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 | $153.3K | $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.
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