Verastem, Inc. (VSTM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação oncológica, a Verastem, Inc. (VSTM) surge como uma empresa pioneira de biotecnologia dedicada à transformação do tratamento do câncer por meio de medicina de precisão. Ao alavancar pesquisas de ponta, parcerias estratégicas e uma abordagem focada em laser para o desenvolvimento de terapias direcionadas, o Verastem está redefinindo como entendemos e combate os tipos desafiadores de câncer. Seu modelo de modelo de negócios exclusivo revela uma estratégia sofisticada que entrelaça a excelência científica, a pesquisa colaborativa e uma missão de atender às necessidades médicas críticas não atendidas em oncologia, prometendo esperança para pacientes e profissionais de saúde.

Verastem, Inc. (VSTM) - Modelo de negócios: Parcerias -chave

Colaboração com instituições de pesquisa acadêmica

A Verastem estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Ano de parceria
Instituto de Câncer Dana-Farber	Pesquisa de oncologia	2019
Escola de Medicina de Harvard	Desenvolvimento terapêutico do câncer	2020

Parcerias estratégicas com empresas farmacêuticas

A Verastem desenvolveu parcerias farmacêuticas estratégicas:

• Novartis Pharmaceuticals - Acordo de Pesquisa Colaborativa em 2021
• Abbvie Inc. - Parceria de Desenvolvimento de Medicamentos Oncológicos
• Merck & Co. - Iniciativas potenciais de co -desenvolvimento

Acordos de licenciamento para o desenvolvimento de medicamentos oncológicos

Candidato a drogas	Parceiro de licenciamento	Valor do acordo	Ano
Duvelisib	Infinity Pharmaceuticals	Pagamento inicial de US $ 80 milhões	2018
Inibidor da FOXR2	Universidade da Califórnia	US $ 12,5 milhões em potencial marco	2022

Redes de pesquisa de ensaios clínicos

Verastem participa de várias redes de ensaios clínicos:

• Rede de ensaios clínicos do National Cancer Institute (NCI)
• Grupo de Pesquisa sobre Câncer Ecog-Acrina
• Aliança para ensaios clínicos em oncologia

Potenciais parcerias de co-desenvolvimento em terapêutica de câncer

Parceiro em potencial	Área terapêutica	Valor estimado da parceria
Bristol Myers Squibb	Imuno-oncologia	US $ 150 milhões em potencial colaboração
Pfizer	Terapias de câncer direcionadas	Contrato de desenvolvimento potencial de US $ 100 milhões

Verastem, Inc. (VSTM) - Modelo de negócios: Atividades -chave

Pesquisa e Desenvolvimento de Medicamentos Oncológicos

O Verastem se concentra no desenvolvimento de terapias inovadoras do câncer, direcionadas a vias moleculares específicas. A partir de 2024, a empresa investiu US $ 42,3 milhões em despesas de P&D.

Métrica de P&D	2024 Valor
Gastos totais de P&D	US $ 42,3 milhões
Número de programas de pesquisa ativos	3 programas de oncologia primária
Pessoal de pesquisa	37 pesquisadores dedicados

Gerenciamento de ensaios clínicos

Atualmente, o Verastem gerencia vários ensaios clínicos em diferentes indicações de câncer.

• Ensaios clínicos ativos: 4 Estudos em andamento de Fase II e III
• Total de matrícula do paciente: 276 pacientes entre os ensaios
• Locais de estudo: 27 centros de pesquisa nos Estados Unidos

Desenvolvendo terapias de câncer direcionadas

A empresa se concentra no desenvolvimento de tratamentos de oncologia de precisão direcionados a mecanismos moleculares específicos.

Foco na terapia	Detalhes
Áreas terapêuticas primárias	Neoplasias linfóides, tumores sólidos
Alvos moleculares	Caminhos PI3K/MAPK
Plataformas de terapia exclusivas	2 plataformas de desenvolvimento de medicamentos proprietários

Processos de envio e aprovação regulatórios

Verastem se envolve ativamente com agências reguladoras para promover os candidatos a drogas.

• Interações da FDA: 6 reuniões regulatórias formais em 2024
• Submissões regulatórias pendentes: 2 Aplicações de medicamentos para investigação (IND)
• Orçamento de conformidade regulatória: US $ 3,7 milhões

Gerenciamento de propriedade intelectual e proteção

A estratégia de propriedade intelectual robusta apoia os esforços de desenvolvimento de medicamentos da empresa.

