Verastem, Inc., a development-stage biopharmaceutical company, focusing on developing and commercializing drugs for the treatment of cancer. Its product in development includes VS-6766, a dual rapidly accelerated fibrosarcoma (RAF)/mitogen-activated protein kinase (MEK) clamp that blocks MEK kinase activity and the ability of RAF to phosphorylate MEK. The company also engages in developing RAMP 201, an adaptive two-part multicenter, parallel cohort, randomized open label trial to evaluate the efficacy and safety of VS-6766 and in combination with defactinib, an oral small molecule inhibitor of focal adhesion kinase (FAK) in patients with recurrent low grade serous ovarian cancer; and RAMP 202, which is in Phase 2 trial to evaluate the safety of VS-6766 in combination with defactinib in patients with KRAS and BRAF mutant non-small cell lung cancer following treatment with a platinum-based regimen and immune checkpoint inhibitor. Verastem, Inc. has license agreements with Chugai Pharmaceutical Co., Ltd. for the development, commercialization, and manufacture of products containing VS-6766; 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 clinical collaboration agreement with Amgen, Inc. to evaluate the combination of VS-6766 with Amgen's KRAS-G12C inhibitor LUMAKRASTM which in Phase 1/2 trial entitled RAMP 203. The company was incorporated in 2010 and is headquartered in Needham, Massachusetts.
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1. Think of it as a clinical-stage biotech company, similar to an early **Genentech** (now part of Roche), focused on developing targeted therapies for challenging cancers.
2. It's like the oncology research and development division of a major pharmaceutical company such as **AstraZeneca** or **Novartis**, but operating as a smaller, independent entity.
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- Avutometinib (VS-6766): An investigational oral RAF/MEK clamp designed to inhibit the MEK pathway, currently in clinical trials for various cancers, including low-grade serous ovarian cancer.
- Defactinib (VS-6063): An investigational oral Focal Adhesion Kinase (FAK) inhibitor, often studied in combination with Avutometinib to enhance anti-tumor activity.
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Verastem (VSTM) is a biopharmaceutical company primarily focused on the research and development of oncology therapeutics. As of its latest public filings, Verastem is a clinical-stage company and does not currently have approved products that it sells to traditional commercial customers such as wholesale distributors, hospitals, or pharmacies.
Instead, Verastem's current revenue is primarily derived from strategic collaboration and licensing agreements for its investigational drug candidates, as well as from grants. In this context, its major customer/partner for revenue generation, through a significant licensing agreement, is:
- Chugai Pharmaceutical Co., Ltd. (TYO: 4519) - This Japanese pharmaceutical company entered into an exclusive worldwide license agreement with Verastem for the development and commercialization of Avutometinib in Japan. This agreement represents a significant source of Verastem's non-grant revenue.
Historically, Verastem also generated substantial revenue from the sale of worldwide rights to its former commercial product, COPIKTRA (duvelisib), to CSPC Pharmaceutical Group in 2021. However, this was a one-time asset sale rather than an ongoing customer relationship for product sales.
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Dan Paterson, President and Chief Executive Officer
Mr. Paterson joined Verastem Oncology in 2011, and in 2023, he transitioned to President and Chief Executive Officer from his previous role as President and Chief Operating Officer. He brings over 30 years of experience in healthcare and biotechnology, having held leadership positions such as Chief Business Officer, Chief Operating Officer, and Chief Executive Officer. His expertise spans oncology drug and diagnostic product development, business development, and launch planning. Mr. Paterson co-founded and served as COO of On-Q-ity, a company that developed technology for capturing and analyzing circulating tumor cells, and was the founding CEO of The DNA Repair Company, which focused on oncology-focused molecular diagnostics before merging to form On-Q-ity. He also played a significant role in the acquisition of PharMetrics by IMS Health, where he was VP of Marketing and Corporate Development, subsequently becoming Head of Global Strategy for Specialty Market and Patient-Level Data at IMS Health.
