Revenue remains highly inconsistent, fluctuating between zero and $18.7 million, while operating margins of -550.33% in recent periods highlight the heavy burden of R&D-driven losses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 49.59M | 30.91M | 10M | 0 | 2.6M | 2.05M | 88.52M | 17.46M | 26.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 395.85% | 209.14% | - | -100% | 26.45% | -97.68% | 407.08% | -34.67% | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 8.06M | 5.3M | 0 | 0 | 0 | 0 | 33.74M | 2.81M | 588K | 556K | 670K | 754K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 17.14% | - | - | - | - | 38.12% | 16.08% | 2.2% | - | - | - | - | - | - | - |
| Gross Profit | 41.53M | 25.62M | 10M | 0 | 2.6M | 2.05M | 54.77M | 14.65M | 26.13M | -556K | -670K | -754K | 0 | 0 | 0 | 0 |
| Gross Margin % | 83.75% | 82.86% | 100% | - | 100% | 100% | 61.88% | 83.92% | 97.8% | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 156.16% | - | -100% | 26.45% | -96.25% | 273.89% | -43.94% | 4799.64% | 17.01% | 11.14% | - | - | - | - | - |
| Operating Expenses | 212.38M | 195.75M | 124.96M | 92.08M | 75.53M | 63.46M | 104.13M | 146.99M | 120.91M | 67.8M | 37M | 58.2M | 53.61M | 41.4M | 32.23M | 13.7M |
| OpEx % of Revenue | - | 633.19% | 1249.56% | - | 2909.59% | 3091.18% | 117.64% | 842.06% | 452.55% | - | - | - | - | - | - | - |
| Selling, General & Admin | 88.42M | 81.15M | 43.62M | 30.73M | 24.98M | 24.11M | 62.76M | 101.21M | 77.27M | 21.38M | 17.22M | 17.63M | 18.16M | 15.47M | 10.52M | 3.81M |
| SG&A % of Revenue | - | 262.49% | 436.22% | - | 962.06% | 1174.62% | 70.9% | 579.81% | 289.19% | - | - | - | - | - | - | - |
| Research & Development | 123.67M | 114.6M | 81.33M | 61.36M | 50.56M | 39.35M | 41.38M | 45.78M | 43.65M | 46.42M | 19.78M | 40.56M | 35.45M | 25.93M | 21.71M | 9.88M |
| R&D % of Revenue | - | 370.7% | 813.34% | - | 1947.53% | 1916.56% | 46.74% | 262.25% | 163.37% | - | - | - | - | - | - | - |
| Other Operating Expenses | 290K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -170.85M | -170.13M | -114.96M | -92.08M | -72.94M | -61.41M | -49.36M | -132.34M | -94.78M | -67.8M | -37M | -58.2M | -53.61M | -41.4M | -32.23M | -13.7M |
| Operating Margin % | -344.56% | -550.33% | -1149.56% | - | -2809.59% | -2991.18% | -55.76% | -758.14% | -354.75% | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -47.99% | -24.84% | -26.25% | -18.77% | -24.41% | 62.7% | -39.63% | -39.79% | -83.24% | 36.42% | -8.57% | -29.48% | -28.46% | -135.29% | - |
| EBITDA | -169.85M | -169.4M | -114.93M | -92.02M | -72.82M | -61.34M | -48.1M | -130.16M | -93.36M | -67.25M | -36.33M | -57.45M | -53.18M | -41.17M | -32.02M | -13.62M |
| EBITDA Margin % | -342.55% | -547.98% | -1149.3% | - | -2805.05% | -2987.68% | -54.35% | -745.66% | -349.44% | - | - | - | - | - | - | - |
| EBITDA Growth % | -29.62% | -47.39% | -24.89% | -26.37% | -18.72% | -27.51% | 63.04% | -39.41% | -38.84% | -85.09% | 36.75% | -8.02% | -29.18% | -28.55% | -135.2% | - |
| D&A (Non-Cash Add-back) | 997K | 728K | 26K | 62K | 118K | 72K | 1.25M | 2.18M | 1.42M | 556K | 670K | 754K | 427K | 236K | 207K | 83K |
| EBIT | -210.61M | -170.13M | -125.89M | -83.23M | -71.67M | -61.23M | -51.74M | -128.6M | -66.62M | -67.24M | -36.44M | -57.87M | -53.37M | -41.2M | -31.98M | -13.68M |
| Net Interest Income | 3.08M | 2.93M | -413K | 2.08M | -922K | -9.79M | -15.28M | -16.23M | -3.21M | 2K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.08M | 4.07M | 4.15M | 6.21M | 1.22M | 181K | 515K | 4.38M | 2.6M | 561K | 562K | 334K | 242K | 200K | 246K | 15K |
| Interest Expense | 1.01M | 1.14M | 4.56M | 4.14M | 2.14M | 9.97M | 15.79M | 20.61M | 5.81M | 559K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -23.11M | -39.34M | -15.5M | 4.72M | -875K | -9.79M | -18.17M | -16.87M | 22.35M | 2K | 562K | 334K | 242K | 200K | 15K | 15K |
| Pretax Income | -193.96M | -209.47M | -130.45M | -87.37M | -73.81M | -71.2M | -67.53M | -149.21M | -72.43M | -67.8M | -36.44M | -57.87M | -53.37M | -41.2M | -31.98M | -13.68M |
| Pretax Margin % | -391.16% | -677.59% | -1304.52% | - | -2843.3% | -3468.1% | -76.29% | -854.77% | -271.11% | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 185K | 0 | 0 | 0 | 194K | 0 | 0 | 561K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -0.14% | 0% | 0% | 0% | -0.29% | 0% | 0% | -0.83% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -193.96M | -209.47M | -130.64M | -87.37M | -73.81M | -71.2M | -67.73M | -149.21M | -72.43M | -67.8M | -36.44M | -57.87M | -53.37M | -41.2M | -31.98M | -13.68M |
| Net Margin % | -391.16% | -677.59% | -1306.37% | - | -2843.3% | -3468.1% | -76.51% | -854.77% | -271.11% | - | - | - | - | - | - | - |
