Verastem, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $25.9 million, compared to a loss of $8.3 million in the same period last year. The company's total revenue for the quarter was $2.1 million, primarily generated from the sales of its newly launched product, AVMAPKI FAKZYNJA CO-PACK, which received FDA approval on May 8, 2025. This marks a significant shift from the previous year when the company had no product revenue, as it had previously recorded $10 million from the sale of a license for COPIKTRA in the second quarter of 2024.
Operating expenses for the quarter increased to $45.9 million, up from $28.3 million in the prior year, driven by a 37% rise in research and development costs, which totaled $24.8 million. This increase was attributed to higher contract research organization (CRO) costs and investigator fees associated with ongoing clinical trials. Additionally, selling, general, and administrative expenses surged by 102% to $20.7 million, reflecting increased consulting and professional fees related to the product launch.
In terms of operational metrics, Verastem's cash and cash equivalents stood at $164.3 million as of June 30, 2025, a substantial increase from $88.8 million at the end of 2024. The company has been actively expanding its clinical trials, including the RAMP 301 trial, which is a confirmatory study for AVMAPKI FAKZYNJA CO-PACK, and is expected to complete enrollment by the end of 2025. The company also reported a significant increase in its employee headcount, reflecting its growth strategy and the need for additional resources to support its expanding operations.
Looking ahead, Verastem expressed concerns regarding its ability to continue as a going concern, citing anticipated ongoing operating losses and the need for additional capital to fund its operations. The company plans to finance its activities through existing cash reserves, potential future product revenues, and strategic financing opportunities. However, it acknowledged that the risks associated with these financing opportunities could impact its operational plans. The company remains focused on advancing its clinical programs and achieving commercial success with its product offerings.
About Verastem, Inc.
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