Verastem, Inc. · NASDAQ:VSTM
Verastem — Q4 2025 Earnings Presentation
35 slides from Verastem's earnings presentation, Mar 4, 2026
Slide 1: Delivering Novel Therapies for RAS/MAPK Pathway-Driven Cancers
Delivering Novel Therapies for RAS/MAPK Pathway- Driven Cancers CO R P O R AT E P R E S E N TAT I O N MARCH 2026
Slide 2: Disclaimers
Disclaimers 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 AVM
Slide 3: Verastem Oncology: Tackling Challenging Cancers with Novel Therapies
Verastem Oncology: Tackling Challenging Cancers with Novel Therapies OUR FOCUS To expeditiously develop and deliver transformative therapies that truly change outcomes for people living with RAS/MAPK pathway-driven cancers. OUR COMMERCIAL MONOTHERAPY & COMBINATION APPROACHES PRODUCTS VS-7375 Avutome
Slide 4: Well Positioned to Deliver Continued Commercial Success and a Potential Best-in-Class Treatment
OUR ADVANTAGE: Well Positioned to Deliver Continued Commercial Success and a Potential Best-in-Class Treatment for Long-term Growth CLINICAL-TO- INNOVATIVE SCALABLE COMMERCIAL SUCCESS PIPELINE ORGANIZATION in bringing novel with a potential best-in- to maximize future RAS/MAPK pathway- class KRAS G1
Slide 5: Precision Targeting of RAS/MAPK-Driven Cancers Differentiates Our Science
OUR SCIENTIFIC STRATEGY: Precision Targeting of RAS/MAPK-Driven Cancers Differentiates Our Science TARGET RAS DIRECTLY TARGET THE PARALLEL PATHWAY THAT DRIVES RESISTANCE TARGET THE PATHWAY DOWNSTREAM First novel/novel combination therapy, targeting the RAS/MAPK pathway, approved in oncology EGF: Epi
Slide 6: Multi-Faceted & Targeted Approaches to Address RAS/MAPK-Driven Cancers
OUR PIPELINE: Multi-Faceted & Targeted Approaches to Address RAS/MAPK-Driven Cancers Trial Name/ FDA Anticipated Asset Therapeutic Regimen Phase 1 Phase 2 Phase 3 Approved Milestones Area Avutometinib RAMP 201 RAF/MEK + Defactinib recurrent LGSOC Clamp + FAKi RAMP 301 Avutometinib confirmatory trial
Slide 7: Exiting 2025 in a Position of Strength Having Achieved All Key Goals
OUR ACCOMPLISMENTS: Exiting 2025 in a Position of Strength Having Achieved All Key Goals VS-7375: cleared 900 GenFleet GFH375: mg QD dose, no DLTs; reported 68.8% ORR cleared 400 mg combo FDA approval 2 months with cetuximab (N=16) in 2L+ NSCLC at ahead of PDUFA action Exercised Ex-China WCLC* date
Slide 8: Commercial Product and Pipeline Positioned to Deliver Long-Term Shareholder Value
Our 2026 PRIORITIES: Commercial Product and Pipeline Positioned to Deliver Long-Term Shareholder Value MAXIMIZE GENERATE CONTINUE MAINTAIN STRONG COMMERCIAL MONOTHERAPY & EXECUTION OF BALANCE SHEET LAUNCH COMBINATION RAMP 301 EXECUTION DATA WITH VS- CONFIRMATORY OF AVMAPKI 7375, AN ORAL PHASE 3 TRIA
Slide 9: Meaningful Catalysts for 2026
OUR MILESTONES: Meaningful Catalysts for 2026 1H 2026 2H 2026 Continued strong execution of product commercialization throughout 2026 building upon successful product launch RAMP 205 1L PDAC AVUTOMETINIB Q2 2026: Report an update on the safety & efficacy of the + DEFACTINIB expansion cohort with six
Slide 10: Commercially Launched in the U.S. for KRAS-mutated Recurrent LGSOC
Commercially Launched in the U.S. for KRAS-mutated Recurrent LGSOC FDA APPROVAL DATE: MAY 8, 2025 10
Slide 11: 70% of LGSOC Tumors are Driven by the RAS/MAPK Pathway
70% of LGSOC Tumors are Driven by the RAS/MAPK Pathway; ~30% of These Have a KRAS Mutation 1,2,3,4 The Combination of Avutometinib and Defactinib Induces Deeper Inhibition of Tumor Growth • Avutometinib inhibits MEK kinase activity while blocking the compensatory reactivation of MEK by upstream RAF5
