Verastem (NASDAQ:VSTM) reported second-quarter 2026 net product revenue of $25.1 million from sales of its AVMAPKI FAKZYNJA CO-PACK, as the company said increased new patient starts, refills and physician adoption supported a rebound in commercial performance.
The company also reported $15 million in license revenue from a sales-based milestone under its agreement with Secura Bio. The payment was triggered after cumulative worldwide net sales of COPIKTRA exceeded $200 million during the quarter.
CO-PACK Launch Progress
Chief Commercial Officer Dan Lyons said the commercialization strategy for AVMAPKI FAKZYNJA CO-PACK is centered on increasing new patient demand, expanding use earlier in the treatment journey and helping patients remain on therapy.
Lyons said the company saw consistent new patient starts and refills during the second quarter, along with increased repeat prescribing among existing prescribers and deeper use at existing accounts. Adoption expanded across both academic and community practices, with gynecologic oncologists serving as the primary prescribers.
The company said it is seeing evidence that physicians are increasingly initiating therapy at a patient’s first or next recurrence, rather than predominantly among heavily pretreated later-line patients. Lyons said Verastem’s direct-to-physician and patient outreach, peer-to-peer programming and site-specific patient alerts in community practices are intended to support that shift.
Patient refill consistency also suggested that patients are remaining on therapy longer, according to Lyons. He said physicians’ feedback on tolerability has been positive and consistent with expectations, while the company continues to work with practices on adverse-event management and appropriate use of dose interruptions and restarts.
President and CEO Dan Paterson said reimbursement has not been a challenge and that patients are receiving medicines quickly. Verastem expects the low-grade serous ovarian cancer, or LGSOC, business to become self-sustaining by the end of 2026, with commercial revenue supporting the commercial organization and the existing avutometinib and defactinib development franchise.
VS-7375 Development Programs Advance
Verastem completed target enrollment in dose-expansion cohorts of the TARGET-D 101 study of VS-7375 in pancreatic cancer, colorectal cancer and non-small cell lung cancer. The company also initiated three Phase II registration-directed studies in those indications and said the first patients have been dosed in each trial.
The FDA granted Fast Track designation to VS-7375 in non-small cell lung cancer, the company said.
Paterson said Verastem expects to provide an October update containing response rates across pancreatic, lung and colorectal cancers, with approximately 20 patients in each of the three lead tumor types, as well as an early look at durability. The company is also preparing to initiate three Phase III studies for the candidate.
Management discussed its view that VS-7375, an oral KRAS G12D inhibitor, could differentiate through efficacy and tolerability. President of Development Michael Kauffman said a roughly 30% objective response rate and at least six months of durability are useful guideposts for accelerated approval, while emphasizing that regulators evaluate the totality of efficacy, safety and tolerability data.
For colorectal cancer, Paterson said Verastem does not intend to develop VS-7375 as a monotherapy and expects to use it with an EGFR inhibitor. The company also continues to explore potential partnerships involving PRMT5 and said it is working through details of a potential study collaboration with Erasca.
Balance Sheet and Spending
Verastem ended the second quarter with $136.4 million in cash, cash equivalents and investments. The company entered into a non-dilutive royalty financing agreement with Oberland Capital that provides up to $75 million in funding, with Verastem expecting to draw $50 million at closing.
Including the anticipated $50 million Oberland draw and the $15 million Secura Bio milestone payment, Verastem said its pro forma quarter-end cash balance was $201.4 million. Chief Financial Officer Dan Calkins said the company believes its capital, expected CO-PACK revenue and access to a future Oberland tranche should fund operations into the second half of 2027.
- Second-quarter product cost of sales was $3.8 million.
- Research and development expense was $41.3 million, reflecting the ongoing TARGET-D 101 trial, the launch of three Phase II TARGET-D trials, and clinical supply and manufacturing activities for VS-7375.
- Selling, general and administrative expense was $27.4 million, roughly in line with the first quarter.
Calkins said Verastem expects quarterly SG&A spending to remain roughly stable through 2026 as it supports the CO-PACK launch while maintaining expense discipline.
About Verastem (NASDAQ:VSTM)
Verastem Oncology, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapies that target cancer stemness and resistance pathways. Established in 2010 and headquartered in Needham, Massachusetts, Verastem Oncology applies a precision-medicine approach to identify key signaling nodes responsible for tumor growth and relapse, with an emphasis on hematologic malignancies and solid tumors. The company’s research platform integrates insights into complex signaling networks to advance novel compounds from early discovery through clinical proof of concept.
The company’s lead marketed product is COPIKTRA (duvelisib), an oral inhibitor of PI3K-delta and PI3K-gamma, which received U.S.
