Verastem, Inc., a development-stage biopharmaceutical company, focuses on developing and commercializing drugs for the treatment of cancer in the United States. Its product candidates are Avutometinib, which is an orally administered, small molecule dual RAF/MEK inhibitor developed to block MEK kinase activity and the compensatory reactivation of MEK by upstream RAF, thereby targeting the RAS/MAPK signaling pathway that is commonly activated in various cancers; and Defactinib, an oral small molecule inhibitor of FAK and proline-rich tyrosine kinase for various solid tumors. The company is involved in clinical studies, including RAMP 301, a randomized global confirmatory trial to evaluate the combination of Avutometinib and Defactinib for the treatment of patients with recurrent low-grade serous ovarian cancer; RAMP 201, an adaptive two-part multicenter, parallel cohort, randomized open label trial to evaluate the efficacy and safety of Avutometinib and in combination with Defactinib; and FRAME, an investigation of Avutometinib and Defactinib in patients with KRAS mutant cancers and subsequent analyses; and RAMP 205. It has license agreements with Chugai Pharmaceutical Co., Ltd. for the development, commercialization, and manufacture of products containing Avutometinib; and Pfizer Inc. to research, develop, manufacture, and commercialize products containing Pfizer's inhibitors of FAK for therapeutic, diagnostic, and prophylactic uses in humans. In addition, it has a clinical collaboration agreement with Amgen, Inc. to evaluate the combination of Avutometinib with Amgen's KRAS-G12C inhibitor LUMAKRAS, which in Phase 1/2 trial entitled RAMP 203; VS-7375, and VS-7375-101 is a discovery and development collaboration with GenFleet Therapeutics to advance new programs targeting RAS pathway-driven cancers; and AVMAPKI, FAKZYNJA, CO-PACK, is an avutometinib capsules, and defactinib tablets. The company was incorporated in 2010 and is headquartered in Needham, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $31M | $-208M | $-209M | $-147M | -366.2% | 209.1% | 60.3% |
| 2024 | $10M | $-126M | $-131M | $-105M | 452.1% | - | 49.5% |
| 2023 | $0M | $-83M | $-87M | $-86M | -152.3% | -100.0% | 18.4% |
| 2022 | $3M | $-72M | $-74M | $-64M | -155.8% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2.60 | 0 | 10 | 30.91 |
| Operating Revenue | - | 2.60 | 0 | 10 | 30.91 |
| Cost Of Revenue | - | 0 | 0 | 0 | 5.30 |
| Gross Profit | - | 2.60 | 0 | 10 | 25.62 |
| Operating Expense | - | 75.53 | 92.08 | 124.96 | 195.74 |
| Research And Development | - | 50.56 | 61.36 | 81.33 | 114.60 |
| Selling General And Administration | - | 24.98 | 30.73 | 43.62 | 81.15 |
| Total Expenses | - | 75.53 | 92.08 | 124.96 | 201.04 |
| Operating Income | - | -72.94 | -92.08 | -114.96 | -170.13 |
| Total Operating Income As Reported | - | -72.94 | -92.08 | -114.96 | -170.13 |
| EBITDA | - | -71.56 | -83.17 | -125.86 | -207.60 |
| Normalized EBITDA | - | -71.56 | -83.17 | -106.72 | -178.29 |
| EBIT | - | -71.68 | -83.23 | -125.89 | -208.33 |
| Interest Income | - | 1.22 | 6.21 | 4.15 | 4.07 |
| Interest Expense | - | 2.14 | 4.14 | 4.56 | 1.14 |
| Net Interest Income | - | -0.92 | 2.08 | -0.41 | 2.93 |
| Other Non Operating Income Expenses | - | 0.05 | 2.64 | 4.07 | -12.95 |
| Other Income Expense | - | 0.05 | 2.64 | -15.08 | -42.27 |
| Interest Income Non Operating | - | 1.22 | 6.21 | 4.15 | 4.07 |
| Interest Expense Non Operating | - | 2.14 | 4.14 | 4.56 | 1.14 |
| Net Non Operating Interest Income Expense | - | -0.92 | 2.08 | -0.41 | 2.93 |
| Pretax Income | - | -73.81 | -87.37 | -130.45 | -209.47 |
| Tax Provision | - | 0 | 0 | 0.18 | 0 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -4.02 | 0 |
| Net Income Continuous Operations | - | -73.81 | -87.37 | -130.64 | -209.47 |
| Net Income From Continuing And Discontinued Operation | - | -73.81 | -87.37 | -130.64 | -209.47 |
| Net Income From Continuing Operation Net Minority Interest | - | -73.81 | -87.37 | -130.64 | -209.47 |
| Net Income | - | -73.81 | -87.37 | -130.64 | -209.47 |
| Net Income Common Stockholders | - | -73.81 | -87.37 | -130.64 | -209.47 |
| Net Income Including Noncontrolling Interests | - | -73.81 | -87.37 | -130.64 | -209.47 |
| Normalized Income | - | -73.81 | -87.37 | -115.51 | -180.15 |
| Diluted NI Availto Com Stockholders | - | -73.81 | -87.37 | -130.64 | -209.47 |
| Basic Average Shares | 14.53 | 16.14 | 22.05 | 35.71 | - |
| Diluted Average Shares | 14.53 | 16.14 | 22.05 | 35.71 | - |
| Reconciled Depreciation | - | 0.12 | 0.06 | 0.03 | 0.73 |
| Reconciled Cost Of Revenue | - | 0 | 0 | 0 | 5.30 |
| Total Unusual Items | - | 0 | 0 | -19.15 | -29.32 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -19.15 | -29.32 |
| Special Income Charges | - | 0 | 0 | 0 | -1.83 |
| Other Special Charges | - | - | - | - | 1.83 |
| Gain On Sale Of Security | - | - | - | -19.15 | -27.49 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Verastem, Inc.this co. | VSTM | $339M | -1.62 | 5.93 | -366.2% | -1.07 |
| Atea Pharmaceuticals, Inc. | AVIR | $354M | -2.23 | 1.28 | -57.5% | -1.43 |
| Greenwich LifeSciences, Inc. | GLSI | $347M | -21.99 | 136.99 | -623.1% | - |
| Larimar Therapeutics, Inc. | LRMR | $342M | - | 4.38 | -212.2% | - |
| Enanta Pharmaceuticals, Inc. | ENTA | $341M |
| - |
| - |
| - |
| - |
| -4.17 |
| 5.27 |
| -126.5% |
| -5.14 |
| Simulations Plus, Inc. | SLP | $336M | -5.20 | 2.70 | -51.9% | 20.82 |
| 908 Devices Inc. | MASS | $334M | 17.11 | 2.32 | 13.6% | -12.61 |
| Abeona Therapeutics Inc. | ABEO | $332M | 4.66 | 2.08 | 44.7% | 3.54 |
| Humacyte, Inc. | HUMA | $331M | -8.10 | 106.40 | -1313.4% | -15.52 |
| Peer Median | - | -4.17 | 3.54 | -92.0% | -3.29 | |