Verastem Q2 2022 Earnings Report
Key Takeaways
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.
Announced findings from the interim analysis of RAMP 201 trial in low-grade serous ovarian cancer.
Advanced broader development program, including being honored by the Pancreatic Cancer Network as the first recipient of their Therapeutic Accelerator Award.
U.S Patent and Trademark Office has granted Patent No. 11,400,090 which covers the novel, intermittent twice-weekly dosing regimen used in the VS-6766 development program.
With approximately 80% of patients in the RAMP 201 study remaining on study treatment with a median duration of follow-up of four months, data from the interim analysis were not mature enough to make a final decision on the go forward treatment regimen and the trial continues with all four cohorts.
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Forward Guidance
Verastem Oncology expects that it has a cash runway until at least 2025 to deliver on the current programs for VS-6766 and defactinib, including expenditures and development in LGSOC and KRAS mutant NSCLC.