VSTM Verastem, Inc. - Common Stock

NASDAQ · Biotechnology · View on SEC EDGAR ↗

$4.28

Price · May 20, 2026

Fundamentals as of May 7, 2026

VSTM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$4.28

Market Cap

$600M

P/E (TTM)

-2.6

EPS (TTM)

$-3.02

Revenue (TTM)

$31M

Div Yield

—

ROE

-449.2%

Debt/Equity

—

52W Range

$4 – $11

VSTM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $31M

2018-12-31 → 2025-12-31

EPS $-3.02

2016-12-31 → 2025-12-31

Free Cash Flow —

2016-12-31 → 2024-12-31

Margins -677.6%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

VSTM

Peer Median

P/E (TTM)

-2.6

15.7

P/S (TTM)

19.4

20.1

P/B

10.5

4.1

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

VSTM

Peer Median

Operating Margin

-550.3%

—

Net Profit Margin

-677.6%

-242.9%

ROA

-120.4%

-63.5%

ROE

-449.2%

-91.3%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

VSTM

Peer Median

Current Ratio

3.1

4.6

Quick Ratio

2.8

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

VSTM

Peer Median

Revenue YoY

209.1%

—

Revenue CAGR 3Y

128.4%

—

Revenue CAGR 5Y

-19.0%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

VSTM

Peer Median

EPS (Diluted)

$-3.02

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

VSTM

Peer Median

VSTM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 15 analysts

Strong Buy 5 33.3%
Buy 9 60.0%
Hold 1 6.7%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

8 analysts · 2026-05-14

Median $16.00

← Below all targets $4.28

Low $14.00

High $18.00

Median target $16.00 +273.8%

Mean target $16.25 +279.7%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

-0.07%

Period	EPS Actual	EPS Est	Surprise
March 31, 2026	$-0.46	$-0.47	0.01%
Dec. 31, 2025	$-0.50	$-0.55	0.05%
Sept. 30, 2025	$-1.35	$-0.65	-0.70%
June 30, 2025	$-0.39	$-0.76	0.37%
March 31, 2025	$-0.79	$-0.73	-0.06%

Peer Comparison Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
VSTM	$600M	-2.6	209.1%	-677.6%	-449.2%	—
BNTC	$307M	-11.1	2.7%	—	-43.8%	—
GLSI	$148M	-9.3	—	—	-420.1%	—
CCCC	$185M	-1.5	1.0%	-292.1%	-48.8%	—
VNDA	$521M	-2.4	8.7%	-102.0%	-54.2%	—
LRMR	$317M	-2.2	—	—	-167.4%	—
PBYI	$300M	9.8	-0.91%	13.6%	26.5%	—
IRD	$140M	-2.5	29.1%	-349.3%	-302.2%	—
MYGN	$575M	-1.6	-1.6%	-44.4%	-96.8%	69.9%
XFOR	$364M	-2.1	150.0%	-1218.5%	-83.2%	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17

Annual Income Statement data for VSTM
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	$31M	$10M	·	$3M	$2M	$89M	$17M	$27M
Cost of Revenue	·	·	·	·	·	·	·	$165.0K
R&D Expense	$115M	$81M	$61M	$51M	$39M	$41M	$46M	$44M
SG&A Expense	$81M	$44M	$31M	$25M	$24M	$63M	$101M	$77M
Operating Expenses	$201M	$125M	$92M	$76M	$63M	$138M	$150M	$122M
Operating Income	$-170M	$-115M	$-92M	$-73M	$-61M	$-49M	$-132M	$-95M
Interest Expense	$1M	$5M	$4M	$2M	$10M	$16M	$21M	$6M
Interest Income	$4M	$4M	$6M	$1M	$181.0K	$515.0K	$4M	$3M
Other Non-op	$-203.0K	$-123.0K	$-109.0K	$47.0K	·	$-1M	$-641.0K	$26M
Pretax Income	$-209M	$-130M	$-87M	$-74M	$-71M	$-68M	$-149M	$-72M
Income Tax	·	$185.0K	·	$0	$0	$194.0K	$0	$0
Net Income	$-209M	$-131M	$-87M	$-74M	$-71M	$-68M	$-149M	$-72M
EPS (Basic)	$-3.02	$-3.66	$-3.96	$-4.57	$-4.90	$-0.44	$-2.00	$-1.12
EPS (Diluted)	$-3.02	$-3.66	$-3.96	$-4.57	$-4.90	$-0.44	$-2.00	$-1.37
Shares (Basic)	69,309,000	35,713,000	22,054,000	16,138,000	14,535,000	153,330,000	74,578,000	64,962,000
Shares (Diluted)	69,309,000	35,713,000	22,054,000	16,138,000	14,535,000	153,330	74,578,000	69,321,000
EBITDA	$-170M	$-115M	$-92M	$-73M	$-61M	$-49M	$-132M	$-95M

