Verastem, Inc. · NASDAQ:VSTM
Verastem — Investor Presentation (May 2026)
38 slides from Verastem's investor presentation, May 7, 2026
Slide 1: Delivering Novel Therapies for RAS/MAPK Pathway-Driven Cancers
Delivering Novel Therapies for RAS/MAPK Pathway-Driven Cancers C O R P O R A T E P R E S E N T A T I O N M A Y 2 0 2 6
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 and product candidates, strategy, future plans and prospects, including statements related to the approval and commercialization of AVMAPKI® FAKZ
Slide 3: Our Commercial Products
3 OUR COMMERCIAL PRODUCTS MONOTHERAPY & COMBINATION APPROACHES RAS: Rat Sarcoma Virus; MAPK: Mitogen-Activated Protein Kinase; RAF: Rapidly Accelerated Fibrosarcoma; MEK: Mitogen-Activated Extracellular Signal-regulated Kinase; FAK: focal adhesion kinase; KRAS: Kirsten Rat Sarcoma Virus Please see t
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 human cancer
Slide 5: Our Scientific Strategy
5 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: E
Slide 6: ICT: investigator choice of treatment; LGSOC: Low-grade Serous Ovarian Cancer; mPDAC: metastatic Pancreatic Ductal
ICT: investigator choice of treatment; LGSOC: Low-grade Serous Ovarian Cancer; mPDAC: metastatic Pancreatic Ductal Adenocarcinoma; mNSCLC: metastatic Non-small cell lung cancer; mCRC: 6 metastatic colorectal cancer; FAKi: focal adhesion kinase inhibitor; Gem: Gemcitabine. NabP: nab-paclitaxel; EGFR:
Slide 7: Our 2026 Priorities
7 MAXIMIZE COMMERCIAL LAUNCH EXECUTION OF AVMAPKI® FAKZYNJA® CO-PACK FOR BROAD HCP ADOPTION Commercial Product and Pipeline Positioned to Deliver Long-Term Shareholder Value OUR 2026 PRIORITIES: CONTINUE EXECUTION OF RAMP 301 CONFIRMATORY PHASE 3 TRIAL IN RECURRENT LGSOC MAINTAIN STRONG BALANCE SHEE
Slide 8: Milestones for 2026
8 1H2026 Mid-2026 2H 20206 Continued strong execution of product commercialization throughout 2026 building upon successful product launch Q2 2026: Report an update on the safety & efficacy of the expansion cohort with six months of follow-up on all patients RAMP 205 1L PDAC Avutometinib + Defactini
Slide 9: Commercially Launched in the U.S. for KRAS-mutated Recurrent LGSOC
9 Commercially Launched in the U.S. for KRAS-mutated Recurrent LGSOC FDA APPROVAL DATE: MAY 8, 2025
Slide 10: Avutometinib and Defactinib Combination Mechanism
10 70% of LGSOC Tumors are Driven by the RAS/MAPK Pathway; ~30% of These Have a KRAS Mutation1,2,3,4 • Avutometinib inhibits MEK kinase activity while blocking the compensatory reactivation of MEK by upstream RAF5,6,7 • Blocking RAF and/or MEK activates FAK, a key mediator of drug resistance8,9 • De
Slide 11: High Unmet Need in Recurrent LGSOC
11 High Unmet Need for an Effective and Tolerable Therapy in Recurrent LGSOC • U.S. annual incidence: ~1,000-2,0001 and prevalence: 6,000-8,0002 • Affects younger women with bimodal peaks of diagnosis between the ages of 20-30 and 50-60 – Disproportionately impacts health, fertility, and long-term q
Slide 12: Driving Impact in the First Year of Launch
12 Driving Impact in the First Year of Launch N E T P R O D U C T R E V E N U E S I N C E L A U N C H $11.2M $17.5M $2.1M $30.9M FY25 $18.7M Q2’25* Q3’25 Q4’25 Q1’26 400+ unique U.S. prescribers through April 2026 60/40 of prescription split between GynOncs and MedOncs 65% of commercially eligible p
Slide 13: Three Key Drivers to Realize Full Benefits of AVMAPKI FAKZYNJA CO-PACK
13 Three Key Drivers to Realize Full Benefits of AVMAPKI FAKZYNJA CO-PACK v New Patients Starts Use at First Recurrence Help Patients Stay on Therapy Please see the full Prescribing Information for more information
