Verastem Q4 R&D expenses jump 52.4% to USD 31.7 million

Verastem reported Q4 2025 net product revenue of USD 17.5 million from its AVMAPKI FAKZYNJA CO-PACK launch following U.S. FDA approval in May 2025, and a Q4 2025 GAAP net loss of USD 32.9 million. Q4 2025 total operating expenses were USD 59.0 million, including R&D expense of USD 31.7 million (+52.4%) and SG&A expense of USD 24.4 million (+125.9%), while cost of sales associated with product revenue was USD 2.9 million. Cash, cash equivalents and investments totaled USD 205.0 million as of Dec. 31, 2025; on a pro forma basis, cash was USD 234.4 million including USD 29.4 million of net proceeds from the January 2026 exercise of warrants, with expected cash runway into 1H 2027. For FY 2025, Verastem posted net product revenue of USD 30.9 million and a GAAP net loss of USD 209.5 million, with total operating expenses of USD 201.0 million, including R&D expense of USD 114.6 million (+41.0%) and SG&A expense of USD 81.1 million (+86.0%). The company reported no sale of COPIKTRA license and related assets revenue in FY 2025, compared with USD 10.0 million in FY 2024, which it said reflected a one-time sales milestone payment in the prior year. On business updates, Verastem said VS-7375 (KRAS G12D inhibitor) cleared the 900 mg QD monotherapy dose level with no dose-limiting toxicities, with escalation continuing to 1200 mg QD, and cleared 600 mg QD in combination with cetuximab with no dose-limiting toxicities; the company also said it plans Phase 2 registration-directed protocols in 2L PDAC, 2L/3L NSCLC and 2L+ CRC (with cetuximab) following FDA feedback. In corporate updates, Verastem noted a board leadership change in December 2025 and said it completed a public offering of over USD 96.9 million of common stock and pre-funded warrants in November 2025.

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