Balance Sheet 23

Annual Balance Sheet data for VSTM
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Cash & Equivalents	$205M	$89M	$78M	$75M	$21M	$68M	$44M	$130M
Inventory	$2M	·	·	·	·	·	$3M	$327.0K
Prepaid Expense	$8M	$6M	$7M	$5M	$5M	$3M	$4M	$3M
Current Assets	$223M	$95M	$144M	$93M	$106M	$145M	$85M	$253M
PP&E (Net)	·	$32.0K	$37.0K	$92.0K	$210.0K	$416.0K	$947.0K	$1M
PP&E (Gross)	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M
Accum. Depreciation	$2M	$2M	$2M	$2M	$2M	$1M	$938.0K	$509.0K
Intangibles	$16M	·	·	·	·	·	$20M	$22M
Other Non-current Assets	$6M	$5M	$5M	$58.0K	$169.0K	$33.0K	$812.0K	$790.0K
Total Assets	$246M	$102M	$150M	$95M	$109M	$154M	$145M	$277M
Accounts Payable	$12M	$4M	$7M	$5M	$2M	$2M	$10M	$10M
Accrued Liabilities	$54M	$26M	$18M	$15M	$16M	$15M	$19M	$21M
Current Liabilities	$72M	$31M	$26M	$22M	$19M	$17M	$30M	$37M
Capital Leases	·	$535.0K	$530.0K	$1M	$2M	$3M	$3M	·
Other Non-current Liabilities	·	·	·	·	·	·	$870.0K	$1M
Total Liabilities	$189M	$130M	$71M	$48M	$21M	$39M	$138M	$153M
Long-term Debt	·	$41M	$40M	$25M	·	·	$35M	$25M
Common Stock	$8.0K	$4.0K	$3.0K	$2.0K	$19.0K	$17.0K	$8.0K	$7.0K
Retained Earnings	$-1.16B	$-956M	$-825M	$-738M	$-664M	$-593M	$-525M	$-376M
AOCI	$5M	·	$13.0K	·	$34.0K	$53.0K	$14.0K	$127.0K
Stockholders' Equity	$57M	$-29M	$57M	$47M	$88M	$115M	$7M	$124M
Liabilities + Equity	$246M	$102M	$150M	$95M	$109M	$154M	$145M	$277M
Shares Outstanding	77,740,000	44,784,000	25,281,000	16,712,000	185,286,000	170,456,000	80,118,000	73,806,000

