# EDGAR Filing Document

**Accession Number:** 0001526119
**File Stem:** 0001104659-26-057114
**Filing Date:** 2026-5
**Character Count:** 205750
**Document Hash:** b97d08d5147cf180a4689c82404a14d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-057114.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001104659-26-057114

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 105

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Verastem, Inc.
- **CENTRAL INDEX KEY:** 0001526119
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 273269467
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35403
- **FILM NUMBER:** 26953188

**BUSINESS ADDRESS:**
- **STREET 1:** 117 KENDRICK STREET
- **STREET 2:** SUITE 500
- **CITY:** NEEDHAM
- **STATE:** MA
- **ZIP:** 02494
- **BUSINESS PHONE:** (781) 292-4200

**MAIL ADDRESS:**
- **STREET 1:** 117 KENDRICK STREET
- **STREET 2:** SUITE 500
- **CITY:** NEEDHAM
- **STATE:** MA
- **ZIP:** 02494

?xml version='1.0' encoding='ASCII'? Verastem, Inc._March 31, 2026

[**Table of Contents**](#Toc)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

---

| | |
|:---|:---|
| **(Mark One)** |  |
| ☒ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the quarterly period ended March 31, 2026** | **For the quarterly period ended March 31, 2026** |
| **OR** | **OR** |
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | **For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  |

---

**Commission file number: 001-35403**

**Verastem, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware**<br>(State or other jurisdiction of<br>incorporation or organization) | **27-3269467**<br>(I.R.S. Employer<br>Identification Number) |
| **117 Kendrick Street, Suite 500**<br>**Needham, MA**<br>(Address of principal executive offices) | **02494**<br>(Zip Code) |

---

**(781) 292-4200**

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Stock, $0.0001 par value per share | &nbsp;&nbsp;VSTM | &nbsp;&nbsp;The Nasdaq Capital Market |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 4, 2026 there were 87,873,639 shares of Common Stock outstanding.

------

[**Table of Contents**](#Toc)

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [**PART I—FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_689235) | [**PART I—FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_689235) | [**PART I—FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_689235) |
| [Item 1.](#CondensedConsolidatedFinancialStatements) | [Condensed Consolidated Financial Statements (unaudited)](#CondensedConsolidatedFinancialStatements) | 5 |
| [Item 2.](#Item2ManagementsDiscussionandAnalysis_47) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysis_47) | 31 |
| [Item 3.](#Item3QuantitativeandQualitativeDisclosur) | [Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur) | 39 |
| [Item 4.](#Item4ControlsandProcedures_837107) | [Controls and Procedures](#Item4ControlsandProcedures_837107) | 39 |
| [**PART II—OTHER INFORMATION**](#PARTIIOTHERINFORMATION_207836) | [**PART II—OTHER INFORMATION**](#PARTIIOTHERINFORMATION_207836) | [**PART II—OTHER INFORMATION**](#PARTIIOTHERINFORMATION_207836) |
| [Item 1.](#Item1LegalProceedings_849875) | [Legal Proceedings](#Item1LegalProceedings_849875) | 40 |
| [Item 1A.](#Item1ARiskFactors_7942) | [Risk Factors](#Item1ARiskFactors_7942) | 40 |
| [Item 2.](#Item2UnregisteredSalesofEquitySecurities) | [Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities) | 41 |
| [Item 3.](#Item3DefaultsUponSeniorSecurities_548538) | [Defaults Upon Senior Securities](#Item3DefaultsUponSeniorSecurities_548538) | 41 |
| [Item 4.](#Item4MineSafetyDisclosures_100076) | [Mine Safety Disclosures](#Item4MineSafetyDisclosures_100076) | 41 |
| [Item 5.](#Item5OtherInformation_31309) | [Other Information](#Item5OtherInformation_31309) | 41 |
| [Item 6.](#Item6Exhibits_278718) | [Exhibits](#Item6Exhibits_278718) | 41 |
| [EXHIBIT INDEX](#ExhibitIndex) | [EXHIBIT INDEX](#ExhibitIndex) | 42 |
| [SIGNATURES](#SIGNATURES) | [SIGNATURES](#SIGNATURES) | 43 |

---

[**Table of Contents**](#Toc)

**FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q contains forward-looking statements. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "believe," "estimate," "forecast," "goal," "potentially," "project," and other words of similar meaning All statements, other than statements related to present facts or current conditions or historical facts, contained in this Quarterly Report on Form 10-Q are forward-looking statements, including statements regarding our strategy, future operations, future financial position, including our ability to continue as a going concern through one year from the date of the financial statements for the quarter ended March 31, 2026, future revenues, projected costs, prospects, plans and objectives of management. Such statements relate to, among other things, the commercial success of our marketed product AVMAPKI® FAKZYNJA® CO-PACK (avutometinib capsules; defactinib tablets), the development and activity of our programs and product candidates, avutometinib (rapidly accelerated fibrosarcoma ("RAF")/ mitogen-activated protein kinase kinase ("MEK") program), defactinib (focal adhesion kinase ("FAK") program), and VS-7375 (a selective oral KRAS G12D dual ON/OFF inhibitor), the structure and potential clinical value of our completed, planned and pending clinical trials, including the RAMP 201, RAMP 201J, RAMP 203, RAMP 205, RAMP 301 and VS-7375 trials; the timing of commencing and completing trials, including topline data reports, our interactions with regulators; the timeline and indications for clinical development, regulatory submissions and the potential for and timing of commercialization of our product candidates; the potential for additional development programs involving our lead compound and the potential market opportunities thereof; the expected outcome and benefits of our collaboration with GenFleet Therapeutics (Shanghai), Inc. ("GenFleet") and the estimated addressable markets for, and anticipated market opportunities of our drug candidates.

Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include the risks and uncertainties, among other things, regarding: the success in the development and potential commercialization of our product candidates, including avutometinib in combination with other compounds, including defactinib, LUMAKRAS®, VS-7375, and others; the uncertainties inherent in research and development, such as negative or unexpected results of clinical trials; the occurrence or timing of applications for our product candidates that may be filed with regulatory authorities in any jurisdictions; whether and when regulatory authorities in any jurisdictions may approve applications that may be filed for our product candidates and, if approved, whether our product candidates will be commercially successful in such jurisdictions; the impact of current and future healthcare reforms, including those affecting the delivery of or payment for healthcare products and services; our ability to obtain, maintain and enforce patent and other intellectual property protection for our product candidates; the scope, timing, and outcome of any legal proceedings; decisions by regulatory authorities regarding trial design, labeling and other matters that could affect the timing, availability or commercial potential of our product candidates; whether preclinical testing of our product candidates and preliminary or interim data from clinical trials will be representative of more mature data or predictive of the results or success of ongoing or later clinical trials; that the timing, scope and rate of reimbursement for our product candidates is uncertain; actions or advice of regulatory agencies to maintain regulatory approval of AVMAPKI FAKZYNJA CO-PACK; that the market opportunities of AVMAPKI FAKZYNJA CO-PACK are based on internal and third-party estimates which may prove to be incorrect; that third-party payors (including government agencies) may not reimburse; uncertainties related to the regulatory and policy actions proposed and enacted by the current U.S. presidential administration that may adversely affect our business; that there may be competitive developments affecting our product candidates; that data may not be available when expected; that enrollment of clinical trials may take longer than expected; that our marketed products and product candidates may cause adverse safety events and/or unexpected concerns may arise from additional data or analysis, or result in unmanageable safety profiles as compared to their levels of efficacy; that we may be unable to successfully validate, develop and obtain regulatory approval for companion diagnostic tests for our product candidates that require or would commercially benefit from such tests, or experience significant delays in doing so; that we may not be able to confirm the results from the RAMP 201 study or expand the approved indication for AVMAPKI FAKZYNJA CO-PACK; that our product candidates may experience manufacturing or supply interruptions or failures; that any of our third party contract research organizations, contract manufacturing organizations, clinical sites, or contractors, among others, who we rely on may fail to fully perform; that we face substantial competition, which may result in others developing or commercializing products before or more successfully than we do which could result in reduced market share or market potential for our product candidates; that the development and commercialization of our product candidates may take longer or cost more than planned, including as a result of conducting additional studies or our decisions regarding execution of such commercialization; that we may not have sufficient cash to fund our contemplated operations, including certain of our product development programs; that we may not attract and retain high quality personnel; that we or Pfizer, Inc. ("Pfizer") may fail to fully perform under the license agreement covering certain Pfizer FAK inhibitors, including defactinib; that we or Chugai Pharmaceutical, Co. Ltd. ("Chugai") may fail to fully perform under the avutometinib license agreement; that we or Secura Bio, Inc. ("Secura") may fail to fully perform under the asset purchase agreement with Secura, including in relation to milestone payments; that we may not see a return on investment on the payments we have and may continue to make pursuant to the collaboration and option

[**Table of Contents**](#Toc)

agreement with GenFleet or that GenFleet may fail to fully perform under the agreement; that we may not be able to establish new or expand on existing collaborations or partnerships, including with respect to in-licensing of our product candidates, on favorable terms, or at all; that we may be unable to obtain adequate financing in the future through product licensing, co-promotional arrangements, public or private equity, debt financing or otherwise; that we may not pursue or submit regulatory filings for our product candidates; and that our product candidates will not receive regulatory approval, become commercially successful products, or result in new treatment options being offered to patients. Other risks and uncertainties include those identified under the heading "Risk Factors" contained in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission ("SEC") on March 4, 2026, and in any subsequent filings with the SEC.

As a result of these and other factors, we may not achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make. The forward-looking statements contained in this Quarterly Report on Form 10-Q reflect our views as of the date hereof. We do not assume and specifically disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

[**Table of Contents**](#Toc)

**PART I—FINANCIAL INFORMATION**

**Item 1. Condensed Consolidated Financial Statements (unaudited).**

**Verastem, Inc.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

 **(in thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **March 31,** <br>**2026** | **December 31,** <br>**2025** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $165551 | $204990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 16127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 10158 | 8813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 2287 | 1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grant receivable | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 8581 | 7577 |
| Total current assets | 202904 | 223413 |
| Property and equipment, net |  |  |
| Right-of-use asset, net | 2793 | 491 |
| Restricted cash | 241 |  |
| Intangible assets, net | 16146 | 16426 |
| Other assets | 5724 | 6112 |
| Total assets | $227808 | $246442 |
| **Liabilities, convertible preferred stock and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $9602 | $12448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses, short-term | 50954 | 53981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note Payable | 529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vendor financing arrangement, short-term | 5266 | 5304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability, short-term | 494 | 535 |
| Total current liabilities | 66845 | 72268 |
| Non-current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 73120 | 76330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vendor financing arrangement, long-term | 3750 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability, long-term | 2316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant liability |  | 35647 |
| Total liabilities | 146031 | 189245 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value; 5,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and at December 31, 2025, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 300,000 shares authorized, 87,843 and 77,740 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 9 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1274739 | 1216958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 8618 | 5229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1201589) | (1164998) |
| Total stockholders' equity | 81777 | 57197 |
| Total liabilities, preferred stock and stockholders' equity | $227808 | $246442 |

---

See accompanying notes to the condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**Verastem, Inc.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**(unaudited)**

 **(in thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| Revenue: |  |  |
| &nbsp;&nbsp;Product revenue, net | $18671 | $— |
| Total revenue | 18671 |  |
| Operating expenses: |  |  |
| &nbsp;&nbsp;Cost of sales - product | 2772 |  |
| &nbsp;&nbsp;Cost of sales - intangible amortization | 279 |  |
| &nbsp;&nbsp;Research and development | 38218 | 29152 |
| &nbsp;&nbsp;Selling, general and administrative | 22299 | 15022 |
| Total operating expenses | 63568 | 44174 |
| Loss from operations | (44897) | (44174) |
| Other expense | (61) | (40) |
| Interest income | 1297 | 960 |
| Interest expense | (382) | (192) |
| Loss on debt extinguishment |  | (1826) |
| Change in fair value of warrant liability | 9323 | (2416) |
| Change in fair value of Notes | (1871) | (4415) |
| Net loss | $(36591) | $(52103) |
| Net loss per share—basic | $(0.37) | $(0.96) |
| Net loss per share—diluted | $(0.46) | $(0.96) |
| Weighted average common shares outstanding used in computing net loss per share—basic  | 98292 | 54173 |
| Weighted average common shares outstanding used in computing net loss per share—diluted | 99148 | 54173 |
| Net loss | $(36591) | $(52103) |
| Unrealized gain (loss) on available-for-sale securities | (7) |  |
| Change in fair value of Notes attributable to instrument specific credit risk | 3396 | 6639 |
| Comprehensive loss | $(33202) | $(45464) |

---

See accompanying notes to the condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**Verastem, Inc.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)**

**(unaudited)**

**(in thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common stock** | **Common stock** | | | | |
|  | **Shares** | **Amount** | <br>**Additional**<br>**paid-in**<br>**capital** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income** | <br><br>**Accumulated**<br>**(deficit)** | <br>**Total**<br>**stockholders'**<br>**equity** |
| **Balance at December 31, 2025** | **77739712** | **8** | **1216958** | **5229** | **(1164998)** | $**57197** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Loss |  |  |  |  | (36591) | (36591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of long-term debt attributable to instrument specific credit risk |  |  |  | 3396 |  | 3396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 2046 |  |  | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under Employee Stock Purchase Plan | 10240 |  | 38 |  |  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock resulting from vesting of restricted stock units | 271866 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon exercise of options | 1000 |  | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon exercise of warrants | 8391666 | 1 | 55693 |  |  | 55694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon exercise of pre-funded warrants | 1428571 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized loss on available for sale securities |  |  |  | (7) |  | (7) |
| **Balance at March 31, 2026** | **87843055** | $**9** | $**1274739** | $**8618** | $**(1201589)** | $**81777** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A Convertible Preferred Stock** | **Series A Convertible Preferred Stock** | **Common stock** | **Common stock** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | <br>**Additional**<br>**paid-in**<br>**capital** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income** | <br><br>**Accumulated**<br>**(deficit)** | <br>**Total**<br>**stockholders'**<br>**equity (deficit)** |
| **Balance at December 31, 2024** | **1000000** | $**—** | **44784350** | $**4** | $**926630** | $**—** | $**(955527)** | $**(28893)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss |  |  |  |  |  |  | (52103) | (52103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock resulting from vesting of restricted stock units |  |  | 114010 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  |  |  | 1788 |  |  | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of Notes attributable to instrument specific credit risk |  |  |  |  |  | 6639 |  | 6639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock resulting from at-the-market transactions |  |  | 4000000 | 1 | 22735 |  |  | 22736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock, net of issuance costs of $74K |  |  | 1416939 |  | 7426 |  |  | 7426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock upon exercise of warrants |  |  | 1166666 |  | 9952 |  |  | 9952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock under Employee Stock Purchase Plan |  |  | 8033 |  | 22 |  |  | 22 |
| **Balance at March 31, 2025** | **1000000** | $**—** | **51489998** | $**5** | $**968553** | $**6639** | $**(1007630)** | $**(32433)** |

---

See accompanying notes to the condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**Verastem, Inc.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| **Operating activities** |  |  |
| Net loss | $(36591) | $(52103) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease cost | (27) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2046 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs, debt discounts and premiums and discounts on available-for-sale marketable securities | (119) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (9323) | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash change in fair value of Notes | 186 | 3115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | 1826 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (1345) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | (454) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses, other current assets and other assets | (857) | (1572) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2846) | 3173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (3065) | 2664 |
| Net cash used in operating activities | (52116) | (38676) |
| **Investing activities** |  |  |
| Purchases of investments | (16015) |  |
| Net cash used in investing activities | (16015) |  |
| **Financing activities** |  |  |
| Proceeds from the issuance of common stock and pre-funded warrants, net |  | 30162 |
| Repayment of vendor financing arrangement | (1250) |  |
| Proceeds from exercise of warrants | 29371 | 4083 |
| Proceeds from long-term debt |  | 75000 |
| Repayment of long-term debt |  | (42580) |
| Proceeds from insurance premium financing | 736 | 1180 |
| Payments on insurance premium financing | (207) | (440) |
| Proceeds from the exercise of stock options and employee stock purchase program | 42 | 22 |
| Net cash provided by financing activities | 28692 | 67427 |
| (Decrease) increase in cash, cash equivalents and restricted cash | (39439) | 28751 |
| Cash, cash equivalents and restricted cash at beginning of period | 205231 | 89059 |
| Cash, cash equivalents and restricted cash at end of period | $165792 | $117810 |
| **Supplemental disclosure of non-cash investing and financing activities** |  |  |
| Conversion of warrant liability into additional paid-in capital upon warrant exercise | 26324 | 5869 |
| Right of use assets obtained in exchange for operating lease liabilities | 2515 |  |
| Issuance costs included in accounts payable and accrued expenses |  | 64 |

---

See accompanying notes to the condensed consolidated financial statements.

[**Table of Contents**](#Toc)

**Verastem, Inc.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(unaudited)**

**1. Nature of business**

Verastem, Inc. (the "Company") is a biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with ras sarcoma ("RAS")/ mitogen activated pathway kinase ("MAPK") pathway-driven cancers. On May 8, 2025, the U.S. Food and Drug Administration (the "FDA") approved AVMAPKI FAKZYNJA CO-PACK (avutometinib capsules; defactinib tablets) for the treatment of adult patients with Kirsten rat sarcoma viral oncogene homolog ("KRAS") mutant ("KRAS mt") recurrent low grade serous ovarian cancer ("LGSOC") who received prior systemic therapy. The Company markets AVMAPKI FAKZYNJA CO-PACK in the United States. The Company's pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition, FAK inhibition and KRAS G12D inhibition.

The condensed consolidated financial statements include the accounts of Verastem Securities Company and Verastem Europe GmbH, wholly-owned subsidiaries of the Company. All financial information presented has been consolidated and includes the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The Company is subject to the risks associated with other life science companies, including, but not limited to, possible failure of preclinical testing or clinical trials, competitors developing new technological innovations, market acceptance and commercial success of AVMAPKI FAKZYNJA CO-PACK, or any of the Company's product candidates following receipt of regulatory approval, inability to obtain marketing approval for additional indications or product candidates, protection of proprietary technology and the continued ability to obtain adequate financing to fund the Company's future operations. If the Company does not successfully commercialize AVMAPKI FAKZYNJA CO-PACK or any of its other product candidates, it will be unable to generate product revenue or achieve profitability and may need to raise additional capital.