Slide 14: Maximizing Benefit at First Recurrence
14 Reach among prescribers who haven’t prescribed AVMAPKI FAKZYNJA CO-PACK Experience with AVMAPKI FAKZYNJA CO-PACK among current prescribers Entrenched prescribing behaviors Maximizing Benefit with AVMAPKI FAKZYNJA CO-PACK at First Recurrence Expand Shift Deepen Substantial Market Opportunity, Grow
Slide 15: RAMP 201: Durable Results Across Efficacy Measures
15 RAMP 201: Demonstrated Durable Results Across Various Efficacy Measures in Heavily Pretreated 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 Status1 All Patients KRAS mt K
Slide 16: RAMP 301 Phase 3 Trial Design
16 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: twice a
Slide 17: Potential for Label and Geographic Expansion
17 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 resu
Slide 18: VS-7375, Oral KRAS G12D (ON/OFF) Inhibitor
18 VS-7375, Oral KRAS G12D (ON/OFF) Inhibitor
Slide 19: KRAS G12D: The Most Prevalent KRAS Mutation in Cancer
19 Ref: Lee et al Nature, Dec 2022 for epidemiology; 1: VSTM DOF, based on internal estimates; 2: McIntyre et al., Cancer Cell 2024, 42:1614-1629 and Hafezi S et al., Int J Mol Sci 2021, 22(19):10219; 3: Judd J, Abdel Karim N, Khan H, et al. Mol Cancer Ther. 2021;20(12):2577-2584;4: Lee J, et al. J
Slide 20: VS-7375: Potential Best-in-Class G12D Inhibitor
20 Data in China Phase 1/2 study demonstrate strong monotherapy response rates in patients with previously treated pancreatic and lung cancers with manageable tolerability Pachter et al., Targeting RAS 2nd edition 2025; Ai et al., ASCO 2025; Li et al., World Conference of Lung Cancer 2025; pERK: pho
Slide 21: VS-7375: Best-in-Class Preclinical Profile
RMC-6236 and RMC-9805 are assets developed by Revolution Medicine; AMG410 is an asset developed by Amgen; AZD0022 is an asset developed by AstraZeneca. 21 VS-7375: Best-in-Class Preclinical Profile LS513 Colorectal Cancer Model Better Efficacy and Durability than G12D ON and Pan-RAS ON Inhibitors in
Slide 22: GFH375/VS-7375 Single Agent Anti-Tumor Activity in PDAC and NSCLC
22 GFH375/VS-7375 Confers Single Agent Anti-Tumor Activity in Patients with Previously Treated PDAC and NSCLC PDAC • 58.3% ORR (n=12) in 2L; 40.7% ORR (n=59) in all evaluable pts at 600 mg QD* • mPFS and mOS has not been reached for 2L PDAC pts. Median follow up time was 5.65 months. C -PR confirmed
Slide 23: Strong Partner Data (GenFleet)
23 Strong Partner Data (GenFleet)1 • Activity in pre-treated PDAC & NSCLC • 2L PDAC: 58% ORR (n=12) • 2L+ NSCLC: 69% ORR (n=16) • 300+ patients treated in China • Enabled U.S. trial start at 400 mg QD • Ongoing Phase 1/2 & Phase 3 trial in China • BTD received in China for NSCLC & PDAC Ex-US Data Pr
Slide 24: TARGET-D 101 Trial Design and Early Observations
24 NCT07020221 D1: 2L+ CRC VS-7375 600mg QD + Cetuximab Ongoing D2: 1L NSCLC Carboplatin/Pemetrexed /Pembrolizumab D3: 1L PDAC Gemcitabine/Nab-P Early Observations Show Manageable Safety & Tolerability Profile with Promising Anti-Tumor Activity Enrolling Monotherapy Combination Therapy Part B: Dose
Slide 25: 900 mg QD Achieves Targeted Human AUCss
25 VSTM DOF April 2026; AUCss: area under the curve at steady state 400 mg 600 mg 900 mg 10 100 1000 10000 900 mg QD of VS-7375 Achieves the Targeted Human AUCss in All Patients Corresponding to Maximal Tumor Regression across Mouse Models VS-7375 (ng*h/mL) 600mg QD VS-7375-101 (TARGET-D 101) n=11 n
Slide 26: Monotherapy Dose Escalation Safety Table