Cash Flow 15

Annual Cash Flow data for VSTM
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Stock-based Comp	$9M	$7M	$6M	$6M	$8M	$8M	$9M	$7M
Deferred Tax	·	·	·	$0	$0	$0	$0	$0
Amort. of Intangibles	$698.0K	·	·	·	·	$793.0K	$2M	$423.0K
Restructuring	·	·	·	·	$0	$5M	·	·
Operating Cash Flow	$-138M	$-105M	$-86M	$-64M	$-54M	$-34M	$-139M	$-75M
CapEx	·	$28.0K	·	·	$196.0K	$33.0K	$7.0K	$2M
Investing Cash Flow	$-10M	$60M	$-44M	$66M	$87.0K	$-47M	$90M	$-138M
Net Debt Issued	$-43M	·	$-300.0K	·	·	$-37M	·	·
Stock Issued	$197M	$14M	$91M	$27M	$7M	$106M	·	$105M
Net Stock Activity	$197M	$14M	$91M	$27M	$7M	$106M	·	·
Financing Cash Flow	$263M	$55M	$134M	$52M	$7M	$70M	$-2M	$261M
Net Change in Cash	$116M	$10M	$3M	$54M	$-47M	$-11M	$-51M	$48M
Taxes Paid	$185.0K	·	·	·	·	·	·	·
Free Cash Flow	·	$-105M	·	·	$-54M	$-34M	$-139M	$-76M
Levered FCF	·	$-109M	·	·	$-64M	$-49M	·	·

Profitability 7

Annual Profitability data for VSTM
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Operating Margin	-550.3%	-1149.6%	·	-2809.6%	-2991.2%	-55.8%	-758.1%	-354.8%
Net Margin	-677.6%	-1306.4%	·	-2843.3%	-3468.1%	-76.5%	-854.8%	-271.1%
Pretax Margin	-677.6%	-1304.5%	·	-2843.3%	-3468.1%	-76.3%	·	·
EBITDA Margin	-550.3%	-1149.6%	·	-2809.6%	-2991.2%	-55.8%	-758.1%	-354.8%
ROA	-120.4%	-104.0%	-71.4%	-72.5%	-54.1%	-45.2%	-70.7%	-39.5%
ROE	-449.2%	1465.1%	-124.3%	-133.9%	-77.7%	-55.3%	-1040.1%	-62.5%
ROIC	·	398.4%	·	-153.9%	-70.1%	-42.9%	·	·

Liquidity & Solvency 3

Annual Liquidity & Solvency data for VSTM
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Current Ratio	3.1	3.1	5.4	4.3	5.7	8.5	2.8	6.8
Quick Ratio	2.8	2.9	3.0	3.5	1.1	4.0	1.5	3.5
Interest Coverage	-149.5	-25.2	-22.2	-34.1	-6.2	-3.1	-6.4	-16.3

Efficiency 2

Annual Efficiency data for VSTM
Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018
Asset Turnover		0.2	0.1	·	0.0	0.0	0.6	0.1	0.1
Inventory Turnover		·	·	·	·	·	·	·	1.0

Per Share 5

Annual Per Share data for VSTM
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Book Value / Share	$0.74	$-0.65	$2.27	$0.24	$0.47	$0.68	$0.09	$1.68
Revenue / Share	$0.45	$0.28	·	$13.41	$0.01	$0.58	$0.23	$0.39
Cash Flow / Share	$-1.98	$-2.93	$-3.92	$-328.80	$-0.31	$-0.22	$-1.86	$-1.07
Cash / Share	$2.64	$1.98	$3.08	$0.37	$0.11	$0.40	$0.54	$1.76
EPS (TTM)	$-3.02	$-3.66	$-3.96	$-4.57	$-4.90	$-0.44	$-2.00	$-1.37

Growth Rates 3

Annual Growth Rates data for VSTM
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Revenue YoY	209.1%	·	·	26.5%	-97.7%	·	·	·
Revenue CAGR 3Y	128.4%	69.5%	·	·	·	·	·	·
Revenue CAGR 5Y	-19.0%	·	·	·	·	·	·	·