As of March 31, 2026, the Company had cash, cash equivalents, and investments of $181.7 million. In accordance with applicable accounting standards, the Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within twelve months after the date of the issuance of these condensed consolidated financial statements. The Company anticipates operating losses may continue for the foreseeable future and the Company continues to incur operating costs to execute its strategic plan, including costs related to research and development of its product candidates and commercial activities. As a result of the assessment in accordance with the applicable accounting standards, these conditions raise substantial doubt about the Company's ability to continue as a going concern for twelve months after the date the condensed consolidated financial statements are issued.

The Company expects to finance its operations with its existing cash, cash equivalents and investments, through future net product revenues, through potential future milestones and royalties received pursuant to the Company's Asset Purchase Agreement ("Secura APA") with Secura, pursuant to the Company's Note Purchase Agreement (as defined herein) (see *Note 10. Debt*), or through other strategic financing opportunities that could include, but are not limited to collaboration agreements, offerings of its equity, or the incurrence of debt. However, given the risks associated with these potential strategic or financing opportunities, they are not deemed probable for purposes of the going concern assessment. If the Company fails to obtain additional capital or generate sufficient revenue from its commercialization activities in the future, it may be unable to complete its planned preclinical studies and clinical trials and obtain approval of certain investigational product candidates from the FDA or foreign regulatory authorities. Therefore, there is substantial doubt about the Company's ability to continue as a going concern.

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**2. Summary of significant accounting policies**

**Basis of Presentation**

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial reporting and as required by Regulation S-X, Rule 10-01 under the assumption that the Company will continue as a going concern for the next twelve months. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements, or any adjustments that might result from the uncertainty related to the Company's ability to continue as a going concern. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2026. For further information, refer to the financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 4, 2026.

**Significant Accounting Policies**

The significant accounting policies are described in *Note 2*. *Significant accounting policies* in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. During the three months ended March 31, 2026, there were no material changes to the significant accounting policies.

**Recently issued accounting standards updates**

In November 2024, the FASB issued ASU No 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). The guidance in ASU 2024-03 is intended to require more detailed disclosures about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements. The Company is in the process of evaluating the impact of this new guidance on its condensed consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). This standard modernizes the accounting for internal-use software by removing references to prescriptive development stages and instead requiring capitalization of costs once (1) management has authorized and committed to funding the software project, and (2) it is probable the project will be completed and placed in service. Entities must evaluate whether there is "significant development uncertainty," such as unresolved novel functionality or substantially revised performance requirements, before meeting this capitalization threshold. ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim periods within such annual reporting periods, with early adoption permitted. Entities may adopt the amendments prospectively, retrospectively, or under a modified transition approach. The Company is in the process of evaluating the impact that the adoption of this ASU may have on its condensed consolidated financial statements and related disclosures.

Other recent accounting pronouncements issued, but not yet effective, are not expected to be applicable to the Company or have a material effect on the condensed consolidated financial statements upon future adoption.

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**Concentrations of credit risk and off-balance sheet risk**

Cash, cash equivalents, investments and trade accounts receivable are financial instruments that potentially subject the Company to concentrations of credit risk. The Company mitigates this risk by maintaining its cash, cash equivalents and investments with high quality, accredited financial institutions. The management of the Company's investments is not discretionary on the part of these financial institutions. As of March 31, 2026, the Company's cash, cash equivalents and investments were deposited at three financial institutions and it has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.

As of March 31, 2026 there were four customers that cumulatively comprised 100% of the Company's trade accounts receivable balance and two customers that cumulatively accounted for more than 65% of the Company's trade accounts receivable balance. The Company assesses the creditworthiness of all its customers and sets and reassesses customer credit limits to ensure collectability of any trade accounts receivable balances are assured. Based on the Company's latest assessment of the collectability of its accounts receivable, an allowance for credit loss is not deemed necessary at March 31, 2026.

For the three months ended March 31, 2026, there were two customers who each individually accounted for greater than 10% of the Company's total revenues. These two customers accounted for revenues of $15.9 million for the three months ended March 31, 2026.

**Proceeds from Grants**

In May 2022, the Company was awarded the "Therapeutic Accelerator Award" grant from Pancreatic Cancer Network ("PanCAN") for up to $3.8 million (the "PanCAN Grant"). In August 2022, PanCAN agreed to provide the Company with an additional $0.5 million for the collection and analysis of patient samples. The grant is supporting a Phase 1b/2 clinical trial of GEMZAR (gemcitabine) and ABRAXANE (Nab-paclitaxel) in combination with avutometinib and defactinib entitled RAMP 205. The RAMP 205 trial is evaluating whether combining avutometinib (to target KRAS mutant, which is found in more than 90% of pancreatic adenocarcinomas) and defactinib (to reduce stromal density and adaptive resistance to avutometinib) to the standard GEMZAR/ABRAXANE regimen improves outcomes for patients with such pancreatic cancers. The Company recognizes grants as contra research and development expense in the consolidated statement of operations and comprehensive loss on a systematic basis over the periods in which the Company recognizes as expenses the related costs for which the grants are intended to compensate. Eligible expenses incurred in excess of grant payments received up to the total amount of the PanCAN Grant are recorded as a grant receivable. Through March 31, 2026, the Company has received $4.1 million of cash proceeds, which was initially recorded as deferred liabilities on the balance sheet. The Company did not record any proceeds as a reduction of research and development expense for the three months ended March 31, 2026 and 2025. As of March 31, 2026, and December 31, 2025, the Company recorded a grant receivable of $0.2 million related to the PanCAN Grant in the condensed consolidated and consolidated balance sheets.

**3. Cash, cash equivalents and restricted cash**

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | $165551 | $204990 |
| Restricted cash | 241 | 241 |
| **Total cash, cash equivalents and restricted cash** | $**165792** | $**205231** |

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Amounts included in restricted cash as of March 31, 2026 and December 31, 2025 represent cash held to collateralize outstanding letters of credit provided as a security deposit for the Company's office space located in Needham,

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Massachusetts in the amount of $0.2 million. The letters of credit are included in non-current restricted cash as of March 31, 2026, and in prepaid expenses and other current assets on the condensed consolidated balance sheets as of December 31, 2025.

**4. Fair value of financial instruments**

The Company determines the fair value of its financial instruments based upon the fair value hierarchy, which prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs:

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| | |
|:---|:---|
| Level 1 inputs | Quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date. |
| Level 2 inputs | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. |
| Level 3 inputs | Unobservable inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability. |

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***Items Measured at Fair Value on a Recurring Basis***

The following table presents information about the Company's financial instruments that are measured at fair value on a recurring basis (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| <br>**Description** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets** |  |  |  |  |
| Cash equivalents | $91754 | $91754 | $— | $— |
| Short-term investments | $16127 | $16127 | $— | $— |
| **Total financial assets** | $**107881** | $**107881** | $**—** | $**—** |
| Notes | $73120 | $— | $— | $73120 |
| **Total financial liabilities** | $**73120** | $**—** | $**—** | $**73120** |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| <br>**Description** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets** |  |  |  |  |
| Cash equivalents | $106830 | $106830 | $— | $— |
| **Total financial assets** | $**106830** | $**106830** | $**—** | $**—** |
| Warrant liability | $35647 | $— | $— | $35647 |
| Notes | $76330 | $— | $— | $76330 |
| **Total financial liabilities** | $**111977** | $**—** | $**—** | $**111977** |

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The Company's financial assets consist of cash equivalents, including U.S. Government money market funds and short term investments comprised of commercial paper. The financial assets have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. The Company validates the prices provided by third party pricing services by reviewing their pricing methods and matrices, obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active. After completing its validation procedures, the Company did not

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adjust or override any fair value measurements provided by the pricing services as of March 31, 2026, or December 31, 2025.

*Warrant Liability*

A warrant liability was recorded as a result of the July 2024 Offering (as defined herein) (see *Note 15. Capital Stock*). The fair value measurement of the warrant liability is classified as Level 3 under the fair value hierarchy. The fair value of the warrant liability at inception was determined using the Black-Scholes valuation model. The inputs to the Black-Scholes valuation model include the risk-free rate, stock price volatility, expected dividends and remaining term. Significant increases or decreases in any of those inputs in isolation could result in a significantly lower or higher fair value measurement. During the quarter ended March 31, 2026, all outstanding public warrants were either exercised or redeemed. As a result, no warrants remained outstanding as of March 31, 2026. The Company marked the warrant liability to fair value at the exercise date using the Black-Scholes model and reclassified the warrant liability to equity upon exercise. No further fair value measurements using the Black-Scholes model were required.

Below are the inputs used to value the warrant liability at December 31, 2025:

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| | |
|:---|:---|
|  | **December 31, 2025** |
| Risk-free interest rate | 3.74% |
| Volatility | 53% |
| Dividend yield |  |
| Remaining term (years) | 0.1 |

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The following table represents a reconciliation of the warrant liability (in thousands):

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| | |
|:---|:---|
| **December 31, 2025** | $**35647** |
| Fair value of warrants exercised | (26324) |
| Fair value adjustment | (9323) |
| **March 31, 2026** | $**—** |

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*Note Purchase Agreement*

The fair value of the Notes pursuant to the Note Purchase Agreement represents the present value of estimated future payments, including interest, principal, Repayment Amount, and Revenue Participation Payments (each as defined in the Note Purchase Agreement) (see *Note 10. Debt*). The fair value measurement is based on significant Level 3 unobservable inputs such as the probability and timing of Revenue Participation Payments, Repayment Amount, and the discount rate. The Company determined the fair value of the Notes utilizing a discounted cash flow model of estimated future payments including interest, principal, Repayment Amount and Revenue Participation Payments utilizing a discount rate calculated as the term matched risk-free rate plus credit spread. At December 31, 2025, the Company utilized a discount rate between 12.6% - 13.0% and at March 31, 2026, the Company utilized a discount rate between 13.9% - 14.2%. The fair value of the Notes at March 31, 2026 and December 31, 2025 were $73.1 million and $76.3 million, respectively. The fair value of the Notes as of March 31, 2026 differed from the contractual principal amount of $75.0 million by ($1.9) million. Significant increases or decreases in any of these inputs in isolation could result in a significantly lower or higher fair value measurement.

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**5. Investments**

Cash, cash equivalents, restricted cash and investments consist of the following (in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | <br>**Amortized**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | <br>**Fair**<br>**Value** |
| Cash, cash equivalents & restricted cash: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and money market accounts | $165792 | $— | $— | $165792 |
| **Total cash, cash equivalents & restricted cash** | $**165792** | $**—** | $**—** | $**165792** |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, agency bonds and commercial paper (due within 1 year) | $16134 | $— | $(7) | $16127 |
| Total investments | $16134 | $— | $(7) | $16127 |
| **Total cash, cash equivalents, restricted cash and investments** | $**181926** | $**—** | $**(7)** | $**181919** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | <br>**Amortized**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | <br>**Fair**<br>**Value** |
| Cash, cash equivalents & restricted cash: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and money market accounts | $205231 | $— | $— | $205231 |
| **Total cash, cash equivalents & restricted cash** | $**205231** | $**—** | $**—** | $**205231** |

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There were no realized gains or losses on investments for the three months ended March 31, 2026 or 2025. Accrued interest receivable is excluded from the amortized cost and estimated fair value of the Company's investments. Accrued interest receivable of $0.1 million and $0.2 million is presented within prepaid expenses and other current assets on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively. There were eight debt securities in an unrealized loss position as of March 31, 2026. There were no debt securities in an unrealized loss position as of December 31, 2025. None of these investments had been in an unrealized loss position for more than 12 months as of March 31, 2026. The fair value of these securities as of March 31, 2026 was $16.1 million and the aggregate unrealized loss was immaterial. The Company considered the decline in the market value for these securities to be primarily attributable to current economic conditions and not credit related. At March 31, 2026, the Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its investments as of March 31, 2026.

The following is a summary of available-for-sale securities with unrealized losses for less than 12 months as of March 31, 2026 (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** |
|  | **Fair**<br>**Value** | **Unrealized**<br>**Losses** |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate bonds, agency bonds and commercial paper (due within 1 year) | $16127 | $(7) |
| **Total available-for-sale securities in an unrealized loss position** | $**16127** | $**(7)** |

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**6. Accrued expenses**

Accrued expenses consist of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Accrued clinical trial expenses | $18267 | $14338 |
| &nbsp;&nbsp;Accrued milestone payments and royalties | 10582 | 11767 |
| &nbsp;&nbsp;Accrued compensation and related benefits | 7910 | 10860 |
| &nbsp;&nbsp;Accrued commercialization costs | 5185 | 8205 |
| &nbsp;&nbsp;Accrued contract manufacturing expenses | 2906 | 3224 |
| &nbsp;&nbsp;Accrued other research and development expenses | 3140 | 3015 |
| &nbsp;&nbsp;Accrued consulting fees | 1124 | 1287 |
| &nbsp;&nbsp;Accrued professional fees | 983 | 793 |
| &nbsp;&nbsp;Accrued other | 857 | 492 |
| **Total accrued expenses** | $50954 | $53981 |

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**7. Product revenue reserves and allowances**

Since 2025, the Company's sole source of product revenue has been from sales of AVMAPKI FAKZYNJA CO-PACK in the United States. The following table summarizes activity in each of the product revenue allowance and reserve categories for the three months ended March 31, 2026 (in thousands):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Trade**<br>**discounts**<br>**and**<br>**allowances** | **Third Party Payer** <br>**chargebacks,**<br>**discounts**<br>**and fees** | **Government** <br>**rebates and**<br>**other**<br>**incentives** | <br>**Returns** | <br>**Total** |
| **Balance at December 31, 2025** | $236 | $252 | $3025 | $376 | $3889 |
| &nbsp;&nbsp;Provision related to sales in the current year | 524 | 306 | 2344 | 222 | 3396 |
| &nbsp;&nbsp;Adjustments related to prior period sales |  |  | (193) |  | (193) |
| &nbsp;&nbsp;Credits and payments made | (513) | (192) | (2060) |  | (2765) |
| **Ending balance at March 31, 2026** | $**247** | $**366** | $**3116** | $**598** | $**4327** |

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Trade discounts and Payer chargebacks and discounts are recorded as a reduction to accounts receivable, net on the condensed consolidated balance sheets. Trade allowances and Payer fees, government rebates, other incentives and returns are recorded as a component of accrued expenses on the condensed consolidated balance sheets.

**8. Inventory**

Inventory consists of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Raw materials | $91 | $— |
| Work in process | 2129 | 1797 |
| Finished goods | 67 | 36 |
| **Total inventory** | $**2287** | $**1833** |

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At March 31, 2026, all of our inventory was related to AVMAPKI and FAKZYNJA. In May 2025, the FDA approved AVMAPKI FAKZYNJA CO-PACK, at which time the Company began to capitalize costs to manufacture AVMAPKI FAKZYNJA CO-PACK. Prior to FDA approval of AVMAPKI FAKZYNJA CO-PACK, all costs related to the manufacturing of AVMAPKI and FAKZYNJA and related material were charged to research and development expense in the period incurred. At March 31, 2026, we determined that a reserve related to inventory was not required.

**9. Intangible Assets**

The Company's intangible assets consist of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **Weighted-Average Remaining Amortization Period (Years)** |
| Acquired and in-licensed rights | $17123 | 14.5 years |
| Less: accumulated amortization | (977) |  |
| **Total intangible assets, net** | $**16146** |  |

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The Company's finite-lived intangible assets are the result of milestone payments due under the Pfizer Agreement (defined herein) and the License Agreement (defined herein). Refer to *Note 18. License, collaboration and commercial agreements* for further discussion of the Pfizer Agreement and License Agreement.

The Company recorded approximately $0.3 million in cost of sales – intangible amortization expense related to finite-lived intangible assets during the three months ended March 31, 2026, using straight-line methodology. Estimated future cost of sales- intangible amortization expense for finite-lived intangible assets as of March 31, 2026 is as follows (in thousands):

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| | |
|:---|:---|
| **Year ending December 31,** | **Amount** |
| 2026 | 838 |
| 2027 | 1117 |
| 2028 | 1117 |
| 2029 | 1117 |
| 2030 | 1117 |
| Thereafter | 10840 |
| **Total future amortization** | $**16146** |

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**10. Debt**

***Note Purchase Agreement***

On January 13, 2025 (the "Closing Date"), the Company entered into a Note Purchase Agreement (the "Note Purchase Agreement") with RGCM SA LLC, as Purchaser Agent, Oberland Capital Management LLC ("Oberland") and certain funds managed by Oberland Capital Management LLC, as purchasers (together with other purchasers party thereto from time to time, the "Purchasers"), pursuant to which the Company may sell to the Purchasers, and the Purchasers may buy from the Company, notes (the "Notes") in an aggregate principal amount not to exceed $150.0 million. On the Closing Date, the Company issued and sold an initial Note in an aggregate principal amount $75.0 million. In addition, the Company may issue and sell additional Notes with aggregate principal amount of up to $75.0 million as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. at our option, a second purchase (the "Second Purchase") of $25.0 million principal amount of Notes, at any time prior to December 31, 2025, upon the FDA's approval sufficient for the promotion and sale of avutometinib and defactinib for the treatment of LGSOC and subject to certain other customary conditions precedent. In March 2026, we amended the Note Purchase Agreement to extend the date by which we may draw down the Second Purchase from December 31, 2025 to June 30, 2026; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. at the option of the Company, a third sale (the "Third Sale") of up to $50.0 million principal amount of Notes, at any time prior to December 31, 2026, provided that trailing six-month worldwide net sales of avutometinib and defactinib are at least $55.0 million and subject to certain other customary conditions precedent.

The outstanding principal amount of the Notes bear interest at a rate per annum equal to the sum of (i) the greater of the Term SOFR (as defined in the Note Purchase Agreement) and 4.29%, and (ii) 3.71%, subject to adjustment in certain circumstances set forth in the Note Purchase Agreement and an overall cap of 9.75%, payable quarterly in arrears until the seventh anniversary of the Closing Date or the date on which all amounts owing to the Purchasers under the Note Purchase Agreement have been paid in full (the "Maturity Date"). For the first eight (8) quarters following the Closing Date, at the Company's option, up to 50% of the interest due may be paid-in-kind and added to the then-outstanding principal balance of the Notes. Through March 31, 2026, the Company has not elected to defer any interest through its paid-in-kind option. Upon the occurrence and during the continuance of an Event of Default (as defined in the Note Purchase Agreement) under the Note Purchase Agreement, the then-applicable interest rate on all outstanding obligations may be increased by an additional 5.00%.

