Market reactionShares fell 10% on Nov 6.
Verastem Oncology sells AVMAPKI FAKZYNJA CO-PACK for a rare ovarian cancer and is developing VS-7375, a pill that blocks the KRAS G12D mutation, for pancreatic, lung and colorectal cancer; VS-7375 is not approved.
Verastem's case rests on VS-7375, an oral KRAS G12D inhibitor that gave a 41% confirmed response rate (9 of 22) in previously treated pancreatic cancer at 900 mg. These are early, uncontrolled results, and Verastem aims to dose first patients in Phase 3 trials in pancreatic, lung and colorectal cancer in the first half of 2027. It also sells AVMAPKI FAKZYNJA CO-PACK in ovarian cancer and raised about $234.7 million net in October, on top of an estimated $172.8 million in cash and investments.
Thesis checklist
0 risks need attention
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Why it is in this state
The evidence, what would weaken it and the source filing
Next decision point
Tests: Phase 3 trials open on schedule
Does FDA agree Phase 3 designs for first-line lung and colorectal cancer, as it did for pancreatic cancer?
Strong, inconclusive and weak outcomes
What to look for in the result and how each would move the checklist
Price and material events
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Verastem's KRAS G12D drug VS-7375 showed a 41% confirmed response rate in previously treated pancreatic cancer and 43% in lung cancer; a first-line pancreatic Phase 3 opens by year-end after a $250M raise
KRAS G12D inhibitor racing three simultaneous Phase 2 trials toward accelerated approval; going-concern doubt tests whether Oberland debt buys enough time
AVMAPKI FAKZYNJA CO-PACK holds the only approved LGSOC label; RAMP 301 Phase 3 data mid-2027 will determine whether the confirmatory trial expands or contracts that commercial foothold
Approved MEK/FAK combo in LGSOC seeks label expansion via RAMP 301 Phase 3, while early KRAS G12D asset VS-7375 tests differentiation in crowded solid tumor space
About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.
Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.
Disease areas: Lung cancer, Breast and gynecologic cancers, Gastrointestinal cancers, Other cancers
Catalyst calendar · Upcoming FDA decisions · Thesis changes
Competitive landscape
5 peers tracked
Cash: Market-data provider estimate; measurement period unavailable.
Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.
Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.
Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.
Runway: No underlying guidance available.