Verastem, Inc.
VSTMHealthcare|Biotechnology|US
$8.41
-0.97 (-10.34%)
Cash / Share
$1.71
Financials
Financial Snapshot
Market Cap
$1.02B
Enterprise Value
$971.1M
Revenue (TTM)
$100.3M
Net Income (TTM)
-$178.9M
Cash & Investments
$172.8M
Net Cash
$50.7M
Free Cash Flow (TTM)
-$160.9M
Operating CF (TTM)
-$159.6M
Debt/Equity
12.09
Cash Runway & Burn Rate
Cash on Hand
$172.8M
Quarterly Burn
$39.9M
Monthly Burn
$13.3M
Est. Runway
~4.3 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $80.9M | $86.7M | $249.7M | $75.5M | $141.2M | $100.3M | $87.9M | $137.1M | $88.8M | $205.0M | $172.8M | |
| Operating Cash Flow | -$29.5M | -$57.3M | -$74.5M | -$138.5M | -$33.5M | -$53.5M | -$63.7M | -$86.5M | -$104.8M | -$137.5M | -$159.6M | |
| Free Cash Flow | -$29.5M | -$57.3M | -$98.0M | -$138.5M | -$33.5M | -$53.7M | -$63.7M | -$86.5M | -$104.8M | -$137.5M | -$160.9M | |
| Capital Expenditure | -$39.0K | $0.00 | -$23.5M | -$7.0K | -$33.0K | -$196.0K | $0.00 | $0.00 | -$28.0K | $0.00 | -$1.3M | |
| Financing Cash Flow | -$5.0K | $63.2M | $261.2M | -$2.4M | $69.6M | $6.9M | $51.8M | $134.2M | $54.8M | $263.3M | $203.3M |
R&D Spending
R&D (TTM)
$180.0M
R&D Intensity
179.5%
R&D Growth vs Prior
+57.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $26.7M | $17.5M | $88.5M | $2.1M | $2.6M | $0.00 | $10.0M | $30.9M | $100.3M | |
| R&D Expense | $19.8M | $46.4M | $43.6M | $45.8M | $41.4M | $39.3M | $50.6M | $61.4M | $81.3M | $114.6M | $180.0M | |
| R&D % of Revenue | — | — | 163.4% | 262.2% | 46.7% | 1916.6% | 1947.5% | — | 813.3% | 370.7% | 179.5% | |
| SG&A | $17.2M | $21.4M | $77.3M | $101.2M | $62.8M | $24.1M | $25.0M | $30.7M | $43.6M | $81.1M | $100.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $26.7M | $17.5M | $88.5M | $2.1M | $2.6M | $0.00 | $10.0M | $30.9M | $100.3M | |
| Cost of Revenue | $670.0K | $556.0K | $588.0K | $2.8M | $33.7M | $0.00 | $0.00 | $0.00 | $0.00 | $5.3M | $13.9M | |
| Gross Profit | -$670.0K | -$556.0K | $26.1M | $14.6M | $54.8M | $2.1M | $2.6M | $0.00 | $10.0M | $25.6M | $86.4M | |
| R&D | $19.8M | $46.4M | $43.6M | $45.8M | $41.4M | $39.3M | $50.6M | $61.4M | $81.3M | $114.6M | $180.0M | |
| SG&A | $17.2M | $21.4M | $77.3M | $101.2M | $62.8M | $24.1M | $25.0M | $30.7M | $43.6M | $81.1M | $100.6M | |
| Operating Income | -$37.0M | -$67.8M | -$94.8M | -$132.3M | -$49.4M | -$61.4M | -$72.9M | -$92.1M | -$115.0M | -$170.1M | -$194.3M | |
| Interest Expense | $0.00 | $559.0K | $5.8M | $20.6M | $15.8M | $10.0M | $2.1M | $4.1M | $4.6M | $1.1M | $1.4M | |
| Pretax Income | -$36.4M | -$67.8M | -$72.4M | -$149.2M | -$67.5M | -$71.2M | -$73.8M | -$87.4M | -$130.5M | -$209.5M | -$178.1M | |
