Verastem Earnings Reports

Verastem reported a significant net loss in Q4 2024 due to higher expenses and fair value adjustments, while advancing regulatory milestones and clinical development. The company ended the quarter with strong liquidity bolstered by refinancing and equity issuance.

Verastem Oncology reported total revenue of $0.0 million for the three months ended June 30, 2022. The net loss for the quarter was $22.0 million, or $0.12 per share. The company ended the quarter with $94.3 million in cash, cash equivalents and investments.

Verastem Oncology announced a credit facility with Oxford Finance LLC for up to $150 million to support the development and potential launches of VS-6766 and defactinib. The company's cash, cash equivalents, and investment balance was $100.3 million as of December 31, 2021, and pro-forma balance would have been $125.3 million after initial drawdown.

Verastem Oncology entered into a definitive agreement to sell its global commercial and development rights to COPIKTRA to Secura Bio for $70 million up-front, with a total deal value up to $311 million plus royalties. Verastem will focus on developing VS-6766 and Defactinib in KRAS mutant solid tumors, with current programs funded until at least 2024.

Verastem Oncology highlighted the potential of VS-6766 and Defactinib combination therapy, particularly in KRAS mutant cancers like LGSOC and NSCLC. Clinical data showed encouraging response rates and durability, especially in KRAS G12V variants. The company aims to initiate a registration-directed study in LGSOC in 2020 and expand cohorts in ongoing Phase 1 combination studies.