Verastem Oncology (VSTM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Verastem Oncology published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Verastem did not furnish a Q3 2026 earnings press release to the SEC. Its Q3 figures come from the 10-Q and the corporate presentation filed on Form 8-K on November 5, 2026, which carries a Q3 2026 financial summary. On October 14, 2026 it furnished preliminary Q3 net product revenue of $23.9 million to $24.1 million.
• Verastem reports one product line, AVMAPKI FAKZYNJA CO-PACK, launched in May 2025. Q2 2026 net product revenue was $25.1 million, and Q2 total revenue also included $15.0 million from the earlier sale of the COPIKTRA license to Secura Bio, so it is not comparable with Q3.
• Verastem's CEO Daniel Paterson retires effective January 1, 2027; Michael P. Bailey takes over as President and CEO.

Source: Verastem Form 10-Q, Q3 2026, November 5, 2026. Also in the Form 8-K corporate presentation with Q3 2026 financial summary. Figures as reported; checked against the release on November 10, 2026.

From the earnings release

Verastem gives no revenue or EPS outlook. Its only financial guidance is the cash runway.

In its Q3 2026 release, Verastem Oncology said:

“Proforma cash of $422.8M with gross proceeds from October public offering, combined with expected product revenue, expected to extend cash runway into 1H 2028”

Source: Verastem November 2026 corporate presentation (Form 8-K), Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the VSTM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue (in millions) and diluted net loss per share, each as first reported. Q2 2026 and Q3 2025 are from Verastem's releases; Q3 2026 and Q1 2026 are from the 10-Q because Verastem furnished no release for those quarters. Q4 2025 revenue is the 10-K annual figure minus the nine-month figure; its EPS was not published separately.

We do not hold a confirmed date for Verastem Oncology's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 5, 2026

Verastem Oncology's revenue comes from one product, AVMAPKI FAKZYNJA CO-PACK (avutometinib capsules and defactinib tablets), approved by the FDA on May 8, 2025 for adults with KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC) who received prior systemic therapy. Net product revenue was $24.0 million in Q3 2026, against $11.2 million in Q3 2025, the first full quarter after launch. (Verastem Form 10-Q, Q3 2026, Nov 5, 2026; Verastem November 2026 corporate presentation (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Verastem said the $12.8 million increase was driven mainly by higher product shipments. Its November presentation describes demand as holding steady after significant Q2 growth,, with helping appropriate patients stay on therapy as its stated priority and growth in new patient starts as a goal. (Verastem Form 10-Q, Q3 2026, Nov 5, 2026; Verastem November 2026 corporate presentation (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Verastem's sales are concentrated in a few specialty distributors. Two customers each accounted for more than 10% of product revenue and together for $20.2 million in Q3 2026, and five customers made up 100% of trade accounts receivable at September 30, 2026. (Verastem Form 10-Q, Q3 2026, Nov 5, 2026)

Over the first nine months total revenue was $82.8 million, which includes $15.0 million recognized when Secura Bio reached $200.0 million of cumulative COPIKTRA sales under the asset purchase agreement. Verastem has asked the FDA to approve a blister pack version of the co-pack, with a decision date of February 7, 2027. (Verastem Form 10-Q, Q3 2026, Nov 5, 2026; Verastem November 2026 corporate presentation (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Verastem Oncology's net loss was $74.7 million, or $0.74 per share, against $98.5 million, or $1.35 per share, in Q3 2025. The year-ago loss included a $55.9 million loss from the change in fair value of a warrant liability; there was no such charge in Q3 2026. Weighted average shares rose to 101,236 thousand from 73,157 thousand after equity offerings. (Verastem Form 10-Q, Q3 2026, Nov 5, 2026)

Operating expenses rose to $99.2 million from $52.0 million. Research and development was $68.8 million against $29.0 million, mainly because of a $14.6 million rise in investigator fees, a $14.4 million rise in drug substance and drug product manufacturing costs and a $5.5 million rise in contract research costs, as trials of VS-7375, its KRAS G12D inhibitor, expanded. SG&A rose to $26.5 million from $21.0 million. (Verastem Form 10-Q, Q3 2026, Nov 5, 2026; Verastem November 2026 corporate presentation (Form 8-K, Exhibit 99.1), Nov 5, 2026)

Verastem reports no adjusted EPS. Its presentation gives non-GAAP operating expenses of $95.2 million, excluding $3.71 million of stock-based compensation and $0.28 million of intangible amortization. Cash, cash equivalents and short-term investments were $172.8 million at September 30, 2026; in October Verastem sold 30,937,500 shares at $8.00 in a public offering that raised $250.0 million gross, which brings pro forma cash to $422.8 million. (Verastem November 2026 corporate presentation (Form 8-K, Exhibit 99.1), Nov 5, 2026; Verastem Form 10-Q, Q3 2026, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Verastem Oncology does not publish a revenue or earnings outlook. Its financial guidance is that pro forma cash of $422.8 million, together with expected product revenue, is expected to extend its cash runway into the first half of 2028. The 10-Q adds that the October offering removed the substantial doubt about its ability to continue as a going concern that Verastem had reported at June 30, 2026. (Verastem November 2026 corporate presentation (Form 8-K, Exhibit 99.1), Nov 5, 2026; Verastem Form 10-Q, Q3 2026, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Verastem Oncology, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Verastem Oncology's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning VSTM is on is VSTM a buy or a sell?, what analysts expect next is on the VSTM forecast, and what the company does is on the Verastem Oncology (VSTM) stock page.

Every number on this page can be traced to a document Verastem Oncology published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.