| Net Income | -$36.4M | -$67.8M | -$72.4M | -$149.2M | -$67.7M | -$71.2M | -$73.8M | -$87.4M | -$130.6M | -$209.5M | -$178.9M | |
| EPS (Diluted) | -11.82 | -21.18 | -16.43 | -24.01 | -5.28 | -4.92 | -4.57 | -3.96 | -3.66 | -3.02 | -1.85 | |
| EBITDA | -$35.8M | -$66.7M | -$65.2M | -$126.4M | -$50.5M | -$61.2M | -$71.6M | -$83.2M | -$125.9M | -$207.6M | -$175.6M | |
| Shares Out. (M) | 3.08 | 3.20 | 5.78 | 6.21 | 12.78 | 14.53 | 16.14 | 22.05 | 35.71 | 69.31 | 101.24 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $32.3M | $82.2M | $129.9M | $43.5M | $67.8M | $21.3M | $74.9M | $77.9M | $88.8M | $205.0M | $172.8M | |
| Short-Term Investments | $48.5M | $4.5M | $119.8M | $32.0M | $73.4M | $79.0M | $13.0M | $59.2M | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $81.3M | $87.8M | $253.3M | $85.0M | $144.9M | $105.7M | $92.9M | $143.7M | $95.0M | $223.4M | $199.4M | |
| Total Assets | $83.6M | $89.8M | $277.2M | $145.0M | $154.3M | $108.7M | $95.0M | $149.7M | $101.5M | $246.4M | $229.6M | |
| Total Current Liabilities | $11.0M | $17.1M | $37.1M | $29.9M | $17.1M | $18.6M | $21.7M | $26.4M | $31.0M | $72.3M | $103.3M | |
| Long-Term Debt | $0.00 | $14.8M | $114.7M | $103.6M | $19.1M | $249.0K | $24.5M | $40.1M | $40.7M | $76.3M | $113.0M | |
| Total Liabilities | $11.3M | $32.1M | $152.9M | $137.9M | $39.1M | $21.1M | $47.7M | $92.3M | $130.4M | $189.2M | $219.5M | |
| Stockholders' Equity | $72.3M | $57.7M | $124.3M | $7.2M | $115.3M | $87.6M | $47.4M | $57.4M | -$28.9M | $57.2M | $10.1M | |
| Retained Earnings | -$235.3M | -$303.1M | -$375.6M | -$524.8M | -$592.5M | -$663.7M | -$737.5M | -$824.9M | -$955.5M | -$1.16B | -$1.31B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$29.5M | -$57.3M | -$74.5M | -$138.5M | -$33.5M | -$53.5M | -$63.7M | -$86.5M | -$104.8M | -$137.5M | -$159.6M | |
| Capital Expenditure | -$39.0K | $0.00 | -$23.5M | -$7.0K | -$33.0K | -$196.0K | $0.00 | $0.00 | -$28.0K | $0.00 | -$1.3M | |
| Free Cash Flow | -$29.5M | -$57.3M | -$98.0M | -$138.5M | -$33.5M | -$53.7M | -$63.7M | -$86.5M | -$104.8M | -$137.5M | -$160.9M | |
| Investing Cash Flow | $37.0M | $44.0M | -$138.4M | $89.6M | -$47.4M | $87.0K | $66.2M | -$44.4M | $60.0M | -$9.6M | -$8.6M | |
| Financing Cash Flow | -$5.0K | $63.2M | $261.2M | -$2.4M | $69.6M | $6.9M | $51.8M | $134.2M | $54.8M | $263.3M | $203.3M | |
| Issuance of Stock | $0.00 | $48.1M | $105.2M | $569.0K | $106.1M | $6.7M | $27.4M | $91.4M | $14.2M | $230.9M | $157.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $14.8M | $155.2M | -$2.5M | -$37.4M | $0.00 | $24.1M | $14.6M | -$150.0K | $32.4M | $46.3M | |