Beginning on January 13, 2025 and continuing until the Maturity Date, the Purchasers will receive 1.00% (the "Revenue Participation Percentage") of the first $100.0 million of net sales of each Included Product (as defined in the Note Purchase Agreement) by the Company or its affiliates or licensees in each calendar year, payable quarterly. "Included Products" is defined in the Note Purchase Agreement to include (a) avutometinib and defactinib, including any product that contains either one of the foregoing in combination with any other active ingredient(s), and (b) all other compounds, chemical entities or pharmaceutical products being designed, developed, licensed, manufactured or commercialized by the Company or its subsidiaries from time to time. The Revenue Participation Percentage will increase pro rata immediately upon the occurrence of the Second Purchase and the Third Sale, such that the Revenue Participation Percentage shall increase to a maximum of 2.00% in the event that $150 million in aggregate principal amount of Notes has been purchased pursuant to the Note Purchase Agreement following the Third Sale. The outstanding principal amount of the Notes, interest accrued thereon and any other amounts owing to the Purchasers under the Note Purchase Agreement will be due in two equal instalments on (a) the sixth anniversary of the Closing Date, and (b) the Maturity Date.

All of the Notes may be redeemed prior to the Maturity Date at the option of the Company, subject to payment of the Repayment Amount (as defined in the Note Purchase Agreement). The Purchasers may demand redemption of the Notes prior to the Maturity Date in the event of a Change of Control (as defined in the Note Purchase Agreement) of the Company or an Event of Default (as defined in the Note Purchase Agreement) under the Note Purchase Agreement, subject to payment of the Repayment Amount. The Repayment Amount is due at the earlier of the Maturity Date and when payment of all obligations under the Note Purchase Agreement are otherwise due. The Repayment Amount is (a) 135% of the principal amount of the Notes if redemption occurs before the second anniversary of the Closing Date upon a Change of Control; (b) if the preceding clause (a) does not apply, 175% of the principal amount of the Notes if redemption occurs prior to the third anniversary of the Closing Date; and (c) thereafter, 195% of the principal amount of the Notes if redemption occurs after the third anniversary of the Closing Date, minus, in each case, the sum of regularly scheduled interest paid in cash, payments of principal in cash, and payments of revenue participation in cash prior to such redemption date.

The Note Purchase Agreement contains no financial covenants. The Company's obligations under the Note Purchase Agreement are subject to customary covenants, including limitations on the Company's ability to dispose of assets, undergo a change of control, merge with or acquire other entities, incur debt, incur liens, pay dividends or other distributions to holders of its capital stock, repurchase stock and make investments, in each case subject to certain exceptions. The Company's obligations under the Note Purchase Agreement are secured by a security interest on substantially all of the Company's and its subsidiaries' assets, including its intellectual property related to avutometinib and defactinib, and a negative pledge on intellectual property related to the Company's collaboration and option agreement with GenFleet (the "GenFleet Agreement"), subject to certain exceptions relating to the Company's development of its intellectual property.

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A portion of the proceeds of the Note Purchase Agreement were used to repay the Company's obligations under the Loan Agreement (as defined below) in full. The Loan Agreement was terminated concurrently with entry into the Note Purchase Agreement.

The Company assessed the terms and features of the Note Purchase Agreement and determined that the Company is eligible to elect the fair value option under ASC 825, *Financial Instruments*. The Note Purchase Agreement contains various embedded features and the election of the fair value option allows the Company to bypass analysis of potential embedded derivatives and further analysis of bifurcation of any recognized financial liabilities. Under the fair value option, the financial liability is initially measured at its fair value on the issuance date and subsequently remeasured at estimated fair value on a recurring basis at each reporting date. Changes in the fair value of the Note Purchase Agreement, which include accrued interest, if any, are recorded as a component of change in fair value of Notes in the condensed consolidated statements of operations. The Company has not elected to present interest expense separately from changes in fair value and therefore will not separately present interest expense associated with the Note Purchase Agreement. Changes in fair value caused by instrument-specific credit risk are presented separately in other comprehensive income or loss within the condensed statements of equity (deficit). The portion of total changes in fair value of Notes attributable to changes in instrument-specific credit risk are determined through specific measurement of periodic changes in the discount rate assumption exclusive of base market changes and are presented as a component of comprehensive income (loss) in the accompanying condensed consolidated statements of operations and comprehensive loss. The change in fair value attributable to instrument specific credit risk recorded during the three months ended March 31, 2026, March 31, 2025 and cumulatively life to date for the debt was a decrease of $3.4 million, $6.6 million and $8.6 million, respectively. Under the fair value option, debt issuance costs are expensed as incurred. The Company incurred $0.7 million of debt issuance costs, of which $0.7 million were recorded within selling, general and administrative expense in the condensed consolidated statements of operations for the three months ended March 31, 2025.

The following table reconciles the change in fair value of the Notes during the three months ended March 31, 2026 (in thousands):

---

| | |
|:---|:---|
| **Beginning fair value balance at December 31, 2025** | $**76330** |
| Change in fair value reported in statements of operations | 1871 |
| Change in fair value reported in comprehensive loss | (3396) |
| Interest and revenue participation payments | (1685) |
| **Ending fair value at March 31, 2026** | $**73120** |

---

As of March 31, 2026, future principal payments under the Note Purchase Agreement are due as follows (in thousands):

---

| | |
|:---|:---|
| 2026 |  |
| 2027 |  |
| 2028 |  |
| 2029 |  |
| 2030 |  |
| 2031 | 37500 |
| 2032 | 37500 |
| **Total principal payments** | $**75000** |

---

***Loan Agreement***

On March 25, 2022 (the "Loan Agreement Closing Date"), the Company entered into a loan and security agreement (the "Original Loan Agreement") with Oxford Finance, LLC ("Oxford"), as collateral agent and a lender, and Oxford Finance Credit Fund III LP, as a lender ("OFCF III" and together with Oxford, the "Lenders"), pursuant to which the Lenders agreed to lend the Company up to an aggregate principal amount of $150.0 million in a series of term loans (the "Term

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Loans"). On January 4, 2024, the Company amended the Original Loan Agreement (as amended, the "Loan Agreement") to extend the date by which it may draw down the Term C Loan from March 31, 2024, to March 31, 2025.

Pursuant to the Loan Agreement, the Company received an initial Term Loan of $25.0 million on the Loan Agreement Closing Date, and drew down the second term loan of $15.0 million (the "Term B Loan") on March 22, 2023.

The Company was required to make a final payment of 5.0% of the original principal amount of the Term Loans that are drawn, payable at maturity or upon any earlier acceleration or prepayment of the Term Loans (the "Final Payment Fee"). The Company could have prepaid all, but not less than all, of the Term Loans, subject to a prepayment fee equal to (i) 3.0% of the principal amount of the applicable Term Loan if prepaid on or before the first anniversary date of the funding date of such Term Loan, (ii) 2.0% of the principal amount of the applicable Term Loan if prepaid after the first anniversary and on or before the second anniversary of the funding date of such Term Loan, and (iii) 1.0% of the principal amount of the applicable Term Loan if prepaid after the second anniversary of the applicable funding date of such Term Loan. All Term Loans were subject to a facility fee of 0.5% of the principal amount.

Substantially concurrently with the closing of the Note Purchase Agreement, on January 13, 2025, the Company terminated its Loan Agreement and repaid in full the balance of its obligations under the Loan Agreement of approximately $42.7 million (the "Payoff Amount"). The Payoff Amount included the Final Payment Fee of $2.0 million, which was due at the earlier of prepayment or loan maturity, and certain prepayment fees as set forth in the Loan Agreement, a prepayment penalty fee of $0.6 million, and unpaid interest of $0.1 million. Upon the Lender's receipt of the Payoff Amount, the Loan Agreement was terminated along with the Lender's commitment to provide funding under any future term loans. All liens on the Company's assets to secure the loans under the Loan Agreement have been terminated and released. The Payoff Amount, excluding accrued interest, exceeded the carrying amount of the Term Loan on January 13, 2025 by $1.8 million. As a result, of the Company recorded a loss on debt extinguishment of $1.8 million included in the condensed statements of operations and comprehensive loss for the three months ended March 31, 2025.

The following table sets forth total interest expense for the three months ended March 31, 2026 and 2025 (in thousands):

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| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| Contractual Interest | $382 | $162 |
| Amortization of debt discount and issuance costs |  | 11 |
| Amortization of Final Payment Fee |  | 19 |
| **Total** | $**382** | $**192** |

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**11. Leases**

On April 15, 2014, the Company entered into a lease agreement for approximately 15,197 square feet of office and laboratory space in Needham, Massachusetts. The lease term commenced on April 15, 2014 and it was scheduled to expire on September 30, 2019. Effective February 15, 2018, the Company amended its lease agreement to relocate within the facility to another location consisting of 27,810 square feet of office space (the "February 2018 Amended Lease Agreement"). The February 2018 Amended Lease Agreement extended the expiration date of the lease from September 2019 through June 2025. Pursuant to the February 2018 Amended Lease Agreement, the initial annual base rent amount was approximately $0.7 million, which increased during the lease term to $1.1 million for the last 12-month period. Effective November 1, 2024, the Company amended the February 2018 Amended Lease Agreement to extend the expiration date from June 2025 to June 2026 (the "November 2024 Amended Lease Agreement"). The payment terms of the November 2024 Amended Lease Agreement are $1.1 million per annum through the expiration date in June 2026. Effective March 12, 2026, the Company amended the November 2024 Amended Lease Agreement to extend the expiration date from June 2026 to September 2029 (the "March 2026 Amended Lease Agreement"). The payment terms of the March 2026 Amended Lease Agreement are $0.8 million per annum for the initial annual base rent, increasing during the lease term to $1.1 million for the last 12 month period. As a result of the March 2026 Amended Lease Agreement, the Company recorded an incremental $2.5 million right-of-use asset and corresponding lease liability during the three months ended March 31, 2026.

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The Company has accounted for its Needham, Massachusetts office space as an operating lease. The Company's lease contains an option to renew and extend the lease terms and an option to terminate the lease prior to the expiration date. The Company has not included the lease extension or the termination options within the right-of-use asset and lease liability on the condensed consolidated balance sheets as neither option is reasonably certain to be exercised. The Company's lease includes variable non-lease components (e.g., common area maintenance, maintenance, consumables, etc.) that are not included in the right-of-use asset and lease liability and are reflected as an expense in the period incurred. The Company does not have any other operating or finance leases.

As of March 31, 2026, a right-of-use asset of $2.8 million and lease liability of $2.8 million are reflected on the condensed consolidated balance sheets. The elements of lease expense were as follows (dollar amounts in thousands):

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| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| **Lease Expense** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease expense | $246 | $249 |
| &nbsp;&nbsp;**Total Lease Expense** | $**246** | $**249** |
| **Other Information - Operating Leases** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows paid for amounts included in measurement of lease liabilities | $273 | $273 |

---

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| | |
|:---|:---|
|  | **March 31, 2026** |
| **Other Balance Sheet Information - Operating Leases** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average remaining lease term (in years) | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average discount rate | 11.5% |
| **Maturity Analysis** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2026 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;2027 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;2028 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;2029 | 813 |
| &nbsp;&nbsp;**Total** | $**3443** |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Present value discount | (633) |
| &nbsp;&nbsp;**Lease Liability** | $**2810** |

---

**12. Notes Payable**

In February 2026, the Company entered into a finance agreement with AFCO Premium Credit LLC ("AFCO"). Pursuant to the agreement, AFCO loaned the Company the principal amount of $0.7 million which accrues interest at 7.9% per annum, to fund a portion of the Company's insurance policies. Pursuant to the agreement, the Company is required to make monthly payments of $0.1 million, including principal and interest, through August 2026. The agreement assigns AFCO a first priority lien and security interest in the financed insurance policies. The outstanding balance as of March 31, 2026 was $0.5 million, which was recorded as a note payable on the condensed consolidated balance sheets.

**13. Vendor Financing Arrangement**

The Company and IQVIA, Inc. ("IQVIA") have entered into a master services agreement ("IQVIA Master Services Agreement") for the Company's strategic collaboration with IQVIA to leverage IQVIA's infrastructure and established commercialization solutions to complement the Company's launch strategy for AVMAPKI FAKZYNJA CO-PACK in patients with KRAS mutant recurrent LGSOC. Pursuant to the IQVIA Master Services Agreement, the Company has extended payment terms with respect to a portion of the services provided and has recorded a vendor financing arrangement liability of $9.0 million as of March 31, 2026. The Company expects to pay the amounts recorded as vendor financing arrangement liabilities during 2026 and 2027.

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**14. Segment Reporting**

The Company has one operating segment which is the business of researching, developing and commercializing drugs for the treatment of patients with cancer. While the Company group consists of entities incorporated in both the U.S. and Germany, the Company manages all business activities on a consolidated basis for the purposes of assessing performance, making operating decisions, and allocating Company resources. The Company's Chief Operating Decision Maker (the "CODM") is its President and Chief Executive Officer. The measure of segment assets is the same as reported on the condensed consolidated balance sheets as total assets. The CODM assesses performance based on consolidated net loss that is also reported on the consolidated statements of operations and comprehensive loss. The CODM uses net loss to monitor budget versus actual results and to determine how to allocate resources and capital in line with the Company's overall strategy and goals. The accounting policies of the Company's segment are the same as those described in *Note 2. Significant Accounting Policies* in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

The table below is a summary of segment net loss including significant segment expenses for the three months ended March 31, 2026 and 2025 (in thousands):

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| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| **Revenue:** |  |  |
| &nbsp;&nbsp;Product revenue, net | $18671 | $— |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales - product | 2771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales - intangible amortization | 279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses<sup>(1)</sup> | 37372 | 28549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial expenses<sup>(1)</sup> | 9876 | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Medical affairs expenses<sup>(1)</sup> | 3107 | 2283 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses<sup>(1)</sup> | 7274 | 7221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 2046 | 1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (1297) | (960) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 382 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (9323) | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of Notes | 1871 | 4415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items<sup>(2)</sup> | 904 | 40 |
| **Net loss** | $(36591) | $(52103) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) This category is exclusive of non-cash stock-based compensation and severance expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Other segment items primarily include severance expense and transactions losses and gains due to foreign currency fluctuations.

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**15. Capital stock**

***November 2025 Public Offering***

On November 13, 2025, the Company entered into an Underwriting Agreement (the "November 2025 Public Offering") with several Underwriters to sell in a public offering 8,543,794 shares of the Company's common stock, at a price to the public of $7.25 per share, less the underwriting discounts and commissions, and, in lieu of shares of common stock to certain investors, pre-funded warrants (the "November 2025 Pre-Funded Warrants") to purchase up to an aggregate of 3,870,000 shares of common stock at a price to the public of $7.2499 per share of common stock underlying a pre-funded warrant, which represents the per share public offering price for the shares of common stock less the $0.001 per share exercise price for each such share of common stock underlying a November 2025 Pre-Funded Warrant. Furthermore, as part of the Underwriting Agreement, Greenshoe Options ("November 2025 Overallotment Options") were granted to the Underwriters to purchase up to an aggregate of 1,862,069 shares of the Company's Common Stock, par value $0.0001 per share, at a price to the Underwriters of $7.25 per share, less the underwriting discounts and commissions. On November 14, 2025, the underwriters exercised their Overallotment Options in full and the Company issued 1,862,069 additional shares of common stock at the price of $7.25 per share.

The exercise price of each November 2025 Pre-Funded Warrant equals $0.0001 per underlying share of common stock. The exercise price and the number of shares of common stock issuable upon exercise of each November 2025 Pre-Funded Warrant is subject to appropriate adjustment in the event of certain stock dividends, stock splits, stock combinations, or similar events affecting the Company's common stock. The November 2025 Pre-Funded Warrants are exercisable in cash or by means of a cashless exercise and will not expire until the date the November 2025 Pre-Funded Warrants are fully exercised. The November 2025 Pre-Funded Warrants may not be exercised if the aggregate number of shares of common stock beneficially owned by the holder thereof (together with its affiliates) immediately following such exercise would exceed a specified beneficial ownership limitation.

The November 2025 Pre-Funded Warrants cannot require cash settlement, are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its common stock shares and permit the holders to receive a fixed number of shares of common stock upon exercise. Additionally, the November 2025 Pre-Funded Warrants do not provide any guarantee of value or return. Accordingly, the November 2025 Pre-Funded Warrants are classified as a component of permanent equity. The net proceeds of the 2025 Public Offering were approximately $96.9 million, after deducting underwriting fees and other expenses. 3,870,000 November 2025 Pre-Funded Warrants remain outstanding as of March 31, 2026.

***April 2025 Private Placement***

On April 25, 2025, the Company entered into a securities purchase agreement with certain institutional accredited investors (the "PIPE Investors"), pursuant to which the Company sold to the PIPE Investors, in a private placement (the "2025 Private Placement"), an aggregate of 3,429,287 shares of the Company's common stock at an offering price of $7.00 per share and, in lieu of common stock to certain PIPE Investors, pre-funded warrants to purchase an aggregate of 7,285,713 shares of common stock (the "April 2025 Pre-Funded Warrants,") at an offering price of $6.9999 per April 2025 Pre-Funded Warrant. The 2025 Private Placement closed on April 28, 2025.

The exercise price of each April 2025 Pre-Funded Warrant equals $0.0001 per underlying share of common stock. The exercise price and the number of shares of common stock issuable upon exercise of each April 2025 Pre-Funded Warrant is subject to appropriate adjustment in the event of certain stock dividends, stock splits, stock combinations, or similar events affecting the Company's common stock. The April 2025 Pre-Funded Warrants are exercisable in cash or by means of a cashless exercise and will not expire until the date the April 2025 Pre-Funded Warrants are fully exercised. The April 2025 Pre-Funded Warrants may not be exercised if the aggregate number of shares of common stock beneficially owned by the holder thereof (together with its affiliates) immediately following such exercise would exceed a specified beneficial ownership limitation; provided, however, that a holder may increase or decrease the beneficial ownership limitation by giving 61 days' notice to the Company, but not to any percentage in excess of 19.99%. In addition, upon the occurrence of a fundamental transaction (as described in the April 2025 Pre-Funded

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Warrant), each April 2025 Pre-Funded Warrant will have the right to receive, upon exercise of such April 2025 Pre-Funded Warrant, the kind and amount of securities, cash or other property that such holders would have received had they exercised such April 2025 Pre-Funded Warrant immediately prior to such fundamental transaction without regard to any limitations on exercise contained in the April 2025 Pre-Funded Warrants.

