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Verastem (VSTM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Verastem (VSTM) Q3 2026 earnings results →
Q3 2026 Revenue up 114% year over year to $24.0M · 311¢ of every $1 of revenue lost · operating margin -313.3%
Verastem made $24.0M in Q3 2026 (+114% Y/Y). Operating margin -313.3%, net loss $74.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $24.0M in Q3 2026, up 114% year over year and down 40% from the previous quarter.
Operating costs exceeded revenue by $75.2M, an operating margin of -313.3%. Total costs grew 91% against revenue growth of 114%. The fastest-growing cost line was Research & development (+137%). The quarter ended with a net loss of $74.7M, wider than the previous quarter's $34.7M loss.
Operating cash flow was −$33.6M. Non-cash charges added back $3.7M of share-based compensation. Working capital and other items added $37.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $24.0M | +114% | -313.3% | −$74.7M | −$33.6M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $40.1M | 19× | -81.6% | −$34.7M | −$43.9M |
| Q1 2026 | 10-Q | May 7, 2026 | $18.7M | — | -240.5% | −$36.6M | −$52.1M |
| Q4 2025 | 10-K | Mar 4, 2026 | $17.5M | — | -236.5% | −$32.9M | −$30.0M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $11.2M | — | -362.2% | −$98.5M | −$36.2M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $2.1M | -79% | n/m | −$25.9M | −$32.7M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Verastem
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 low-grade serous ovarian cancer (“LGSOC”) who have received prior systemic therapy. AVMAPKI FAKZYNJA CO-PACK received accelerated approval in the U.S. on May 8, 2025. We are also conducting RAMP 301, a Phase 3 trial designed to evaluate avutometinib plus defactinib versus Investigator’s Choice of Treatment (“ICT”) in patients with recurrent LGSOC with and without a KRAS mutation. This trial will serve as a confirmatory study for the initial U.S.
In its own words, from its 10-K, filed Mar 4, 2026.
Verastem against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +114% against the peers' median +10%. Operating margin: -313.3% against the peers' median 20.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VSTM Verastem | Q3 2026 | $24.0M | +114% | -313.3% |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Verastem 10-Q on SEC EDGAR · CIK 1526119 · Pharmaceutical Preparations
Guidance and outlook
13F: who owns VSTM and who is buying
More on VSTM
- How Verastem makes money: revenue by segment
- Verastem next earnings date and what analysts expect
- Verastem stock forecast, price target and fair value
- Who owns Verastem stock: holders, funds and Congress trades
- Verastem guidance and outlook
- Is Verastem a takeover target? LBO and rumors
- Verastem recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results