Slide 12: High Unmet Need for an Effective and Tolerable Therapy in Recurrent LGSOC
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 qua
Slide 13: Steady Growth Driven by Field Execution, Increase in Prescribers
Steady Growth Driven by Field Execution, Increase in Prescribers $30.9M in Net Product Revenue for the Launch Period of May through December 2025 • Steady growth among academic and community oncologists FY25 with ~300 prescribers through February Q4’25 $17.5M $30.9M • 60/40 split of GynOncs vs MedOn
Slide 14: Focus on Driving New Patient Starts and Supporting Patients on Therapy
Focus on Driving New Patient Starts and Supporting Patients on Therapy Maximizing Benefit with AVMAPKI FAKZYNJA CO-PACK at First Recurrence Effectively reach Ensure Engage and healthcare providers seamless access support patients Adding new peer-to-peer Optimize GPO relationships High impact digital
Slide 15: AVMAPKI FAKZYNJA CO-PACK: Category 2A Recommendation for KRAS-mutated Recurrent LGSOC
AVMAPKI FAKZYNJA CO-PACK: Category 2A Recommendation for KRAS- mutated Recurrent LGSOC NCCN NCCN NCCN NCCN Category 1 Category 2a Category 2b Category 3 General % Commercial Payer Coverage Avutometinib + Defactinib Binimetinib Combination Therapy • Study stopped early due to KRAS mt recurrent LGSOC
Slide 16: RAMP 201: Demonstrated Durable Results Across Various Efficacy Measures
RAMP 201: Demonstrated Durable Results Across Various Efficacy Measures in Heavily Pretreated Patients With and Without a KRAS Mutation Phase 3 Fully Accrued (patients in follow up) to Support Full Approval and Label Expansion All 82% of All Patients Had a Reduction in Target Lesions, KRAS mt KRAS w
Slide 17: RAMP 301: International Phase 3 Confirmatory Trial in Recurrent LGSOC
RAMP 301: International Phase 3 Confirmatory Trial of Avutometinib + Defactinib in Recurrent LGSOC • Expect to report topline primary endpoint of PFS by mid-2027 • Similar entry criteria to RAMP 201 patient population, KRAS mt and KRAS wt recurrent LGSOC • Study sites include the U.S., Canada, UK, E
Slide 18: AVMAPKI FAKZYNJA CO-PACK Future Commercial Opportunity
AVMAPKI FAKZYNJA CO-PACK Future Commercial Opportunity Potential for Label and Geographic Expansion 2029 Europe: 2028 Leverage results from RAMP 301 for potential approval in both KRAS Japan: mutant and wild type Leverage the results from recurrent LGSOC. 2027 RAMP 201J & RAMP 301 for potential appr
Slide 19: VS-7375, Oral KRAS G12D (ON/OFF) Inhibitor
VS-7375, Oral KRAS G12D (ON/OFF) Inhibitor 19
Slide 20: KRAS G12D: The Most Prevalent KRAS Mutation in Cancer
KRAS G12D: The Most Prevalent KRAS Mutation in Cancer with Poor Prognosis and High Unmet Need KRAS G12D Mutation Expression Across Tumor Types PANCREATIC LUNG COLORECTAL TUMOR AGNOSTIC 40% 5% 15% KRAS G12D 16% - Small Bowel KRAS G12D KRAS G12D 7-15% - BTC mutation in mutation is a mutation in CRC is
Slide 21: VS-7375: Potential Best-in-Class G12D Inhibitor for Advanced KRAS G12D Mutated Solid Tumors
VS-7375: Potential Best-in-Class G12D Inhibitor for Advanced KRAS G12D Mutated Solid Tumors Differentiated Profile vs. Other RAS Inhibitors • Dual potent inhibition of both ON and OFF states of KRAS G12D – Correlates with better in vivo efficacy and durability vs. ON-only RAS inhibitors • High affin
Slide 22: VS-7375: Best-in-Class Preclinical Profile
VS-7375: Best-in-Class Preclinical Profile Potent Dual ON/OFF Inhibitor of Variant-Selective KRAS KRAS G12D Better Efficacy and Durability than G12D ON and Pan-RAS Inhibitors Spare T Cell ON Inhibitors in KRAS G12D Mutant Tumor Models Proliferation in Contrast to RAS-Multi Inhibitor Binding Assays K