The April 2025 Pre-Funded Warrants cannot require cash settlement, are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its common stock shares and permit the holders to receive a fixed number of shares of common stock upon exercise. Additionally, the April 2025 Pre-Funded Warrants do not provide any guarantee of value or return. Accordingly, the April 2025 Pre-Funded Warrants are classified as a component of permanent equity. The net proceeds of the 2025 Private Placement were approximately $69.9 million, after deducting placement agent fees and other expenses. During the first quarter of 2026, the holders exercised 1,428,571 April 2025 Pre-Funded Warrants, exercise price $0.0001 per share, resulting in the issuance of 1,428,571 shares of common stock. 5,857,142 April 2025 Pre-Funded Warrants remain outstanding as of March 31, 2026.

***Stock Purchase Agreement***

In connection with the Note Purchase Agreement, on January 13, 2025, the Company entered into a Stock Purchase Agreement (the "Stock Purchase Agreement") with the certain funds managed by Oberland and affiliates thereof (the "SPA Investors"), pursuant to which the SPA Investors purchased an aggregate of 1,416,939 shares of the Company's common stock, at a price of $5.2931 per share, based on the trailing 30-trading day volume-weighted average price of the Company's common stock, as of the date of the Stock Purchase Agreement. The Company received net proceeds of $7.4 million after deducting offering costs, which was recorded as a component of permanent equity during the three months ended March 31, 2025. In addition, pursuant to the Stock Purchase Agreement, the Company granted the SPA Investors, for a period of three years following the closing on January 13, 2025, a right to participate in any equity offerings consummated by the Company in an amount up to $2.5 million, subject to certain limitations and exclusions set out in the Stock Purchase Agreement.

***July 2024 Public Offering***

On July 23, 2024, the Company entered into an underwriting agreement with Guggenheim Securities, LLC and Cantor Fitzgerald & Co. ("Cantor"), as representatives of the several underwriters relating to the underwritten offering, issuance and sale by the Company of: (i) 13,333,334 shares of the Company's common stock, and accompanying warrants (the "Warrants") to purchase up to 13,333,334 shares of common stock; and (ii) to certain investors, pre-funded warrants (the "July 2024 Pre-Funded Warrants") to purchase up to 5,000,000 shares of common stock and accompanying Warrants to purchase 5,000,000 shares of common stock (collectively, the "July 2024 Offering"). Each share of common stock was sold with an accompanying Warrant at a combined price of $3.00, and each July 2024 Pre-Funded Warrant was sold together with an accompanying Warrant at a combined price of $2.999, which is equal to the combined offering price per share of common stock and accompanying Warrant less the $0.001 exercise price of each July 2024 Pre-Funded Warrant. The July 2024 Offering closed on July 25, 2024. The Company received approximately $50.8 million in net proceeds, after deducting underwriting discounts and commissions and offering expenses.

*Pre-Funded Warrants*

Each July 2024 Pre-Funded Warrant has an exercise price equal to $0.001 per underlying share of common stock. The July 2024 Pre-Funded Warrants are exercisable as of July 25, 2024, do not expire and are exercisable in cash or by means of a cashless exercise.

The July 2024 Pre-Funded Warrants cannot require cash settlement, are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock and Warrants with which they were issued, are immediately exercisable, and do not embody an obligation for the Company to repurchase its common stock shares and permit the holders to receive a fixed number of shares of common stock upon exercise. Additionally, the July 2024 Pre-Funded Warrants do not provide any guarantee of value or return. Accordingly, the July 2024 Pre-Funded

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Warrants are classified as a component of permanent equity. The Company allocated $15.4 million of the proceeds to the July 2024 Pre-Funded Warrants and shares of common stock issued. During the second quarter of 2025, the holders exercised 2,500,000 July 2024 Pre-Funded Warrants, exercise price $0.001 per share, via cashless exercise resulting in the issuance of 2,499,665 shares of common stock. 2,500,000 July 2024 Pre-Funded Warrants remain outstanding as of March 31, 2026.

*Warrants*

Each Warrant had an exercise price equal to $3.50. Each Warrant was exercisable for one share of the Company's common stock (or, in certain limited circumstances in lieu of a share of common stock, a pre-funded warrant for one share of the Company's common stock at the warrant exercise price less the exercise price of the pre-funded warrant purchased). The Warrants were exercisable as of July 25, 2024 and expired as of January 25, 2026. The Warrants were exercisable in cash or, in certain limited circumstances only, by means of a cashless exercise.

The Warrants met the definition of a derivative pursuant to FASB Accounting Standard Codification ("ASC") 815, Derivatives and Hedging, and did not meet the derivative scope exception given the Warrants did not qualify under the indexation guidance. As a result, the Warrants were initially recognized as liabilities and measured at fair value using the Black-Scholes valuation model with subsequent changes in fair value recorded in earnings. The Warrants were recorded at a fair value of $39.6 million upon issuance and the Company allocated $39.6 million of the proceeds as warrant liability. During the year ended December 31, 2025 and 2024, 9,654,168 Warrants and 250,000 Warrants, respectively, were exercised for shares of common stock and the fair value of the Warrants on the respective exercise dates was $50.0 million and $0.5 million, respectively, which was reclassified from warrant liability to additional paid in capital. In January 2026, 8,391,666 Warrants were exercised for 8,391,666 shares of common stock. The fair value of the 8,391,666 Warrants on their exercise dates was $26.3 million, which was reclassified from warrant liability to additional paid-in capital during the first quarter of 2026.

On January 25, 2026, 37,500 Warrants expired. As of March 31, 2026, no Warrants remained outstanding and there was no warrant liability outstanding. The Company recorded the mark-to-market adjustment of $9.3 million for the three months ended March 31, 2026 under change in fair value of warrant liability within the condensed consolidated statements of operations and loss.

***Series A Convertible Preferred Stock***

On November 4, 2022, the Company entered into an exchange agreement with Biotechnology Value Fund, L.P., Biotechnology Value Fund II, L.P., Biotechnology Value Trading Fund OS LP and MSI BVF SPV, LLC (collectively referred to as "BVF"), pursuant to which BVF exchanged 833,333 shares of the Company's common stock for 1,000,000 shares of newly designated Series A convertible preferred stock, par value $0.0001 per share (the "Series A Convertible Preferred Stock").

Each share of the Series A Convertible Preferred Stock was convertible into 0.833 shares of the Company's common stock at the option of the holder at any time, subject to certain limitations,

In June 2025, holders of the Series A Convertible Preferred Stock elected to convert all 1,000,000 shares of Series A Convertible Preferred Stock for 833,332 shares of the Company's common stock and consequently, the Company issued 833,332 shares of its common stock to holders of the Series A Convertible Preferred Stock. As of March 31, 2026, there were no shares of Series A Convertible Preferred Stock outstanding.

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**At-the-market equity offering program**

In August 2021, the Company entered into a sales agreement with Cantor pursuant to which the Company can offer and sell up to $100.0 million of its common stock at the current market prices from time to time through Cantor as sales agent (the "August 2021 ATM"). In August 2025, the Company entered into a separate sales agreement with Cantor pursuant to which the Company can offer and sell up to $100.0 million of its common stock at the current market prices from time to time through Cantor as sales agent (the "August 2025 ATM" and together with the August 2021 ATM, "ATM Programs"). During the three months ended March 31, 2026, the Company did not sell any shares under the ATM Programs.

**16. Stock-based compensation**

***Stock options***

A summary of the Company's stock option activity and related information for the three months ended March 31, 2026 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Weighted-average exercise price per share** | **Weighted-average remaining contractual term (years)** | **Aggregate intrinsic value (in thousands)** |
| Outstanding at December 31, 2025 | 3030432 | $10.53 | 7.7 | $2731 |
| Granted | 373000 | 6.88 |  |  |
| Exercised/Released | (1000) | 2.82 |  |  |
| Forfeited/cancelled | (73748) | 6.96 |  |  |
| Outstanding at March 31, 2026 | 3328684 | $10.20 | 7.7 | $855 |
| Vested at March 31, 2026 | 1978583 | $12.09 | 7.1 | $517 |

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The fair value of each stock option granted during the three months ended March 31, 2026 and 2025 was estimated on the grant date using the Black-Scholes option-pricing model using the following weighted-average assumptions:

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| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| Risk-free interest rate | 3.78% | 4.38% |
| Volatility | 107% | 106% |
| Dividend yield |  |  |
| Expected term (years) | 5.9 | 6.1 |

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***Restricted stock units***

A summary of the Company's restricted stock unit activity and related information for the three months ended March 31, 2026 is as follows:

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| | | |
|:---|:---|:---|
|  | **Shares** | **Weighted-average grant date fair value per share** |
| Outstanding at December 31, 2025 | 1313898 | $5.73 |
| Granted | 1199245 | $6.45 |
| Vested | (271875) | $5.98 |
| Forfeited/cancelled | (26020) | $6.63 |
| Outstanding at March 31, 2026 | 2215248 | $6.08 |

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***Employee stock purchase plan***

At the Special Meeting of Stockholders, held on December 18, 2018, the stockholders approved the 2018 Employee Stock Purchase Plan ("2018 ESPP"). On June 21, 2019, the board of directors of the Company amended and restated the 2018 ESPP, to account for certain non-material changes to the plan's administration and, effective May 30, 2023, in connection with the Reverse Stock Split, the board of directors amended and restated the 2018 ESPP to account for the adjustments to the share reserves (the "Amended and Restated 2018 ESPP"). The Amended and Restated 2018 ESPP provides eligible employees with the opportunity, through regular payroll deductions, to purchase shares of the Company's common stock at 85% of the lesser of the fair market value of the common stock on (a) the date the option is granted, which is the first day of the purchase period, and (b) the exercise date, which is the last business day of the purchase period. The Amended and Restated 2018 ESPP generally allows for two six-month purchase periods per year beginning in January and July, or such other periods as determined by the compensation committee of the Company's board of directors. The fair value of shares expected to be purchased under the Amended and Restated 2018 ESPP was calculated using the following weighted-average assumptions:

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| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| Risk-free interest rate | 3.58% | 4.25% |
| Volatility | 84% | 107% |
| Dividend yield |  |  |
| Expected term (years) | 0.5 | 0.5 |

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For the three months ended March 31, 2026 and 2025, the Company recognized less than $0.1 million in each period of stock-based compensation expense under the Amended and Restated 2018 ESPP. During the three months ended March 31, 2026, the Company issued 10,240 shares of common stock for proceeds of less than $0.1 million under the Amended and Restated 2018 ESPP.

**17. Net loss per share**

Basic loss per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period. For purposes of calculating net loss per share, weighted-average number of common shares outstanding includes the weighted average effect of the pre-funded warrants issued in July 2024, April 2025 and November 2025 the exercise of which requires little or no consideration for the delivery of shares of common stock. Diluted net loss per common share is calculated by increasing the denominator by the weighted-average number of additional shares that could have been outstanding from securities convertible into common stock, such as the warrants issued in July 2024, stock options, restricted stock units, and employee stock purchase plan shares (using the "treasury stock" method), and the Series A Convertible Preferred Stock (using the "if-converted" method), unless their effect on net loss per share is anti-dilutive.

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| | | |
|:---|:---|:---|
| For the three months ended March 31, 2026, the dilutive effect of the Warrants issued by the Company is reflected in diluted earnings per share ("EPS") using the treasury stock method. For the three months ended March 31, 2025, the net loss, basic and diluted EPS are the same as the assumed exercise of stock options, warrants and restricted stock units are anti-dilutive.<br>|  |  |
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| Net loss | (36591) | (52103) |
| Less: Change in fair value of warrant liability | (9323) |  |
| Adjusted diluted net loss | (45914) | (52103) |
| Weighted average shares outstanding | 98292 | 54173 |
| Add: Dilutive effect of the Warrants | 856 |  |
| Weighted average diluted shares outstanding | 99148 | 54173 |
| Net loss per share - basic | (0.37) | (0.96) |
| Net loss per share - diluted | (0.46) | (0.96) |

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The following potentially dilutive securities were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:

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| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| Outstanding stock options | 3328684 | 2458865 |
| Outstanding restricted stock units | 2215248 | 1831612 |
| Warrants |  | 16916668 |
| Employee stock purchase plan | 15905 | 7266 |
| Series A Convertible Preferred Stock |  | 833333 |
| **Total potentially dilutive securities** | **5559837** | **22047744** |

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**18. License, collaboration and commercial agreements**

***Pfizer, Inc.***

On July 11, 2012, the Company entered into a license agreement (the "Pfizer Agreement") with Pfizer under which Pfizer granted the Company worldwide, exclusive rights to research, develop, manufacture and commercialize products containing certain of Pfizer's inhibitors of FAK, including defactinib, for all therapeutic, diagnostic and prophylactic uses in humans. The Company has the right to grant sublicenses under the foregoing licensed rights, subject to certain restrictions.

Upon entering into the Pfizer Agreement, the Company made a one-time cash payment to Pfizer in the amount of $1.5 million and issued 16,001 shares of its common stock. In April 2025, the Company entered into an amendment to the Pfizer Agreement such that a $7.5 million milestone became payable upon FDA approval of AVMAPKI FAKZYNJA CO-PACK on May 8, 2025 (the "First Pfizer Milestone"), and $8.0 million milestone (the "Second Pfizer Milestone") is payable upon the one-year anniversary of the FDA approval of AVMAPKI FAKZYNJA CO-PACK. The Company recorded a $15.0 million intangible asset related to these payments on the condensed consolidated balance sheets and will record $0.5 million of interest expense related to the Second Pfizer Milestone. Pfizer is also eligible to receive up to $2.0 million in developmental milestones and up to an additional $110.0 million based on the successful attainment of regulatory and commercial sales milestones. The future milestone payments are contingent in nature and will be recognized if and when the respective contingencies are resolved. Pfizer is also eligible to receive high single to mid-double-digit royalties on future net sales of the products. The Company's royalty obligations with respect to each product in each country begin on the date of first commercial sale of the product in that country, and end on the later of 10 years after the date of first commercial sale of the product in that country or the date of expiration or abandonment of the last claim contained in any issued patent or patent application licensed by Pfizer to the Company that covers the product in that country.

***License Agreement***

In the second quarter of 2025, the Company entered into an agreement with a third party to obtain an exclusive license for certain patents and intellectual property related to avutometinib and defactinib (the "License Agreement"). This agreement covers one of the four patent families that the Company has exclusively licensed and are owned by either Chugai or the third party. Pursuant to the License Agreement, the Company paid $2.1 million during the year ended December 31, 2025 and is further obligated to pay up to $2.3 million upon achievement of certain milestones. The Company recorded $2.1 million within intangible assets related to these payments on the condensed consolidated balance sheets. The future milestone payments are contingent in nature and will be recognized if and when the respective contingencies are resolved.

***GenFleet Therapeutics (Shanghai), Inc.***

On August 24, 2023, the Company entered into the GenFleet Agreement, pursuant to which GenFleet granted the Company the option to obtain exclusive development and commercialization rights worldwide outside of mainland China, Hong Kong, Macau, and Taiwan (the "Territory") for up to three oncology programs targeting RAS pathway

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driven cancers (the "GenFleet Options"). The Company may exercise its GenFleet Options on a program-by-program basis. In January 2025, the Company exercised its GenFleet Option with respect to VS-7375 and made a $6.0 million payment to GenFleet.

The Company made an upfront payment of $2.0 million to GenFleet in September 2023 and will provide $1.5 million of research support over the first three years of the GenFleet Agreement. In addition, pursuant to the GenFleet Agreement, upon achievement of certain milestones, and upon the Company exercising its GenFleet Options, GenFleet will be entitled to receive payments of up to $622.0 million, inclusive of (i) up to $154.0 million upon achievement of certain development and commercialization milestones, (ii) up to $450.0 million upon achievement of certain sales milestones, and (iii) up to $18.0 million upon exercise of all three GenFleet Options. The Company paid GenFleet a $3.0 million milestone during the year ended December 31, 2024 upon GenFleet achieving a development milestone. The Company has also agreed to pay GenFleet royalties on net sales of licensed products in the Territory ranging from the mid to high single digits.

The Company may terminate the GenFleet Agreement in its entirety or on a program-by-program basis by providing 90 days written notice to GenFleet. Either party may terminate the GenFleet Agreement in its entirety or on a program-by-program and country-by-country basis, with 60 days' written notice for the other party's material breach if such party fails to cure the breach. Either party may also terminate the GenFleet Agreement in its entirety upon certain insolvency events involving the other party.

The Company expensed the $6.0 million Option exercise fee when paid in January 2025, as research and development expense in the condensed consolidated statements of operations and comprehensive loss. Other future milestone payments are contingent in nature and will be recognized if and when the respective contingencies are resolved. If the Company elects to exercise further GenFleet Options, the related payment will be recognized if and when each respective GenFleet Option is elected.

***Secura Bio***

On August 10, 2020, the Company and Secura Bio signed an Asset Purchase Agreement ("the Secura APA") and on September 30, 2020, the transaction closed.

Pursuant to the Secura APA, the Company sold to Secura its exclusive worldwide license, including related assets, for the research, development, commercialization, and manufacture in oncology indications of products containing duvelisib. The sale included certain intellectual property related to duvelisib in oncology indications, certain existing duvelisib inventory, claims and rights under certain contracts pertaining to duvelisib. Pursuant to the Secura APA, Secura assumed all operational and financial responsibility for activities that were part of the Company's duvelisib oncology program, including all commercialization efforts related to duvelisib in the United States and Europe, as well as the Company's ongoing duvelisib clinical trials. Further, Secura assumed all obligations with existing collaboration partners developing and commercializing duvelisib, which include Yakult Honsha Co., Ltd. ("Yakult"), CSPC Pharmaceutical Group Limited ("CSPC"), and Sanofi. Additionally, Secura assumed all royalty payment obligations due under the amended and restated license agreement with Infinity Pharmaceuticals, Inc.

