Cambridge biotech tracker · Needham
Verastem
Listed on Nasdaq as VSTM, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $136M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $40.5M
- avg. operating cash flow, 4 qtrs
- Runway
- 10 mo
- Under 12 months
- Net loss
- $34.7M
- Q2 '26
- R&D expense
- $41.3M
- 57% of opex
- Raised, last 4 qtrs
- +$144M
- net financing cash flow
- Next readout
- Jun 2027
- Phase 2 · cash to the catalyst, barely
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Cash against the calendar
What the runway has to reach.
Jun 2027estimated
A Phase 2 Study of VS-7375 in Patients With KRAS G12D-Mutated Non-Small Cell Lung Cancer
Non-Small Cell Lung Cancer
NCT07659782 on ClinicalTrials.govDoes the cash reach it?
Cash to the catalyst, barely
- Runway
- 10 months
- Time to the date
- 7 months
It is about 7 months out. At the current burn the cash lasts roughly 3 months past it. That is a thin margin: a slipped enrollment date or a delayed database lock turns a data-driven raise into a necessary one.
Catalysts ahead
- Jun 2027Phase 2A Phase 2 Study of VS-7375 in Patients With KRAS G12D-Mutated Non-Small Cell Lung Cancer
- Jun 2027Phase 2A Phase 2 Study of VS-7375 in Patients With KRAS G12D-Mutated Colorectal Cancer
- Jun 2027Phase 2A Phase 2 Study of VS-7375 in Patients With KRAS G12D-Mutated Pancreatic Cancer
- Oct 2028Phase 3A Study of Avutometinib (VS-6766) + Defactinib (VS-6063) in Recurrent Low-Grade Serous Ovarian Cancer
- Dec 2028Phase 1/2A Phase 1/2 Study of VS-7375 in Patients With KRAS G12D-Mutated Solid Tumors
Pipeline
10 active trials, through phase 3.
Phase 2 · 6Phase 1/2 · 3Phase 3 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash reaches the next catalyst with little to spare
The next dated event is a phase 2 readout in Jun 2027, about 7 months out. That leaves roughly 3 months of cash on the other side. Enrollment slipping a quarter would erase it, which is why the cash forecast and the clinical timeline belong in the same model.
About 10 months of runway
Cash and investments of $136M at Q2 '26 against an average operating cash burn of $40.5M per quarter over the last four reported quarters runs out around April 2027. Under a year of runway is where ASC 205-40 going-concern evaluations, financing timing, and cost plans all get decided at once.
Cash position up $23.2M since Q3 '24
Net financing inflows of $144M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Cash burn runs $9.2M above net loss
Operating cash outflow exceeded the reported net loss in Q2 '26, which usually means working capital absorbed cash: prepayments to CROs and CDMOs, accrued liabilities paid down, or deferred revenue being earned without new cash coming in.
R&D is 57% of operating expenses
$41.3M of R&D against $72.8M of total operating expenses in Q2 '26, with G&A at $8.5M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $40.1M in Q2 '26
Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Going-concern language in the 10-Q filed Aug 6, 2026
The filing contains definite substantial-doubt language, the conclusion of an ASC 205-40 evaluation that cash may not cover twelve months from the issuance date without additional financing or cost actions. Read the liquidity note in the filing for management's plans and whether they are considered probable.
Accumulated deficit of $1.24B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $113M | −$23.8M | −$24.0M | $24.8M | $12.3M | — | $1.9M | $53.6M |
| Q4 '24 · Dec 31, 24 | $88.8M | −$25.1M | −$64.6M | $20.8M | $10.8M | $0 | $2.0M | $742K |
| Q1 '25 · Mar 31, 25 | $118M | −$38.7M | −$52.1M | $29.2M | $15.0M | — | $1.8M | $67.4M |
| Q2 '25 · Jun 30, 25 | $164M | −$32.7M | −$25.9M | $24.8M | $7.5M | $2.1M | $3.4M | $79.4M |
| Q3 '25 · Sep 30, 25 | $138M | −$36.2M | −$98.5M | $29.0M | $21.0M | $11.2M | $2.2M | $17.9M |
| Q4 '25 · Dec 31, 25 | $205M | −$30.0M | −$32.9M | $31.7M | $24.4M | $17.5M | $2.0M | $98.6M |
| Q1 '26 · Mar 31, 26 | $182M | −$52.1M | −$36.6M | $38.2M | $22.3M | $18.7M | $2.0M | $28.7M |
| Q2 '26 · Jun 30, 26 | $136M | −$43.9M | −$34.7M | $41.3M | $8.5M | $40.1M | $3.4M | −$1.5M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.