Valuation (TTM) 10

Annual Valuation (TTM) data for VSTM
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Revenue TTM	$31M	$10M	$4M	$3M	$2M	$89M	$17M	$27M
Net Income TTM	$-209M	$-131M	$-87M	$-74M	$-71M	$-68M	$-149M	$-72M
Market Cap	$600M	$232M	$206M	$963M	$4.56B	$4.36B	$1.29B	$2.98B
P/E	-2.6	-1.4	-2.1	-1.1	-5.0	-58.1	-8.0	-29.4
P/S	19.4	23.2	50.1	370.8	2220.2	49.2	73.8	111.4
P/B	10.5	-8.0	3.6	20.3	52.1	37.8	179.6	23.9
P / Tangible Book	14.7	·	3.6	20.3	52.1	37.8	·	·
P / Cash Flow	-4.4	-2.2	-2.4	-15.1	-85.2	-130.0	-9.3	-39.9
P / FCF	·	-2.2	·	·	-84.9	-129.9	-9.3	-39.1
Earnings Yield	-39.1%	-70.8%	-48.6%	-95.2%	-19.9%	-1.7%	-12.4%	-3.4%

Income Statement 15

Quarterly Income Statement data for VSTM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Revenue	$19M	$18M	$11M	$2M	·	$0	$0	$10M	·	·	·	·	$0	$0	$0	$3M
R&D Expense	$38M	$32M	$29M	$25M	$29M	$21M	$25M	$18M	$18M	$14M	$13M	$12M	$11M	$11M	$15M	$14M
SG&A Expense	$22M	$24M	$21M	$21M	$15M	$11M	$12M	$10M	$10M	$7M	$7M	$7M	$6M	$6M	$7M	$6M
Operating Expenses	$64M	$59M	$52M	$46M	$44M	$32M	$37M	$28M	$28M	$21M	$20M	$19M	$17M	$18M	$21M	$20M
Operating Income	$-45M	$-41M	$-41M	$-44M	$-44M	$-32M	$-37M	$-18M	$-28M	$-21M	$-20M	$-19M	$-17M	$-18M	$-21M	$-17M
Interest Expense	$382.0K	$415.0K	$319.0K	$212.0K	$192.0K	$1M	$1M	$1M	$1M	$1M	$1M	$769.0K	$724.0K	$717.0K	$640.0K	$56.0K
Interest Income	$1M	$1M	$1M	$822.0K	$960.0K	$968.0K	$831.0K	$983.0K	$1M	$2M	$1M	$976.0K	$769.0K	$316.0K	$84.0K	$46.0K
Other Non-op	$-61.0K	$-16.0K	$-37.0K	$-110.0K	$-40.0K	$8.0K	$-77.0K	$-24.0K	$-30.0K	$-13.0K	$-40.0K	$-7.0K	$-7.0K	$20.0K	$6.0K	$28.0K
Income Tax	$0	·	$0	$0	$0	$185.0K	$0	$0	$0	$0	$0	$0	·	$0	$0	$0
Net Income	$-37M	$-33M	$-99M	$-26M	$-52M	$-65M	$-24M	$-8M	$-34M	$-20M	$-24M	$-16M	$-17M	$-18M	$-22M	$-17M
EPS (Basic)	$-0.37	$-0.32	$-1.35	$-0.39	$-0.96	$-1.49	$-0.60	$-0.31	$-1.26	$-0.75	$-1.37	$-0.94	$-1.97	$-1.10	$-1.41	$-0.09
EPS (Diluted)	$-0.46	$-0.09	$-1.35	$-0.62	$-0.96	$-1.49	$-0.60	$-0.31	$-1.26	$-0.75	$-1.37	$-0.08	$-4.27	$-0.09	$-0.12	$-0.09
Shares (Basic)	98,292,000	-124,164,000	73,157,000	66,143,000	54,173,000	-58,238,000	40,258,000	26,861,000	26,832,000	26,790,000	17,732,000	16,723,000	-202,095,000	16,430,000	15,539,000	186,264,000
Shares (Diluted)	99,148,000	-132,058,000	73,157,000	74,037,000	54,173,000	-58,238,000	40,258,000	26,861,000	26,832,000	26,790,000	·	200,679,000	-553,740,000	197,151,000	186,463,000	186,264,000
EBITDA	$-45M	·	$-41M	$-44M	$-44M	·	$-37M	$-18M	$-28M	$-21M	$-20M	$-19M	·	$-18M	$-21M	$-17M