Pursuant to the terms of the Secura APA, Secura has paid the Company an up-front payment of $70.0 million in September 2020 and has agreed to pay the Company (i) regulatory milestone payments up to $45.0 million, consisting of a payment of $35.0 million upon receipt of regulatory approval of COPIKTRA in the United States for the treatment of peripheral T-cell lymphoma and a payment of $10.0 million upon receipt of the first regulatory approval for the commercial sale of COPIKTRA in the European Union for the treatment of peripheral T-cell lymphoma, (ii) sales milestone payments of up to $50.0 million, consisting of $10.0 million when total worldwide net sales of COPIKTRA exceed $100.0 million, $15.0 million when total worldwide net sales of COPIKTRA exceed $200.0 million and $25.0 million when total worldwide net sales of COPIKTRA exceed $300.0 million, (iii) low double-digit royalties on the annual aggregate net sales above $100.0 million in the United States, European Union, and the United Kingdom of Great Britain and Northern Ireland and (iv) 50% of all royalty, milestone and sublicense revenue payments payable to Secura under the Company's existing license agreements with Sanofi, Yakult, and CSPC, and 50% of all royalty and milestone payments payable to Secura under any license or sublicense agreement entered into by Secura in certain jurisdictions.

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The Company evaluated the Secura APA in accordance with ASC 606 as the Company concluded that the counterparty, Secura, is a customer. The Company identified a bundled performance obligation consisting of delivery of the duvelisib global license and intellectual property, certain existing duvelisib inventory, certain duvelisib contracts and clinical trials, certain regulatory approvals, and certain regulatory documentation and books and records (the "Bundled Secura Performance Obligation").

The Company concluded that the duvelisib global license and intellectual property were not distinct within the context of the contract (i.e. separately identifiable) because the other assets including certain existing duvelisib inventory, certain duvelisib contracts and clinical trials, certain regulatory approval, and certain regulatory documentation and books and records do not have stand-alone value from other duvelisib global license and intellectual property and Secura could not benefit from them without the duvelisib global license and intellectual property. Consistent with the guidance under ASC 606-10-25-16A, the Company disregarded immaterial promised goods and services when determining performance obligations.

The Company has determined that the upfront payment of $70.0 million, future potential milestone payments and royalties, including from Secura's sublicensees should be allocated to the delivery of the Bundled Secura Performance Obligation.

During the three months ended March 31, 2026, the Company has not recognized any revenue associated with the Secura APA. The Company determined all future potential milestones and royalties were excluded from the transaction price, as all other milestone amounts were fully constrained under applicable accounting guidance as of March 31, 2026. As part of the Company's evaluation of the constraint, the Company considered several factors in determining whether there is significant uncertainty associated with the future events that would result in the milestone payments. Those factors included: the likelihood and magnitude of revenue reversals related to future milestones, the amount of variable consideration that is highly susceptible to factors outside of the Company's influence and the uncertainty about the consideration is not expected to be resolved for an extended period of time.

**19. Income taxes**

The Company did not record a federal or state income tax provision or benefit for the three months ended March 31, 2026 or 2025, due to the expected loss before income taxes to be incurred for the years ended December 31, 2026 and 2025, as well as the Company's continued maintenance of a full valuation allowance against its net deferred tax assets.

**20. Commitments and contingencies**

The Company entered into a lease agreement for approximately 27,810 square feet of office space in Needham, Massachusetts. Please refer to *Note 11. Leases* for further details regarding the minimum aggregate future lease commitments as of March 31, 2026. In conjunction with the execution of the February 2018 Amended Lease Agreement, November 2024 Amended Lease Agreement, and March 2026 Amended Lease Agreement, the Company has provided a security deposit in the form of a letter of credit in the amount of $0.2 million as of March 31, 2026. The amount is included in non-current restricted cash on the consolidated balance sheets as of March 31, 2026.

As of March 31, 2026, the Company has committed to spend approximately $39.7 million under the IQVIA Master Services Agreement which the Company expects to incur in the next two to three years. As of March 31, 2026, approximately $10.3 million of this commitment is included within vendor financing arrangements, accrued expenses, and accounts payable on the condensed balance sheet. Pursuant to the terms of various other agreements, the Company may be required to pay various development, regulatory and commercial milestones. In addition, the Company may be required to pay significant royalties on future sales. The payment of these amounts, however, is contingent upon the occurrence of various future events, which have a high degree of uncertainty of occurring.

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**21. Subsequent events**

The Company reviews all activity subsequent to the end of the quarter but prior to issuance of the condensed consolidated financial statements for events that could require disclosure or that could impact the carrying value of assets or liabilities as of the balance sheet date. The Company is not aware of any material subsequent events.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q. The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those discussed below and elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for our fiscal year ended December 31, 2025. Please also refer to the sections under headings "Forward-Looking Statements" and "Risk Factors" in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for our fiscal year ended December 31, 2025.*

**OVERVIEW**

We are a biopharmaceutical company committed to developing and commercializing new medicines to improve the lives of patients diagnosed with challenging RAS/MAPK pathway-driven cancers. We market AVMAPKI FAKZYNJA CO-PACK (avutometinib capsules; defactinib tablets) in the United States ("U.S."), the first treatment specifically FDA-approved for adults with KRAS-mutated recurrent LGSOC who have received prior systemic therapy.

Our pipeline includes clinical-stage programs, preclinical research programs and externally partnered early-stage programs. Our focus is on novel small molecule drugs developed both as monotherapy and in combination, which inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including targeting RAS directly with KRAS G12D inhibition, targeting the pathway downstream with RAF/MEK inhibition, and targeting the parallel pathway that drives resistance with FAK inhibition. Our focus is to expeditiously develop and deliver transformative therapies that truly change outcomes for people living with RAS/MAPK pathway-driven cancers.

**COMMERCIAL PRODUCTS**

*AVMAPKI FAKZYNJA CO-PACK*

AVMAPKI FAKZYNJA CO-PACK is the first treatment specifically approved by the FDA for adults with KRAS-mutated recurrent LGSOC who have received prior systemic therapy. AVMAPKI (avutometinib) inhibits MEK kinase activity while also blocking the compensatory reactivation of MEK by upstream RAF. RAF and MEK proteins are regulators of the RAS/RAF/MEK/ERK (MAPK) pathway. Blocking RAF and/or MEK activates FAK, a key mediator of drug resistance. FAKZYNJA (defactinib) is a FAK inhibitor and together, the avutometinib and defactinib combination was designed to provide a more complete blockade of the signaling that drives the growth and drug resistance of RAS/MAPK pathway-dependent tumors.

The combination is being evaluated in an ongoing international Phase 3 trial, RAMP 301, in recurrent LGSOC with or without a KRAS mutation. The trial was fully enrolled, as of December 2025, and will serve as a confirmatory study for the initial indication and has the potential to expand the indication regardless of KRAS mutation status. The results will also be leveraged for potential geographic expansion.

In April 2026, we announced new two-year median follow up data from the Phase 2 RAMP 201 trial that demonstrated durable benefit of avutometinib plus defactinib across both KRAS-mutant and KRAS wild-type recurrent LGSOC patients, with discontinuation rates consistent with the primary analysis, presented at the Society of Gynecologic Oncology 2026 annual meeting on women's cancers. A new exposure-response analysis further demonstrated that the approved dose and schedule of avutometinib plus defactinib achieve the optimal therapeutic effect.

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**CLINICAL PIPELINE**

*VS-7375, an Oral KRAS G12D (ON/OFF) Inhibitor* 

VS-7375 is a potential best-in-class, potent, and selective oral KRAS G12D dual ON/OFF inhibitor. VS-7375 has a differentiated profile compared to other RAS inhibitors. Based on preclinical data, VS-7375 offers dual, potent inhibition of both ON and OFF states of KRAS G12D. We believe this correlates with better in vivo efficacy and durability versus ON-only RAS inhibitors. VS-7375 has demonstrated a high affinity for KRAS G12D with long residence time (18-24 hours) in preclinical models. We believe this correlates with a more rapid and durable suppression of pERK signaling (which controls growth and cell survival) when compared to other ON-only KRAS G12D inhibitors in tumor cell lines. The selective inhibition of VS-7375 to KRAS G12D has shown, in preclinical models, to spare T cell proliferation to maintain a normal healthy immune response, versus a RAS-multi-inhibitor which impairs T cell proliferation at increasing concentrations of drug. The once daily oral dosing of VS-7375 achieves exposures corresponding to maximal tumor regressions across preclinical models for pancreatic, lung and colorectal cancers. Verastem announced in April 2025 that the U.S. Investigational New Drug (IND) application for (VS-7375-101) was cleared, and initiated a Phase 1/2 clinical trial in June 2025 in patients with advanced KRAS G12D mutant solid tumors, including pancreatic ductal adenocarcinoma ("PDAC"), non-small cell lung cancer ("NSCLC") and colorectal cancer ("CRC").

In the Phase 1/2 study the Company cleared multiple monotherapy dose levels with no dose-limiting toxicities (DLTs) and no major toxicities and continues to dose-escalate. The Company also cleared multiple dose levels in combination with cetuximab with no DLTs and higher doses are being evaluated. The Company continues to enroll patients across various cohorts in the Phase 1/2 study. Following recent feedback from the FDA, the Company is amending its Phase 1/2 trial protocol to separate out disease-specific Phase 2 registration-directed trials for KRAS G12D mutated 2L PDAC, 2L/3L NSCLC and 2L+ CRC.

In April 2026 we branded the trials as the VS-7375 TARGET-D Clinical Trial Program. In the ongoing TARGET-D 101 (VS-7375-101) Phase 1/2 dose escalation, dose expansion and combination-evaluation trial, we are now evaluating the 1200 mg daily dose ("QD"). We are also evaluating VS-7375 at 900 mg QD in combination with cetuximab. We expect to finish enrollment across the various expansion cohorts and combination cohorts with chemotherapies in the near term. In addition, we shared updated pharmacokinetic ("PK") data that showed the 900 mg QD dose achieves target plasma levels of VS-7375 and provides clear separation from the 600 mg QD dose.

We have initiated three Phase 2 registration-directed trials, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *TARGET-D 201* to evaluate VS-7375 at the 900 mg QD both as monotherapy and in combination with cetuximab in patients with second-line PDAC. The study is also evaluating VS-7375 and cetuximab in the first-line PDAC setting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *TARGET-D 202* to evaluate VS-7375 at the 900 mg QD in patients with advanced NSCLC who have received one-to-two prior lines of therapy. A final dose will be selected to evaluate VS-7375 in more patients, based on additional data from the TARGET-D 101 trial, which is currently evaluating VS-7375 at 600 mg QD in NSCLC. The study is also evaluating VS-7375 in patients with asymptomatic untreated NSCLC with brain metastasis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *TARGET-D 203* to evaluate VS-7375 at 900 mg QD as both monotherapy and in combination with EGFR inhibitors, including cetuximab or panitumumab, and chemotherapy in patients with metastatic CRC.

In March 2026, we announced that several late-breaking and regular abstracts were selected for presentation at the American Associate for Cancer Research ("AACR") Annual Meeting. The abstracts included preclinical data demonstrating tumor regressions with VS-7375 in combination with PRMT5 inhibition in MTAP-deleted KRAS G12D-mutant pancreatic cancer and when compared to ON-only KRAS G12D inhibitors.

In March 2026, we reported an update on our VS-7375 clinical program, highlighting progress with our dose-escalation and dose-expansion trial, TARGET-D 101, a PK analysis, and a safety update, which demonstrated VS-

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7375 was generally well-tolerated across all monotherapy dose levels evaluated to date. Patients (n=23) receiving VS-7375 at either 400 mg QD, 600 mg QD or 900 mg QD with a mean duration of therapy of 1.6 months (0.7-5.6), reported no drug related liver function test abnormalities. As of the January 30, 2026 data cutoff, there was no drug-related neutropenia greater than Grade 2 and rates of nausea, vomiting and diarrhea remained lower than those reported by our partner in China. We also reported that the FDA requested the Company develop separate Phase 2 trial protocols for their trials in PDAC, NSCLC and CRC, where we are seeking marketing authorization.

*GENFLEET THERAPEUTICS (SHANGHAI), Inc*

*We shared multiple updates from GenFleet Therapeutics, our partner developing VS-7375, known as GFH375, in China.* 

In April 2026, GenFleet announced that GFH375 was granted Breakthrough Therapy Designation ("BTD") in China for patients with KRAS G12D-mutated metastatic pancreatic cancer who have received at least one prior systemic therapy.

In March 2026, GenFleet announced that GFH375 was granted BTD in China for patients with KRAS G12D-mutated NSCLC who have received prior systemic therapy.

**FINANCIAL OPERATIONS OVERVIEW**

As of March 31, 2026, we had an accumulated deficit of $1,201.6 million. Our net loss was $36.6 million and $52.1 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had cash, cash equivalents, and investments of $181.7 million. In accordance with applicable accounting standards, we are required to evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within twelve months after the date of the issuance of these condensed consolidated financial statements.

In our Annual Report on Form 10-K for the year ended December 31, 2025, filed on March 4, 2026, we disclosed that our existing cash resources, including proceeds from exercise of warrants in January 2026, along with revenue we expected to generate from sales of AVMAPKI FAKZYNJA CO-PACK, was expected to be sufficient to fund our planned operations through twelve months from the date of issuance of those consolidated financial statements. As of March 4, 2026, our liquidity analysis excluded projected expenses for the Phase 2 studies entitled TARGET-D 201, TARGET-D 202, and TARGET-D 203, as we had not yet formally committed to the spend for those studies. Subsequent to the filing of our Annual Report on Form 10-K for the year ended December 31, 2025, we initiated TARGET-D-201, TARGET-D 202, and TARGET-D 203, resulting in a significant increase in projected research and development expenses. Consequently, the significant increase in costs we now expect to incur raises substantial doubt about our ability to continue as a going concern within the twelve months after the date of the issuance of these consolidated financial statements.

We expect to finance our operations with our existing cash, cash equivalents and investments, through potential future milestones and royalties received pursuant to the Secura APA, through the Note Purchase Agreement, through future product revenues or through other strategic financing opportunities that could include, but are not limited to collaboration agreements, offerings of our equity, or the incurrence of debt. However, given the risks associated with these potential strategic or financing opportunities, they are not deemed probable for purposes of the going concern assessment. If we fail to obtain additional capital or generate sufficient revenue from our commercialization activities in the future, we may be unable to complete our planned preclinical studies and clinical trials and obtain approval of certain investigational product candidates from the FDA or foreign regulatory authorities. Therefore, there is substantial doubt about our ability to continue as a going concern.

**CRITICAL ACCOUNTING POLICIES AND SIGNIFICANT JUDGMENTS AND ESTIMATES**

Our discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles. The

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preparation of these condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of certain assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our financial statements, and the amounts of revenues and expenses during the reported periods.

We believe that several accounting policies are important to understanding our historical and future performance. We refer to these policies as "critical" because these specific areas generally require us to make judgments and estimates about matters that are uncertain at the time we make the estimate, and different estimates—which also would have been reasonable—could have been used, which would have resulted in different financial results.

The critical accounting policies we identified in our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025, related to revenue recognition, accrued and prepaid research and development expenses, stock-based compensation and fair value of notes.

**RESULTS OF OPERATIONS**

**Comparison of the three months ended March 31, 2026 and 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** | **(dollar amounts in thousands)** |
|  | **2026** | **2025** | **Change** | **% Change** |
| Revenue: |  |  |  |  |
| Product revenue, net | $18671 | $— | 18671 | N/M |
| Total revenue | 18671 |  | 18671 | N/M |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Cost of sales - product | 2772 |  | 2772 | N/M |
| &nbsp;&nbsp;Cost of sales - intangible amortization | 279 |  | 279 | N/M |
| &nbsp;&nbsp;Research and development | 38218 | 29152 | 9066 | 31% |
| &nbsp;&nbsp;Selling, general and administrative | 22299 | 15022 | 7277 | 48% |
| Total operating expenses | 63568 | 44174 | 19394 | 44% |
| Loss from operations | (44897) | (44174) | (723) | (2)% |
| Other expense | (61) | (40) | (21) | (53)% |
| Interest income | 1297 | 960 | 337 | 35% |
| Interest expense | (382) | (192) | (190) | (99)% |
| Loss on debt extinguishment |  | (1826) | 1826 | 100% |
| Change in fair value of warrant liability | 9323 | (2416) | 11739 | 486% |
| Change in fair value of Notes | (1871) | (4415) | 2544 | 58% |
| Net loss | $(36591) | $(52103) | $15512 | 30% |

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*"N/M" - Percentage change is not meaningful (N/M) where the prior period amount is zero or not comparable."*

**Product Revenue, Net.** 

We began commercial sales of AVMAPKI FAKZYNJA CO-PACK within the United States in May 2025, following receipt of FDA marketing approval on May 8, 2025. For the three months ended March 31, 2026 (the "2026 Quarter") we recorded approximately $18.7 million of net product revenue. We did not recognize any product revenue during the three months ended March 31, 2025 (the "2025 Quarter").

**Costs of sales – product.**

Costs of sales – product for the 2026 Quarter of approximately $2.8 million consisted of costs associated with the manufacturing of AVMAPKI FAKZYNJA CO-PACK, royalties owed on such sales, and certain period costs including inventory write downs. The Company began capitalizing inventory upon receiving FDA approval for AVMAPKI FAKZYNJA CO-PACK on May 8, 2025. Prior to the FDA approval of AVMAPKI FAKZYNJA CO-PACK, expenses associated with the manufacturing of AVMAPKI FAKZYNJA CO-PACK were recorded as research and development

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expense. Certain costs of AVMAPKI FAKZYNJA CO-PACK units recognized as revenue during the 2026 Quarter, or approximately $0.1 million, were expensed prior to obtaining regulatory approval, therefore, are not included in cost of sales *–* product during this period. We expect cost of sales - product to increase in relation to product revenues as we deplete these inventories. We did not recognize any cost of sales – product during the 2025 Quarter.

**Costs of sales – intangible amortization.** 

Cost of sales – intangible amortization for the 2026 Quarter of approximately $0.3 million was related to finite-lived intangible assets related to AVMAPKI FAKZYNJA CO-PACK which we recognized and began amortizing during the second quarter of 2025. We did not recognize any cost of sales – intangible amortization for the 2025 Quarter.

**Research and development expense.** 

Research and development expense for the 2026 Quarter was $38.2 million, compared to $29.2 million for the 2025 Quarter. The $9.1 million increase was primarily driven by a $4.7 million increase in investigator fees, a $3.7 million increase in drug substance and drug product manufacturing costs, a $3.1 million increase in clinical supply costs, a $2.7 million increase in contract research organization ("CRO") costs, and a $1.9 million increase in personnel costs, including stock-based compensation. These increases were partially offset by a $6.0 million decrease in license fees, reflecting an Option exercise fee payment made during the 2025 Quarter pursuant to the GenFleet Agreement, and a $1.0 million decrease in consulting expenses.

