Verastem, Inc. (VSTM) Income Statement
VSTM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVSTM revenue and net income
Where VSTM's revenue goes
2025Each bar shows an amount and its share of revenue. VSTM kept −677.6% of revenue as net income.
VSTM profit margins
VSTM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +209.1% | +128.4% | −19.0% | — |
| Gross profit | +156.2% | +114.5% | −14.1% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VSTM quarterly EPS vs estimates
Verastem beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 3, 2026 (estimate $-0.44).
VSTM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.9M | $10.0M | $0 | $2.6M | $2.1M | $88.5M | $17.5M | $26.7M | $0 | $0 |
| Cost of revenue | $5.3M | $26,000 | $62,000 | $118,000 | $206,000 | $33.7M | $2.8M | $588,000 | $556,000 | $670,000 |
| Gross profit | $25.6M | $10.0M | −$62,000 | $2.6M | $2.1M | $54.8M | $14.6M | $26.1M | −$556,000 | −$670,000 |
| Research & development | $114.6M | $81.3M | $61.4M | $50.6M | $39.3M | $41.4M | $45.8M | $43.6M | $46.4M | $19.8M |
| Sales, general & admin | $81.1M | $43.6M | $28.2M | $25.0M | $24.1M | $62.8M | $101.2M | $77.3M | $21.4M | $17.2M |
| Total operating expenses | $195.7M | $125.0M | $92.1M | $75.5M | $63.5M | $104.1M | $147.0M | $120.9M | $67.2M | $36.3M |
| Operating income | −$170.1M | −$115.0M | −$92.1M | −$72.9M | −$61.4M | −$49.4M | −$132.3M | −$94.8M | −$67.8M | −$37.0M |
| Interest income | $4.1M | $4.1M | $5.1M | $1.2M | $181,000 | $515,000 | $4.4M | $2.6M | $561,000 | $562,000 |
| Interest expense | $1.1M | $4.6M | $4.1M | $2.1M | $10.0M | $15.8M | $20.6M | $5.8M | $559,000 | $0 |
| Income before taxes | −$209.5M | −$130.5M | −$87.4M | −$73.8M | −$71.2M | −$67.5M | −$149.2M | −$72.4M | −$67.8M | −$36.4M |
| Income taxes | — | $185,000 | −$87.4M | $36,000 | $9.9M | $194,000 | $20.0M | $28.2M | $561,000 | $0 |
| Net income | −$209.5M | −$130.6M | −$87.4M | −$73.8M | −$71.2M | −$67.7M | −$149.2M | −$72.4M | −$67.8M | −$36.4M |
| EBITDA | −$207.6M | −$125.9M | −$83.2M | −$71.6M | −$61.2M | −$50.5M | −$126.4M | −$65.2M | −$66.7M | −$35.8M |
| EPS (diluted) | −$2.18 | −$3.07 | −$4.02 | −$3.68 | −$3.93 | −$5.04 | −$16.71 | −$12.43 | −$21.00 | −$5.82 |
| Gross margin | 82.9% | 100.0% | — | 100.0% | 100.0% | 61.9% | 83.9% | 97.8% | — | — |
| Operating margin | −550.3% | −1,149.6% | — | −2,809.6% | −2,991.2% | −55.8% | −758.1% | −354.8% | — | — |
| Net margin | −677.6% | −1,306.4% | — | −2,843.3% | −3,468.1% | −76.5% | −854.8% | −271.1% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.1M | $18.7M | $17.5M | $11.2M | $2.1M | $0 | $0 | $0 | $10.0M | $0 | $114,000 | $0 |
| Cost of revenue | $4.0M | $3.1M | $2.9M | $1.7M | $446,000 | $10,000 | $12,000 | $7,000 | $6,000 | $6,000 | $5,000 | $5,000 |
| Gross profit | $36.0M | $15.6M | $14.6M | $9.6M | $1.7M | −$10,000 | −$10.0M | −$7,000 | $10.0M | −$6,000 | $109,000 | −$5,000 |
| Research & development | $41.3M | $38.2M | $31.7M | $29.0M | $24.8M | $29.2M | $20.8M | $24.8M | $18.1M | $17.7M | $22.5M | $13.9M |
| Sales, general & admin | $27.4M | $22.3M | $24.4M | $21.0M | $20.7M | $15.0M | $10.8M | $12.3M | $10.2M | $10.4M | $8.6M | $7.4M |
