Verastem (2VSA) Q3 2026 Earnings Report

The call was strongly positive overall. Management reported 114% year-over-year product revenue growth, increasing refill momentum, a strengthened balance sheet with funding into the first half of 2028, encouraging VS-7375 efficacy across pancreatic, colorectal and lung cancers, favorable safety data, and multiple advancing Phase II and Phase III programs. The main negatives were moderated new patient starts, anticipated competitive pressure in pancreatic cancer, a larger adjusted net loss, and remaining clinical, regulatory and site-enrollment execution requirements.

Verastem expects SG&A expenses will remain consistent on a quarterly basis in the fourth quarter of 2026, with current cash, October follow-on offering proceeds and expected AVMAPKI FAKZYNJA CO-PACK revenues funding operations into the first half of 2028, including completing VS-7375 Phase II studies and starting 3 pivotal Phase III studies; pancreatic and colorectal Phase II enrollment is expected to complete around the end of the year and lung enrollment in the first half of 2027, the frontline Phase III TARGET-D 301 PDAC trial is expected to initiate before the end of 2026, and the frontline Phase III TARGET-D trials in CRC and non-small cell lung cancer are planned for the first half of 2027. The company expects an update across the program at the first of the year, multiple updates across the program in the next couple of months, the blister pack to launch in the first half of next year, 7375 plus gem/nab data in Q1 or Early Q2, and typically these Phase IIIs are 100 sites.