Research and development expenses consist of costs associated with our research activities, including the development of our product candidates. Research and development expenses include product/ product candidate and/or project-specific costs, as well as unallocated costs. We record expenses related to external research and development services, such as CROs, clinical sites, pass-through fees such as investigator fees, manufacturing organizations and consultants, by project and/or product candidate. We use our employee and infrastructure resources in a cross-functional manner across multiple research and development projects. Our project costing methodology does not allocate personnel, infrastructure and other indirect costs to specific clinical programs or projects.

Product/ product candidate/ project specific costs include:

● direct third-party costs, which include expenses incurred under agreements with CROs, the cost of consultants who assist with the development of our product candidates on a program-specific basis, clinical site costs, and any other third-party expenses directly attributable to the development of the product candidates;

● direct costs related to avutometinib or defactinib that are not specific to a clinical trial such as the costs relating to contract manufacturing operations including manufacturing costs in connection with producing avutometinib and defactinib are included within " Avutometinib and defactinib manufacturing and non-clinical trial specific" as the cost to manufacture avutometinib and defactinib is not allocated to specific clinical trials; and

● license fees.

Unallocated costs include:

● research and development employee-related expenses, including salaries, benefits, travel, and stock-based compensation expense;

● cost of consultants, including our scientific advisory board, who assist with our research and development but are not allocated to a specific program; and

● facilities, depreciation, and other allocated expenses, which include direct and allocated expenses for rent and maintenance of facilities, and laboratory supplies.

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The table below summarizes our direct research and development expenses for our product/ product candidates/ projects and our unallocated research and development costs for the 2026 Quarter and the 2025 Quarter.

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| | | | |
|:---|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** | **Change** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Product/ product candidate / project specific costs** |  |  |  |
| Avutometinib + defactinib - LGSOC | $9145 | $8153 | $992 |
| Avutometinib + defactinib - NSCLC | 1331 | 1225 | 106 |
| Avutometinib + defactinib - pancreatic cancer | 787 | 969 | (182) |
| Avutometinib + defactinib - other indications | 435 | 481 | (46) |
| Avutometinib and defactinib manufacturing and non-clinical trial specific | 2186 | 3127 | (941) |
| GenFleet / VS-7375 | 14829 | 7581 | 7248 |
| **Unallocated costs** |  |  |  |
| Personnel costs, excluding stock-based compensation | 6189 | 4478 | 1711 |
| Stock-based compensation expense | 590 | 598 | (8) |
| Other unallocated expenses | 2726 | 2540 | 186 |
| **Total research and development expense** | $38218 | $29152 | $9066 |

---

The $1.0 million increase in avutometinib + defactinib – LGSOC was primarily driven by an increase in RAMP 301 trial costs as the study continues to advance and enroll more patients. The $0.9 million decrease in avutometinib and defactinib manufacturing and non-clinical trial specific expenses was primarily driven by decreases in drug substance costs, drug product costs and consulting costs. The $7.2 million increase in GenFleet and VS-7375 related expenses was primarily driven by increased drug substance, drug product, CRO and trial specific investigator costs for the 7375-101 study, partially offset by the $6.0 million Option exercise fee incurred to license VS-7375 in the 2025 Quarter pursuant to the GenFleet Agreement. The $1.7 million increase in personnel costs is driven by increased headcount.

**Selling, general and administrative expense** 

Selling, general and administrative expense for the 2026 Quarter was $22.3 million compared to $15.0 million for the 2025 Quarter. The $7.3 million increase was primarily driven by a $4.7 million increase in personnel costs, including non cash based stock-based compensation expense, a $2.2 million increase in commercial operations expenses, a $0.9 million increase in travel and conferences and other general and administrative expenses, and a $0.3 million increase in consulting and professional fees. These increases were partially offset by a $0.8 million decrease in financing fees related to the Note Purchase Agreement incurred in the 2025 Quarter.

**Other expense**

Other expense for the 2026 Quarter was less than $0.1 million compared to $0.1 million for the 2025 Quarter. Other expense for the 2026 Quarter and 2025 Quarter was comprised of transaction losses due to changes in foreign currency exchange rates.

**Interest income** 

Interest income for the 2026 Quarter was $1.3 million, compared to $1.0 million for the 2025 Quarter. The $0.3 million increase was primarily driven by higher balances of cash equivalents during the 2026 Quarter compared to the 2025 Quarter.

[**Table of Contents**](#Toc)

**Interest expense**

Interest expense for the 2026 Quarter was $0.4 million compared to $0.2 million for the 2025 Quarter. The $0.2 million increase from the 2025 Quarter was primarily driven by interest expense incurred as part of the vendor financing arrangement resulting in an increase of interest expense recorded in the 2026 Quarter.

**Change in fair value of warrant liability** 

The change in fair value of the warrant liability was $9.3 million income for the 2026 Quarter compared to $2.4 million expense for the 2025 Quarter. The $9.3 million income for the 2026 Quarter and $2.4 million expense for the 2025 Quarter was comprised of the mark-to-market adjustment for the liability classified Warrants issued as part of the July 2024 Offering. The liability classified warrants decreased in value from December 31, 2025 to when 8,391,666 Warrants were exercised in January 2025 primarily driven by a reduction our stock price and the expiration of 37,500 Warrants, resulting in $9.3 million income during the 2026 Quarter. The liability classified warrants increased in value from December 31, 2024 to when 1,166,666 Warrants were exercised in March 2025 and March 31, 2025 primarily driven by an increase in our stock price, resulting in a $2.4 million expense during the 2025 Quarter.

**Change in fair value of Notes**

The change in fair value of Notes was $1.9 million for the 2026 Quarter compared to $4.4 million during the 2025 Quarter. We elected the fair value option for the Notes and therefore changes in fair value, including interest, other than changes that are directly attributable to instrument specific credit risk are recorded as change in fair value of Notes in the condensed statements of operations and comprehensive loss. The decrease in change in fair value in the 2026 Quarter is a result of the 2025 Quarter change in fair value being higher due to the revaluation of the note from its notional value to its fair value following issuance of the Notes in January 2025.

**LIQUIDITY AND CAPITAL RESOURCES**

**Sources of liquidity**

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 equity offering program, our Note Purchase Agreement, former loan agreements, the upfront payments and milestone payments under our license and collaboration agreements with Sanofi, CSPC, and Yakult, the upfront payment and milestone payments received under the Secura APA, and sales of Series B Convertible Preferred Stock. Additionally, we have financed a portion of our operations through product revenue, including from AVMAPKI FAKZYNJA CO-PACK, beginning with our U.S. commercial launch in May 2025, and from COPIKTRA, from its U.S. commercial launch in September 2018 through our sale of the COPIKTRA license in September 2020. We expect to finance a portion of our business through future potential milestones and royalties received pursuant to the Secura APA.

As of March 31, 2026, we had $181.7 million in cash, cash equivalents, and investments. We primarily invest our cash, cash equivalents and investments in U.S. Government money market funds, government bonds, corporate bonds and commercial paper of publicly traded companies.

Risks and uncertainties include those identified under *Item 1A. Risk Factors*, in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on March 4, 2026, and under "*Risk Factors*" in this Quarterly Report on Form 10-Q.

**Cash flows**

The following table sets forth the primary sources and uses of cash for the 2026 Quarter and the 2025 Quarter (in thousands):

[**Table of Contents**](#Toc)

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**  | **Three months ended March 31,**  |
|  | **2026** | **2025** |
| Net cash (used in) provided by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating activities | $(52116) | $(38676) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing activities | (16015) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing activities | 28692 | 67427 |
| **Decrease in cash, cash equivalents and restricted cash** | $(39439) | $28751 |

---

**Operating activities** 

The use of cash in both periods resulted primarily from our net losses adjusted for non-cash charges and changes in the components of working capital. Our cash outflow from net losses adjusted for non-cash charges and adjustments was $43.5 million and $42.9 million for the 2026 Quarter and the 2025 Quarter, respectively. Non-cash charges and adjustments for the 2026 Quarter were primarily related to the change in fair value of warrant liability and stock-based compensation expense. Non-cash charges and adjustments for the 2025 Quarter were primarily related to non-cash changes in fair value of the Notes, the change in fair value of warrant liability, loss on debt extinguishment and stock-based compensation expense.

Our cash outflow from operating activities due to changes in operating assets and liabilities was $8.6 million for the 2026 Quarter, primarily driven by a $3.1 million decrease in accrued expenses and other liabilities, $2.8 million decrease in accounts payable, a $1.3 million increase in accounts receivable, a $0.9 million increase in prepaid expenses, other current assets and other assets, and $0.5 million increase in inventory. Our cash inflow from operating activities due to changes in operating assets and liabilities was $4.3 million for the 2025 Quarter. Cash inflow due to changes in operating assets and liabilities for the 2025 Quarter was primarily driven by an increase of $3.2 million in accounts payable and an increase of $2.7 million in accrued expense and other liabilities, partially offset by an increase of $1.6 million in prepaid expenses, other current assets and other assets. Cash used in operating activities was $52.1 million and $38.7 million for the 2026 Quarter and the 2025 Quarter, respectively.

**Investing activities**

The cash used in investing activities for the 2026 Quarter relates to the purchase of investments of $16.0 million. There were no cash inflows or outflows related to investing activities during the 2025 Quarter.

**Financing activities**

The cash provided by financing activities for the 2026 Period represents $29.4 million of proceeds from the exercise of Warrants, $0.7 million of proceeds received from insurance premium financing, and less than $0.1 million of proceeds received from exercise of stock options and employee stock purchase program, partially offset by the $1.3 million repayment of our vendor financing arrangement, and $0.2 million of payments for insurance premium financing. The cash provided by financing activities for the 2025 Quarter represents $75.0 million of proceeds received pursuant to the Note Purchase Agreement, $22.7 million of proceeds received under the August 2021 ATM, $7.4 million of proceeds received pursuant to the Stock Purchase Agreement, $4.1 million of proceeds from the exercise of Warrants, $1.2 million of proceeds received from insurance premium financing, and less than $0.1 million of proceeds received related to our employee stock purchase plan, partially offset by the $42.6 million repayment of our Loan Agreement, and $0.4 million of payments for insurance premium financing. Refer to *Note 10. Debt* to our unaudited condensed consolidated financial statements included in this quarterly report for additional details on the Note Purchase Agreement and Loan Agreement; *Note 15. Capital Stock* to our unaudited condensed consolidated financial statements included in this quarterly report for additional details on the 2025 Private Placement, the Note Purchase Agreement, and the Warrants; *Note 12. Notes Payable* to our unaudited condensed consolidated financial statements included in this quarterly report for additional details on the finance agreement with First Insurance related to insurance premium financing and the monthly payments of principal and interest related thereto; *Note 13. Vendor Financing Arrangement* to our unaudited condensed consolidated financial statements included in this quarterly report for additional details on the vendor finance agreement with IQVIA related to the master service agreement.

[**Table of Contents**](#Toc)

**CONTRACTUAL OBLIGATIONS AND COMMITMENTS**

The disclosure of our contractual obligations and commitments was reported in our Annual Report on Form 10-K for the year ended December 31, 2025. Except as previously disclosed in the Company's subsequent filings with the SEC, including this Quarterly Report on Form 10-Q, there have not been any material changes from the contractual obligations and commitments previously disclosed in such report.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

We are exposed to market risk related to changes in interest rates. We had cash, cash equivalents and investments of $181.7 million as of March 31, 2026, consisting of cash and U.S. Government money market funds. Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S. interest rates, particularly because most of our investments are interest bearing. Our available for sale securities are subject to interest rate risk and will fall in value if market interest rates increase. Due to the short-term duration of most of our investment portfolio and the low risk profile of our investments, an immediate 100 basis point change in interest rates would not have a material effect on the fair market value of our portfolio.

We contract with CROs and contract manufacturers globally which may be denominated in foreign currencies. We may be subject to fluctuations in foreign currency rates in connection with these agreements. Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise. As of March 31, 2026, an immaterial amount of our total liabilities was denominated in currencies other than the functional currency.

As of March 31, 2026, we have borrowed $75.0 million under the Note Purchase Agreement. The Notes under the Note Purchase Agreement bear interest at a floating rate equal to the sum of (i) the greater of the Term SOFR (as defined in the Note Purchase Agreement) and 4.29%, and (ii) 3.71%, which is subject to an overall floor and cap. Changes in interest rates can cause interest charges to fluctuate under the Note Purchase Agreement. A 10% increase in current interest rates would have resulted in an immaterial increase in the amount of cash interest expense for the three months ended March 31, 2026 due to the overall interest rate floor and cap.

**Item 4. Controls and Procedures.**

**Evaluation of disclosure controls and procedures**

Our management, with the participation of our President and Chief Executive Officer (principal executive officer) and our Chief Financial Officer (principal financial and accounting officer), evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934 (Exchange Act), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of March 31, 2026, our President and Chief Executive Officer and our Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

**Changes in internal control over financial reporting**

There have been no changes in our internal control over financial reporting during the three months ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

[**Table of Contents**](#Toc)

**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings.**

None.

**Item 1A. Risk Factors.**

You should carefully review and consider the information regarding certain factors that could materially affect our business, financial condition or future results set forth under *Item 1A. Risk Factors* in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the SEC on March 4, 2026.

*We will require additional financing to execute our operating plan and continue to operate as a going concern.*

As required under Accounting Standards Update 2014-15, *Presentation of Financial Statements-Going Concern* (ASC 205-40), we have the responsibility to evaluate whether conditions and/or events raise substantial doubt about our ability to meet our future financial obligations as they become due within one year after the date the condensed consolidated financial statements are issued. We believe that we may have sufficient funds to meet its obligations within the next 12 months from the issuance of these financial statements. However, this belief relies on the achievement of certain mitigation efforts. The analysis under ASC 205-40, initially cannot take into consideration the potential mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Additionally, we have had historical losses from operations and anticipate that we may continue to incur losses as we continue the commercialization of AVMAPKI FAKZYNJA CO-PACK and the research and development of our product candidates. Accordingly, these uncertainties and risk factors meet the ASC 205-40 standard for raising substantial doubt about our ability to continue as a going concern within one year of the issuance date of our condensed consolidated financial statements. Lack of necessary funds may require us, among other things, to delay, scale back, or eliminate some or all of our planned clinical trials. Because we continue to experience net operating losses ("NOL"), our ability to continue as a going concern is subject to our ability to obtain necessary capital from outside sources, including increasing our net product revenues, obtaining additional capital from the sale of our securities or assets, achieving milestones for additional drawdowns under our Note Purchase Agreement or obtain loans from financial institutions, or entering into additional partnership arrangements. There can be no assurances that we will be able to obtain such capital on favorable terms or at all. If we are unable to raise capital when needed, we may be forced to delay, reduce or eliminate our commercial efforts for AVMAPKI FAKZYNJA CO-PACK or our other research and development activities for our product candidates, or ultimately not be able to continue as a going concern.

[**Table of Contents**](#Toc)

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Purchases of Equity Securities.**

**RECENT SALES OF UNREGISTERED SECURITIES**

None.

**PURCHASE OF EQUITY SECURITIES**

We did not purchase any of our equity securities during the period covered by this Quarterly Report on Form 10-Q.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

None.

**Item 5. Other Information.**

None.

**Item 6. Exhibits.**

The exhibits filed as part of this Quarterly Report on Form 10-Q are set forth on the Exhibit Index, which Exhibit Index is incorporated herein by reference.

[**Table of Contents**](#Toc)

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| 3.1 | [Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed by the Registrant on March 12, 2019)](https://www.sec.gov/Archives/edgar/data/1526119/000155837019001852/vstm-20181231ex3015107bc.htm). |
| 3.2 | [Certificate of Amendment to the Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.2 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed by the Registrant on March 12, 2019)](https://www.sec.gov/Archives/edgar/data/1526119/000155837019001852/vstm-20181231ex3023a9464.htm). |
| 3.3 | [Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.4 to Amendment No. 3 to the Registration Statement on Form S-1 (File No. 333-177677) filed by the Registrant on January 13, 2012)](https://www.sec.gov/Archives/edgar/data/1526119/000104746912000187/a2206820zex-3_4.htm). |
| 3.4 | [Certificate of Amendment to the Restated Certificate of Incorporation of Verastem, Inc. (incorporated by reference to Exhibit 3.1 to the Form 8-K filed by the Registrant with the Securities and Exchange Commission on May 21, 2020)](https://www.sec.gov/Archives/edgar/data/1526119/000110465920064756/tm2020393d1_ex3-1.htm). |
| 3.5 | [Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Form 8-K filed by the Registrant with the Securities and Exchange Commission on November 7, 2022)](https://www.sec.gov/Archives/edgar/data/1526119/000110465922115103/tm2229823d1_ex3-1.htm). |
| 3.6 | [Certificate of Designation of Preferences, Rights and Limitations of Series B Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Form 8-K filed by the Registrant with the Securities and Exchange Commission on January 25, 2023)](https://www.sec.gov/Archives/edgar/data/1526119/000110465923006382/tm234327d2_ex3-1.htm). |
| 3.7 | [Certificate of Amendment to the Restated Certificate of Incorporation of Verastem, Inc. (incorporated by reference to Exhibit 3.1 to the Form 8-K filed by the Registrant with the Securities and Exchange Commission on May 31, 2023).](https://www.sec.gov/Archives/edgar/data/1526119/000110465923066363/tm2317400d1_ex3-1.htm) |
| 4.1 | [Form of Pre-Funded Warrant to Purchase Stock (incorporated by reference to Exhibit 4.1 to the Form 8-K filed by the Registrant with the Securities and Exchange Commission on July 25, 2024).](https://www.sec.gov/Archives/edgar/data/1526119/000110465924082526/tm2413643d5_ex4-1.htm) |
| 4.2 | [Form of Pre-Funded Warrant (incorporated by reference to Exhibit 10.3 to Form 8-K filed by the Registrant with the Securities and Exchange Commission on April 25, 2025)](https://www.sec.gov/Archives/edgar/data/1526119/000110465925039098/tm2513177d1_ex10-3.htm) |
| 4.3 | [Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to Form 8-K filed by the Registrant with the Securities and Exchange Commission on November 17, 2025)](https://www.sec.gov/Archives/edgar/data/1526119/000110465925112946/tm2531440d1_ex4-1.htm) |
| 10.1<br>| [Amendment Number Two to Note Purchase Agreement, dated as of March 2, 2026 by and among Verastem, Inc., RGCM SA LLC, Oberland Capital Management LLC and certain funds managed by Oberland Capital Management LLC. (incorporated by reference to Exhibit 10.50 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by the Registrant on March 4, 2026).](https://www.sec.gov/Archives/edgar/data/1526119/000110465926023444/vstm-20251231xex10d50.htm) |
| 10.2<br> \* | [Third Amendment of Lease Agreement, dated March 12, 2026, between the Registrant and 117 Kendrick DE, LLC.](vstm-20260331xex10d2.htm) |
| 31.1<br> \* | [Certification of Principal Executive Officer pursuant to Rules 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](vstm-20260331xex31d1.htm) |
| 31.2<br> \* | [Certification of Principal Financial and Accounting Officer pursuant to Rules 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](vstm-20260331xex31d2.htm) |
| 32.1<br> \* | [Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](vstm-20260331xex32d1.htm) |
| 32.2<br> \* | [Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](vstm-20260331xex32d2.htm) |
| 99.1<br> \* | [Press Release issued by Verastem, Inc. on May 7, 2026 (furnished herewith).](vstm-20260331xex99d1.htm) |
| 101.INS<br> \* | Inline XBRL Instance Document |
| 101.SCH<br> \* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL<br> \* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF<br> \* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB<br> \* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE<br> \* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | The cover page from this Current Report on form 10-Q, formatted in Inline XBRL |

---

\*Filed or furnished herewith.

