Verastem, Inc.

Good afternoon and welcome to Veristem Oncology's second quarter 2026 earnings conference call. My name is Livia and I'll be your call operator today. Please note this event is being recorded. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. I will now turn the call over to Julissa Viana, Senior Vice President, Corporate Communications, Investor Relations, and Patient Advocacy at Veristem Oncology.

Thank you, Operator. Welcome, everyone, and thank you for joining us today to discuss Verisem's second quarter 2026 financial results and recent business updates. This afternoon, we issued a press release detailing these results, along with a slide presentation that we will reference during our call today. Both are available on the investor relations section of our website. Before we begin, let me point out that we'll be making forward-looking statements that are based on our current expectations and beliefs. These statements are subject to certain risks and uncertainties, and actual results may differ materially. We encourage you to consult the risk factors discussed in our SEC filings for additional detail. Additionally, today we'll be discussing certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are provided in the press release we issued today. Joining me on today's call to deliver prepared remarks and take your questions are Dan Paterson, President and Chief Executive Officer, Dan Lyons, Chief Commercial Officer, and Dan Calkins, Chief Financial Officer. Dr. Michael Kauffman will be joining us for the Q&A portion of the call. I will now turn the call over to Dan.

Thank you, Julissa. Good afternoon and thank you for joining our call today. We delivered a strong second quarter with meaningful progress across both our commercial business and pipeline. For the quarter, we generated net product revenues of $25.1 million. reflecting continued execution of our commercial strategy, putting us back on track and reinforcing the long-term opportunity for AvMapKey Faxinja Copac. We also strengthened the balance sheet with a non-dilutive royalty financing agreement with Oberlin Capital to secure up to $75 million in funding, of which we expect to draw $50 million at closing. Combined with a $15 million milestone payment from Securibio for a Copectra sales milestone, The incremental $90 million in non-diluted funding strengthens our balance sheet and allows us to get beyond key data readouts, advance partnership discussions, and preserves strategic flexibility as we evaluate future financing opportunities. Also, as we shared previously, we continue to expect the LGSOC business will become self-sustaining by the end of 2026, meaning that commercial revenue will support both the ongoing commercial organization and the existing Avudametnib and Defactinib development franchise. As Dan Lyons will discuss, the commercialization of the COPAC is progressing well and we're encouraged that the changes we made are having an impact. Since the first quarter, we've seen a meaningful rebound with significant quarter-over-quarter growth driven by growing physician confidence and initiating treatment for new patients. Physicians prescribing to more patients in earlier lines and increasing patient refills. In addition, our field teams are continuing to support prescribers in helping patients stay on therapy to realize the full benefit of the treatment. These trends reinforce our belief that adoption will continue to grow as physicians become increasingly comfortable using the combination at a patient's first or next recurrence. We reported a positive update on the RAMP205 pancreatic cancer data. Looking ahead, we believe the regimen of avutamatinib plus defactinib in combination with chemotherapy can play an important role in the second line treatment of PDAC following either a PanRAS or a KRAS G12D inhibitor to help address resistance mechanisms that are expected to emerge. Turning to VS7375, We have an opportunity to meaningfully advance treatment for patients with KRAS G12D-driven cancers. Our goal isn't simply to extend patients' lives, but to do so with a treatment designed to specifically target the biology of these cancers without unnecessary on-target toxicities. Ultimately, we want patients to spend more time living their lives, not managing nasty side effects from their treatment. The progress we've seen across the RAS field is validation of the possibilities. At the same time, it has also made clear that there remains significant opportunity to improve both outcomes and the overall treatment experience for the approximately 60,000 patients diagnosed each year in the U.S. alone with a KRAS G12D-driven cancer. Recently, I heard about a young woman in her 30s who is participating in our trial. and her story and experience in the trial reminded me why this work matters. She was diagnosed with a KRAS G12D mutated advanced non-small cell lung cancer. She'd never smoked and did not respond to current standard of care chemo plus immunotherapy. She was not only living with cancer but experiencing constant symptoms of the disease that disrupted her quality of life. When she entered our study and began treatment with VS-7375 at 600 mg, her primary tumor shrank by more than 65% within six weeks and her symptoms also started to improve. She remains on treatment today and continues to do well. While this is one patient's experience, it serves as a powerful reminder about what is at stake and that behind every data point is a person and family member Hoping for not just more time, but more quality time. In June, we shared preliminary clinical data from the Phase 1-2 Target D-101 study, which further strengthened our conviction that VS-7375 has the potential to not only become the best-in-class oral K-grass G12D inhibitor, but a treatment that patients can truly tolerate. We continue to be encouraged by the emerging anti-tumor activity across multiple tumor types and the favorable tolerability profile we've seen so far. Together, these data support the advancement of our three ongoing Phase II registration-directed studies in pancreatic, colorectal, and non-small cell lung cancers. Operationally, we've continued to execute the VS7375 development program at an impressive pace. We completed target enrollment in the pancreatic, colorectal, and non-small-cell lung cancer dose expansion cohorts of the TARGET-D-101 study, received FDA fast-track designation for non-small-cell lung cancer, and initiated all three of our Phase II registration-directed studies with the first patients now dosed in each trial. These studies represent an important step toward generating additional data to support the potential for the accelerated approval pathway and set the stage for our upcoming frontline phase three studies. We look forward to sharing a meaningful data update on VS7375, including response rates across our three lead tumor types in October. With that, I'll turn the call over to Dan Lyons for our commercial update. Dan?