Balance Sheet 26

Quarterly Balance Sheet data for VSTM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Cash & Equivalents	$166M	$205M	$138M	$164M	$118M	$89M	$113M	$83M	$81M	$95M	$183M	$97M	·	$78M	$64M	$47M
Short-term Investments	$16M	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Inventory	$2M	$2M	$2M	$1M	·	·	·	·	·	·	·	·	·	·	·	·
Prepaid Expense	$9M	$8M	$8M	$7M	$7M	$6M	$7M	$5M	$7M	$9M	$7M	$8M	·	$5M	$3M	$5M
Current Assets	$203M	$223M	$154M	$174M	$125M	$95M	$121M	$100M	$118M	$174M	$190M	$119M	·	$109M	$98M	$113M
PP&E (Net)	·	·	$20.0K	$21.0K	$22.0K	$32.0K	$39.0K	$46.0K	$52.0K	$35.0K	$40.0K	$62.0K	·	$121.0K	$151.0K	$180.0K
PP&E (Gross)	·	$2M	·	·	·	$2M	·	·	·	·	·	·	·	·	·	·
Accum. Depreciation	·	$2M	·	·	·	$2M	·	·	·	·	·	·	·	·	·	·
Intangibles	$16M	$16M	$17M	$16M	·	·	·	·	·	·	·	·	·	·	·	·
Other Non-current Assets	$6M	$6M	$5M	$5M	$6M	$5M	$5M	$5M	$5M	$56.0K	$20.0K	$36.0K	·	$47.0K	$84.0K	$105.0K
Total Assets	$228M	$246M	$177M	$196M	$132M	$102M	$126M	$106M	$124M	$176M	$192M	$121M	·	$111M	$100M	$116M
Accounts Payable	$10M	$12M	$10M	$8M	$7M	$4M	$4M	$7M	$7M	$5M	$5M	$5M	·	$5M	$2M	$3M
Accrued Liabilities	$51M	$54M	$45M	$38M	$25M	$26M	$22M	$17M	$17M	$16M	$14M	$14M	·	$15M	$18M	$13M
Short-term Debt	$529.0K	·	$188.0K	$467.0K	$740.0K	·	$133.0K	$526.0K	$911.0K	$146.0K	$579.0K	$1M	·	·	·	·
Current Liabilities	$67M	$72M	$60M	$50M	$36M	$31M	$37M	$30M	$27M	$24M	$21M	$22M	·	$22M	$20M	$17M
Capital Leases	$2M	·	·	·	$271.0K	$535.0K	·	·	$270.0K	$780.0K	$1M	$1M	·	$2M	$2M	$2M
Other Non-current Liabilities	·	·	·	·	·	·	·	·	·	$51.0K	·	·	·	·	·	·
Total Liabilities	$146M	$189M	$192M	$160M	$164M	$130M	$94M	$66M	$77M	$72M	$69M	$67M	·	$48M	$47M	$43M
Long-term Debt	·	·	·	·	·	$41M	$41M	$40M	$40M	$40M	$40M	$40M	·	$24M	$24M	$24M
Total Debt	$529.0K	·	$188.0K	$467.0K	$740.0K	·	$133.0K	·	$911.0K	$146.0K	$579.0K	$1M	·	·	·	·
Common Stock	$9.0K	$8.0K	$7.0K	$6.0K	$5.0K	$4.0K	$4.0K	$3.0K	$3.0K	$3.0K	$3.0K	$20.0K	·	$21.0K	$19.0K	$19.0K
Retained Earnings	$-1.20B	$-1.16B	$-1.13B	$-1.03B	$-1.01B	$-956M	$-891M	$-867M	$-859M	$-798M	$-778M	$-753M	·	$-721M	$-703M	$-681M
AOCI	$9M	$5M	$3M	$5M	$7M	·	·	·	$-4.0K	$49.0K	$1.0K	$6.0K	·	$-39.0K	$-130.0K	$-113.0K
Stockholders' Equity	$82M	$57M	$-16M	$36M	$-32M	$-29M	$11M	$19M	$25M	$83M	$102M	$33M	$47M	$63M	$54M	$73M
Liabilities + Equity	$228M	$246M	$177M	$196M	$132M	$102M	$126M	$106M	$124M	$176M	$192M	$121M	·	$111M	$100M	$116M
Shares Outstanding	87,843,000	77,740,000	66,749,000	61,523,000	51,490,000	44,784,000	40,262,000	26,876,000	25,308,000	25,265,000	25,242,000	200,541,000	·	210,084,000	187,613,000	186,330,000

