Stem, Inc. Q2 2026 Earnings Recap

The stock rallied 14.8% following earnings, driven by meaningful commercial execution and a strengthening balance sheet that exceeded investor expectations.

Key Takeaways

• Net product revenues of $25.1 million reflected a resumed growth trajectory for AVMAPKI FAKZYNJA CO-PACK, supported by rising physician confidence and increased prescribing in earlier lines of treatment.
• The company secured up to $75 million in non-dilutive royalty financing with Oberland Capital, drawing $50 million upfront, alongside a $15 million milestone payment, bolstering liquidity without shareholder dilution.
• Encouraging pipeline progress includes completion of enrollment for VS-7375 dose expansion cohorts and FDA fast-track designation for non-small cell lung cancer, with multiple Phase II registration-directed studies underway.
• Commercial efforts focus on new patient starts, earlier treatment adoption, and improving patient adherence to therapy, all showing positive momentum during the quarter.
• Upcoming data updates on the VS-7375 program in October are expected to be an important catalyst for further validation.