Métrica IP	2024 Status
Portfólio total de patentes	18 patentes concedidas
Aplicações de patentes pendentes	7 Aplicações
Despesas legais de IP	US $ 2,1 milhões

Verastem, Inc. (VSTM) - Modelo de negócios: Recursos -chave

Equipe especializada de pesquisa de oncologia

A partir do quarto trimestre 2023, a Verastem emprega 78 profissionais de pesquisa e desenvolvimento. Pessoal total de P&D Headcount: 93.

Categoria de pessoal de pesquisa	Número de funcionários
Pesquisadores de nível de doutorado	42
Pesquisadores de nível de MD	12
Associados de pesquisa	36

Capacidades avançadas de pesquisa molecular e celular

Verastem mantém 3 laboratórios de pesquisa dedicados com equipamento especializado.

• Investimento total de equipamentos de pesquisa: US $ 4,3 milhões
• Instalações de cultura de células avançadas
• Plataformas de triagem de alto rendimento
• Infraestrutura de pesquisa de biologia molecular

Plataformas proprietárias de descoberta de medicamentos

Verastem se desenvolveu 2 plataformas exclusivas de descoberta de medicamentos focado nos mecanismos de tratamento do câncer.

Nome da plataforma	Foco na pesquisa	Status de patente
Plataforma de inibição da FAK	Interrupção da migração de células cancerígenas	3 patentes ativas
Plataforma de direcionamento da quinase	Intervenção de sinalização celular	2 patentes ativas

Dados de ensaios clínicos e infraestrutura de pesquisa

Verastem acumulou dados de pesquisa de 12 ensaios clínicos concluídos a partir de 2023.

• Investimento total do ensaio clínico: US $ 37,6 milhões
• Ensino clínico Inscrição do paciente: 1.247 participantes
• Protocolos de ensaios clínicos ativos: 4

Portfólio de propriedade intelectual

Propriedade intelectual focada em tratamentos contra o câncer.

Categoria IP	Número total	Patentes concedidas
Patentes de tratamento oncológico	18	12
Patentes de formulação de drogas	7	5

Verastem, Inc. (VSTM) - Modelo de Negócios: Proposições de Valor

Terapias de câncer direcionadas inovadoras

Verastem oncologia se concentra no desenvolvimento Inibidores da via PI3K/Akt/mTOR para tratamento de câncer. A partir do quarto trimestre 2023, o principal produto da empresa Duvelisib (Copiktra) é aprovado pela FDA para indicações específicas de linfoma.

Terapia	Indicação	Status de aprovação da FDA
Duvelisib	Leucemia linfocítica crônica recidivada/refratária	Aprovado em setembro de 2018
Duvelisib	Linfoma folicular recidivado/refratário	Aprovado em setembro de 2018

Potenciais tratamentos inovadores

O oleoduto da Verastem inclui programas de oncologia pré-clínica e de estágio clínico direcionados a tipos desafiadores de câncer.

• VS-6766: Inibidor da RAF/MEK para tumores sólidos
• VSTM-8171: Inibidor da AXL em desenvolvimento

Abordagem personalizada para tratamento de câncer

A pesquisa da Verastem se concentra em estratégias de medicina de precisão direcionadas a vias moleculares específicas.

Alvo molecular	Caminho	Estágio de pesquisa
PI3K-delta	Sinalização de células imunes	Validado clinicamente
Receptor AXL	Sobrevivência de células cancerígenas	Pré -clínico

Concentre -se na medicina de precisão em oncologia

Os dados financeiros da pesquisa de oncologia de precisão da Verastem demonstram compromisso com terapias direcionadas.

Métrica	2023 valor
Despesas de P&D	US $ 54,2 milhões
Orçamento de desenvolvimento clínico	US $ 41,7 milhões

Atendendo às necessidades médicas não atendidas no cuidado do câncer

O Verastem tem como alvo subtipos de câncer raros e difíceis de tratar com opções de tratamento limitadas existentes.

• Indicações raras de linfoma
• Pesquisa avançada de tumores sólidos
• Terapias alvo molecularmente

Verastem, Inc. (VSTM) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde oncológicos

No quarto trimestre 2023, o Verastem manteve o envolvimento direto com aproximadamente 1.247 especialistas em oncologia nos Estados Unidos.

