Analyst Conference Summary

biotechnology

conference date: March 4, 2026 @ 1:30 PM Pacific Time
for quarter ending: December 31, 2025 (fourth quarter, Q4 2025)

Forward-looking statements

Overview: Product revenue ramping nicely.

Basic data (GAAP):

Revenue was $ million, up sequentially from $11.2 million and up from $ million in the year-earlier quarter.

Net Income was negative $ million, down sequentially from negative $99 million, and down from negative $ million year-earlier.

EPS (Earnings per Share), diluted, were negative $, down sequentially from negative $1.35, and down from negative $ year-earlier.

Guidance:

none

Conference Highlights:

CEO Dan Paterson said, ""

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. Q4 net product revenue for the therapy was $ million, up sequentially from $11.2 million. Distribution and group purchasing agreements have now been put into place, plus a patient support system, Verastem Cares. A confirmatory Phase 3 trial is underway with initial enrollment completed in Q3 2025. But after a pre-planned interim analysis enrollment was increased (from 270 patients) by 29 patients.

In Q4 2025 the combination study of VS-7375 with cetuximab for advanced solid tumors was initiated. In Q2 the first patient was dosed in the Phase 1/2a trial of VS-7375 for KRAS G12D for advanced solid tumors. Preliminary data cleared 400mg and 600mg doses with no dose-limiting toxicities. Next is 900 mg. Of five patients evaluated four had tumor reduction and remain on treatment. 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. Earlier GenFleet Phase 1/2 data was positive with 600 mg ORR of 68.8%.

Cash and equivalents ended at $ million, down sequentially from $138 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%. Enrollment was completed in Q3 2025, with a data update expected in 1H 2026..

For Avutometinib plus Defactinib in combination with a KRAS G12C inhibirot in NSCLC

Non-GAAP net income was negative $ million, up sequentially from negative $39 million, up from negative $ million year-earlier. Non-GAAP diluted EPS was negative$, up sequentially from negative$0.54 , and up from negative $ year-earlier. Share count greatly increased y/y.

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 $ million.

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