Verastem, Inc. · NASDAQ:VSTM
Verastem — Investor Presentation (November 2026)
42 slides from Verastem's investor presentation, Nov 5, 2026
Slide 1: Delivering Novel Therapies for RAS/MAPK Pathway-Driven Cancers
Delivering Novel Therapies for RAS/MAPK Pathway - Driven Cancers CORPORATE PRESENTATION NOVEMBER 2026
Slide 2: Forward-Looking Statements
2 FORWARD - LOOKING STATEMENTS This presentation includes forward - looking statements about, among other things, Verastem Oncology’s (the “Company”) programs an d product candidates, strategy, future plans and prospects, including statements related to the approval and commercialization of AVMAPKI®
Slide 3: Our Commercial Products: Monotherapy & Combination Approaches
3 OUR COMMERCIAL PRODUCTS MONOTHERAPY & COMBINATION APPROACHES RAS: Rat Sarcoma Virus; MAPK: Mitogen - Activated Protein Kinase; RAF: Rapidly Accelerated Fibrosarcoma; MEK: Mitogen - Activated Ex tracellular Signal - regulated Kinase; FAK: focal adhesion kinase; KRAS: Kirsten Rat Sarcoma Virus Pleas
Slide 4: Our Advantage
4 FDA: Food and Drug Administration CLINICAL - TO - COMMERCIAL SUCCESS in bringing novel RAS/MAPK pathway - targeted therapies from development to FDA approval to commercialization INNOVATIVE PIPELINE with a potential best - in - class KRAS G12D asset targeting the most prevalent KRAS mutation in hu
Slide 5: Pipeline and Upcoming Milestones
5 ICT: investigator choice of treatment; LGSOC: Low - grade Serous Ovarian Cancer; mPDAC : metastatic Pancreatic Ductal Adenocarcinoma; mCRC: metastatic colorectal cancer; FAKi : focal adhesion kinase inhibitor; EGFR: epidermal growth factor receptor Not shown: RAMP201J trial by Japanese Gynecologic
Slide 6: Our Scientific Strategy: Precision Targeting of RAS/MAPK-Driven Cancers
6 TARGET RAS DIRECTLY TARGET THE PATHWAY DOWNSTREAM TARGET THE PARALLEL PATHWAY THAT DRIVES RESISTANCE First novel/novel combination therapy, targeting the RAS/MAPK pathway, approved in oncology Precision Targeting of RAS/MAPK - Driven Cancers Differentiates Our Science OUR SCIENTIFIC STRATEGY: EGF:
Slide 7: Expected Milestones 2026 Through 2027
7 2H 2027 Q2 2027 • Complete enrollment in Phase 2 TARGET - D 201 (PDAC) and TARGET - D 203 (CRC) trials. • Open TARGET - D 301 1L mPDAC trial. • Meet with FDA to review Phase 3 pivotal trial designs in 1L advanced NSCLC (TARGET - D 302) and 1L mCRC (TARGET - D 303). Q4 2026 Expected Milestones 2026
Slide 8: Commercially Launched in the U.S. for KRAS-mutated Recurrent LGSOC
8 Commercially Launched in the U.S. for KRAS - mutated Recurrent LGSOC FDA APPROVAL DATE: MAY 8, 2025
Slide 9: 70% of LGSOC Tumors Driven by RAS/MAPK Pathway
9 70% of LGSOC Tumors are Driven by the RAS/MAPK Pathway; ~30% of These Have a KRAS Mutation 1,2,3,4 • Avutometinib inhibits MEK kinase activity while blocking the compensatory reactivation of MEK by upstream RAF 5,6,7 • Blocking RAF and/or MEK activates FAK, a key mediator of drug resistance 8,9 •
Slide 10: High Unmet Need in Recurrent LGSOC
10 High Unmet Need for an Effective and Tolerable Therapy in Recurrent LGSOC • U.S. annual incidence: ~1,000 - 2,000 1 and prevalence: 6,000 - 8,000 2 • A ffects younger women with bimodal peaks of diagnosis between the ages of 20 - 30 and 50 - 60 – Disproportionately impacts health, fertility and l