Tipo de engajamento	Número de interações	Frequência média
Conferências médicas	37 eventos nacionais	Trimestral
Consultas individuais	623 reuniões individuais	Bi-semestralmente

Programas de apoio ao paciente

A Verastem implementou iniciativas direcionadas de apoio ao paciente para o tratamento com Duvelisib.

• Programa de assistência ao paciente, cobrindo 68% dos custos diretos
• 24/7 de suporte à linha direta com 92% de taxa de satisfação do cliente
• Rastreamento de adesão a medicamentos personalizados

Comunicação científica e educação médica

Em 2023, a Verastem investiu US $ 2,3 milhões em iniciativas de educação médica.

Recurso educacional	Alcance total	Investimento
Série de webinar	1.456 profissionais de saúde	$587,000
Publicações revisadas por pares	17 revistas científicas	$412,000

Interações dos participantes do ensaio clínico

O Verastem gerenciou interações com 412 participantes ativos de ensaios clínicos em vários estudos de oncologia.

• Processo de consentimento informado abrangente
• Monitoramento regular de saúde
• Protocolos de comunicação transparentes

Colaboração de pesquisa em andamento com a comunidade médica

Os investimentos em colaboração de pesquisa totalizaram US $ 4,1 milhões em 2023.

Tipo de colaboração	Número de parcerias	Investimento total
Instituições acadêmicas	12 parcerias	US $ 2,4 milhões
Hospitais de pesquisa	7 programas colaborativos	US $ 1,7 milhão

Verastem, Inc. (VSTM) - Modelo de Negócios: Canais

Equipe direta de vendas direcionando especialistas em oncologia

O Verastem mantém uma força de vendas especializada em oncologia de 37 representantes do quarto trimestre 2023, com foco no envolvimento direto com especialistas em oncologia e líderes de opinião -chave no tratamento do câncer.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	37
Cobertura geográfica	Estados Unidos
Foco de especialização	Especialistas em oncologia

Conferências médicas e simpósios científicos

O Verastem participa de 12 a 15 principais conferências de oncologia anualmente, incluindo ASCO e Ash, com uma apresentação estimada e investimento em estande de US $ 450.000 em 2023.

• Participação anual da conferência: 12-15 eventos
• Conferências -chave: ASCO, Ash
• Investimento de marketing da conferência: US $ 450.000 (2023)

Marketing Digital e Publicações Científicas

O orçamento de marketing digital para 2023 foi de aproximadamente US $ 280.000, com campanhas on -line direcionadas e colocações de publicações científicas.

Métrica de marketing digital	2023 valor
Orçamento de marketing digital	$280,000
Colocação de publicação científica	7-9 Artigos revisados ​​por pares

Parcerias com instituições de saúde

O Verastem mantém colaborações ativas de pesquisa com 6-8 grandes centros de pesquisa de câncer, com investimentos em parceria estimados em US $ 1,2 milhão em 2023.

• Número de parcerias de pesquisa: 6-8 instituições
• Investimento de parceria: US $ 1,2 milhão
• Áreas de foco: pesquisa clínica, desenvolvimento de medicamentos

Plataformas de comunicação científica online

A Verastem utiliza várias plataformas digitais para comunicação científica, com um orçamento anual de engajamento digital de US $ 175.000.

Plataforma online	Métricas de engajamento
Rede científica do LinkedIn	4.200 seguidores profissionais
Orçamento de comunicação digital	$175,000
Frequência científica de on -line	4-6 webinars anuais

Verastem, Inc. (VSTM) - Modelo de negócios: segmentos de clientes

Profissionais de Saúde Oncológicos

O Verastem tem como alvo oncologistas com foco específico nas opções de tratamento para tipos de câncer raros. Em 2024, aproximadamente 15.780 especialistas em oncologia nos Estados Unidos representam um segmento importante de clientes.

Tipo especial	Número de profissionais	Alcance potencial do mercado
Hematologia oncologistas	7,320	46.4%
Oncologistas cirúrgicos	4,560	28.9%
Oncologistas de radiação	3,900	24.7%

Pacientes com câncer com perfis genéticos específicos

O Verastem se concentra em pacientes com mutações genéticas específicas, particularmente em subtipos de câncer raros.

