-GAAP Financial Information<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands, except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n (unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2026<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n Net loss reconciliation:<\/b><\/p>\n<\/td>\n \nNet loss (GAAP basis)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(36,591)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(52,103)<\/p>\n<\/td>\n<\/tr>\n Adjust:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nStock-based compensation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,046<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,788<\/p>\n<\/td>\n<\/tr>\n \nAmortization of acquired intangible assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n279<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nNon-cash interest, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(119)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30<\/p>\n<\/td>\n<\/tr>\n \nChange in fair value of warrant liability<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9,323)<\/p>\n<\/td>\n \n2,416<\/p>\n<\/td>\n<\/tr>\n \nNon-cash change in fair value of Notes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n186<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,115<\/p>\n<\/td>\n<\/tr>\n \nLoss on debt extinguishment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,826<\/p>\n<\/td>\n<\/tr>\n \nSeverance and other<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n842<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n Adjusted net loss (non-GAAP basis)<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(42,680)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(42,928)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Reconciliation of net loss per share<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet loss per share \u2013 basic (GAAP basis)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.37)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.96)<\/p>\n<\/td>\n<\/tr>\n Adjust per basic share<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.03<\/p>\n<\/td>\n<\/tr>\n \nAmortization of acquired intangible assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nNon-cash interest, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.01<\/p>\n<\/td>\n<\/tr>\n \nChange in fair value of warrant liability<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.09)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.05<\/p>\n<\/td>\n<\/tr>\n \nNon-cash change in fair value of Notes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.06<\/p>\n<\/td>\n<\/tr>\n \nLoss on debt extinguishment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.03<\/p>\n<\/td>\n<\/tr>\n \nSeverance and other<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.01<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n Adjusted net loss per share \u2013 basic (non-GAAP basis)<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.43)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(0.79)<\/p>\n<\/td>\n<\/tr>\n \nWeighted average common shares outstanding used in computing net loss per share\u2014basic<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n98,292<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54,173<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260507004786\/en\/<\/a><\/span><\/p>\n For Investor and Media Inquiries: KEYWORDS:<\/b> Massachusetts United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Oncology Health Clinical Trials General Health Pharmaceutical Biotechnology<\/p>\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n<\/b>
Julissa Viana
\n
Senior Vice President, Corporate Communications,
\n
Investor Relations & Patient Advocacy
\n
investors@verastem.com<\/a> or
\n
media@verastem.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20260507004786\/en\/2797410\/3\/Verastem_R_rgb_%284.22.26%29.jpg\")
<\/td>\n<\/tr>\n