Slide 11: AVMAPKI FAKZYNJA CO-PACK Q3 Update
11 AVMAPKI FAKZYNJA CO - PACK Q3 Update Please see the full Prescribing Information for more information x Q3 net product revenue: $24M 1 x Demand held steady after significant Q2 growth x Strong refill reinforce a clear priority: helping appropriate patients stay on therapy x Focused execution ha
Slide 12: Blister Pack FDA Priority Review Granted
12 AVMAPKI FAKZYNJA CO - PACK Blister Pack FDA Priority Review G ranted PDUFA date: February 7, 2027 Current Co - Pack Proposed Standard Dose B lister P ack 4 AVMAPKI capsules 0.8 mg each per dose Refrigerated storage 1 AVMAPKI tablet 3.2 mg per dose 3 blister cards Standard and reduced dose packs N
Slide 13: RAMP 201: Durable Results Across Efficacy Measures
13 RAMP 201: Demonstrated Durable Results Across Various Efficacy Measures in Heavily Pretreated US & European Patients With and Without a KRAS Mutation Avutometinib + Defactinib Regimen: Best Overall Response 82% of All Patients Had a Reduction in Target Lesions, Regardless of KRAS Status 1 KRAS wt
Slide 14: RAMP 301 Phase 3 Trial Design
14 OS PFS by RECIST v1.1 per INV assessment ORR DoR DCR Safety Pharmacokinetics PROs a Unless otherwise specified, all tumor response - based endpoints will be analyzed using both BICR and INV assessments *US FDA analysis plan will evaluate PFS independently in KRAS - mt and KRAS wt LGSOC; BID: twic
Slide 15: Potential for Label and Geographic Expansion
15 U.S. Secured FDA Accelerated Approval in KRAS - mutated recurrent LGSOC. 2029 2025 RAMP 301: Topline data expected in mid - 2027. U.S. Label Expansion Leverage the RAMP 301 results to confirm the initial indication and expand the indication regardless of KRAS mutation status. Japan: Leverage the
Slide 16: Product Innovation Awards
16 AVMAPKI FAKZYNJA CO - PACK Finalist in the Best Product for Rare/Orphan Diseases category Breakthrough Honoree NORD Industry Innovation Award AVMAPKI FAKZYNJA CO - PACK Product Innovation Awards
Slide 17: Oral KRAS G12D (ON/OFF) Inhibitor
17 VS - 7375, Oral KRAS G12D (ON/OFF) Inhibitor
Slide 18: KRAS G12D: Most Prevalent Mutation in Cancer
18 PANCREATIC CANCER 40% COLORECTAL CANCER 15% LUNG CANCER 5% KRAS G12D: The Most Prevalent Mutation in Cancer with Poor Prognosis and High Unmet Need Annual U.S. TAM: ~29K Annual U.S. TAM: ~22K Annual U.S. TAM: ~10K CancerMPact Patient Metrics Active Disease calculation for Stage IV patients; TAM:
Slide 19: Potential Best-in-Class G12D Inhibitor
19 Pachter et al., Targeting RAS 2nd edition 2025; Ai et al., ASCO 2025; Li et al., World Conference on Lung Cancer 2025; pERK: pho sphorylated Extracellular signal - regulated Kinase; GEF: Guanine nucleotide exchange factor GAP: GTPase - activating protein VS - 7375 : Potential Best - in - Class G1
Slide 20: Phase 1/2 Study Enrolled 190+ Patients
20 VS - 7375 : Enrolled 190+ Patients Across Dose Escalation & Expansion Cohorts Phase 1/2 Study Evaluating VS - 7375, a KRAS G12D (ON/OFF) inhibitor, as Monotherapy and in Combination, in Patients with KRAS G12D - Mutated Solid Tumors The study is dosing with meals and using prophylactic antiemetic
Slide 21: Emerging Best-in-Class KRAS G12D Inhibitor in mPDAC