| Stock Based Comp. | $6.3M | $5.0M | $6.7M | $8.5M | $8.1M | $7.7M | $6.0M | $5.9M | $7.3M | $9.4M | $11.2M | |
| Net Change in Cash | $7.5M | $49.8M | $48.3M | -$51.3M | -$11.2M | -$46.5M | $54.3M | $3.3M | $10.0M | $116.2M | $35.1M |
Dilution Tracker
Shares outstanding grew 442.4% over 5 years — significant dilution
Shares Outstanding
122M
5-Year Share Growth
+442.4%
Stock Issuance (TTM)
$157.2M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 3.08 | 3.20 | 5.78 | 6.21 | 12.78 | 14.53 | 16.14 | 22.05 | 35.71 | 69.31 | 101.24 | |
| Change vs Prior % | — | 3.9% | 80.4% | 7.6% | 105.6% | 13.7% | 11.0% | 36.7% | 61.9% | 94.1% | 46.1% | |
| Stock Issuance | $0.00 | $48.1M | $105.2M | $569.0K | $106.1M | $6.7M | $27.4M | $91.4M | $14.2M | $230.9M | $157.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $6.3M | $5.0M | $6.7M | $8.5M | $8.1M | $7.7M | $6.0M | $5.9M | $7.3M | $9.4M | $11.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | 97.8% | 83.9% | 61.9% | 100.0% | 100.0% | — | 100.0% | 82.9% | 86.1% | |
| Operating Margin % | — | — | -354.8% | -758.1% | -55.8% | -2991.2% | -2809.6% | — | -1149.6% | -550.3% | -193.7% | |
| Net Margin % | — | — | -271.1% | -854.8% | -76.5% | -3468.1% | -2843.3% | — | -1306.4% | -677.6% | -178.4% | |
| EBITDA Margin % | — | — | -244.0% | -724.2% | -57.0% | -2978.9% | -2756.4% | — | -1258.6% | -671.6% | -175.1% | |
| FCF Margin % | — | — | -366.9% | -793.6% | -37.9% | -2615.6% | -2452.7% | — | -1048.0% | -444.8% | -160.4% | |
| ROE % | -50.4% | -117.5% | -58.3% | -2079.9% | -58.8% | -81.3% | -155.8% | -152.3% | 452.1% | -366.2% | -359.5% | |
| ROA % | -43.6% | -75.5% | -26.1% | -102.9% | -43.9% | -65.5% | -77.7% | -58.4% | -128.7% | -85.0% | -77.9% | |
| ROIC % | -50.9% | -93.3% | -38.5% | -114.5% | -35.8% | -67.7% | -98.0% | -74.1% | -160.6% | -97.4% | -145.6% | |
| R&D / Revenue % | — | — | 163.4% | 262.2% | 46.7% | 1916.6% | 1947.5% | — | 813.3% | 370.7% | 179.5% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | -34.7% | 407.1% | -97.7% | 26.4% | -100.0% | 0.0% | 209.1% | |
| Gross Profit | 11.1% | 17.0% | 4799.6% | -43.9% | 273.9% | -96.3% | 26.4% | -100.0% | 0.0% | 156.2% | |
| Operating Income | 36.4% | -83.2% | -39.8% | -39.6% | 62.7% | -24.4% | -18.8% | -26.3% | -24.8% | -48.0% | |
| Net Income | 37.0% | -86.1% | -6.8% | -106.0% | 54.6% | -5.1% | -3.7% | -18.4% | -49.5% | -60.3% | |
| EPS (Diluted) | 38.8% | -79.2% | 22.4% | -46.1% | 78.0% | 6.8% | 7.1% | 13.3% | 7.6% | 17.5% | |
| Operating Cash Flow | 35.3% | -94.4% | -30.0% | -85.9% | 75.8% | -59.7% | -19.0% | -35.8% | -21.2% | -31.2% | |