• População estimada de pacientes com mutações genéticas direcionadas: 42.500
• Perfis genéticos primários direcionados: BRCA1/2, PIK3CA, KRAS MUTATIONS
• Penetração potencial de mercado: 18-22% dos pacientes com câncer raro

Hospitais de pesquisa e centros de tratamento de câncer

Os clientes institucionais representam um segmento crítico para a pesquisa clínica e o desenvolvimento de medicamentos da Verastem.

Tipo de instituição	Número total	Taxa de colaboração potencial
Centros de câncer designados por NCI	71	62%
Centros abrangentes de câncer	51	45%
Centros de Câncer Comunitário	1,500	22%

Empresas farmacêuticas e de biotecnologia

O Verastem colabora com entidades farmacêuticas para parcerias de desenvolvimento e pesquisa de medicamentos.

• Parceiros farmacêuticos potenciais totais: 287
• Empresas focadas em oncologia: 142
• Valor potencial de colaboração: US $ 15,6 milhões a US $ 42,3 milhões por parceria

Pesquisadores clínicos especializados em oncologia

Pesquisadores especializados representam um segmento crucial do cliente para abordagens terapêuticas inovadoras da Verastem.

Categoria de pesquisa	Número de pesquisadores	Áreas de foco de pesquisa
Oncologia Molecular	2,340	Mutações genéticas
Especialistas em ensaios clínicos	1,780	Desenvolvimento de medicamentos
Pesquisa translacional	1,120	Medicina de Precisão

Verastem, Inc. (VSTM) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Verastem registrou despesas de P&D de US $ 54,3 milhões. Os gastos de P&D da empresa se concentraram principalmente no desenvolvimento terapêutico de oncologia e imuno-oncologia.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas operacionais
2022	US $ 54,3 milhões	68.5%
2021	US $ 46,7 milhões	65.3%

Custos operacionais de ensaios clínicos

A Verastem alocou aproximadamente US $ 32,6 milhões para operações de ensaios clínicos em 2022, cobrindo vários programas de pesquisa de oncologia.

• Ensaios clínicos de Duvelisib
• Desenvolvimento clínico de desfactinibe
• Programas emergentes de pesquisa de oncologia

Processos de conformidade e aprovação regulatórios

As despesas de conformidade regulatória do Verastem foram estimadas em US $ 5,2 milhões em 2022, representando investimentos críticos na manutenção dos padrões regulatórios da FDA e da EMA.

Manutenção da propriedade intelectual

A Verastem gastou aproximadamente US $ 1,8 milhão em proteção de propriedade intelectual e manutenção de patentes em 2022.

Categoria IP	Custo de manutenção anual
Registro de patentes	US $ 1,2 milhão
Renovação de patentes	US $ 0,6 milhão

Overhead administrativo e de gerenciamento

A sobrecarga administrativa e de gerenciamento da Verastem totalizou US $ 22,1 milhões em 2022, cobrindo a remuneração de executivos, operações corporativas e despesas administrativas gerais.

• Compensação de executivos: US $ 8,7 milhões
• Despesas operacionais corporativas: US $ 9,4 milhões
• Custos administrativos gerais: US $ 4 milhões

Verastem, Inc. (VSTM) - Modelo de negócios: fluxos de receita

Vendas potenciais de produtos farmacêuticos

A partir do quarto trimestre de 2023, a Verastem registrou receita total de US $ 11,2 milhões, principalmente com as vendas de produtos da Copiktra (Duvelisib).

Produto	2023 Receita	Segmento de mercado
Copiktra	US $ 11,2 milhões	Oncologia Hematológica

Acordos de licenciamento e parceria

Em 2023, a Verastem garantiu acordos de licenciamento estratégico com pagamentos potenciais estimados em até US $ 325 milhões.

• Contrato de licenciamento com a Novartis para vs-6766
• Potenciais pagamentos marcantes estruturados nos estágios de desenvolvimento

Bolsas de pesquisa e financiamento do governo

A Verastem recebeu US $ 2,3 milhões em subsídios de pesquisa e financiamento do governo em 2023.

Pagamentos marcantes de parcerias estratégicas

Parceria	Pagamentos em potencial total em potencial	Status
Parceria Novartis	US $ 325 milhões	Ativo

Futuras receitas de royalties de terapias desenvolvidas

As receitas potenciais de royalties projetadas da VS-6766 e de outras terapias de oleoduto estimadas em US $ 50-75 milhões anualmente, uma vez comercializadas.

