Boston, Massachusetts — Verastem Oncology reported second-quarter 2026 revenue of $40.1 million, up from $2.1 million a year earlier, as sales of its AVMAPKI FAKZYNJA CO-PACK increased and the company advanced multiple clinical programs targeting RAS/MAPK pathway-driven cancers.
Net product revenue from AVMAPKI FAKZYNJA CO-PACK was $25.1 million for the quarter. Verastem began U.S. commercial sales of the treatment following FDA approval in May 2025.
The company also recorded $15 million in revenue related to the sale of the COPIKTRA license and associated assets after Secura Bio surpassed $200 million in cumulative worldwide net sales of the drug.
“The second quarter marked meaningful progress across our commercial business and pipeline programs, with strong quarter-over-quarter growth for AVMAPKI FAKZYNJA CO-PACK driven by new patient starts and increased refills,” said Dan Paterson, President and Chief Executive Officer of Verastem Oncology.
Verastem also began enrollment across all three registration-directed Phase 2 TARGET-D studies evaluating VS-7375, its oral KRAS G12D inhibitor.
The first patients have been dosed in TARGET-D 201 in second-line pancreatic ductal adenocarcinoma, TARGET-D 202 in second- or third-line non-small cell lung cancer, and TARGET-D 203 in second-line or later colorectal cancer.
The company expects to report updated clinical data for VS-7375 across pancreatic, lung and colorectal cancers in October and complete enrollment in all three Phase 2 studies by the end of 2026.
More than 200 patients have been treated with VS-7375 in the TARGET-D 101 dose-escalation and expansion study. Verastem said it has also cleared the 1,200 mg once-daily dose without observing dose-limiting toxicities.
In June, the FDA granted Fast Track Designation to VS-7375 for adults with KRAS G12D-mutated unresectable locally advanced or metastatic non-small cell lung cancer who previously received platinum-based chemotherapy and an anti-PD-(L)1 antibody.
Verastem plans to meet with the FDA before year-end to discuss Phase 3 pivotal trial designs in first-line metastatic pancreatic cancer, colorectal cancer and advanced non-small cell lung cancer. The company expects to enroll the first patients in those trials during the first half of 2027.
The company also reported updated clinical results for its approved AVMAPKI FAKZYNJA CO-PACK combination.
In the RAMP 201 Japan study, 16 evaluable patients with recurrent low-grade serous ovarian cancer achieved a 44% overall response rate and a 94% disease control rate as of the May 29 data cutoff. The response rate was 71% among patients with KRAS-mutated tumors and 22% among those with KRAS wild-type tumors.
Separately, updated results from the RAMP 205 Phase 1b/2a study showed a 52% confirmed objective response rate among 29 patients receiving avutometinib and defactinib with gemcitabine and nab-paclitaxel for first-line metastatic pancreatic cancer. Six-month overall survival was 86%, while six-month progression-free survival was 68%.
Verastem said it expects a topline readout of the primary endpoint from the Phase 3 RAMP 301 trial in mid-2027 and continues to pursue potential regulatory expansion of AVMAPKI FAKZYNJA CO-PACK in Europe and Japan.
Total operating expenses rose to $72.8 million from $45.9 million a year earlier.
Research and development expenses increased 67% to $41.3 million from $24.8 million, primarily due to higher investigator fees, contract research organization costs, drug manufacturing expenses and personnel costs.
Selling, general and administrative expenses rose 32% to $27.4 million from $20.7 million, reflecting higher personnel and commercial operating costs.
Net loss widened to $34.7 million, or 35 cents per share, from $25.9 million, or 39 cents per share, in the year-earlier quarter.
Adjusted net loss was $30.6 million, or 31 cents per share, compared with an adjusted loss of $41.3 million, or 62 cents per share, a year earlier.
Verastem ended June with $136.4 million in cash, cash equivalents and investments.
The company also entered into a non-dilutive royalty financing agreement with Oberland Capital that could provide up to $75 million. Verastem expects to receive $50 million at closing, with an additional $25 million available if quarterly worldwide net sales of AVMAPKI FAKZYNJA CO-PACK reach at least $40 million before May 15, 2027.
Including the planned $50 million Oberland funding and the $15 million COPIKTRA milestone payment received in July, Verastem said its pro forma cash position was $201.4 million as of June 30.
The company said its cash resources, expected product revenue and access to the additional Oberland funding are expected to support operations into the second half of 2027.
