VSTMNasdaqPharmaceutical PreparationsUS GAAP · USD

Verastem, Inc.

Verastem, Inc. is a U.S.-based biopharmaceutical company focused on developing and commercializing therapies for cancer. Its business centers on oncology drug candidates and approved products, with development, manufacturing, and commercialization activities conducted through third-party partners.

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Revenue30.9m USD
+209.1 %y/y
Operating profit (EBIT)-170m USD
−48.0 %y/y
EBIT margin-550.3%
+599.2 ppy/y
Net income-209m USD
−60.3 %y/y
Free cash flow-138m USD
−31.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100m USD2020: 89 m USD2020: EBIT -49 m USD20202021: 2.1 m USD2021: EBIT -61 m USD20212022: 2.6 m USD2022: EBIT -73 m USD20222023: 2.6 m USD2023: EBIT -92 m USD20232024: 10 m USD2024: EBIT -115 m USD20242025: 31 m USD2025: EBIT -170 m USD202531-170
RevenueOperating profit (EBIT)
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Business

Share of revenue
Commercial oncology therapy55 %

Approved cancer treatment sold in the U.S. for a specific oncology indication.

Clinical-stage product candidates35 %

Drug candidates in development for additional oncology indications and future approvals.

Regulatory and commercialization activities10 %

Activities tied to approval, launch, market access, and post-approval support.

Customers

Verastem’s direct customers are healthcare providers, hospitals, oncology practices, and specialty pharmacies that prescribe or dispense its cancer therapies. Indirectly, access depends on payors and government reimbursement programs, since coverage and rebate terms influence whether patients can obtain treatment. The company also relies on clinical investigators and research institutions during development of its pipeline.

Oncology prescribers

Oncologists and cancer centers that prescribe AVMAPKI FAKZYNJA CO-PACK for eligible patients.

Specialty pharmacies

Dispense the product and manage patient access, fulfillment, and distribution.

Government and commercial payors

Medicaid, 340B, VA/FSS, and private payors that determine reimbursement and net access.

Clinical research sites

Hospitals, investigators, and CRO-supported sites that run trials for pipeline candidates.

Strategy

Verastem’s strategy is centered on building a commercial oncology franchise around AVMAPKI FAKZYNJA CO-PACK while advancing additional product candidates through clinical development. The company also focuses on securing reimbursement, maintaining supply through third-party manufacturers, and expanding the evidence base needed for broader adoption and future approvals.

Commercialize AVMAPKI FAKZYNJA CO-PACKShort term

The company’s near-term business depends heavily on uptake of its approved oncology product.

Advance clinical pipelineMedium term

Additional approvals are needed to diversify the product base and extend the franchise.

Strengthen supply and manufacturing reliabilityMedium term

Third-party manufacturing is essential to both commercial supply and clinical development.

Geography

Verastem is headquartered in the United States and its commercial focus is primarily the U.S. market. The company also faces foreign-market pricing and reimbursement dynamics typical of global pharmaceutical development, but the disclosed commercial emphasis is domestic. Its operating model depends on third-party manufacturers and research partners, which can be located outside the company’s headquarters.

Risks

Verastem is exposed to concentration risk because its business depends heavily on the commercial success of a single approved product and on future pipeline execution. The company also faces typical biotech risks around clinical trial failure, regulatory delays, third-party manufacturing dependence, reimbursement pressure, and financing needs.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on AVMAPKI FAKZYNJA CO-PACK1Clinical development failure2Third-party manufacturing dependence3Financing and debt servicing risk4Reimbursement and pricing pressure5Regulatory and advertising enforcement6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dependence on AVMAPKI FAKZYNJA CO-PACKImpact: HighLikelihood: Medium

    A large share of the company’s commercial prospects depends on one approved oncology product.

    Exposure: U.S. commercial sales

  2. Clinical development failureImpact: HighLikelihood: Medium

    Pipeline candidates may not show sufficient efficacy or safety to gain approval.

    Exposure: Product candidates in development

  3. Third-party manufacturing dependenceImpact: HighLikelihood: Medium

    The company has no manufacturing facilities and relies on external suppliers for supply.

    Exposure: Commercial and clinical supply

  4. Financing and debt servicing riskImpact: HighLikelihood: Medium

    Debt obligations and potential acceleration could constrain operations and development spending.

    Exposure: Note Purchase Agreement and related indebtedness

  5. Reimbursement and pricing pressureImpact: MediumLikelihood: Medium

    Coverage, rebates, and government pricing programs can reduce net revenue and access.

    ExposureMedicaid340BVA/FSSPrivate payors
  6. Regulatory and advertising enforcementImpact: MediumLikelihood: Medium

    FDA and other agencies can impose requirements, warnings, or launch restrictions.

    Exposure: Commercial promotion and labeling

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Accounting

Judgemental items
Revenue recognition and gross-to-net deductions

Pharmaceutical sales are recorded net of rebates, discounts, and chargebacks, which can materially change reported revenue.

Impact: Net product revenue

Government pricing programs

Medicaid, 340B, and VA/FSS obligations require estimates and periodic true-ups.

Impact: Accrued rebates and revenue reserves

Product return and rebate reserves

Management must estimate future returns and reimbursement-related deductions based on limited launch history.

Impact: Revenue and liabilities

Debt and revenue participation accounting

Financing arrangements and revenue-sharing obligations affect balance sheet presentation and future cash flows.

Impact: Interest expense, liabilities, and net revenue

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Last updated: 24/09/2026