† Certain schedules, exhibits and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company will provide a copy of such omitted materials to the Securities and Exchange Commission or its staff upon request.

#Management contract or compensatory plan, contract or agreement.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **VERASTEM, INC.** | **VERASTEM, INC.** |
| <br>Date: May 7, 2026 | By: | /s/ DANIEL W. PATERSON |
|  |  | Daniel W. Paterson |
|  |  | *President and Chief Executive Officer* |
|  |  | *(Principal executive officer)* |
| Date: May 7, 2026 | By: | /s/ DANIEL CALKINS |
|  |  | Daniel Calkins |
|  |  | *Chief Financial Officer* |
|  |  | *(Principal financial and accounting officer)* |

---

## Exhibit 10.2

<u>THIRD</u><u> </u><u>AMENDMENT</u><u> </u><u>TO</u><u> </u><u>LEASE</u><u> </u><u>AGREEMENT</u>

THIS THIRD AMENDMENT TO LEASE AGREEMENT (this "<u>Amendment</u>") is made as of the 12<sup>th</sup> day of March, 2026 (the "<u>Effective</u><u> </u><u>Date</u>") by and between 117 Kendrick DE, LLC, a Delaware limited liability company ("<u>Landlord</u>"), and Verastem, Inc., a Delaware corporation ("<u>Tenant</u>").

<u>Recitals</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Landlord, as the successor-in-interest to Intercontinental Fund III 117 Kendrick Street, LLC, a Massachusetts limited liability company, and Tenant are parties to a Lease Agreement dated as of April 15, 2014, as amended by a First Amendment of Lease dated as of February 15, 2018 and a Second Amendment of Lease dated as of November 1, 2024 (collectively, "<u>Lease</u>"), pursuant to which Landlord has leased to Tenant approximately 27,810 rentable square feet of space (the "<u>Premises</u>") on the first (1<sup>st</sup>) floor of the building located at and commonly known as 117 Kendrick Street, Needham, Massachusetts (the "<u>Building</u>"). All capitalized terms used in this Amendment which are defined in the Lease and not otherwise defined in this Amendment shall have the meanings given in the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Landlord and Tenant desire to amend the Lease to: (i) extend the Lease Term expiration date from June 30, 2026 to September 30, 2029, (ii) adjust the Fixed Rent; and (iii) make certain other changes to the Lease on and subject to the terms and conditions set forth below.

<u>Statement</u><u> </u><u>of</u><u> </u><u>Amendment</u>

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Extension of Lease Term</u>. The Lease Term of the Lease is extended for three (3) years and three (3) months beyond June 30, 2026 to September 30, 2029 (the period from July 1, 2026 through September 30, 2029 being called the "<u>Second</u><u> </u><u>Extended</u><u> </u><u>Term</u>") on the same terms and conditions set forth in the Lease, except to the extent inconsistent herewith or as otherwise provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Fixed Rent</u>. During the Second Extended Term, Fixed Rent shall be as set forth in the schedule below but otherwise in accordance with the terms and conditions of the Lease:

---

| | | | |
|:---|:---|:---|:---|
| **Period:** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fixed Rent:** | &nbsp;&nbsp;&nbsp;&nbsp;**Monthly Fixed Rent:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Per RSF:** |
| &nbsp;&nbsp;July 1,2026through<br>September 30, 2026 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;October 1, 2026 through<br>September 30, 2027 | &nbsp;&nbsp;$1028970.00 | &nbsp;&nbsp;$85747.50 | &nbsp;&nbsp;$37.00 |
| &nbsp;&nbsp;October 1, 2027 through<br>September 30, 2028 | &nbsp;&nbsp;$1056780.00 | &nbsp;&nbsp;$88065.00 | &nbsp;&nbsp;$38.00 |
| &nbsp;&nbsp;October 1, 2028 through<br>September 30, 2029 | &nbsp;&nbsp;$1084590.00 | &nbsp;&nbsp;$90382.50 | &nbsp;&nbsp;$39.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Specific</u><u> </u><u>Amendments</u><u> </u><u>of</u><u> </u><u>Lease</u>. In furtherance of the above provisions of this Amendment, the Lease is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Lease Term</u>. Effective as of July 1, 2026, Article 3 of the Lease (Lease Term) is deleted in its entirety and the following substituted in place thereof:

"3. **LEASE TERM**. The lease term for the Premises (the "**Lease Term**") shall commence on April 15, 2014 (the "**Lease Commencement Date**") and shall expire on September 30, 2029 (the "**Expiration Date**")."

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Fixed Rent.</u> Effective as of July 1, 2026, Exhibit "C" to the Lease (Fixed Rent) is

amended by adding the following additional entries at the end of the chart showing Fixed Rent:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**"Period** | &nbsp;&nbsp;**Payable RSF** | &nbsp;&nbsp;**Rate Per RSF** | &nbsp;&nbsp;**Annual Fixed Rent** | &nbsp;&nbsp;**Monthly Fixed Rent** |
| &nbsp;&nbsp;Month 98 – Month 100 | &nbsp;&nbsp;27810 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Month – 101<br>Month 113 | &nbsp;&nbsp;27810 | &nbsp;&nbsp;$37.00 | &nbsp;&nbsp;$1028970.00 | &nbsp;&nbsp;$85747.50 |
| &nbsp;&nbsp;Month 114- Month<br>126 | &nbsp;&nbsp;27810 | &nbsp;&nbsp;$38.00 | &nbsp;&nbsp;$1056780.00 | &nbsp;&nbsp;$88065.00 |
| &nbsp;&nbsp;Month 127 –<br>Month 139 | &nbsp;&nbsp;27810 | &nbsp;&nbsp;$39.00 | &nbsp;&nbsp;$1084590.00 | &nbsp;&nbsp;$90,382.50" |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Additional Rent</u>. Tenant shall continue to pay, in accordance with Exhibit "D" to the Lease (Provisions Regarding Additional Rent), Additional Rent for (i) Tenant's Proportionate Share of Operating Expenses to the extent the Operating Expenses (on a per rentable square foot basis) exceed the Operating Expense Stop); and (ii) Tenant's Proportionate Share of Taxes to the extent the Taxes (on a per rentable square foot basis) exceed the Tax Expense Stop (as such terms are defined in Exhibit "D"), except that effective as of the Effective Date, the definitions of Operating Expense Stop, Operating Expense Base Year, Tax Expense Stop and Tax Expense Base Year as set forth in Exhibit "D" to the Lease are deleted and the following substituted in place thereof:

""**Operating Expense Stop**" shall mean an amount equal to the actual Operating Expenses (on a per rentable square foot basis) for the calendar year 2026 ("**Operating Expense Base Year**"), subject to adjustment under Section 3 below.

"**Tax Expense Stop**" shall mean an amount equal to the actual Taxes (on a per rentable square foot basis for the fiscal year 2027 (which is from July 1, 2026 through June 30, 2027) ("**Tax Expense Base Year**"), subject to adjustment under Section 3 below."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Condition of Premises</u>. Landlord shall have no obligation whatsoever to make any improvements, modifications or alterations to the Premises by reason of the extension of the Lease Term contemplated by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Brokers</u>. Each party represents that it has not dealt with any broker or other commissionable agent in connection with this Amendment except for Newmark. Each party shall indemnify and save harmless the other from and against all claims, liabilities, costs and expenses incurred as a result of any breach of the foregoing representation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Inconsistencies; Continuing Effect of Lease</u>. To the extent that the provisions of this Amendment are inconsistent with the provisions of the Lease, the provisions of this Amendment will control and the Lease will be deemed to be amended hereby. Except as amended by this Amendment, the provisions of the Lease remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Multiple Counterparts</u>. This Amendment may be executed in multiple counterparts, each of which will be an original, but all of which, taken together, will constitute one and the same Amendment. Delivery of this Amendment bearing a signature by facsimile transmission or by electronic mail in "<u>PDF</u>" format shall have the same effect as physical delivery of this Amendment bearing the original signatures. An email transmission of a .pdf format copy of this Amendment or any related instrument bearing original signature(s), or of such instrument bearing signature(s) affixed through "DocuSign," "Dotloop," or another recognized signature verification service, shall have the same force and effect as delivery of a hard copy thereof bearing original such signature(s); and any such signature of either party, whether upon this Amendment or any related instrument, shall be valid and binding and admissible by either party against the other all as if the same were an original ink signature.

------

Landlord and Tenant have executed this Amendment as of the date first set forth above.

#### 117 KENDRICK DE, LLC
By<u>: /s/ Robert A. Schlager</u> Name: Robert A. Schlager

Title:Vice President

#### VERASTEM, INC .
By: <u>/s/ Dan Calkins</u> Name: Dan Calkins

Title:Chief Financial Officer

------

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATIONS**

I, Daniel W. Paterson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Verastem, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| /s/ DANIEL W. PATERSON |
| Daniel W. Paterson |
| *President and Chief Executive Officer*<br>*(Principal executive officer)* |

---

Date: May 7, 2026

------

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATIONS**

I, Daniel Calkins, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Verastem, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| OO<br>|  |
|  | /s/ DANIEL CALKINS |
|  | Daniel Calkins |
|  | *Chief Financial Officer*<br>*(Principal financial and accounting officer)* |

---

Date: May 7, 2026

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Verastem, Inc. (the "Company") for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, Daniel W. Paterson, President and Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ DANIEL W. PATERSON |
| Daniel W. Paterson |
| *President and Chief Executive Officer*<br>*(Principal executive officer)* |

---

Date: May 7, 2026

------

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Verastem, Inc. (the "Company") for the period ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, Daniel Calkins, Chief Financial Officer, of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| <br>/s/ DANIEL CALKINS |
| Daniel Calkins |
| *Chief Financial Officer*<br>*(Principal financial and accounting officer)* |

---

Date: May 7, 2026

------

## Exhibit 99.1

**Exhibit 99.1**

**Verastem Oncology Reports First Quarter 2026 Financial Results and Highlights Recent Business Updates**

*AVMAPKI® FAKZYNJA® CO-PACK net product revenues of $18.7 million*

*Appointed Daniel Lyons as Chief Commercial Officer to lead next phase of commercial growth*

*Initiated Phase 2 registration-directed trials "VS-7375 TARGET-D Clinical Program" in 2L PDAC, 2L/3L NSCLC and 2L+ CRC*

*VS-7375 TARGET-D 101 early data update expected in the first half of 2026; mature data update expected in the second half of 2026*

*Ended Q1 2026 with $181.7 million in cash, cash equivalents and investments; expected cash runway into first half of 2027*

*Company to host a conference call and webcast today at 4:30 p.m. ET*

BOSTON--(BUSINESS WIRE) – May 7, 2026-- Verastem Oncology (Nasdaq: VSTM), a biopharmaceutical company committed to advancing new medicines for patients with RAS/MAPK pathway-driven cancers, today reported financial results for the first quarter ended March 31, 2026, and highlighted recent business progress.

"As we mark the one-year anniversary of the FDA-approval of AVMAPKI FAKZYNJA CO-PACK for KRAS-mutated recurrent low-grade serous ovarian cancer, I am incredibly proud of the progress we have made to deliver a meaningful impact for people living with this rare cancer," said Dan Paterson, president and chief executive officer at Verastem Oncology. "As we build on the foundation we have established with the commercial launch, we also look to continue accelerating VS-7375, our potential best-in-class oral, KRAS G12D (ON/OFF) inhibitor, and are pleased to announce the initiation of three Phase 2 registration-directed trials in pancreatic, non-small cell lung, and colorectal cancers. In an evolving competitive landscape, we remain encouraged by the efficacy data generated by our partner and emerging in the U.S., along with the safety and tolerability profile we are seeing across multiple solid tumor cancers and look forward to sharing data updates throughout this year. Altogether, we believe we are well-positioned to drive strong execution across our commercial launch and expedite VS-7375 development while maintaining disciplined capital management."

**First Quarter 2026 and Recent Updates** 

**AVMAPKI***®* **FAKZYNJA***®* **CO-PACK (avutometinib capsules; defactinib tablets) U.S. Commercial Performance**

&nbsp;&nbsp;&nbsp;&nbsp;● AVMAPKI FAKZYNJA CO-PACK generated net product revenues of $18.7 million for the first quarter of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;● In April, the Company announced the launch of a new healthcare professional and patient marketing campaign, Reimagine Recurrent Low-Grade Serous Ovarian Cancer (LGSOC), to drive awareness of AVMAPKI FAKZYNJA CO-PACK.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● In April, the Company announced new two-year median follow up data from the Phase 2 RAMP 201 trial that demonstrated durable benefit of avutometinib plus defactinib across both KRAS-mutant and KRAS wild-type recurrent LGSOC patients, with discontinuation rates consistent with the primary analysis, presented at the Society of Gynecologic Oncology 2026 Annual Meeting on Women's Cancers. A new exposure-response analysis further demonstrated that the approved dose and schedule of avutometinib plus defactinib achieve the optimal therapeutic effect.

&nbsp;&nbsp;&nbsp;&nbsp;● In February, the Company announced updated data for RAMP 201J in Japan evaluating the combination in patients with LGSOC with or without a KRAS mutation. As of a data cutoff of January 30, 2026, a confirmed overall response rate (ORR) of 38% (6/16) was achieved. Patients with a KRAS mutation achieved a confirmed ORR of 57% (4/7) and KRAS wild-type patients achieved a confirmed ORR of 22% (2/9). The safety profile was consistent with previously reported data outside of Japan. <br>

*Expected Key Milestones:*

&nbsp;&nbsp;&nbsp;&nbsp;● Report a topline readout of the primary endpoint in the RAMP 301 trial in mid-2027.

&nbsp;&nbsp;&nbsp;&nbsp;● Continue to pursue regulatory paths for potential expansion into Europe and Japan.

**VS-7375, an Oral KRAS G12D (ON/OFF) Inhibitor in Advanced Solid Tumors**

&nbsp;&nbsp;&nbsp;&nbsp;● Today, the Company provided an update on its ongoing VS-7375 clinical trials, including branding the trials as the VS-7375 TARGET-D Clinical Trial Program. In the ongoing TARGET-D 101 (VS-7375-101) Phase 1/2 dose escalation, dose expansion and combination-evaluation trial, the Company is now evaluating the 1200 mg daily dose (QD). The Company is also evaluating VS-7375 900 mg QD in combination with cetuximab. The Company expects to finish enrollment across the various expansion cohorts and combination cohorts with chemotherapies in the near term.

&nbsp;&nbsp;&nbsp;&nbsp;● In addition, the Company shared updated pharmacokinetic (PK) data that showed the 900 mg QD dose achieves target plasma levels of VS-7375 and provides clear separation from the 600 mg QD dose.

&nbsp;&nbsp;&nbsp;&nbsp;● The Company has initiated three Phase 2 registration-directed trials, including:

● TARGET-D 201 to evaluate VS-7375 at 900 mg QD both as monotherapy and in combination with cetuximab in patients with second-line pancreatic ductal carcinoma (PDAC). The study is also evaluating VS-7375 and cetuximab in the first-line PDAC setting.

● TARGET-D 202 to evaluate VS-7375 at 900 mg QD in patients with advanced non-small cell lung cancer (NSCLC) who have received one to two prior lines of therapy. The study is also evaluating VS-7375 in NSCLC patients with asymptomatic untreated brain metastases.

● TARGET-D 203 to evaluate VS-7375 at 900 mg QD as both monotherapy and in combination with EGFR inhibitors, including cetuximab or panitumumab, in previously treated CRC. The study will also evaluate VS-7375 in combination with chemotherapy in the first-line setting in patients with metastatic CRC.

&nbsp;&nbsp;&nbsp;&nbsp;● In March, the Company announced that several late-breaking and regular abstracts were selected for presentation at the American Association for Cancer Research (AACR) Annual Meeting. The abstracts included preclinical data demonstrating sustained tumor regressions with VS-7375 in combination with PRMT5 inhibitors in MTAP-deleted KRAS G12D-mutant

------

pancreatic cancer and improved efficacy in comparison to ON-only KRAS G12D or pan-RAS inhibitors.

&nbsp;&nbsp;&nbsp;&nbsp;● In March, the Company reported an update on its progress with VS-7375, highlighting progress with its dose-escalation and dose-expansion trial, TARGET-D 101, a PK analysis, and a safety update, which demonstrated VS-7375 was generally well-tolerated across all monotherapy dose levels evaluated to date. Patients (n=23) receiving VS-7375 at either 400 mg QD, 600 mg QD or 900 mg QD with a mean duration of therapy of 1.6 months (0.7-5.6), reported no drug related liver function test abnormalities. As of the January 30, 2026 data cutoff, there was no drug-related neutropenia greater than Grade 2 and rates of nausea, vomiting and diarrhea remained lower than those reported by the Company's partner in China. The Company also reported that the U.S. Food and Drug Administration (FDA) requested the Company develop separate Phase 2 trial protocols for their trials in PDAC, NSCLC and CRC.