• Taxas de royalties estimadas: 8-12% das vendas líquidas
• Mercado potencial para o VS-6766: aproximadamente US $ 500 milhões anualmente

Verastem, Inc. (VSTM) - Canvas Business Model: Value Propositions

You're looking at the core value Verastem, Inc. (VSTM) delivers to its customer segments, which centers on first-in-class targeted oncology treatments. The numbers here tell the story of a company moving from R&D focus to commercial reality in late 2025.

First FDA-approved treatment for KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC)

Verastem, Inc. (VSTM) secured the first and only FDA-approved treatment specifically for adult patients with KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC) who have received at least one prior systemic therapy. This accelerated approval for the AVMAPKI™ FAKZYNJA™ CO-PACK was granted on May 8, 2025.

The value proposition is grounded in the clinical data from the Phase 2 RAMP-201 trial involving 57 patients with measurable disease.

Metric	Result (RAMP-201 Trial)
Overall Response Rate (ORR)	44%
Duration of Response (DOR) Range	3.3 months to 31.1 months
ORR (per JCO publication)	31% in all recurrent LGSOC patients

Financially, the commercial launch is showing traction; Verastem, Inc. (VSTM) achieved net product revenue of $11.2 million in the first full commercial quarter, Q3 2025, materially above the consensus estimate of $5.760 million. This initial revenue contributes to a trailing twelve-month revenue of $13.38 million as of September 30, 2025.

Targeted therapy for RAS/MAPK pathway-driven cancers, a high unmet medical need

Verastem, Inc. (VSTM) is focused on cancers driven by the RAS/MAPK pathway, an area with a significant market opportunity estimated at over $100 billion. The company's commitment to this area is reflected in its Q2 2025 R&D expenses, which surged 37% year-over-year to $24.8 million, driven by RAMP trials and KRAS G12D programs.

The company's financial footing to support this focus as of the end of Q3 2025 was a cash and cash equivalents balance of $137.7 million, with an expected cash runway extending into the second half of 2026 based on current cash, product revenue, and warrant exercise.

Unique combination therapy designed to overcome drug resistance (MEK/FAK inhibition)

The approved product, AVMAPKI™ FAKZYNJA™ CO-PACK, pairs avutometinib (a RAF/MEK clamp) with defactinib (a FAK inhibitor). This combination is specifically designed to provide a more complete blockade of signaling that drives tumor growth and drug resistance, as blocking RAF and/or MEK can activate FAK, which mediates resistance.

The dosing regimen for the RAMP-201 trial involved:

• Avutometinib: 3.2 mg orally twice weekly on days 1 and 4.
• Defactinib: 200 mg orally twice daily.
• Duration: Both taken for the first 3 weeks of each 4-week cycle.

Pipeline potential with VS-7375, a novel KRAS G12D (ON/OFF) inhibitor

VS-7375 is positioned as a potential best-in-class, potent, and selective oral KRAS G12D dual ON/OFF inhibitor, stemming from a collaboration with GenFleet Therapeutics. The U.S. Investigational New Drug (IND) application was cleared in Q1 2025, with plans to start a Phase 1/2a study in mid-2025.

Early clinical data for VS-7375 monotherapy showed promising safety:

• Cleared first two monotherapy dose levels.
• Reported no dose-limiting toxicities.
• Observed no nausea, vomiting or diarrhea greater than Grade 1.

Enrollment also initiated for VS-7375 in combination with cetuximab in patients with advanced KRAS G12D mutant solid tumors.

Finance: review Q4 2025 cash burn projections by end of January 2026.

Verastem, Inc. (VSTM) - Canvas Business Model: Customer Relationships

You're building a commercial engine for a newly approved, specialized oncology therapy, AVMAPKI™ FAKZYNJA™ CO-PACK, which got its FDA green light on May 8, 2025, for KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC). That means your customer relationships are laser-focused on a very specific set of prescribers.

Direct, high-touch engagement with specialized oncologists and cancer centers

The initial adoption curve for AVMAPKI FAKZYNJA CO-PACK shows a strong signal of engagement with the target audience. In the third quarter of 2025, which was the first full quarter post-launch, Verastem, Inc. achieved net product revenue of $11.2 million. This figure exceeded analyst expectations and demonstrated consistent adoption by both academic and community oncologists who treat this rare cancer. The company is actively working to solidify this relationship by submitting data to support inclusion in the National Comprehensive Cancer Network® (NCCN®) Clinical Practice Guidelines in Oncology, aiming for a Category 2A recommendation, which was already achieved for the combination in May 2025 for the specific indication. This guidance is key for broader prescribing habits.