Dan Calkins, Chief Financial Officer
Mr. Calkins was appointed Chief Financial Officer of Verastem Oncology in October 2023, having initially joined the company in 2018 and serving as Vice President of Finance prior to his promotion. He possesses 14 years of finance and accounting experience and has been instrumental in the company's strategic transformation. Before joining Verastem, Mr. Calkins worked as a Technical Accounting Consultant at CFGI, where he advised various companies on technical accounting matters, financial statement preparation, initial public offering readiness, and internal controls. He began his career in the Assurance practice at PwC, LLP in Boston.
John Hayslip, M.D., Chief Medical Officer
Dr. Hayslip joined Verastem Oncology as Chief Medical Officer in April 2024. He brings over 25 years of extensive experience in oncology, research, and development, acquired across both industry and academia. Prior to his role at Verastem, Dr. Hayslip served as Chief Medical Officer at I-MAB Biopharma. His previous experience includes serving as Vice President of Clinical Development at Nektar Therapeutics and leading clinical development activities for multiple therapies at AbbVie Oncology. Additionally, he led numerous cancer research studies at the University of Kentucky's Markey Cancer Center.
Matthew Ros, Chief Operating Officer
Mr. Ros became Verastem Oncology's Chief Operating Officer in January 2025. He brings more than 35 years of commercialization and operational experience within the biopharmaceutical industry, with a proven track record of driving capital growth in publicly traded companies undergoing transitions from early-stage to registrational development. Before joining Verastem, Mr. Ros held the position of Chief Executive Officer and Board Director at FORE Biotherapeutics, an early clinical-stage oncology company.
Mike Crowther, Chief Commercial and Strategy Officer
Mr. Crowther brings over 20 years of experience in commercial, marketing, and business operations at local, regional, and global levels to Verastem Oncology. Most recently, he served as the Chief Business Officer at Minerva Biotechnologies, where he was responsible for business results in immunotherapies for cancer treatment and acted as an executive leader for strategic planning, business development, and commercial operations. Before Minerva, Mr. Crowther was the Interim U.S. Lead and Vice President of U.S. Marketing at Kite Pharma, overseeing strategic marketing and business operations. His career also includes leadership roles within Global Marketing at Celgene, where he led commercial strategy and execution, including the preparation and launch of ten oncology products.
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Verastem faces emerging threats from the rapid advancement and approval of new therapeutic modalities in its key disease areas.
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Emergence of Advanced Therapies in Hematologic Malignancies: For its approved drug COPIKTRA (duvelisib), which is used in relapsed/refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) and follicular lymphoma (FL), new and highly effective therapies are increasingly available and expanding their use. Specifically, the growing adoption and development of bispecific antibodies (e.g., mosunetuzumab, recently approved for relapsed/refractory FL) and CAR-T cell therapies present a significant competitive challenge. These modalities offer high response rates and durability, potentially shifting treatment paradigms away from existing oral therapies like COPIKTRA in later lines of therapy.
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Rapidly Evolving Competitive Landscape in RAS-Mutant Cancers: Verastem's lead pipeline asset, VS-6766 (a RAF/MEK inhibitor), is being developed for RAS-mutant solid tumors, including low-grade serous ovarian cancer (LGSOC) and non-small cell lung cancer (NSCLC) with KRAS mutations. The field of KRAS-mutant cancers, particularly KRAS G12C-mutant NSCLC, is highly competitive and experiencing rapid innovation. The recent approvals of direct KRAS G12C inhibitors (e.g., sotorasib and adagrasib) and a robust pipeline of next-generation KRAS inhibitors and combination therapies by other companies pose a substantial and accelerating threat. These emerging treatments, potentially offering superior efficacy or broader applicability, could significantly limit VS-6766's future market potential in these indications.
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Verastem's main products and pipeline candidates address the following markets:
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AVMAPKI™ FAKZYNJA™ CO-PACK (avutometinib in combination with defactinib):
This combination therapy is FDA-approved in the U.S. for adult patients with KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC) who have received at least one prior systemic therapy.
The addressable market for this indication includes approximately 6,000 to 8,000 women in the U.S. and approximately 80,000 women globally.
Mizuho Securities analyst Graig Suvannavejh, Ph.D., has projected peak sales for this indication to be between $700 million and $900 million. Another source suggests annual revenue from this indication may plateau at $50–70 million.