| Free Cash Flow | 35.5% | -94.1% | -71.0% | -41.3% | 75.8% | -60.1% | -18.6% | -35.8% | -21.2% | -31.2% | |
| R&D Expense | -51.2% | 134.7% | -6.0% | 4.9% | -9.6% | -4.9% | 28.5% | 21.4% | 32.6% | 40.9% | |
| SG&A Expense | -2.3% | 24.1% | 261.4% | 31.0% | -38.0% | -61.6% | 3.6% | 23.0% | 42.0% | 86.0% | |
| Total Assets | -26.1% | 7.4% | 208.8% | -47.7% | 6.4% | -29.6% | -12.5% | 57.5% | -32.2% | 142.7% | |
| Book Value / Share | -31.5% | -23.2% | 19.4% | -94.6% | 681.5% | -33.2% | -51.3% | -11.4% | -131.1% | 202.0% | |
| Debt | 0.0% | 0.0% | 712.3% | -10.7% | -79.0% | -85.9% | 751.1% | 53.5% | 1.7% | 81.9% | |
| Diluted Shares | 2.9% | 3.9% | 80.4% | 7.6% | 105.6% | 13.7% | 11.0% | 36.7% | 61.9% | 94.1% |
Valuation
P/E (TTM)At Loss
P/S10.19
10Y Low / Med / High3.69 / 17.31 / 174.15
P/B84.29
10Y Low / Med / High0.57 / 2.83 / 13.93
EV/EBITDAAt Loss
EV/Revenue9.68
10Y Low / Med / High3.18 / 11.40 / 165.35
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$1.71
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -1.14 | -1.74 | -3.00 | -0.67 | -4.84 | -5.00 | -1.05 | -2.06 | -1.41 | -2.56 | -4.55 | |
| P/S Ratio | 0.00 | 0.00 | 8.72 | 5.72 | 3.69 | 174.15 | 29.84 | 0.00 | 18.46 | 17.31 | 10.19 | |
| P/B Ratio | 0.57 | 2.04 | 1.87 | 13.93 | 2.83 | 4.08 | 1.63 | 3.13 | -6.39 | 9.35 | 84.29 | |
| EV/EBITDA | -0.25 | -0.76 | -3.43 | -1.30 | -5.57 | -5.55 | -0.41 | -1.72 | -1.10 | -1.96 | -5.53 | |
| EV/Revenue | 0.00 | 0.00 | 8.37 | 9.39 | 3.18 | 165.35 | 11.40 | 0.00 | 13.81 | 13.16 | 9.68 |
Analyst Estimates & Quality
Altman Z-Score
-6.80
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $113.5M | $159.1M | $243.1M |
| Net Income | -$112.4M | -$108.6M | -$103.3M |
| EPS | $-1.63 | $-1.57 | $-1.45 |
| # Analysts (EPS) | 3 | 3 | 6 |
Revenue Segments
By Product
| Segment | 2018 | 2019 | 2020 | 2021 | 2022 | 2025 |
|---|---|---|---|---|---|---|
| Product Revenue And Allowances Returns | $2.0K | $76.0K | $31.0K | — | — | — |
| Product Revenue Reserves And Allowances Government Rebates And Other Incentives | $157.0K | $372.0K | $67.0K | — | — | — |
| Product Revenue Reserves And Allowances Third Party Payer Chargebacks Discounts And Fees | $88.0K | $255.0K | $2.1M | — | — | — |
| Product Revenue Reserves And Allowances Trade Discounts And Allowances | $29.0K | $111.0K | $23.0K | — | — | — |
| Government rebates and other incentives | — | — | — | $67.0K | — | $4.4M |
| Returns | — | — | — | $31.0K | — | $376.0K |
| Trade discounts and allowances | — | — | — | $23.0K | — | $888.0K |
| Copiktra license and related assets | — | — | — | $1.4M | — | — |
| Sale of COPIKTRA license and related assets | — | — | — | — | $2.6M | — |