Cash Flow 11

Quarterly Cash Flow data for VSTM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Stock-based Comp	$2M	$2M	$2M	$3M	$2M	$2M	$2M	$2M	$1M	$2M	$1M	$1M	$1M	$1M	$2M	$2M
Amort. of Intangibles	$279.0K	$280.0K	$290.0K	·	·	·	·	·	·	·	·	·	·	·	·	·
Operating Cash Flow	$-52M	$-30M	$-36M	$-33M	$-39M	$-25M	$-24M	$-28M	$-28M	$-17M	$-20M	$-20M	$-17M	$-15M	$-13M	$-19M
CapEx	·	·	·	·	·	$0	$0	$7.0K	$21.0K	·	·	·	·	·	·	·
Investing Cash Flow	$-16M	$-1M	·	·	·	$0	$0	$29M	$31M	$-70M	$14M	$-804.0K	$13M	$5M	$29M	$19M
Net Debt Issued	·	·	·	·	$-43M	·	·	·	·	·	·	·	·	·	·	·
Stock Issued	·	$97M	$0	$70M	$30M	$0	·	·	·	$-486.0K	·	·	$0	$26M	$1M	$580.0K
Net Stock Activity	·	·	·	·	$30M	·	·	·	·	·	·	·	·	·	·	$580.0K
Financing Cash Flow	$29M	$99M	$18M	$79M	$67M	$742.0K	$54M	$-405.0K	$846.0K	$-891.0K	$91M	$44M	$0	$26M	$708.0K	$25M
Net Change in Cash	$-39M	$67M	$-27M	$47M	$29M	$-24M	$30M	$1M	$4M	$-88M	$86M	$23M	$-4M	$15M	$17M	$25M
Free Cash Flow	·	·	·	·	·	·	·	·	$-28M	·	·	·	·	·	·	·

Profitability 5

Quarterly Profitability data for VSTM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Operating Margin	-240.5%	·	-362.2%	-2047.9%	·	·	·	-182.8%	·	·	·	·	·	·	·	-654.1%
Net Margin	-196.0%	·	-876.3%	-1213.6%	·	·	·	-82.6%	·	·	·	·	·	·	·	-653.4%
EBITDA Margin	-240.5%	·	-362.2%	-2047.9%	·	·	·	-182.8%	·	·	·	·	·	·	·	-654.1%
ROA	-20.4%	·	-65.0%	-13.4%	-43.9%	·	-15.8%	·	-27.7%	-13.9%	-16.6%	-13.3%	·	-16.2%	-19.6%	-13.4%
ROE	-148.3%	·	4411.9%	-37.7%	767.2%	·	-50.9%	·	-116.6%	-27.4%	-31.2%	-29.7%	·	-22.8%	-30.9%	-19.3%

Liquidity & Solvency 4

Quarterly Liquidity & Solvency data for VSTM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Current Ratio	3.0	·	2.6	3.5	3.5	·	3.2	·	4.4	7.3	9.1	5.3	·	5.0	4.9	6.7
Quick Ratio	2.7	·	2.3	3.3	3.3	·	3.0	·	3.0	4.0	8.8	4.3	·	3.6	3.2	2.8
Debt / Equity	0.0	·	-0.0	0.0	-0.0	·	0.0	·	0.0	0.0	0.0	0.0	·	·	·	·
Interest Coverage	-117.5	·	-127.6	-206.4	-230.1	·	-32.3	-16.1	-24.8	-18.9	-18.1	-25.2	·	-24.7	-33.4	-303.2