21 VS - 7375 900 mg Emerging as Potential Best - in - Class KRAS G12D Inhibitor in Previously Treated (2L - 4L) KRAS G12D mPDAC Data cutoff: Oct. 7, 2026 1: The mITT (modified intent - to - treat) population includes any patient that received at least one dose of VS - 7375 and started therapy on or
Slide 22: Favorable Monotherapy Durability in mPDAC
22 VS - 7375: First KRAS G12D Inhibitor to Demonstrate Favorable Monotherapy Durability in mPDAC 67% Landmark 6 - month PFS rate I 80% Landmark 6 - month OS in 2L/3L/4L Data cutoff: Oct. 7, 2026; The mITT population includes any patient that received at least one dose of VS - 7375 and started therap
Slide 23: 900 mg Combo with Anti-EGFR in mCRC
23 *ORR included confirmed responses and ongoing unconfirmed responses pending confirmation Data cutoff: Oct. 7, 2026 1: The mITT population includes any patient that received at least one dose of VS - 7375 and started therapy on or before July 22, 2026; 1 pa tient withdrew consent prior to first di
Slide 24: Confirmed Responses in 2L+ NSCLC
24 VS - 7375 Demonstrates Confirmed Responses at 600 mg in 2L+ NSCLC 43% c ORR (10/23) 2L+ NSCLC, including prior taxane treated 68 Median age (years) 1 Median prior lines of therapy (range 1 – 2) 17/23 Patients remain on treatment All patients had prior platinum - based chemo Tx, all but 1 patient
Slide 25: Durability in 2L+ NSCLC
25 VS - 7375 Shows Encouraging Durability at 600 mg in 2L+ NSCLC 72% landmark PFS rate at 6 months; mPFS not reached Median Follow - Up: 4.4 months (2.4 — 12.4 months) 17/23 Patients remain on treatment Baseline CR PR SD PD NE Tx ongoing Tx beyond PD Death Circle size represents the extent of benefi
Slide 26: First-Line NSCLC Combination with SoC
26 TPS VS - 7375 at 600 mg Shows Early Antitumor Activity with First - Line Triplet SoC in NSCLC, Supporting Combination Potential Platinum+Pemetrexed ( CPem ) +/ - Pembrolizumab ( Pembro ) in KRAS G12D Adenocarcinoma of the Lung *ORR included confirmed responses and ongoing unconfirmed responses pe
Slide 27: 900 mg Monotherapy: High Dose Intensity, Low Discontinuations
27 VSTM DOF. Data cutoff date: Sep 29, 2026; AE: adverse events; Tx: treatment; TRAEs: treatment - related adverse events; TEAEs: treatment - emergent adverse events. IQR: interquartile range VS - 7375 900 mg Monotherapy: High Dose Intensity with Very Low Discontinuations Due to AEs Across Tumor Typ
Slide 28: Tolerability: Low Rates of Grade ≥3 and Serious TRAEs
28 VS - 7375 900 mg Tolerability is Characterized by Low Rates of Grade ≥3 and Serious TRAEs, Further Supporting it as the Go - Forward Dose 900 mg (N=48) 3.0 (0.2 — 10.6) Median duration of Tx (range), months Gr.3 All Gr. TRAEs 10% 81% Patients with Any TRAE 2% 75% Patients with Any GI TRAE 6% Pati
Slide 29: Generally Well Tolerated Without Dose-Dependent Safety Signals
29 VS - 7375 is Generally Well Tolerated Without Clear Dose - Dependent Safety Signals (≥5% of Either 600 mg or 900 mg QD); Consistent with June 2026 as Data Continue to Mature 900 mg (N=48) 600 mg (N=73) System Organ Class Preferred Term mDoT (range) = 3.0 (0.2 - 10.6) mo mDoT (range) = 4.3 (0.5 -
Slide 30: Advancing Parallel Clinical Development Paths
30 VS - 7375 : Advancing Potential Best - in - Class Profile to Pursue Parallel Clinical Development Paths *Subject to discussions with the FDA. Potential opportunities based on data from ongoing clinical trials; BTD: breakthrough therapy designation Clinical Approaches: Earlier lines New combinatio
