VSTM on Nasdaq

Verastem Oncology

Logo: Verastem, Inc, CC BY-SA 4.0, via Wikimedia Commons⁴

Verastem, Inc., doing business as Verastem Oncology, is an American pharmaceutical company that develops medicines to treat certain cancers. Headquartered and founded in Boston, Massachusetts, the firm is a member of NASDAQ Biotechnology Index.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

2010Founded¹

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TickerVSTM on Nasdaq¹
Industrypharmaceutical industry¹
HeadquartersNeedham¹
Websitewww.verastem.com
Legal formcorporation¹
Incorporated inMA⁵
Business address117 Kendrick Street, Suite 500, Needham, Ma 02494⁵
Filer categoryNon-accelerated filer, Smaller reporting company⁵

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-550.3%Operating margin⁷

-677.6%Net margin⁷

209.1%Revenue growth, 2025⁷

-366.2%Return on equity⁷

Where the money goes

Where each dollar of revenue went, fiscal 2025

Research and developmentSelling, general and admin

Research and development58¢$114.6M
Selling, general and admin41¢$81.1M
Interest1¢$1.1M

Out of $30.9M in revenue.⁷ The company lost money this year.

Financial statements

Revenue⁸⁹¹⁰⁷$30.9M in 2025+77% since 2019

Operating income⁸⁹¹¹¹⁰⁷-$170.1M in 2025+29% since 2019

Net income⁸⁹¹¹¹⁰⁷-$209.5M in 2025+40% since 2019

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenue	$30.9M	$10.0M
Cost of sales - product	$4.6M
Cost of sales - intangible amortization	$698.0K
Research and development	$114.6M	$81.3M	$61.4M
Selling, general and administrative	$81.1M	$43.6M	$30.7M
Total operating expenses	$201.0M	$125.0M	$92.1M
Loss from operations	-$170.1M	-$115.0M	-$92.1M
Other expense	-$203.0K	-$123.0K	-$109.0K
Interest income	$4.1M	$4.1M	$6.2M
Interest expense	-$1.1M	-$4.6M	-$4.1M
Loss on debt extinguishment	-$1.8M
Change in fair value of preferred stock tranche liability		$4.2M	$2.8M
Change in fair value of warrant liability	-$27.5M	-$19.1M
Change in fair value of Notes	-$12.8M
Net loss before taxes	-$209.5M	-$130.5M	-$87.4M
Income tax expense		-$185.0K
Net loss per share-basic	-$3.02	-$3.66	-$3.96
Net loss per share-diluted	-$3.02	-$3.66	-$3.96
Weighted average common shares outstanding used in computing net loss per share - basic	69.3M shares	35.7M shares	22.1M shares
Weighted average common shares outstanding used in computing net loss per share - diluted	69.3M shares	35.7M shares	22.1M shares
Net loss	-$209.5M	-$130.6M	-$87.4M
Unrealized gain (loss) on available-for-sale securities		-$13.0K	$13.0K
Change in fair value of Notes attributable to instrument specific credit risk	$5.2M
Comprehensive loss	-$204.2M	-$130.7M	-$87.4M

