Analyst Conference Summary

biotechnology

conference date: November 4, 2025 @ 5:00 AM Pacific Time
for quarter ending: September 30, 2025 (2nd quarter, Q2 2025)

Forward-looking statements

Overview:

Basic data (GAAP):

Revenue was $ million, sequentially from $2 million and down from $ million in the year-earlier quarter.

Net Income was $ million, sequentially from negative $26 million, and down from negative $ million year-earlier.

EPS (Earnings per Share), diluted, $, sequentially from negative $0.39, and down from negative $ year-earlier. Share count greatly increased.

Guidance:

Conference Highlights:

CEO Dan Paterson said, ""

The combination of Avmapki and Fakzynja was approved by the FDA on May 8, 2025 for adults with KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC). Q2 net product revenue for the therapy was $2.1 million. Distribution and group purchasing agreements have now been put into place, plus a patient support system, Verastem Cares. In May recommended by NCCN. A confirmatory Phase 3 trial is underway with enrollment nearly complete. In July 2025 the EC granted orphan drug designation.

CEO Dan Paterson said, ""

In Q2 the first patient was dosed in the Phase 1 trial of VS-7375 for KRAS G12D for advanced solid tumors. 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. Other cancer cohorts include NSCLC and CRC.

Cash and equivalents ended at $ million, down sequentially from $164.3 million.

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%. Expansion cohort is now enrolling.

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

Q&A selective summary:

In EU, question is whether we will need a confirmatory study for approval.

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