26 Monotherapy Dose Escalation Cohorts (All dose levels) N=231 ; mDoT, median (range): 1.6 (0.7-5.6) months (TRAEs) Gr. 1, n (%) Gr. 2, n (%) Gr. 3, n (%) Gr. ≥4, n (%) All Gr., n (%) System Organ Class Preferred Term Gastrointestinal Nausea 11 (48) 1 (4) 0 (0) 0 (0) 12 (52) Diarrhea 7 (30) 1 (4) 1
Slide 27: Maximizing the Opportunity in PDAC
27 *All A1 pts with SD allowed to crossover to cetuximab combo if A1 fails to meet efficacy threshold Maximizing the Opportunity in PDAC Through VS-7375 Monotherapy and EGFR Combination Strategies R 1:1 randomization Part A: 2L PDAC Cohort A1 Cohort A2 VS-7375 900 mg monotherapy (N=20) VS-7375 900 m
Slide 28: Evaluating VS-7375 Monotherapy in Advanced NSCLC
28 Evaluating VS-7375 Monotherapy in Advanced NSCLC, Including Patients with Brain Metastases Cohort A: Confirm 900 mg QD is the go-forward dose Part A: 2L/3L NSCLC VS-7375 900 mg QD (N=20) Cohort B: Preferred dose of VS-7375 (N=60) Part B: 2L/3L NSCLC Part C: 2L/3L/4L VS-7375 900 mg QD with asympto
Slide 29: VS-7375 Combination Strategy in Metastatic CRC
29 #No prior TAS-102 (trifluridine and tipiracil) or regorafenib. VEGFi as appropriate. Advancing a VS-7375 Combination Strategy with EGFR Inhibitors and Chemotherapy in Metastatic CRC Cohort A1: R Confirm 900 mg QD is the go-forward dose 2:1 randomization Cohort A2: Part A: 2L+ CRC VS-7375 900 + Ce
Slide 30: Development Focus on Highest Unmet Need Populations
30 Development Focus on Highest Unmet Need Populations to Expedite Regulatory Submissions Complete single-agent and combination dose expansion cohorts 1H INTO 2H 2026 Initiate single-agent and combination Phase 2 registration-directed studies 2H 2026 Pursue regulatory approvals 2027 +
Slide 31: Topline Data from RAMP 205 in First-Line Metastatic Pancreatic Cancer
Topline Data from RAMP 205: Avutometinib + Defactinib + Standard of Care in First-Line Metastatic Pancreatic Cancer
Slide 32: RAMP 205: Data Presented at ASCO 2025
32 Historical Gem/Nab mPFS RAMP 205: Data Presented At ASCO 2025 Trial Status: • Dose Level 1 (DL1) chosen as RP2D for expansion phase – Avutometinib: 2.4 MG, Defactinib: 200 mg – Day 1-8-15, Gem: 800 mg NabP: 125mg • Completed enrollment of 29 patients in expansion phase ASCO 2025 Data: • 83% (10/1
Slide 33: Financials
Financials W VERASTEM " \ ONCOLOGY a “dl
Slide 34: Q1 2026 Financial Results and Credit Facility
34 Oberland Finance Credit Facility • Up to $150M available in a series of notes – $75M principal of notes outstanding – Remaining $75M available at Company’s option upon achievement of pre-defined milestones > $25M tranche upon FDA approval of avutometinib and defactinib for treatment of LGSOC > $5
Slide 35: Delivering for Long-term Growth
35 EU: European Union Delivering for Long-term Growth • Established commercial presence with AVMAPKI FAKZYNJA CO-PACK – RAMP 301: Fully-enrolled Phase 3 confirmatory trial has the potential to expand U.S. label and can be leveraged for EU/Japan approvals in recurrent LGSOC regardless of KRAS mutatio
Slide 36: Thank You
THANK YOU! ’/ VERASTEM NY ONCOLOGY
Slide 37: Category 2A NCCN Recommendation for KRAS-mutated Recurrent LGSOC
37 AVMAPKI FAKZYNJA CO-PACK: Category 2A Recommendation for KRAS-mutated Recurrent LGSOC NCCN Category 3 NCCN Category 2b NCCN Category 2a NCCN Category 1 General % Commercial Payer Coverage Binimetinib • Study stopped early due to futility • 16% ORR by BICR • 31% discontinuation rate due to AEs • S
Slide 38: AVMAPKI FAKZYNJA CO-PACK Patent Portfolio
38 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 (exp