Analyst Conference Summary

biotechnology

conference date: November 5, 2026 @ 1:30 PM Pacific Time
for quarter ending: September 30, 2026 (third quarter, Q3 2026)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ million, up sequentially from $40.1 million and up from $ million in the year-earlier quarter.

Net Income was negative $ million, up sequentially from negative $34.7 million, and down from negative $ million year-earlier.

EPS (Earnings per Share), diluted, were negative $, up sequentially from negative $0.35, and up from negative $ year-earlier.

Guidance:

Conference Highlights:

CEO Dan Paterson said, ""

Net product revenue (Avmapki and Fakzynja (co-pack)) was $ million, up % sequentially from $25.1 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. 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. In July 2026 reported updated avutometinib plus defactinib data for 16 patients with recurrent low-grade Serous ovarian cancer (LGSOC), at 12 month follow up. 44% overall response rate and a 94% disease control rate.

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.

Genfleet continued to evaluate VS-7375 (GFH375) in China. For KRAS G12D cancers. In Q2 or early Q3 2026 first patients were dosed in three Phase 2 trials evaluating 2L PDAC, 2L/3L NSCLC, and 2L CRC. Updated data is expecte in October 2027. 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. Verastem plans to meet with the FDA before the end of 2026 to review Phase 3 pivotal trial designs in 1L mPDAC, 1L mCRC, and 1L advanced NSCLC. First patient enrollment in each trial planned for 1H 2027.

Cash and equivalents ended at $ million, down sequentially from $136 million. Long term debt was $ million. In Q3 non-dilutive royalty financing agreement with Oberland Capital to provide up to $75 million in cash, including $50 million at closing.

Non-GAAP net income was negative $ million, up sequentially from negative $31 million, and up from negative $ million year-earlier. Non-GAAP diluted EPS was negative $, up sequentially from negative $0.31, 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 $0 million. Change in fair value of notes down $ million.

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