Stem, Inc. Q3 2026 Earnings Recap

Verastem shares fell 14.6% after the quarter, with investors likely focused on moderation in new patient starts following Q2 growth and management’s warning that evolving pancreatic cancer treatment patterns could affect the business. Q3 net product revenue was $24 million, supported by refills, but the call offered no quantified growth outlook.

Key Takeaways

• AVMAPKI FAKZYNJA CO-PACK generated $24 million in Q3 net product revenue; management said demand held steady and increasing refills offset slower new patient starts.
• New patient starts moderated after significant Q2 growth, which the company attributed partly to late-summer seasonality; it did not provide a quantified forecast for future revenue.
• Management anticipates an impact on the business as treatment patterns evolve in pancreatic cancer, where new clinical trials and a recently approved RAS therapy are available. It said its commercial focus remains on approved use in recurrent KRAS-mutated LGSOC.
• The FDA accepted the new blister-pack NDA for priority review, with a PDUFA date in February 2027.
• Verastem raised approximately $250 million in gross proceeds in October and expects cash, financing proceeds and product revenue to fund operations into the first half of 2028.