Slide 23: GFH375/VS-7375 Confers Single Agent Anti-Tumor Activity in PDAC and NSCLC
GFH375/VS-7375 Confers Single Agent Anti-Tumor Activity in Patients with Previously Treated PDAC and NSCLC NSCLC PDAC • 68.8% ORR (n=16) at 600 mg QD; 57.7% ORR (n=26) evaluable pts* • 58.3% ORR (n=12) at 600 mg QD in 2L; 40.7% ORR (n=59) evaluable pts** • Among the 5 pts with baseline brain metasta
Slide 24: VS-7375-101 Trial: Early Observations Show Manageable Safety & Tolerability
VS-7375-101 Trial: Early Observations Show Manageable Safety & Tolerability Profile with Promising Anti-Tumor Activity Part A: Part B: Dose Escalation Dose Expansion FDA Feedback: Any KRAS G12D Solid Tumor 600 mg QD • Amend protocol to create separate disease-specific Phase 2 registration- Dose Leve
Slide 25: Enrollment Initiated in VS-7375-101 Combination Dose Escalation Cohorts
Enrollment Initiated in VS-7375-101 Combination Dose Escalation Cohorts Part C: Part D: Trial Updates: Combination Dose Combination Dose Expansions Cohorts Escalations Cohorts • Cleared 400 mg and 600 mg QD D1: 2L+ CRC dose level of VS-7375 in combination Cohort 1: Dose VS-7375± Cetuximab with cetux
Slide 26: VS-7375 Clinical Dosing Achieves Targeted Human AUCss for Maximal Tumor Regression
600 mg VS-7375 QD PO in Clinical Studies Achieves the Targeted Human AUCss for Maximal Tumor Regression Across Mouse Models GenFleet Study VS-7375-101 n=7 n=5 n=4 VS-7375 (ng*h/mL) Equivalent exposure to mice at 100 mg/kg (PR in almost all mice in 4 tumor models) Equivalent exposure to mice at 30 mg
Slide 27: VS-7375 Safety/Tolerability Profile
Monotherapy Dose Escalation Cohorts (All dose levels) VS-7375 Safety/ System Organ Class N=231; mDoT, median (range): 1.6 (0.7-5.6) months Tolerability Profile Preferred Term Gastrointestinal Gr. 1, n (%) Gr. 2, n (%) Gr. 3, n (%) Gr. ≥4, n (%) All Gr., n (%) Nausea 11 (48) 1 (4) 0 (0) 0 (0) 12 (52)
Slide 28: Development Focus on Highest Unmet Need Populations to Expedite Regulatory Submissions
Development Focus on Highest Unmet Need Populations to Expedite Regulatory Submissions Pursue regulatory approvals 2027+ Initiate single-agent and combination randomized registration-directed studies 2H 2026 into 2027 Complete single-agent and combination dose expansion cohorts 1H into 2H 2026 28
Slide 29: 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 30: RAMP 205: Updated Data Presented At ASCO 2025
RAMP 205: Updated Date Presented At ASCO 2025 Trial Status: Dose Level 1: Efficacy Evaluable Population (n=12) • Dose Level 1 (DL1) chosen as RP2D for expansion Dose Level 1: phase Response & Disease Control Rate as of August 1, 2025 • Avutometinib: 2.4 MG, Defactinib: 200 mg 83.3% Confirmed ORR, n
Slide 31: Financials
Financials W YERASTEM * ONCOLOGY
Slide 32: AVMAPKI FAKZYNJA CO-PACK Q4 & Full Year 2025 Results
AVMAPKI FAKZNJYA CO-PACK Q4 & Full Year 2025 Results $17.5M $30.9M Q4 2025 FY2025 NET PRODUCT REVENUE NET PRODUCT REVENUE* Please see the full Prescribing Information for more information *May 8 FDA approval through December 2025. US dollars in millions. Refer to press release issued on March 4, 202
Slide 33: Q4 & Full Year 2025 Financial Results
Q4 & Full Year 2025 Financial Results Financial Summary Three Months Ended Fully Year Ended ($ in millions) 12/31/25 12/31/25 Net Product Revenue $17.5M $30.9M GAAP Operating Expenses $59.0M $201.0M Non-GAAP Operating Expenses $57.0M* $191.6M** As of December 31, 2025 Cash, cash equivalents & short-
Slide 34: Delivering for Long-term Growth
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 mutation • VS-7375 addresses
Slide 35: Thank You!
THANK YOU! W YERASTEM ONCOLOGY