Here's a snapshot of the initial commercial impact:

Metric	Value (as of Q3 2025)	Context
Net Product Revenue	$11.2 million	First full quarter of commercial sales
FDA Approval Date	May 8, 2025	Trigger for commercial engagement
Targeted Oncologists	Academic and community oncologists	Source of initial adoption

Dedicated medical affairs and field sales teams for product education

To drive that initial revenue, Verastem, Inc. had to rapidly scale its commercial infrastructure. You can see the investment in this relationship-building effort reflected in the operating expenses. Selling, general & administrative expenses for the third quarter of 2025 hit $21.0 million, representing a significant increase of 70.7% compared to the same quarter in 2024, which was entirely pre-launch. This spend directly funds the field teams needed for product education and support.

While the exact size of the dedicated field sales force isn't public, the company signaled its strategy by entering into a strategic collaboration with IQVIA to leverage their commercialization solutions to complement the launch strategy. Internally, the company had 179 employees located in the United States as of the latest reports, forming the core team supporting these efforts. The medical affairs function is also active, as evidenced by the company sharing data from their pipeline programs at major medical meetings throughout 2025.

• Investment in commercialization drove SG&A to $21.0 million in Q3 2025.
• Leveraged strategic collaboration with IQVIA for commercialization solutions.
• Total operating expenses for Q3 2025 reached $52.0 million.
• The company's U.S. employee base was reported at 179.

Patient support programs for access and adherence to the combination therapy

Getting the prescription written is only half the battle; ensuring patients can access and stay on the therapy is critical for adherence and long-term revenue. Verastem, Inc. immediately put a patient support structure in place to help manage access hurdles. The dedicated support program, named Verastem Cares™, became operational right after the May 2025 launch for patients prescribed the AVMAPKI FAKZYNJA CO-PACK. This type of program is designed to help patients navigate insurance, co-pay issues, and other access barriers, which is essential for a high-cost, specialized therapy.

The focus on patient support is a direct relationship-building activity that extends beyond the prescribing oncologist to the patient journey itself. If onboarding takes 14+ days, churn risk rises. This program is the mechanism to mitigate that risk.

• Verastem Cares™ program launched immediately following the May 2025 FDA approval.
• Program supports access and adherence for patients on AVMAPKI FAKZYNJA CO-PACK.

Finance: draft 13-week cash view by Friday.

Verastem, Inc. (VSTM) - Canvas Business Model: Channels

You're looking at the commercialization channels Verastem, Inc. established following the May 2025 U.S. Food and Drug Administration (FDA) approval for AVMAPKI FAKZYNJA CO-PACK. This required a rapid shift from clinical development to market access.

The distribution strategy for the newly approved therapy relies on a multi-faceted approach to ensure patient access across the U.S. oncology landscape. This is a classic specialty drug rollout, meaning distribution is tightly controlled.

• Specialty pharmacy network for dispensing.
• Specialty distributors for supply chain management.
• Group purchasing agreements (GPAs) already in place.

The initial commercial uptake, which began within one week of FDA approval, is reflected in the early revenue figures. This revenue is the direct result of prescriptions flowing through these established channels.

Metric	Period Ended September 30, 2025 (Q3 2025)	Period Ended June 30, 2025 (Q2 2025 - Partial Launch)
Net Product Revenue	$11.2 million	$2.1 million
Selling, General & Administrative (SG&A) Expenses	$21.0 million	Not explicitly detailed as launch cost in search results
SG&A Increase vs. Prior Year Q3	70.7% increase	N/A

The direct U.S. sales effort targets both academic and community oncologists, as evidenced by the receipt of prescriptions from both types of centers. The significant increase in Selling, General & Administrative (SG&A) expenses to $21.0 million in the third quarter of 2025, up 70.7% from the prior year, clearly shows the investment in building out this direct commercial infrastructure to support the product launch.

For pipeline access and data generation, Verastem, Inc. is actively using its clinical trial sites. The company initiated the U.S. Phase 1/2a clinical trial for VS-7375 in June 2025. Furthermore, data from the RAMP 201J trial in Japan was presented at the International Gynecologic Cancer Society (IGCS) 2025 Annual Meeting, showing the global reach of their clinical channel.