&nbsp;&nbsp;&nbsp;&nbsp;● In January, the Company reported progress from its ongoing TARGET-D 101 trial, with multiple dose levels cleared without dose-limiting toxicities or major toxicities. At that time, monotherapy cohorts and dose escalation combination cohorts were initiated across various KRAS G12D-mutated solid tumors.

The Company shared multiple updates from GenFleet Therapeutics, its partner developing VS-7375, known as GFH375 in China.

&nbsp;&nbsp;&nbsp;&nbsp;● In April, GenFleet announced that GFH375 was granted Breakthrough Therapy Designation (BTD) in China for patients with KRAS G12D-mutated metastatic pancreatic cancer who have received at least one prior systemic therapy.

&nbsp;&nbsp;&nbsp;&nbsp;● In March, GenFleet announced that GFH375 was granted BTD in China for patients with KRAS G12D-mutated NSCLC who have received prior systemic therapy.

*Expected Key Milestones:*

&nbsp;&nbsp;&nbsp;&nbsp;● Report early data from the TARGET-D 101 trial in 1H 2026.

&nbsp;&nbsp;&nbsp;&nbsp;● Report an update on the TARGET-D 101 trial in 2H 2026.

&nbsp;&nbsp;&nbsp;&nbsp;● Announce first patient initiated in the TARGET-D 201, TARGET-D 202, and TARGET-D 203 clinical trials in mid-2026.

**RAMP 205: Avutometinib Plus Defactinib in Combination with Chemotherapy in 1L Metastatic Pancreatic Cancer**

*Expected Key Milestone:*

&nbsp;&nbsp;&nbsp;&nbsp;● Report an update on the safety and efficacy of the RAMP 205 expansion cohort with at least six months of follow-up on all patients in Q2 2026.

**Corporate Updates**

&nbsp;&nbsp;&nbsp;&nbsp;● The Company announced today the appointment of Daniel Lyons as chief commercial officer. Prior to joining, Mr. Lyons served as the Senior Vice President, Head of Rare Tumors International and Global Head of Market Access at SpringWorks Therapeutics.

**First Quarter 2026 Financial Results**

Verastem Oncology ended the first quarter of 2026 with cash, cash equivalents, and investments of $181.7 million.

------

Net product revenue for the three months ended March 31, 2026 (the "2026 Quarter") was $18.7 million, compared to no revenue recognized for the three months ended March 31, 2025 (the "2025 Quarter"). The Company began commercial sales of the AVMAPKI FAKZYNJA CO-PACK within the U.S. following receipt of FDA approval in May 2025.

Total operating expenses for the 2026 Quarter were $63.6 million, compared to $44.2 million for the 2025 Quarter. Cost of sales was $3.1 million for the 2026 Quarter, compared to no cost of sales recognized for the 2025 Quarter.

Research & development expenses for the 2026 Quarter were $38.2 million, compared to $29.2 million for the 2025 Quarter. The increase of $9.0 million, or 31%, was primarily due to higher costs for investigator fees, drug substance manufacturing, drug product manufacturing, clinical supply, and contract research organizations partially offset by the VS-7375 program option exercise fee paid to GenFleet in the 2025 Quarter.

Selling, general & administrative expenses for the 2026 Quarter were $22.3 million, compared to $15.0 million for the 2025 Quarter. The increase of $7.3 million, or 48%, was primarily due to higher costs for personnel and commercial operations.

Net loss (GAAP basis) for the 2026 Quarter was $36.6 million, or $0.37 per share (basic), compared to $52.1 million, or $0.96 per share (basic and diluted) for the 2025 Quarter.<br>

Non-GAAP adjusted net loss for the 2026 Quarter was $42.7 million, or $0.43 per share (basic) compared to non-GAAP adjusted net loss of $42.9 million, or $0.79 per share (basic), for the 2025 Quarter. Please refer to the GAAP to non-GAAP Reconciliation attached to this press release.

**Conference Call and Webcast**

Verastem will host a conference call and webcast today at 4:30 p.m. ET to review the first quarter 2026 financial results and recent business updates. To access the live audio webcast of the call, along with accompanying slides, please visit the "Events & Presentations" page in the Investor section of the Company's website, https://investor.verastem.com/events. A replay of the webcast will be archived and available following the event.

**Use of Non-GAAP Financial Measures**

To supplement Verastem Oncology's condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company uses the following non-GAAP financial measures in this press release: non-GAAP adjusted net loss and non-GAAP net loss per share. These non-GAAP financial measures exclude certain amounts or expenses from the corresponding financial measures determined in accordance with GAAP.

Management believes this non-GAAP information is useful for investors, taken in conjunction with the Company's GAAP financial statements, because it provides greater transparency and period-over- period comparability with respect to the Company's operating performance and can enhance investors' ability to identify operating trends in the Company's business. Management uses these

------

measures, among other factors, to assess and analyze operational results and trends and to make financial and operational decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the Company's operating results as reported under GAAP, not in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. In addition, these non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. The determination of the amounts that are excluded from non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts. Reconciliations between these non-GAAP financial measures and the most comparable GAAP financial measures for the three months ended March 31, 2026 and 2025 are included in the tables accompanying this press release after the unaudited condensed consolidated financial statements.

**About AVMAPKI and FAKZYNJA Combination Therapy**

AVMAPKI (avutometinib) inhibits MEK kinase activity while also blocking the compensatory reactivation of MEK by upstream RAF. RAF and MEK proteins are regulators of the RAS/RAF/MEK/ERK (MAPK) pathway. Blocking RAF and/or MEK activates FAK, a key mediator of drug resistance. FAKZYNJA (defactinib) is a FAK inhibitor and together, the avutometinib and defactinib combination was designed to provide a more complete blockade of the signaling that drives the growth and drug resistance of RAS/MAPK pathway-dependent tumors.

The U.S. Food and Drug Administration (FDA) approved AVMAPKI® FAKZYNJA® CO-PACK (avutometinib capsules; defactinib tablets) for the treatment of adult patients with KRAS-mutated recurrent LGSOC who have received prior systemic therapy on May 8, 2025. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial. Verastem is conducting RAMP 301 (GOG-3097/ENGOT-ov81/GTG-UK) (NCT06072781), an international Phase 3 confirmatory trial evaluating the combination of avutometinib and defactinib versus standard chemotherapy or hormonal therapy for the treatment of recurrent low-grade serous ovarian cancer (LGSOC) with and without a KRAS mutation. Verastem is also evaluating avutometinib plus defactinib with standard-of-care chemotherapy as a potential treatment in the first-line for patients with advanced pancreatic cancer (RAMP 205; NCT05669482). Avutometinib and defactinib are not approved by the FDA or any other regulatory authority, either in combination or with other therapies, for any of these investigative uses. Neither avutometinib nor defactinib are approved by the FDA or any other regulatory authority on a stand-alone basis for any use.

**AVMAPKI FAKZYNJA CO-PACK U.S. Indication**

**Indication**

AVMAPKI FAKZYNJA CO-PACK is indicated for the treatment of adult patients with *KRAS*-mutated recurrent low-grade serous ovarian cancer (LGSOC) who have received prior systemic therapy.

This indication is approved under accelerated approval based on tumor response rate and duration of response*.* Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial.

------

**Important Safety Information**

**Warnings and Precautions**

● **Ocular Toxicities:** Ocular toxicities, including visual impairment and vitreoretinal disorders, occurred. Perform comprehensive ophthalmic evaluation at baseline, prior to cycle 2, every three cycles thereafter, and as clinically indicated. Withhold AVMAPKI FAKZYNJA CO-PACK for ocular toxicities until improvement at the same or reduced dose. Permanently discontinue AVMAPKI FAKZYNJA CO-PACK for any grade 4 toxicity.

● **Serious Skin Toxicities:** Skin toxicities, including photosensitivity and severe cutaneous adverse reactions (SCARSs) occurred. Adhere to concomitant medications. Monitor for skin toxicities and interrupt, reduce or permanently discontinue AVMAPKI FAKZYNJA CO-PACK based on severity, tolerability and duration.

● **Hepatotoxicity:** Monitor liver function tests prior to each cycle, on day 15 of the first 4 cycles, and as clinically indicated. Withhold, reduce or discontinue AVMAPKI FAKZYNJA CO-PACK based on severity and persistence of abnormality.

● **Rhabdomyolysis:** Monitor creatine phosphokinase prior to the start of each cycle, on day 15 of the first four cycles, and as clinically indicated. If increased CPK occurs, evaluate patients for rhabdomyolysis or other causes. Withhold, reduce or permanently discontinue AVMAPKI FAKZYNJA CO-PACK based on severity and duration of the adverse reaction.

● **Embryo-Fetal Toxicity:** AVMAPKI FAKZYNJA CO-PACK can cause fetal harm. Advise patients of the potential risk to a fetus and to use effective contraception.

**Adverse Reactions**

The most common (≥ 25%) adverse reactions, including laboratory abnormalities, were increased creatine phosphokinase, nausea, fatigue, increased aspartate aminotransferase, rash, diarrhea, musculoskeletal pain, edema, decreased hemoglobin, increased alanine aminotransferase, vomiting, increased blood bilirubin, increased triglycerides, decreased lymphocyte count, abdominal pain, dyspepsia, dermatitis acneiform, vitreoretinal disorders, increased alkaline phosphatase, stomatitis, pruritus, visual impairment, decreased platelet count, constipation, dry skin, dyspnea, cough, urinary tract infection, and decreased neutrophil count.

**Drug Interactions**

● **Strong and moderate CYP3A4 inhibitors**: Avoid concomitant use with AVMAPKI FAKZYNJA CO-PACK.

● **Strong and moderate CYP3A4 inducers**: Avoid concomitant use with AVMAPKI FAKZYNJA CO-PACK.

● **Warfarin:** Avoid concomitant use of AVMAPKI FAKZYNJA CO-PACK with warfarin and use an alternative to warfarin.

● **Gastric acid reducing agents**: Avoid concomitant use of AVMAPKI FAKZYNJA CO-PACK with proton pump inhibitors (PPIs) or H2 receptor antagonists. If use of an acid-reducing agent cannot be avoided, administer FAKZYNJA 2 hours before or 2 hours after the administration of a locally acting antacid.

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**Use in Specific Populations**

● **Lactation**: Advise not to breastfeed.

● **Fertility:** May impair fertility in males and females.

Click here for full Prescribing Information.

**About VS-7375, an Oral KRAS G12D (ON/OFF) Inhibitor**

VS-7375 is a potential best-in-class, potent, and selective oral KRAS G12D dual ON/OFF inhibitor. VS-7375 is the lead program from the Verastem Oncology discovery and development collaboration with GenFleet Therapeutics. In June 2025, Verastem initiated TARGET-D 101, a Phase 1/2 dose escalation, dose expansion and combination clinical trial evaluating the safety and efficacy of VS-7375 in patients with advanced KRAS G12D-mutant solid tumors. Verastem has further expanded the VS-7375 clinical program with the initiation of three Phase 2 registration-directed, open-label clinical trials: TARGET-D 201 in 2L metastatic pancreatic ductal carcinoma, TARGET-D 202 in 2L/3L advanced non-small cell lung cancer and TARGET-D 203 in metastatic colorectal cancer. In July 2025, U.S. Food and Drug Administration (FDA) granted Fast Track Designation (FTD) to VS-7375 for the first-line treatment of patients with KRAS G12D-mutated locally advanced or metastatic adenocarcinoma of the pancreas and for the treatment of patients with KRAS G12D-mutated locally advanced or metastatic pancreatic ductal carcinoma who have received at least one prior line of standard systemic therapy.

**About the GenFleet Therapeutics Collaboration**

The collaboration with GenFleet Therapeutics aims to advance three oncology discovery programs related to RAS/MAPK pathway-driven cancers. The collaboration provides Verastem with an exclusive option to obtain a license for each of the three compounds in the collaboration after the successful completion of pre-determined milestones in a Phase 1 trial. Verastem selected VS-7375 (also known as GFH375), an oral KRAS G12D (ON/OFF) inhibitor, as its lead program in December 2023 and the license for VS-7375 that was exercised in January 2025 is the first one from this collaboration. The licenses would give Verastem development and commercialization rights outside the GenFleet markets of mainland China, Hong Kong, Macau, and Taiwan.

**About Verastem Oncology**

Verastem Oncology (Nasdaq: VSTM) is a biopharmaceutical company committed to developing and commercializing new medicines to improve the lives of patients diagnosed with RAS/MAPK pathway-driven cancers. Verastem markets AVMAPKI® FAKZYNJA® CO-PACK in the U.S. Our pipeline is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition, FAK inhibition, and KRAS G12D inhibition. For more information, please visit www.verastem.com and follow us on LinkedIn.

**Forward-Looking Statements**

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could,"

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"may," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. Such forward-looking statements address various matters about, among other things, Verastem Oncology's programs and product candidates, strategy, future plans and prospects, including statements related to the potential for and timing of commercialization of product candidates, the anticipated timing for the IND application for VS-7375/GFH375, the expected outcome and benefits of the Company's collaboration with GenFleet Therapeutics (Shanghai), Inc., the timing of commencing and completing trials and compiling data, the expected timing of the presentation of data by the Company and the potential clinical value of various of the Company's clinical trials. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others: the uncertainties inherent in research and development, such as the possibility of negative or unexpected results of clinical trials; that we may not see a return on investment on the payments we have and may continue to make pursuant to the collaboration and option agreement with GenFleet, or that GenFleet may fail to fully perform under the agreement; that we may not be successful in our continued commercialization of AVMAPKI FAKZYNJA CO-PACK; that the development and commercialization of our product candidates may take longer or cost more than planned, including as a result of conducting additional studies or our decisions regarding execution of such commercialization; that data may not be available when expected; risks associated with preliminary and interim data, which may not be representative of more mature data; risks associated with the regulatory and policy actions proposed and enacted by the current U.S. presidential administration that may adversely affect our business; risks associated with the current administration's reductions to the FDA's workforce and any subsequent reductions that may lead to disruptions and delays in the FDA's review and oversight of our product candidates and impact the FDA's ability to provide timely feedback on our development programs; that our product candidates may not receive regulatory approval, become commercially successful products, or result in new treatment options being offered to patients; and the risks identified under the heading "Risk Factors" as detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (SEC) on March 4, 2026, as well as the other information we file with the SEC, are possibly realized. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this press release, and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

**For Investor and Media Inquiries:**

Julissa Viana<br>Senior Vice President, Corporate Communications,<br>Investor Relations & Patient Advocacy<br>investors@verastem.com or<br>media@verastem.com

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**Verastem Oncology**

**Condensed Consolidated Balance Sheets**

(in thousands)

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| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| Cash, cash equivalents, and investments | $181678 | $204990 |
| Accounts receivable, net | 10158 | 8813 |
| Inventory | 2287 | 1833 |
| Grants receivable | 200 | 200 |
| Prepaid expenses and other current assets | 8581 | 7577 |
| Right-of-use asset, net | 2793 | 491 |
| Intangible assets, net | 16146 | 16426 |
| Restricted cash and other assets | 5965 | 6112 |
| **Total assets** | $**227808** | $**246442** |
| Current Liabilities | 66845 | 72268 |
| Long term debt | 73120 | 76330 |
| Vendor financing arrangement, long-term | 3750 | 5000 |
| Lease liability, long-term | 2316 |  |
| Warrant liability |  | 35647 |
| Stockholders' equity | 81777 | 57197 |
| **Total liabilities and stockholders' equity** | $**227808** | $**246442** |

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**Verastem Oncology**

**Condensed Consolidated Statements of Operations**

**(in thousands, except per share amounts)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| Revenue: |  |  |
| Product revenue, net | $18671 | $— |
| Total revenue | 18671 |  |
| Operating expenses: |  |  |
| Cost of sales – product | 2772 |  |
| Cost of sales – intangible amortization  | 279 |  |
| Research and development | 38218 | 29152 |
| Selling, general and administrative | 22299 | 15044 |
| Total operating expenses | 63568 | 44174 |
| Loss from operations | (44897) | &nbsp;&nbsp;&nbsp;&nbsp;(44174) |
| Other expense | (61) | (40) |
| Interest income | 1297 | 960 |
| Interest expense | (382) | &nbsp;&nbsp;&nbsp;&nbsp;(192) |
| Loss on debt extinguishment |  | (1826) |
| Change in fair value of warrant liability | 9323 | (2416) |
| Change in fair value of Notes | (1871) | (4415) |
| Net Loss | $(36591) | $(52103) |
| Net loss per share—basic | $(0.37) | $(0.96) |
| Net loss per share—diluted | $(0.46) | $(0.96) |
| Weighted average common shares outstanding used in computing: |  |  |
| Net loss per share – basic | 98292 | 54173 |
| Net loss per share – diluted | 99148 | 54173 |

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**Verastem Oncology**

**Reconciliation of GAAP to Non-GAAP Financial Information**

**(in thousands, except per share amounts)**

**(unaudited)**

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| | | |
|:---|:---|:---|
|  | **Three months ended March 31,** | **Three months ended March 31,** |
|  | **2026** | **2025** |
| **Net loss reconciliation:** |  |  |
| Net loss (GAAP basis) | $(36591) | $(52103) |
| **Adjust:** |  |  |
| Stock-based compensation expense | 2046 | 1788 |
| Amortization of acquired intangible assets | 279 |  |
| Non-cash interest, net | (119) | 30 |
| Change in fair value of warrant liability | (9323) | 2416 |
| Non-cash change in fair value of Notes | 186 | 3115 |
| Loss on debt extinguishment |  | 1826 |
| Severance and other | 842 |  |
| **Adjusted net loss (non-GAAP basis)** | $(42680) | $(42928) |
| **Reconciliation of net loss per share** |  |  |
| Net loss per share – basic (GAAP basis) | $(0.37)  | $(0.96)  |
| **Adjust per basic share** |  |  |
| Stock-based compensation expense | 0.02 | 0.03 |
| Amortization of acquired intangible assets |  |  |
| Non-cash interest, net |  | 0.01 |
| Change in fair value of warrant liability | (0.09) | 0.05 |
| Non-cash change in fair value of Notes |  | 0.06 |
| Loss on debt extinguishment |  | 0.03 |
| Severance and other | 0.01 |  |
| **Adjusted net loss per share – basic (non-GAAP basis)** | $(0.43) | $(0.79) |
| Weighted average common shares outstanding used in computing net loss per share—basic | 98292 | 54173 |

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