Verastem | 8-K: FY2025 Q3 Revenue Beats Estimate at USD 11.24 M

Revenue: As of FY2025 Q3, the actual value is USD 11.24 M, beating the estimate of USD 5.756 M.

EPS: As of FY2025 Q3, the actual value is USD -1.35.

EBIT: As of FY2025 Q3, the actual value is USD -41.58 M.

Financial Metrics by Segment

Segment Revenue

• Net product revenue for Q3 2025 was $11.2 million, compared to $0.0 million for Q3 2024.

Operational Metrics

• Total operating expenses for Q3 2025 were $52.0 million, compared to $37.0 million for Q3 2024.
• Cost of sales associated with product revenue was $1.7 million for Q3 2025, compared to $0.0 for Q3 2024.
• Research & development expenses for Q3 2025 were $29.0 million, compared to $24.8 million for Q3 2024, an increase of $4.2 million or 16.9%.
• Selling, general & administrative expenses for Q3 2025 were $21.0 million, compared to $12.3 million for Q3 2024, an increase of $8.7 million or 70.7%.
• Net loss (GAAP basis) for Q3 2025 was $98.5 million, or $1.35 per share (basic and diluted), compared to $24.0 million, or $0.60 per share (basic and diluted) for Q3 2024.
• Non-GAAP adjusted net loss for Q3 2025 was $39.4 million, or $0.54 per share (diluted), compared to non-GAAP adjusted net loss of $35.3 million, or $0.88 per share (diluted), for Q3 2024.
• GAAP operating expenses for Q3 2025 were $52.0 million, while non-GAAP operating expenses were $49.8 million, excluding stock-based compensation expense of $2.18 million.

Cash Flow

• Verastem Oncology ended Q3 2025 with $137.7 million in cash and cash equivalents.
• Cash, cash equivalents, and short-term investments totaled $137.7 million as of September 30, 2025.

Unique Metrics

• The company began commercial sales of the AVMAPKI FAKZYNJA CO-PACK within the United States following receipt of FDA approval in May 2025.
• The company has a credit facility with Oberland Finance, allowing up to $150 million in a series of notes, with $75 million currently outstanding and an additional $75 million available upon achieving predefined milestones.

Outlook / Guidance

• With existing cash, product revenue, and exercise of cash warrants, the company has an expected cash runway into the second half of 2026.
• Verastem, Inc. expects to continue strong execution of its product launch and plans to engage with the FDA to discuss development paths forward, including potential registration-directed trials in PDAC and NSCLC in the first half of 2026. The company also anticipates reporting updates on various clinical trials, including RAMP 205 and VS-7375, in the first half of 2026.