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Verastem, Inc.
8/7/2025
Thank you for standing by. My name is Rebecca, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Veristem Oncology Second Quarter 2025 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, Simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I will now turn the call over to Drewlissa Theana, Vice President, Corporate Communications, Investor Relations, Patient Advocacy. Please go ahead.
Thank you, Operator. Welcome, everyone, and thank you for joining us today to discuss Verisim's second quarter 2025 financial results and recent business updates. Earlier today, we issued a press release detailing our financial results for the second quarter of 2025. This release, along with a slide presentation that we will reference during our call today, are available on our website. Before we begin, I would like to remind you that any statements made during this call are not historical and are considered to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these statements as a result of various important factors, including those discussed in the risk factor section in the company's most recent annual report on Form 10-K filed with the SEC. on March 28, 2025, and the current report on Form 10-Q filed today, as well as other reports filed with the SEC. Any forward-looking statements we make represent Verisem's views as of today, and we disclaim any obligations or responsibilities to update. Joining me on today's call are Dan Patterson, President and Chief Executive Officer of Verisem, who will provide opening remarks and recap key highlights from the quarter. Matt Ross, Chief Operating Officer, and Mike Crowther, Chief Commercial Officer, who will walk through the initial progress of the MSP Factinja COPAC commercial launch, and Dan Calkins, Chief Financial Officer, who will provide an overview of our financial results. I will now turn the call over to Dan.
Thanks, Jalissa. Good afternoon, everyone, and thank you for joining us on today's call. We're pleased to report that we delivered exceptional results in the first half of 2025, highlighted by a particularly transformative second quarter. Our team achieved several significant milestones that position us for sustained long-term growth. We secured FDA approval for our lead program ahead of schedule and successfully launched Avnavky Faxinja Copac, marking a major inflection point for the company. In addition, we advanced key clinical programs and strengthened our balance sheet to support our growth. As we look ahead to the second half of 2025, we remain highly focused on maintaining this strong momentum, bringing our new treatment option to more patients, and delivering value for our shareholders. The second quarter marked a pivotal milestone for our company with the FDA approval of Abmapkifaxin Jacopac, a KRAS-mutated recurrent LGSOC. This approval represents several industry firsts that underscore the significance of our achievement. For the first time, patients with this rare ovarian cancer have access to an FDA-approved therapy specifically to address this area of high unmet need. And to our knowledge, this approval marks the first-ever truly novel-novel drug combination approved in oncology, a clear validation to our innovative approach and execution capabilities. Importantly, we received accelerated approval nearly two months ahead of schedule, and our extensive prelaunch efforts over the last two years allowed us to quickly move into the market. AvMap T-Faxinja Copax was available at our designated specialty pharmacies within five days of approval, demonstrating our operational excellence and commitment to patient access. In just six weeks on the market, we reported $2.1 million in net product revenue, reflecting successful early traction and robust execution across all key launch priorities. Our commercial and medical teams have performed exceptionally well in engaging healthcare providers, supporting patients and ensuring seamless access, delivering on each component of our go-to-market plan. Matt and Mike will speak more about this in a few minutes. As we continue to build on the positive momentum this far, we firmly believe that the ABMAP-D-SACS-Vinja Copac will become the new standard of care for this indication, fundamentally changing the treatment paradigm for this disease. I'll now turn the call over to Matt to discuss our commercial launch in greater detail. Matt?
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