Total assets¹⁴⁸⁹¹¹¹⁰⁷$246.4M in 2025+70% since 2019

Total liabilities¹⁴⁸⁹¹¹¹⁰⁷$189.2M in 2025+37% since 2019

Shareholders’ equity⁹¹¹¹⁰⁷$57.2M in 2025+697% since 2019

Cash¹⁴⁸⁹¹¹¹⁰⁷$205.0M in 2025+371% since 2019

Long-term debt¹¹¹⁰⁷$40.7M in 2024+66% since 2022

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2024-11-30
Cash and cash equivalents	$205.0M	$88.8M
Accounts receivable, net	$8.8M
Inventory	$1.8M
Grant receivable	$200.0K	$200.0K
Prepaid expenses and other current assets	$7.6M	$5.9M
Total current assets	$223.4M	$95.0M
Property and equipment, net		$32.0K
Right-of-use asset, net	$491.0K	$1.4M	$1.0M
Restricted cash		$241.0K
Intangible assets, net	$16.4M
Other assets	$6.1M	$4.9M
Total assets	$246.4M	$101.5M
Accounts payable	$12.4M	$4.0M
Accrued expenses, short-term	$54.0M	$26.0M
Vendor financing arrangement, short-term	$5.3M
Lease liability, short-term	$535.0K	$995.0K
Total current liabilities	$72.3M	$31.0M
Long-term debt	$76.3M	$40.7M
Vendor financing arrangement, long-term	$5.0M
Lease liability, long-term		$535.0K
Warrant liability	$35.6M	$58.2M
Total liabilities	$189.2M	$130.4M
Common stock, $0.0001 par value; 300,000 shares authorized, 77,740 and 44,784 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	$8.0K	$4.0K
Additional paid-in capital	$1.2B	$926.6M
Accumulated other comprehensive income	$5.2M
Accumulated deficit	-$1.2B	-$955.5M
Total stockholders' equity (deficit)	$57.2M	-$28.9M
Total liabilities, convertible preferred stock and stockholders' equity	$246.4M	$101.5M
Preferred stock, shares authorized	5.0M shares
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	300.0M shares	300.0M shares
Common stock, shares issued	77.7M shares	44.8M shares
Common stock, shares outstanding	77.7M shares	44.8M shares

Cash from operations⁸⁹¹¹¹⁰⁷-$137.5M in 2025−1% since 2019

Capital spending⁸⁹¹¹⁷$28.0K in 2024+300% since 2019

Free cash flow⁸⁹¹¹⁷-$104.8M in 2024−24% since 2019

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net loss	-$209.5M	-$130.6M	-$87.4M
Depreciation	$30.0K	$26.0K	$62.0K
Amortization of acquired intangible assets	$698.0K
Non-cash operating lease cost	-$81.0K	-$175.0K	-$175.0K
Stock-based compensation expense	$9.4M	$7.3M	$5.9M
Amortization of deferred financing costs, debt discounts and premiums and discounts on available-for-sale marketable securities	$29.0K	-$5.0K	-$1.1M
Change in fair value of preferred stock tranche liability		-$4.2M	-$2.8M
Change in fair value of warrant liability	$27.5M	$19.1M
Non-cash change in fair value of Notes	$6.6M
Loss on debt extinguishment	$1.8M
Accounts receivable, net	-$8.8M		$31.0K
Grant receivable		-$200.0K
Inventory	-$1.8M
Prepaid expenses, other current assets and other assets	-$2.6M	-$596.0K	-$5.8M
Accounts payable	$8.4M	-$3.2M	$2.3M
Accrued expenses and other liabilities	$30.8M	$8.0M	$2.9M
Deferred liabilities		-$327.0K	-$383.0K
Net cash used in operating activities	-$137.5M	-$104.8M	-$86.5M
Purchases of property and equipment		-$28.0K
Purchases of intangible assets	-$9.6M
Purchases of investments			-$96.4M
Maturities of investments		$60.0M	$52.0M
Net cash (used in) provided by investing activities	-$9.6M	$60.0M	-$44.4M
Proceeds from the issuance of common stock and pre-funded warrants, net	$197.0M	$14.2M	$91.4M
Proceeds from the issuance of warrants		$39.6M
Proceeds from issuance of Series B Convertible Preferred Stock, net			$28.1M
Proceeds from exercise of warrants	$33.8M	$875.0K
Proceeds from long-term debt	$75.0M		$14.9M
Repayment of long-term debt	-$42.6M
Payments for loan amendment		-$150.0K
Repayment of 2018 Notes			-$300.0K
Proceeds from insurance premium financing	$1.2M	$1.3M	$1.4M
Payments on insurance premium financing	-$1.2M	-$1.3M	-$1.4M
Proceeds from the exercise of stock options and employee stock purchase program	$116.0K	$241.0K	$57.0K
Net cash provided by financing activities	$263.3M	$54.8M	$134.2M
Increase in cash, cash equivalents and restricted cash	$116.2M	$10.0M	$3.3M
Cash paid for interest	$6.4M	$3.8M	$3.4M
Cash paid for income tax expense	$185.0K
Issuance of preferred stock tranche liability			$6.9M
Purchases of property and equipment included in accounts payable and accrued expenses			$7.0K
Issuance costs included in accounts payable and accrued expenses		$32.0K
Conversion of Series B Convertible Preferred Stock to common stock		$21.2M
Conversion of warrant liability into additional paid-in capital upon warrant exercise	$50.0M	$545.0K
Right of use asset obtained in exchange for operating lease liability		$988.0K
Purchases of intangible asset in accounts payable and accrued expenses	$7.5M