Efficiency 1

Quarterly Efficiency data for VSTM
Metric	Trend	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Asset Turnover		0.1	·	0.1	0.0	·	·	·	·	·	·	·	·	·	·	·	0.0

Per Share 5

Quarterly Per Share data for VSTM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Book Value / Share	$0.93	·	$-0.23	$0.59	$-0.63	·	$0.27	·	$0.99	$3.29	$4.02	$0.16	·	$0.30	$0.29	$0.39
Revenue / Share	$0.19	·	$0.15	$0.03	·	·	·	·	·	·	·	·	·	·	·	$0.01
Cash Flow / Share	$-0.53	·	·	·	$-0.71	·	·	·	·	·	·	$-0.10	·	·	·	$-0.10
Cash / Share	$1.88	·	$2.06	$2.67	$2.28	·	$2.81	·	$3.21	$3.76	$7.25	$0.48	·	$0.37	$0.34	$0.25
EPS (TTM)	$-3.39	·	$-3.53	$-2.49	$-3.13	·	$-2.92	$-3.69	$-3.46	$-2.29	$-1.66	$-0.38	·	$-0.43	$-0.44	$-0.41

Valuation (TTM) 14

Quarterly Valuation (TTM) data for VSTM
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Revenue TTM	·	·	·	·	·	·	·	·	$4M	$4M	$4M	$4M	·	$4M	$4M	$4M
Net Income TTM	$-213M	·	$-201M	$-110M	$-118M	·	$-86M	$-86M	$-94M	$-78M	$-80M	$-73M	·	$-80M	$-79M	$-72M
Market Cap	$466M	·	$589M	$255M	$310M	·	$120M	·	$299M	$205M	$188M	$1.01B	·	$2.14B	$2.61B	$3.15B
Enterprise Value	$284M	·	$452M	$91M	$194M	·	$7M	·	$218M	$111M	$5M	$914M	·	·	·	·
P/E	-1.6	·	-2.5	-1.7	-1.9	·	-1.0	-0.8	-3.4	-3.6	-4.5	-13.3	·	-23.7	-31.6	-41.3
P/S	·	·	·	·	·	·	·	·	72.8	50.0	45.8	246.3	·	522.1	636.3	768.2
P/B	5.7	·	-38.0	7.1	-9.6	·	10.9	·	11.9	2.5	1.8	30.6	·	34.1	48.5	43.3
P / Tangible Book	7.1	·	·	12.5	·	·	10.9	·	11.9	2.5	1.8	30.6	·	34.1	48.5	43.3
P / Cash Flow	-8.9	·	·	·	-8.0	·	·	·	-10.5	·	·	-49.8	·	·	·	-163.5
P / FCF	·	·	·	·	·	·	·	·	-10.5	·	·	·	·	·	·	·
EV / EBITDA	-6.3	·	-11.1	-2.1	-4.4	·	-0.2	·	-7.8	-5.2	-0.3	-47.3	·	·	·	·
EV / FCF	·	·	·	·	·	·	·	·	-7.7	·	·	·	·	·	·	·
EV / Revenue	·	·	·	·	·	·	·	·	53.2	26.9	1.3	222.8	·	·	·	·
Earnings Yield	-64.0%	·	-40.0%	-60.0%	-51.9%	·	-97.7%	-123.8%	-29.3%	-28.2%	-22.3%	-7.5%	·	-4.2%	-3.2%	-2.4%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$31M	$10M	—	$3M	$2M
Operating Margin %	-550.3%	-1149.6%	—	-2809.6%	-2991.2%
Net Income	$-209M	$-131M	$-87M	$-74M	$-71M
Diluted EPS	$-3.02	$-3.66	$-3.96	$-4.57	$-4.90

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Current Ratio	3.1	3.1	5.4	4.3	5.7
Quick Ratio	2.8	2.9	3.0	3.5	1.1

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	—	$-105M	—	—	$-54M

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Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

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12-Month Price Target

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

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