| Net Income Growth % | -30.28% | -60.35% | -49.53% | -18.36% | -3.67% | -5.13% | 54.61% | -105.99% | -6.83% | -86.06% | 37.03% | -8.43% | -29.52% | -28.82% | -133.75% | - |
| Net Income (Continuing) | -193.96M | -209.47M | -130.64M | -87.37M | -73.81M | -71.2M | -67.73M | -149.21M | -72.43M | -67.8M | -36.44M | -57.87M | -53.37M | -41.2M | -31.98M | -13.68M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.96 | -3.02 | -3.66 | -3.96 | -4.57 | -4.92 | -5.28 | -27.22 | -12.54 | -21.18 | -11.82 | -19.32 | -24.82 | -21.80 | -20.45 | -8.11 |
| EPS Growth % | 23.53% | 17.49% | 7.58% | 13.35% | 7.11% | 6.82% | 80.6% | -117.07% | 40.79% | -79.19% | 38.82% | 22.16% | -13.85% | -6.6% | -152.16% | - |
| EPS (Basic) | - | -3.02 | -3.66 | -3.96 | -4.57 | -4.92 | -5.28 | -27.22 | -12.54 | -21.18 | -11.82 | -19.32 | -24.82 | -21.80 | -20.45 | -8.11 |
| Diluted Shares Outstanding | 99.15M | 69.31M | 35.71M | 22.05M | 16.14M | 14.53M | 12.78M | 6.21M | 5.78M | 3.2M | 3.08M | 2.99M | 2.15M | 1.89M | 1.56M | 1.69M |
| Basic Shares Outstanding | 98.29M | 69.31M | 35.71M | 22.05M | 16.14M | 14.53M | 12.78M | 6.21M | 5.78M | 3.2M | 3.08M | 2.99M | 2.15M | 1.89M | 1.56M | 1.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial outcomes
As reported in recent financial filings, Verastem's revenue trajectory remains highly volatile, with quarterly figures fluctuating between zero and $18.7 million, reflecting a reliance on non-recurring milestone payments rather than a consistent commercial product stream that would otherwise provide a predictable foundation for long-term growth.
The absence of sustained revenue growth suggests that the company is currently in a pre-commercial phase where top-line performance is dictated by the timing of collaboration agreements. Investors should monitor whether future milestone receipts can bridge the gap until a potential product launch, as the current lack of recurring revenue makes trend analysis inherently difficult.
Based on the company's reported income statements, R&D expenses have consistently dominated the cost structure, reaching $38.2 million in 2026Q1, which underscores the significant capital intensity required to advance the RAMP clinical programs while maintaining a lean administrative overhead relative to total operating losses.
The concentration of spending in R&D is a hallmark of a clinical-stage biotech, yet the scale of these costs relative to the company's cash position warrants close scrutiny. Management appears to be prioritizing clinical execution over cost containment, which is a necessary trade-off but one that leaves little room for error in trial outcomes.
According to historical data, Verastem's net income is consistently negative, with EPS volatility exacerbated by ongoing stock-based compensation expenses that averaged approximately $2 million per quarter, suggesting that equity-based incentives remain a primary tool for talent retention despite the lack of profitable commercial operations.
The quality of earnings is currently non-existent, as the company relies on external capital to fund its operations. Analysts should focus on the impact of share-based compensation on dilution, as this effectively shifts the burden of R&D funding onto shareholders while the company works toward its regulatory milestones.
As indicated by the reported operating margins of -550.33% in recent periods, the company's current burn rate appears unsustainable without either a significant commercial inflection or further capital raises, challenging the narrative that existing cash reserves are sufficient to reach long-term profitability without additional shareholder dilution.
Short-term observers may point to the high cash balance as a safety net, but the rapid depletion of funds to support multi-center trials suggests that the runway may be shorter than it appears. If clinical data fails to provide a clear path to market, the current valuation may face significant downward pressure as the market re-evaluates the company's ability to reach self-sufficiency.
Quick answers to the most common questions about buying VSTM stock.
For fiscal year 2025, Verastem, Inc. (VSTM) reported total revenue of $30.9M.
Verastem, Inc. (VSTM) reported a net loss of $209.5M for the fiscal year ending 2025.
Verastem, Inc. (VSTM) reported an operating income of $-170.1M, resulting in an operating profit margin of -550.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Verastem, Inc. (VSTM) generated $25.6M in gross profit for the year, representing a gross profit margin of 82.9%. This demonstrates the company's core pricing power and production efficiency.