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What factors drove the changes in Verastem's revenue and profit?

- **Commercial Success**: $11.2 million Q3 revenue, 133 prescribers, 65% top 100 org engagement.
- **Clinical Momentum**: Expanded RAMP-205, RAMP-301 enrollment; VS-7375 Phase I/IIa safety positive.
- **Financial Health**: $137.7 million cash, $29M R&D, $21M SG&A.
- **Key Risks**: NCCN label expansion uncertain; patient retention data maturing.

**【CEO Summary Section】**
- **Q3 2025 Financial Highlights**: Achieved $11.2 million net product revenue, surpassing expectations, driven by strong adoption of AVMAPKI FAKZYNJA CO-PACK in KRAS-mutated recurrent LGSOC.
- **Commercial Execution**: 133 prescribers engaged, with 65% of prescriptions from top 100 healthcare organizations. Academic and community oncologists contributed equally (50% each), with 60% of scripts from gynecologic oncologists.
- **Clinical Pipeline Progress**: Expanded enrollment in RAMP-205 (first-line pancreatic cancer) and RAMP-301 (recurrent LGSOC). VS-7375 Phase I/IIa trial showed no Grade 2+ GI toxicities at Phase II dose.

**【CFO Financial Commentary】**
- **Revenue and Costs**: $11.2 million net product revenue; cost of sales $1.7 million. R&D expenses $29 million (driven by clinical trials and drug production). SG&A expenses $21 million (commercial launch and operations).
- **Financial Position**: Cash, cash equivalents, and investments totaled $137.7 million, providing runway into H2 2026. Non-GAAP net loss $39.4 million ($0.54 per share).

**【Q&A Key Highlights】**
- **Patient Dynamics**: Early data shows mixed lines of therapy (first recurrence and later lines), with KRAS mutant patients dominant. Refill rates and new starts balanced, but detailed metrics pending.
- **Clinical Trial Updates**: IDMC recommended modest RAMP-301 enrollment increase (30 patients) due to faster accrual and event rates. VS-7375 tolerability superior to Chinese partner's data, with no Grade 2+ GI tox.
- **Strategic Priorities**: Focus on physician engagement, reimbursement efficiency, and expanding AVMAPKI FAKZYNJA CO-PACK adoption. NCCN committee review outcome pending, could expand label to wild-type LGSOC.

Verastem, Inc. (VSTM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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VSTM

VSTM fundamentals

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