Slide 31: Maximizing the Opportunity in PDAC
31 Maximizing the Opportunity in PDAC Through VS - 7375 Monotherapy and EGFR Combination Strategies *All A1 pts with SD allowed to crossover to cetuximab combo if A1 fails to meet efficacy threshold EGFR: Epidermal Growth Factor Receptor R 1:1 randomization Part A: 2L PDAC Cohort A 1 Cohort A2 VS -
Slide 32: 1L PDAC Phase 3: TARGET-D 301
32 ORR PFS *either panitumumab or cetuximab VS - 7375 1L PDAC Phase 3: TARGET - D 301 Study Schema – Potential for Chemo - Free Option 1:1:1 randomization Stratification • ECOG 0 vs 1 • NA vs Europe vs ROW • Liver metastasis + vs - SoC (GnP or FOLFIRINOX) arm crossover to VS - 7375 monoTx (or with a
Slide 33: Evaluating Monotherapy in Advanced NSCLC
33 Evaluating VS - 7375 Monotherapy in Advanced NSCLC, Including Patients with Brain Metastases Part A: 2L/3L NSCLC Cohort A VS - 7375 900 mg QD (N=20) Cohort B Preferred dose of VS - 7375 (N=60) Part B: 2L/3L NSCLC Confirm 900 mg QD is the go - forward dose Part C: 2L/3L/4L VS - 7375 900 mg QD with
Slide 34: Combination Strategy in Metastatic CRC
34 Advancing a VS - 7375 Combination Strategy with EGFR Inhibitors and Chemotherapy in Metastatic CRC #No prior TAS - 102 ( trifluridine and tipiracil ) or regorafenib. VEGFi as appropriate. mFOLFOX : modified oxaliplatin, leucovorin, and 5 - fluorouracil; VEGFI: vascular endothelial Growth Factor R
Slide 35: RAMP 205: Avutometinib + Defactinib + SoC in 1L Metastatic Pancreatic Cancer
RAMP 205: Avutometinib + Defactinib + Standard - of - Care in First - Line Metastatic Pancreatic Cancer
Slide 36: RAMP 205: 86% 6-Month Overall Survival Rate
36 RAMP 205: 86% 6 - month Overall Survival Rate, Follow - up Continues and Survival Data Continue to Mature • 90% of patients presented with metastatic disease (Stage IV) at diagnosis • At the RP2D (DL1), the majority (83%) of patients experienced tumor shrinkage • 9 patients remain on therapy, fol
Slide 37: Financials
Financials W YERASTEM . ONCOLOGY
Slide 38: Credit Facility, Revenue Notes and Q3 Financial Summary
38 Oberland Finance Credit Facility • $75M principal of notes outstanding – Floating interest rate, subject to a floor and a cap – Interest only payments through January 2031 Oberland Revenue Notes • Up to $75M in synthetic royalty revenue notes – $50M funded at closing in August 2026 – $25M availab
Slide 39: Delivering for Long-term Growth
39 39 EU: European Union ; *Please see November 5, 2026 press release. Delivering for Long - term Growth • AVMAPKI FAKZYNJA CO - PACK has potential to be standard - of - care in KRAS - mutated recurrent LGSOC – RAMP 301: Fully - enrolled Phase 3 confirmatory trial has the potential to expand U.S. la
Slide 40: Thank You
THANK YOU! W YERASTEM ONCOLOGY
Slide 41: Appendix
Appendix ONCOLOGY W YERASTEM
Slide 42: AVMAPKI FAKZYNJA CO-PACK Patent Portfolio
42 OB: Orange Book Listed Patent AVMAPKI FAKZYNJA CO - PACK Patent Portfolio OB: 7,897,792 Avutometinib COM (expiry 2/9/2027) OB: 11,400,090 – Avutometinib mono dosing - (expiry 10/29/2038) PTE OB: 7,928,109 Defactinib COM US (expiry 4/17/2028) PTA PTE (Aug, 2034) OB: 8,247,411 Defactinib – genus (e