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Mar 31, 2025
Verastem Q1 2025 Earnings Report
Verastem Oncology reported its financial results for the first quarter ended March 31, 2025, highlighting progress in pipeline programs and a strengthened financial position.
Key Takeaways
Verastem Oncology reported a net loss of $52.1 million for Q1 2025, an increase from $33.9 million in Q1 2024. Operating expenses rose to $44.2 million, driven by increased R&D and SG&A costs. The company ended the quarter with $117.6 million in cash and cash equivalents, with a pro-forma $192.6 million including a private placement in April 2025.
Net loss for Q1 2025 was $52.1 million, an increase from $33.9 million in Q1 2024.
Total operating expenses increased to $44.2 million in Q1 2025 from $28.1 million in Q1 2024, primarily due to higher R&D and SG&A.
Research and development expenses increased by $11.5 million, or 65.0%, driven by the GenFleet Option payment and increased CRO and manufacturing costs.
Selling, general and administrative expenses increased by $4.6 million, or 44.2%, due to commercialization costs for AVMAPKI FAKZYNJA CO-PACK and higher personnel costs.
Forward Guidance
Verastem Oncology expects to continue advancing its pipeline programs, including clinical trials for VS-7375 and RAMP 205, and anticipates further regulatory progress and data presentations.
Positive Outlook
- Anticipated publication of primary analysis from FRAME and RAMP 201 clinical trials in H1 2025.
- Expected initiation of a Phase 1/2a trial for VS-7375 in the U.S. by mid-2025.
- GenFleet to share clinical data from the Phase 1 study of VS-7375 at the 2025 ASCO Annual Meeting.
- Plan to report additional data for RAMP 205 at ASCO on May 22, 2025.
- Present an interim update of doublet and triplet data for RAMP 203 at a medical meeting in H2 2025.
Challenges Ahead
- Uncertainty regarding potential regulatory developments following changes in presidential administration.
- Risk of failure to comply with Medicaid Drug Rebate Program obligations leading to penalties.
- Potential for delays or limitations in FDA approval and commercialization due to changes in administration policy.
Historical Earnings Impact
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