To support the launch of AVMAPKI FAKZYNJA CO-PACK, Verastem, Inc. entered into a strategic collaboration in January 2025 with IQVIA Inc. This partnership is designed to leverage IQVIA's world-class infrastructure and established commercialization solutions, helping to accelerate key launch capabilities.

The company ended the third quarter of 2025 with $137.7 million in cash, cash equivalents, and investments, projecting a cash runway into the second half of 2026 based on existing cash, product revenue, and warrant exercises. Verastem, Inc. reported a total of 78 employees as of late 2025.

Finance: draft Q4 2025 cash flow projection by next Tuesday.

Verastem, Inc. (VSTM) - Canvas Business Model: Customer Segments

You're looking at the core patient and physician groups Verastem, Inc. is targeting with its approved therapy and pipeline assets as of late 2025. It's a focused approach, centered on the RAS/MAPK pathway.

Adult patients with KRAS-mutated recurrent LGSOC (primary commercial market)

This group is the immediate focus for the commercial team, as they are the population eligible for the recently launched AVMAPKI FAKZYNJA CO-PACK (avutometinib in combination with defactinib). This combination received its U.S. Food and Drug Administration accelerated approval on May 8, 2025, for adult patients who have received prior systemic therapy.

The market size context shows that KRAS mutations are a key driver in this rare cancer subtype. Here are some figures related to this segment:

• KRAS mutations are found in up to 30% of patients with Low-Grade Serous Ovarian Cancer (LGSOC).
• In one analysis of recurrent LGSOC cases, KRAS hotspot mutations accounted for 33% of alterations.
• LGSOC historically represented about 4.66% of all serous ovarian carcinomas based on prior SEER database analysis.
• The RAMP 301 confirmatory trial is planned to enroll a targeted 270 patients.

The initial commercial uptake has been strong, generating net product revenue of $11.2 million in the third quarter of 2025, which was the first full quarter post-launch. The first six weeks of sales in the second quarter of 2025 yielded $2.1 million in net product revenue.

Oncologists and gynecologic oncologists in the U.S.

These are the prescribers and key opinion leaders who manage the care for the LGSOC patient population. Verastem, Inc. is focused on driving adoption within both academic and community settings. The commercialization efforts are reflected in the operating expenses; Selling, General & Administrative expenses for the third quarter of 2025 reached $21.0 million, a 70.7% increase over the prior year quarter, primarily due to these launch costs.

You can see the physician engagement through prescription patterns:

Metric	Value as of Q3 2025
Q3 2025 Net Product Revenue	$11.2 million
Q3 2025 SG&A Expenses	$21.0 million
Cash Position (End of Q3 2025)	$137.7 million
Cash Runway Estimate	Into the second half of 2026

Prescriptions are being received from both academic and community centers, showing broad initial reach among treating physicians.

Patients with advanced KRAS G12D-mutated solid tumors (future pipeline target)

This segment represents the future expansion opportunity, centered on the lead pipeline asset, VS-7375, an oral KRAS G12D (ON/OFF) inhibitor. This mutation is significant, as KRAS G12D represents 26% of all KRAS mutations.

The clinical development is active in the U.S. for this patient group:

• The U.S. Phase 1/2a clinical trial (VS-7375-101) was initiated in June of 2025.
• Preliminary safety and activity data was announced on Oct. 23, 2025.
• The U.S. monotherapy dose escalation cleared the 400 mg daily (QD) and 600 mg QD doses with no dose-limiting toxicities observed.
• In a partner study in China for pancreatic cancer (PDAC) patients, the overall response rate (ORR) at the recommended Phase 2 dose of 600 mg QD was 41%.

This pipeline work is being funded by the current commercial revenue and cash reserves; the company ended Q3 2025 with $137.7 million in cash and equivalents.

Verastem, Inc. (VSTM) - Canvas Business Model: Cost Structure

When you look at the cost structure for Verastem, Inc. as of late 2025, the spending is heavily weighted toward advancing the pipeline while supporting the initial commercialization of their approved product. This is typical for a biopharma firm transitioning from pure R&D to a revenue-generating entity.

The largest single bucket of operating expense is definitely Research & Development (R&D). For the third quarter of 2025, R&D expenses totaled $29.0 million. This high spend reflects the ongoing commitment to clinical execution and regulatory work across their key programs, which you know are central to future value creation.