| Total operating expenses | $68.7M | $60.5M | $56.1M | $50.3M | $45.5M | $44.2M | $31.6M | $37.0M | $28.3M | $28.1M | $31.1M | $21.3M |
| Operating income | −$32.7M | −$44.9M | −$41.5M | −$40.7M | −$43.8M | −$44.2M | −$31.6M | −$37.0M | −$18.3M | −$28.1M | −$31.1M | −$21.3M |
| Interest income | $1.1M | $1.3M | $1.1M | $1.2M | $822,000 | $960,000 | $968,000 | $831,000 | $983,000 | $1.4M | $1.9M | $2.2M |
| Interest expense | $360,000 | $382,000 | $415,000 | $319,000 | $212,000 | $192,000 | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M |
| Income before taxes | −$33.9M | −$36.6M | −$32.9M | −$98.5M | −$25.9M | −$52.1M | −$64.4M | −$24.0M | −$8.3M | −$33.9M | −$27.4M | −$20.0M |
| Income taxes | $816,000 | — | — | — | — | — | $185,000 | −$24.0M | — | −$37,276 | $4.4M | $1.4M |
| Net income | −$34.7M | −$36.6M | −$32.9M | −$98.5M | −$25.9M | −$52.1M | −$64.6M | −$24.0M | −$8.3M | −$33.9M | −$27.4M | −$20.0M |
| EBITDA | −$33.2M | −$35.9M | −$32.2M | −$98.2M | −$25.6M | −$51.9M | −$63.2M | −$22.8M | −$7.1M | −$32.7M | −$26.2M | −$18.9M |
| EPS (diluted) | −$0.35 | −$0.43 | −$0.46 | −$0.54 | −$0.39 | −$0.79 | −$0.60 | −$0.88 | −$0.61 | −$0.98 | −$1.02 | −$0.71 |
| Gross margin | 89.9% | 83.7% | 83.5% | 85.1% | 79.1% | — | — | — | 100.0% | — | 95.6% | — |
| Operating margin | −81.6% | −240.5% | −236.5% | −362.2% | −2,047.9% | — | — | — | −182.8% | — | −27,314.9% | — |
| Net margin | −86.5% | −196.0% | −187.7% | −876.3% | −1,213.6% | — | — | — | −82.6% | — | −24,007.0% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VSTM's financial statements (latest annual report filed March 4, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VSTM financial results
In fiscal year 2025 (ended December 31, 2025), Verastem reported revenue of $30.9 million, up 209.1% from the year before. It had a net loss of $209.5 million, a net profit margin of −677.6%. Diluted earnings per share came to −$2.18. Over five years revenue grew at an average rate of −19.0% a year.
See the VSTM stock overview for the latest quote and news, or the VSTM chart for price history and technical indicators.
VSTM income statement FAQ
What is Verastem's annual revenue?
Verastem reported total revenue of $30.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 209.1% from $10.0 million the previous year.
Is Verastem profitable?
No. Verastem reported a net loss of $209.5 million in fiscal 2025, a net profit margin of −677.6%; its operating margin was −550.3%.
What is Verastem's gross margin?
Verastem's gross margin was 82.9% in fiscal 2025: for every $100 of revenue, Verastem kept $83 after the direct cost of its products and services.
How much does Verastem spend on research and development?
Verastem spent $114.6 million on research and development in fiscal 2025, 370.7% of revenue.
How fast is Verastem growing?
Revenue grew −19.0% a year on average over the last five fiscal years, from $88.5 million to $30.9 million.
What are Verastem's earnings per share?
Verastem earned $-2.18 per diluted share in fiscal 2025, compared with $-3.07 a year earlier.
When will Verastem report its next earnings?
Verastem is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Verastem's fiscal year end?
Verastem's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 4, 2026.