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VS-7375 (oral KRAS G12D (ON/OFF) inhibitor):
VS-7375 is an investigational drug targeting KRAS G12D-mutated solid tumors, including pancreatic cancer, non-small cell lung cancer, and colorectal cancer. Verastem holds development and commercialization rights for this product outside of mainland China, Hong Kong, Macau, and Taiwan.
This product targets a segment of the broader KRAS inhibitors market. The KRAS inhibitors market across the seven major markets (7MM), which include the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan, was valued at approximately USD 526 million in 2025 and is projected to reach USD 7,847 million by 2034. The United States accounted for nearly 70% of the total KRAS inhibitors market share in 2024.
The market for KRAS G12D-mutated tumors, which VS-7375 aims to address, is considered a "multibillion-dollar market".
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Verastem (VSTM) is poised for future revenue growth over the next 2-3 years, driven by several key factors stemming from its commercialized product and robust pipeline.
Here are 5 expected drivers of future revenue growth for Verastem:
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Continued Growth and Market Penetration of AVMAPKI FAKZYNJA CO-PACK: Verastem's recently launched cancer treatment, AVMAPKI FAKZYNJA CO-PACK (Coforga), received FDA approval in May 2025 for KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC). The product generated $11.2 million in net product revenue during its first full quarter of launch in Q3 2025, exceeding initial expectations. Future growth is anticipated from consistent adoption by both academic centers and community oncologists, coupled with strategic efforts in physician engagement and patient retention.
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Expansion of AVMAPKI FAKZYNJA CO-PACK's Label: While LGSOC represents a niche market, there is potential for Coforga's revenue to grow through label expansion into additional indications or by its use in combination with other therapeutic agents. This strategy aims to broaden the addressable patient population beyond its current approval.
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Advancement and Potential Commercialization of VS-7375: Verastem's pipeline asset, VS-7375, an oral KRAS G12D (ON/OFF) inhibitor, is a significant future growth driver. Preliminary data from a Phase 1 study in China have shown encouraging results, and the company plans to initiate a Phase 1/2a study in the U.S. in mid-2025 for advanced KRAS G12D-mutant solid tumors, including pancreatic and lung cancers. This program targets a different KRAS mutation, which could allow Verastem to access a larger and distinct patient pool without cannibalizing Coforga's market.
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Strategic Collaborations and Partnerships: Verastem actively engages in strategic collaborations to bolster its research and development capabilities. Such partnerships could be crucial for accelerating the development and commercialization of pipeline assets like VS-7375, especially given the high unmet medical need in KRAS G12D cancers, which could attract licensing deals or co-development opportunities.
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Effective Commercial Execution and Patient Access: Beyond the efficacy of its treatments, Verastem emphasizes strong commercial execution for Coforga, focusing on physician engagement, ensuring patient initiation and retention, and streamlining reimbursement processes. Successfully navigating market access and supporting patients will be critical for sustaining and growing revenue for its commercial products.
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Share Repurchases
No information was found regarding specific dollar amounts of share repurchases made or authorized by Verastem (VSTM) within the last 3-5 years.
Share Issuance
- In July 2024, Verastem completed a public offering of common stock and accompanying warrants, which was expected to generate gross proceeds of approximately $55.0 million.
- The company converted $28.0 million of its 2020 5.00% Convertible Senior Notes into approximately 8.6 million shares of common stock in July 2021, eliminating substantially all outstanding debt at that time.
- Verastem granted stock options to purchase 138,000 shares of its common stock to new employees in October 2025 as inducement grants.
Inbound Investments
- Verastem strengthened its financial position in Q2 2025 with a $75 million private placement, which included a note issuance.
- In November 2020, the company restructured its debt by exchanging approximately $28.0 million in 2018 Convertible Senior Notes for newly issued 2020 Notes with an investor.
Outbound Investments
No specific information was found regarding Verastem making strategic investments in other companies.
Capital Expenditures
- Verastem reported minimal capital expenditures, with figures of $0.03 million for the third quarter of 2025 and for the full year 2024.
- The company's focus for investments is primarily on research and development, including funding for clinical trials such as the global Phase 3 RAMP-301 trial and the Phase 1/2a clinical trial for VS-7375, as well as drug substance production activities.
