Stem, Inc. Q1 2026 Earnings Recap

Verastem’s shares plunged 18.6% following earnings as investors reacted negatively to continued launch execution challenges and patient discontinuations that suggest demand and retention are weaker than expected.

Key Takeaways

• Q1 net product revenue for AVMAPKI FAKZYNJA CO-PACK reached $18.7 million, totaling nearly $50 million since launch in May 2025.
• Patient starts and refills were hindered by insurance turnover, severe weather, and earlier-than-anticipated treatment discontinuations, particularly among patients advanced in their disease.
• Prescriber base expanded to over 400 unique doctors, split roughly 60% gynecologic oncologists and 40% medical oncologists, with strong physician preference for CO-PACK at recurrence.
• Duration of therapy and refill frequency remain unclear, with active patient pool growth offset by discontinuation trends.
• Commercial leadership changes and targeted operational adjustments underscore management’s efforts to address launch execution issues and patient identification challenges.