Verastem Files Preliminary Prospectus for $250M Offering, Terminates ATM, Discloses Q3 Cash of $172.8M
VSTM has more than doubled off its 52-week low of $3.43 on elevated volume (12× avg).
Summary
Verastem filed a preliminary prospectus for a $250M underwritten offering, terminated its ATM program, and disclosed preliminary Q3 cash of $172.8M and FDA priority review for its Blister Pack NDA. The offering was priced at $8.00 per share with underwriting discounts of $0.48 per share, net proceeds of $235.0 million before expenses, and expected closing on October 15, 2026.
Updated with an SEC 424B5 filing · What changed
Updates
· SEC 424B5 — The 424B5 prospectus supplement sets underwriting discounts of $0.48 per share, net proceeds of $235.0 million before expenses, and expected closing on October 15, 2026.
Key Events · Financing and Capital Events · VSTM
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Updated · · SEC 424B5
Preliminary Prospectus for $250M Offering
A preliminary 424B5 was filed for an underwritten offering of common stock and pre-funded warrants, with all pricing terms left blank. The offering was priced at $8.00 per share for 30.9M shares per today's BusinessWire report. The prospectus supplement sets underwriting discounts of $0.48 per share, net proceeds of $235.0 million before expenses, and expected closing on October 15, 2026.
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ATM Prospectus Terminated
The ATM prospectus under the Cantor Fitzgerald Sales Agreement dated August 8, 2025, was suspended and terminated. No shares were sold under the ATM.
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Preliminary Q3 2026 Financials
Net product revenue is estimated at $23.9M-$24.1M for Q3 2026, up from $11.2M in Q3 2025. Cash, cash equivalents and investments are estimated at $172.8M as of September 30, 2026.
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FDA Priority Review for Blister Pack NDA
The FDA accepted the Blister Pack NDA for review on October 7, 2026, with priority review and a target action date in Q1 2027.
Analysis · VSTM · Life Sciences
A preliminary prospectus supplement for an underwritten offering of common stock and pre-funded warrants has been filed, with all pricing terms left blank pending finalization. The filing confirms the termination of the ATM prospectus under the Cantor Fitzgerald Sales Agreement, with no shares sold under that program. It also discloses preliminary Q3 2026 revenue of $23.9M-$24.1M and cash of $172.8M, and that the FDA accepted the Blister Pack NDA for priority review with a Q1 2027 target action date. The offering, priced at $8.00 per share per today's BusinessWire report, represents a substantial capital raise for a company that previously disclosed going-concern doubt, and the termination of the ATM removes a prior overhang while the new offering creates a new one. The prospectus supplement sets underwriting discounts of $0.48 per share, net proceeds of $235.0 million before expenses, and expected closing on October 15, 2026.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 39.1% of the 988 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.56%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, VSTM was trading at $7.92 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $698.2M. The 52-week trading range was $3.43 to $10.82. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.