Revenue: As of FY2026 Q2, the actual value is USD 40.08 M, beating the estimate of USD 22.88 M.

EPS: As of FY2026 Q2, the actual value is USD -0.35, beating the estimate of USD -0.4378.

EBIT: As of FY2026 Q2, the actual value is USD -31.96 M.

Cash, Cash Equivalents, and Investments

Verastem, Inc. reported cash, cash equivalents, and investments of $136.4 million at June 30, 2026, a decrease from $204.99 million at December 31, 2025. On a pro forma basis, including a $50.0 million non-dilutive royalty financing and a $15.0 million net sales milestone, cash, cash equivalents, and investments were $201.4 million as of June 30, 2026.

Segment Revenue

Total revenue for the three months ended June 30, 2026, was $40.1 million, a significant increase from $2.1 million for the same period in 2025. For the six months ended June 30, 2026, total revenue reached $58.749 million, compared to $2.137 million for the six months ended June 30, 2025.

AVMAPKI® FAKZYNJA® CO-PACK Net Product Revenue

Net product revenue was $25.1 million for the second quarter of 2026, up from $2.1 million in the second quarter of 2025. For the six months ended June 30, 2026, net product revenue was $43.749 million, compared to $2.137 million for the same period in 2025.

Sale of COPIKTRA License and Related Assets Revenue

Revenue from the sale of COPIKTRA license and related assets was $15.0 million for the second quarter of 2026, recognized after Secura Bio, Inc. achieved cumulative worldwide net sales of COPIKTRA exceeding $200.0 million. This revenue also amounted to $15.0 million for the six months ended June 30, 2026.

Operating Expenses

Total operating expenses for the three months ended June 30, 2026, were $72.8 million, an increase from $45.9 million for the same period in 2025. For the six months ended June 30, 2026, total operating expenses were $136.355 million, compared to $90.076 million for the same period in 2025.

Breakdown of Operating Expenses (Three Months Ended June 30, 2026 vs. 2025)

• Cost of Sales - Product: $3.762 million in 2026, compared to $0.318 million in 2025.
• Cost of Sales - Intangible Amortization: $0.279 million in 2026, compared to $0.128 million in 2025.
• Research and Development Expenses: $41.3 million in 2026, an increase of $16.5 million (67%) from $24.8 million in 2025, primarily due to increased investigator fees, CRO costs, drug product manufacturing, and personnel costs.
• Selling, General and Administrative Expenses: $27.4 million in 2026, an increase of $6.7 million (32%) from $20.7 million in 2025, mainly due to higher personnel costs and commercial operations.

Profitability

Loss from Operations

Loss from operations was -$32.710 million for the three months ended June 30, 2026, an improvement from -$43.764 million for the same period in 2025.

Net Loss (GAAP basis)

GAAP net loss was -$34.7 million for the three months ended June 30, 2026, compared to -$25.9 million for the same period in 2025. For the six months ended June 30, 2026, GAAP net loss was -$71.264 million, compared to -$78.037 million for the same period in 2025.

Non-GAAP Adjusted Net Loss

Non-GAAP adjusted net loss was -$30.6 million for the three months ended June 30, 2026, compared to -$41.3 million for the same period in 2025. For the six months ended June 30, 2026, non-GAAP adjusted net loss was -$73.325 million, compared to -$84.192 million for the same period in 2025.

Other Financial Items (Three Months Ended June 30, 2026 vs. 2025)

• Interest Income: $1.108 million in 2026, compared to $0.822 million in 2025.
• Interest Expense: -$0.360 million in 2026, compared to -$0.212 million in 2025.
• Income Tax Expense: -$0.816 million in 2026.
• Change in Fair Value of Notes: -$1.843 million in 2026, compared to -$2.990 million in 2025.

Outlook / Guidance

Verastem, Inc. anticipates that its pro forma cash position, combined with expected product revenue and a future tranche from the Oberland facility, will extend its cash runway into the second half of 2027. Key milestones for AVMAPKI FAKZYNJA CO-PACK include a topline readout of the RAMP 301 trial’s primary endpoint in mid-2027 and continued regulatory pursuit in Europe and Japan. For VS-7375, the company expects updated clinical data in October 2026, completion of enrollment across all three TARGET-D Phase 2 trials by year-end 2026, and the start of Phase 3 pivotal trials in the first half of 2027.