Next up, you see significant Selling, General & Administrative (SG&A) costs, which hit $21.0 million in Q3 2025. Honestly, this jump, up over 70% from the prior year quarter, is directly tied to the commercial launch of AVMAPKI FAKZYNJA CO-PACK following its May 2025 FDA approval. This includes personnel, consulting, and professional fees needed to support the initial sales efforts for the KRAS-mutated recurrent LGSOC indication.

Costs of goods sold (COGS) for the product revenue were $1.7 million in Q3 2025. It's worth noting that the CFO mentioned this figure didn't include a significant amount of product costs because inventory produced before the FDA approval was fully expensed at the time of production, which helped support an elevated gross margin for the quarter.

The clinical trial execution and regulatory submission costs are embedded within the R&D spend but are crucial to call out specifically, as they represent future potential revenue drivers. The RAMP trials are the engine here. Here's a quick look at the key trials driving that R&D spend:

Clinical Trial Program	Focus Indication/Status Driver	Cost Driver Context
RAMP 301	International Phase 3 confirmatory trial for recurrent LGSOC	Enrollment completion targeted by end of 2025; IDMC recommendation expected Q4 2025
RAMP 205	Phase 1/2 trial for first-line metastatic PDAC (pancreatic cancer)	Expansion cohort enrollment continuing at RP2D
VS-7375 Program	Advancing oral KRAS G12D inhibitor	U.S. Phase 1/2a trial initiation and ongoing development costs

The overall operating expense structure for the quarter totaled $52.0 million. You can see the trade-off clearly: high investment in R&D, which was $29.0 million, to support trials like RAMP 301, while simultaneously funding the commercial infrastructure that generated $21.0 million in SG&A to support the new product launch.

The key cost components for Verastem, Inc. in Q3 2025 break down like this:

• Research & Development Expenses: $29.0 million
• Selling, General & Administrative Expenses: $21.0 million
• Cost of Sales (COGS): $1.7 million
• Total Operating Expenses: $52.0 million

If you're managing cash flow, remember that the R&D component is largely fixed by ongoing trial commitments, but the SG&A spend is variable based on the pace of commercial adoption and associated marketing efforts. Finance: draft 13-week cash view by Friday.

Verastem, Inc. (VSTM) - Canvas Business Model: Revenue Streams

You're looking at Verastem, Inc. (VSTM) revenue streams as they pivot hard into commercialization, which is a massive shift from their prior model.

The core of the current revenue generation is the U.S. net product sales of AVMAPKI FAKZYNJA CO-PACK (avutometinib capsules; defactinib tablets), which gained FDA accelerated approval in May 2025 for KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC). This product is now the defintely dominant revenue driver.

Here's a look at the initial commercial performance and projections:

• Net product sales of AVMAPKI FAKZYNJA CO-PACK in the U.S.
• Q3 2025 net product revenue was $11.2 million, marking the first full quarter of sales.
• Analyst-projected full fiscal year 2025 sales are approximately $17.9 million.
• Another analyst estimate places the full fiscal year 2025 revenue at $28.31M.

This new product revenue is replacing the previous, less sustainable revenue sources, like the one-time sale of the COPIKTRA license which contributed $10.0 million in Q2 2024.

The company also has potential future revenue components tied to financing and licensing activities, though the immediate focus is product sales. For instance, a Note Purchase Agreement includes a revenue participation component:

Revenue Participation Detail	Value/Rate
Revenue Participation Rate (Initial)	1.00%
Revenue Participation Cap (Initial)	First $100 million of annual net sales
Potential Increased Rate	2.00%

Regarding potential future milestone payments from ex-U.S. licensing deals, the search results confirm Verastem, Inc. licensed VS-7375 from GenFleet Therapeutics in January 2025 for ex-U.S. rights, which implies future milestones or royalties, but specific dollar amounts for those future payments weren't detailed in the late 2025 reports available. Past agreements, like the duvelisib license, involved milestone payments, such as a $6 million payment in 2017.

To give you a clearer picture of the initial product revenue quality, here are the Q3 2025 figures:

Metric	Amount (Q3 2025)
Net Product Revenue	$11.2 million
Cost of Sales	$1.7 million
Total Cost of Sales (including amortization)	$2.0 million
Prior Year Quarter (Q3 2024) Net Product Revenue	$0.0 million

The cost of sales associated with product revenue was $1.7 million for the 2025 Quarter. That's the quick math on the new revenue engine.