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The story

Verastem Oncology (Verastem Inc) was co-founded in 2010 by entrepreneur Christoph H. Westphal and venture capitalist Michelle Dipp, who provided seed funding and initial office space in Cambridge, MA. The company was formed to commercialize the work of the three other co-founders, MIT biologists Robert Weinberg, Eric S. Lander and Piyush Gupta, by discovering and developing drugs to treat cancer by targeting cancer stem cells.

The company raised $16 million in the initial Series A financing.

Westphal served as CEO and chairman of the board from 2010 to 2013. Under his leadership, the company raised $55 million through an IPO in 2012. Mr. Robert Forrester succeeded Christoph Westphal as Verastem's president and CEO in 2013. In July 2019, Brian Stuglik was appointed to chief executive officer (CEO) of Verastem Oncology.

From Wikipedia’s article on Verastem Oncology, shared under CC BY-SA 4.0.⁶

Leadership

Who has led Verastem Oncology, and when. Pick a name to see everywhere that person has worked.

Chief executive officerRobert Forrester¹

Products and brands

Copiktra
duvelisib

Listed on Wikidata.¹

Timeline

2010Founded Founded¹

Recent filings

Oct 14, 20268-K
Oct 14, 2026424B5
Oct 14, 2026424B5
Oct 14, 20268-K
Oct 2, 20264 OWNERSHIP DOCUMENT
Oct 2, 20264 OWNERSHIP DOCUMENT
Oct 1, 2026144
Sep 23, 20264 OWNERSHIP DOCUMENT
Aug 14, 2026SCHEDULE 13G/A
Aug 7, 20268-K
Aug 7, 2026SCHEDULE 13G
Aug 6, 202610-Q
Aug 6, 20268-K
Aug 5, 20264 OWNERSHIP DOCUMENT
Jul 31, 2026SCHEDULE 13G

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataVerastem Oncology on Wikidata
2
SEC EDGARVerastem Oncology filings on SEC EDGAR
3
WikipediaVerastem Oncology on Wikipedia
4
Wikimedia CommonsVerastem Oncology logo by Verastem, Inc, CC BY-SA 4.0
5
SEC EDGARVerastem Oncology filings on SEC EDGAR
6
WikipediaVerastem Oncology on Wikipedia (revision used)
7
SEC EDGARVerastem Oncology 10-K for fiscal 2025
8
SEC EDGARVerastem Oncology 10-K for fiscal 2019
9
SEC EDGARVerastem Oncology 10-K for fiscal 2020
10
SEC EDGARVerastem Oncology 10-K for fiscal 2022
11
SEC EDGARVerastem Oncology 10-K for fiscal 2021
12
SEC EDGARVerastem Oncology 10-Q for fiscal 2026
13
SEC EDGARVerastem Oncology 10-Q for fiscal 2026
14
SEC EDGARVerastem Oncology 10-K for fiscal 2019