# Verastem, Inc. (VSTM)

> Source: Nexqual · https://nexqual.com/VSTM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Verastem, Inc. (VSTM), nexqual.com/VSTM" · informational, not investment advice.

**Price:** USD 10.06 (+9.23% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.21 · day 9.14–10.11 · 52w 3.43–10.82 · market cap $911M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $87.5M, net income -$203M (-231.6% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold VSTM (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $491K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 7 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.90 on a 1–5 scale) (10 analysts), mean target USD 17.22 (range 12–24).
- Total return with dividends: 1Y +28.8% vs S&P 500 +14.9%; 5Y -67.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.44, revenue estimate $26.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.1M | $2.6M | — | $10.0M | $30.9M | $87.5M |
| Operating income | -$61.4M | -$72.9M | -$92.1M | -$115M | -$170M | -$160M |
| Net income | -$71.2M | -$73.8M | -$87.4M | -$131M | -$209M | -$203M |
| EPS (diluted) | -$4.90 | -$4.57 | -$3.96 | -$3.66 | -$3.02 | — |
| Free cash flow | -$53.7M | — | — | -$105M | — | — |
| Operating margin | -2991.2% | -2809.6% | — | -1149.6% | -550.3% | -182.6% |
| Net margin | -3468.1% | -2843.3% | — | -1306.4% | -677.6% | -231.6% |
| Revenue growth | -97.7% | +26.4% | — | — | +209.1% | — |
| Cash + short-term investments | $100M | $87.9M | $137M | $88.8M | $205M | — |
| Total debt | $249K | $24.5M | $40.1M | $40.7M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 10.4x · P/B 18.2x · Earnings yield -22.25%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold VSTM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 0.25% | $1.8M | Added +59.7% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Paterson Dan | President and CEO | 44,121 | $353K | 6.3% | Yes | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-10-01 | Calkins Daniel | Chief Financial Officer | 2,566 | $21K | 2% | Yes | Routine (sold in Jan & Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-21 | Calkins Daniel | Chief Financial Officer | 55 | $0K | 0% | Yes | Routine (sold in Jan & Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-08-03 | Paterson Dan | President and CEO | 1,302 | $8K | 0.2% | Yes | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-22 | Paterson Dan | President and CEO | 20,871 | $87K | 3.4% | Yes | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-22 | Calkins Daniel | Chief Financial Officer | 4,089 | $17K | 3.4% | Yes | Routine (sold in Jan & Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-05-04 | Paterson Dan | President and CEO | 806 | $5K | 0.1% | Yes | Routine (sold in Mar & Jun & Sep & Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.90 on a 1–5 scale), 10 analysts; mean target USD 17.22 (low 12, high 24).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | BTIG | Reiterated | Buy | $24 |
| 2026-10-16 | Mizuho | Target raised | Outperform | $13 → $14 |
| 2026-10-15 | Jefferies | Target raised | Buy | $11 → $13 |
| 2026-10-15 | RBC Capital | Target raised | Outperform | $14 → $19 |
| 2026-10-15 | BTIG | Target raised | Buy | $18 → $24 |
| 2026-10-08 | BTIG | Reiterated | Buy | $18 |
| 2026-10-05 | HC Wainwright & Co. | Reiterated | Buy | $18 |
| 2026-10-05 | BTIG | Reiterated | Buy | $18 |
| 2026-09-17 | Wolfe Research | Initiated | Outperform |  |
| 2026-09-11 | HC Wainwright & Co. | Reiterated | Buy | $18 |
| 2026-09-11 | BTIG | Reiterated | Buy | $18 |
| 2026-08-11 | Mizuho | Target lowered | Outperform | $14 → $13 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +28.8% | -67.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +28.9% | -19.9% |
| Volatility (annualized) | 76.6% | 105.1% |
| Max drawdown | -67.6% (Nov 2025→Jun 2026) | -93.9% (Nov 2021→Aug 2024) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/VSTM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VSTM's own 10-K filed 2026-03-04 (https://www.sec.gov/Archives/edgar/data/1526119/000110465926023444/vstm-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Pfizer (PFE) | "On July 11, 2012, we entered into a license agreement (the "Pfizer Agreement") with Pfizer under which Pfizer granted us worldwide, exclusive rights to research, develop, manufacture and commercialize products containing…" |
| Partner | Secura Bio | "Under the terms of the asset purchase agreement with Secura, we are entitled to contingent consideration, including milestone payments and royalties, dependent upon the further development and commercial success of COPIK…" |
| Partner | Oxford Finance | "Interest expense reflects interest expense due on our Loan Agreement with Oxford and our convertible notes, interest expense related to vendor financing arrangements, as well as non-cash interest related to the amortizat…" |
| Partner | Chugai Pharmaceutical | "On January 7, 2020, we entered into a license agreement with Chugai (the "Chugai Agreement") whereby Chugai granted us an exclusive worldwide license for the development, commercialization, and manufacture of products co…" |
| Partner | CSPC Pharmaceutical Group | "We have financed our operations to date primarily through public and private offerings of our common stock, pre-funded warrants and warrants, offerings of convertible notes, sales of common stock under our at-the-market …" |
| Partner | Yakult Honsha | "We have financed our operations to date primarily through public and private offerings of our common stock, pre-funded warrants and warrants, offerings of convertible notes, sales of common stock under our at-the-market …" |
| Partner | AMGEN INC (AMGN) | "In September 2021, we entered into a clinical collaboration agreement with Amgen, Inc. ("Amgen") to evaluate avutometinib in combination with Amgen's KRAS G12C inhibitor LUMAKRAS® (sotorasib) with and without defactinib …" |
| Competitor | Eli Lilly (LLY) | "Other competitors developing KRAS G12D inhibitors and pan-KRAS inhibitors are Astellas Pharma Inc., AstraZeneca, Bayer, BeOne, Boehringer Ingelheim, Chugai, D3 Bio, Eli Lilly, GenFleet, Genentech, Incyte Corporation, Jac…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $25.1M | 62.6% | +1073.5% |
| Copiktra License & Related Assets | $15.0M | 37.4% | — |
| Total revenue | $40.1M | 100% | — |

## Company outlook (8-K filed 2026-10-14)

- "Under his leadership, the Company achieved accelerated FDA approval and commercial launch of AVMAPKI FAKZYNJA CO-PACK, while advancing VS-7375 into the clinic and rapidly towards a Phase 3 trial in metastatic pancreatic cancer in the first-line setting, which is expected to begin later this year."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.44 | $-0.37 | +17.9% | $26.1M | 2 |
| Next quarter (ends 2026-12-31) | $-0.39 | $-0.35 | +10.0% | $29.8M | 2 |
| Current fiscal year (ends 2026-12-31) | $-1.80 | $-1.56 | +15.6% | $111.3M | 1 |
| Next fiscal year (ends 2027-12-31) | $-1.22 | $-1.16 | +5.2% | $159.2M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±19.1%; last 8 reports averaged ±13.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 84.6% | ±19.1% |
| 2026-12-18 | 56 | 118.9% | ±36.1% |
| 2027-01-15 | 84 | 146.9% | ±51.2% |
| 2027-03-19 | 147 | 99.2% | ±48.9% |
| 2027-06-17 | 237 | 88.4% | ±54.5% |