Analyst Conference Summary

biotechnology

conference date: August 6, 2026 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2026 (second quarter, Q2 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ million, up % sequentially from $18.7 million and up from $ million in the year-earlier quarter.

Net Income was negative $ million, down sequentially from negative $37 million, and up from negative $ million year-earlier.

EPS (Earnings per Share), diluted, were negative $, up sequentially from negative $0.46, and up from negative $ year-earlier.

Guidance:

none

Conference Highlights:

CEO Dan Paterson said, ""

There are now over copack prescribers. % of commercial patients are using the copay program. Saw some discontinuations from patients who were sicker than those in the study. Managing adverse events is also important to renewals. Establishing the co-pack as first therapy at LGSOC recurrence.

In May 2026, the Phase 1/2 VS-7375 study continued at the 1200 mg. dose. Preliminary data cleared 400mg through 900mg doses with no dose-limiting toxicities. The FDA granted Fast Track for metastatic adenocarcinoma of the pancreas (PDAC) and for the treatment of patients with KRAS G12D-mutated locally advanced or metastatic PDAC who have received at least one prior line of standard systemic therapy. Also in Q2 2026, with FDA feedback, Phase 2 trials are underway, with first dosing expected in mid-2026, separately for KRAS G12D mutated 2L pancreatic ductal adenocarcinoma (PDAC) and 2L/3L non-small cell lung cancer (NSCLC) (monotherapy) and 2L+ colorectal cancer (CRC) in combination with cetuximab.

In Q2 2025 Avutometinib plus Defactinib in combination with chemotherapy in first-line metastatic PDAC, in the Phase 1/2 trial, reported a dose level 1 ORR of 83%. Enrollment was completed in Q3 2025, with a data update expected in 1H 2026.

In Q2 2026 Verastem expects updated data from RAMP 205 trial of avutometinib plus defactinib and chemotherapy for first-line metastatic pancreatic cancer.

The combination of Avmapki and Fakzynja (co-pack) was approved by the FDA on May 8, 2025 for adults with KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC), who have received a prior therapy. Net product revenue for the therapy was $ million, up % sequentially from $18.7 million. A confirmatory Phase 3 trial is underway with enrollment completed in Q1 2026. A topline readout of the confirmatory RAMP 301 trial is expected in mid-2027. A new marketing campaign launched in April 2026.

Genfleet continued to evaluate VS-7375 (GFH375) in China. In December 2025 a Phase 3 study in pretreated KRAS mutated metastatic pancreatic cancer was initiated. Additional data for PDAC announced in Q4 2025 was positive. In China partner in 2026 GFH375 was granted Breakthrough therapy designation in second line metastatic pancreatic cancer and in second line NSCLC. There VS-7345 is called GFH375.

Cash and equivalents ended at $ million,downp sequentially from $182 million. Long term debt was $ million.

Non-GAAP net income was negative $ million, down sequentially from negative $43 million, and about flat from negative $ million year-earlier. Non-GAAP diluted EPS was negative $, up sequentially from negative $0.43, and up from negative $ year-earlier.

Total operating costs were $ million. Cost of sales $ million, R&D $ million, SG&A $ million. Loss from operations $ million. Other expense $0 million. Interest income net $ million. Change in fair value of warrant liability $ million. Change in fair value of notes down $ million.

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