Verastem Oncology — October 2026 Earnings Summary

Business Segments and Product Lines

• Michael P. Bailey appointed President and CEO effective January 1, 2027, to lead commercial business and advance the pipeline asset VS-7375.
• Daniel Paterson retiring as President and CEO after a 15-year career with the Company; will remain on the Board of Directors and as an advisor.
• AVMAPKI FAKZYNJA CO-PACK (avutometinib plus defactinib) is the Company's marketed product in the U.S. for KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC).
• VS-7375, an investigational oral KRAS G12D (ON/OFF) inhibitor, has progressed to Phase 2 clinical trials across multiple tumor types.
• The Phase 3 confirmatory trial RAMP 301 for AVMAPKI FAKZYNJA CO-PACK is ongoing to verify clinical benefit.
• VS-7375 has received FDA Fast Track Designation for KRAS G12D-mutated locally advanced or metastatic pancreatic ductal adenocarcinoma (PDAC) and previously treated unresectable locally advanced or metastatic non-small cell lung cancer (NSCLC).
• Three registration-directed Phase 2 trials for VS-7375 are enrolling: TARGET-D 201 (PDAC), TARGET-D 202 (NSCLC), and TARGET-D 203 (metastatic colorectal cancer).
• A Phase 3 trial (RAMP 205) evaluating avutometinib plus defactinib with standard-of-care chemotherapy for first-line advanced pancreatic cancer is being evaluated.
• VS-7375 originated from a collaboration with GenFleet Therapeutics; Verastem holds development and commercialization rights outside mainland China, Hong Kong, Macau, and Taiwan.

Management Commentary and Tone

• Board Chairman John Johnson stated the Board is confident Bailey will quickly transition and lead the Company through commercial growth and clinical advancement.
• Johnson noted that under Paterson's leadership, the Company achieved accelerated FDA approval and commercial launch of AVMAPKI FAKZYNJA CO-PACK and advanced VS-7375 toward a Phase 3 trial in metastatic pancreatic cancer expected to begin later in 2026.
• Paterson expressed pride in the Company's achievements and welcomed Bailey, citing his strong understanding of Verastem's business and culture.
• Bailey stated the Company is well-positioned to advance its vision of becoming a multi-asset oncology company with the commercialization of AVMAPKI FAKZYNJA CO-PACK and compelling preliminary clinical data for VS-7375.

Risks and Challenges

• Continued approval for AVMAPKI FAKZYNJA CO-PACK may be contingent upon verification and description of clinical benefit in a confirmatory trial.
• Risks include negative or unexpected results in clinical trials, potential failure to see a return on investment from the GenFleet collaboration, and failure to satisfy closing conditions for a $50.0 million non-dilutive royalty financing arrangement with Oberland Capital.
• Potential delays or cost overruns in development and commercialization, including as a result of additional studies.
• Regulatory risks related to U.S. presidential administration actions and potential workforce reductions at the FDA that could disrupt review and oversight.
• Product candidates may not receive regulatory approval, become commercially successful, or result in new treatment options.
• Specific safety risks for AVMAPKI FAKZYNJA CO-PACK include ocular toxicities, serious skin toxicities, hepatotoxicity, rhabdomyolysis, and embryo-fetal toxicity.
• Drug interactions with strong/moderate CYP3A4 inhibitors or inducers, warfarin, and gastric acid-reducing agents require avoidance or specific administration timing.

Other Key Points

• The CEO transition follows a planned succession strategy.
• Bailey has served on Verastem's Board of Directors since May 2026.
• Bailey previously served as CEO of AVEO Pharmaceuticals, leading the turnaround and launch of FOTIVDA in 2021 and the subsequent acquisition of AVEO by LG Chem, Ltd. in 2023.
• The press release includes detailed prescribing information regarding warnings, precautions, adverse reactions, and drug interactions for AVMAPKI FAKZYNJA CO-PACK.
• Forward-looking statements cover the timing of the CEO transition, clinical trial commencement, and commercialization prospects.