Verastem, Inc. VSTM
We are a biopharmaceutical company committed to developing and commercializing new medicines to improve the lives of patients diagnosed with challenging RAS/MAPK pathway-driven cancers. We market AVMAPKI FAKZYNJA CO-PACK (avutometinib capsules; defactinib tablets) in the United States ("U.S."), the first treatment specifically FDA-approved for adults with KRAS-mutated recurrent low-grade serous ovarian cancer ("LGSOC") who have received prior systemic therapy. AVMAPKI FAKZYNJA CO-PACK received accelerated approval in the U.S. on May 8, 2025. We are also conducting RAMP 301, a Phase 3 trial designed to evaluate avutometinib plus defactinib versus Investigator's Choice of Treatment ("ICT") in patients with recurrent LGSOC with and without a KRAS mutation. This trial will serve as a confirmatory study for the initial U.S. indication and has the potential to expand the indication regardless of KRAS mutation status. Results of the RAMP 301 trial may also support future regulatory filings outside of the U.S.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.9M | $10.0M | — | $2.6M | $2.1M | $88.5M | $17.5M | $26.7M | — | — |
| Cost of revenue | — | — | — | — | — | — | — | $165.0K | — | — |
| Gross profit | — | — | — | — | — | — | — | $26.6M | — | — |
| R&D | $114.6M | $81.3M | $61.4M | $50.6M | $39.3M | $41.4M | $45.8M | $43.6M | $46.4M | $19.8M |
| SG&A | $81.1M | $43.6M | $30.7M | $25.0M | $24.1M | $62.8M | $101.2M | $77.3M | $21.4M | $17.2M |
| Total operating expenses | $201.0M | $125.0M | $92.1M | $75.5M | $63.5M | $137.9M | $149.8M | $121.5M | $67.8M | $37.0M |
| Operating income | -$170.1M | -$115.0M | -$92.1M | -$72.9M | -$61.4M | -$49.4M | -$132.3M | -$94.8M | -$67.8M | -$37.0M |
| Interest expense | $1.1M | $4.6M | $4.1M | $2.1M | $10.0M | $15.8M | $20.6M | $5.8M | $559.0K | — |
| Pre-tax income | -$209.5M | -$130.5M | -$87.4M | -$73.8M | -$71.2M | -$67.5M | -$149.2M | -$72.4M | — | — |
| Income tax | — | $185.0K | — | $0 | $0 | $194.0K | $0 | $0 | — | — |
| Net income | -$209.5M | -$130.6M | -$87.4M | -$73.8M | -$71.2M | -$67.7M | -$149.2M | -$72.4M | -$67.8M | -$36.4M |
| EPS, basic | -3.02 | -3.66 | -3.96 | -4.57 | -4.90 | -0.44 | -2.00 | -1.12 | -1.76 | -0.99 |
| EPS, diluted | -3.02 | -3.66 | -3.96 | -4.57 | -4.90 | -0.44 | -2.00 | -1.37 | -1.76 | -0.99 |
| Shares, diluted (wtd. avg.) | 69.3M | 35.7M | 22.1M | 16.1M | 14.5M | 153,330 | 74.6M | 69.3M | 38.4M | 37.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $205.0M | $88.8M | $79.1M | $75.8M | $21.5M | $68.0M | $79.3M | $130.6M | $82.3M | $32.5M |
| Short-term investments | — | — | $59.2M | $13.0M | $79.0M | $73.4M | $32.0M | $119.8M | $4.5M | — |
| Inventory | $1.8M | — | — | — | — | — | $3.1M | $327.0K | — | — |
| Total current assets | $223.4M | $95.0M | $143.7M | $92.9M | $105.7M | $144.9M | $85.0M | $253.3M | $87.8M | $81.3M |
| Property, plant and equipment | — | $32.0K | $37.0K | $92.0K | $210.0K | $416.0K | $947.0K | $1.4M | $861.0K | $1.4M |
| Other intangibles | $16.4M | — | — | — | — | — | $20.0M | $21.6M | — | — |
| Total assets | $246.4M | $101.5M | $149.7M | $95.0M | $108.7M | $154.3M | $145.0M | $277.2M | $89.8M | $83.6M |
| Accounts payable | $12.4M | $4.0M | $7.2M | $4.9M | $2.3M | $1.9M | $9.7M | $10.3M | $9.2M | $4.1M |
| Total current liabilities | $72.3M | $31.0M | $26.4M | $21.7M | $18.6M | $17.1M | $29.9M | $37.1M | $17.1M | $11.0M |
| Long-term debt | — | $40.7M | $40.1M | $24.5M | — | — | — | — | $14.8M | — |
| Total liabilities | $189.2M | $130.4M | $71.2M | $47.7M | $21.1M | $39.1M | $137.9M | $152.9M | $32.1M | $11.3M |
| Retained earnings | -$1.16B | -$955.5M | -$824.9M | -$737.5M | -$663.7M | -$592.5M | -$524.8M | -$375.6M | -$303.1M | -$235.3M |
| Total equity | $57.2M | -$28.9M | $57.4M | $47.4M | $87.6M | $115.3M | $7.2M | $124.3M | $57.7M | $72.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$137.5M | -$104.8M | -$86.5M | -$63.7M | -$53.5M | -$33.5M | -$138.5M | -$74.5M | -$57.3M | -$29.5M |
| Depreciation and amortisation | $30.0K | $26.0K | $62.0K | $118.0K | $206.0K | $531.0K | $429.0K | $996.0K | $556.0K | $670.0K |
| Stock-based compensation | $9.4M | $7.3M | $5.9M | $6.0M | $7.7M | $8.1M | $8.5M | $6.7M | $5.0M | $6.3M |
| Capital expenditure | — | $28.0K | — | — | $196.0K | $33.0K | $7.0K | $1.5M | — | $39.0K |
| Investing cash flow | -$9.6M | $60.0M | -$44.4M | $66.2M | $87.0K | -$47.4M | $89.6M | -$138.4M | $44.0M | $36.9M |
| Financing cash flow | $263.3M | $54.8M | $134.2M | $51.8M | $6.9M | $69.6M | -$2.4M | $261.2M | $63.2M | -$5.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-041506.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $26.7M | $17.5M | $88.5M | $2.1M | $2.6M | — | $10.0M | $30.9M |
| Gross profit | — | — | $26.6M | — | — | — | — | — | — | — |
| Net income | -$36.4M | -$67.8M | -$72.4M | -$149.2M | -$67.7M | -$71.2M | -$73.8M | -$87.4M | -$130.6M | -$209.5M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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