VS-7375 (G12D) Safety Favorable in US Ph1, Efficacy Data 2H26 Key

研报英文原文证据摘录

VS-7375 (G12D) Safety Favorable in US Ph1, Efficacy Data 2H26 Key

Verastem Inc (VSTM)

Equity Research

June 23, 2026

Efficacy >> CA-19-9 tumor marker reduction shown for 900mg in PDAC, along with case studies,

but need 2H update for fulsome efficacy assessment

Clear increase in AUC at 900mg vs 600mg w/out safety and tolerability trade-offs >> supports•

900mg as the go-fwd dose

Mgmt also noted dose-dependent anti-tumor activity seen at 900mg vs 600mg •

For 900mg in PDAC, 93% (13/14) achieved >50% CA19-9 reduction >> Mgmt noted that CA19-9•

reductions are correlated to efficacy

Case studies (2 PDAC mono, 1 PDAC combo, 1 CRC combo, 1 NSCLC mono) demonstrate•

encouraging activity

Encouraging early data, but the 2H readout will be key to fully assess efficacy >> investors trying to•

get a sense for positioning in the G12D landscape and feasibility of accelerated approval strategy

Regulatory approval pathway >> VSTM is taking multiple approval routes simultaneously,

announcing Ph3's today along w/ prev announced Ph2 AA studies

TARGET-D 101 aims to complete enroll this month, with the Ph2 TARGET-D 201/202/203•

studies targeting enrollment completion by YE26

VSTM continues to plan on using the Ph2 trials for AA (acknowledging PDAC will be the most•

difficult), while aiming to start 1L Ph3 trials in by 1H27

Multiple registration paths de-risk approval, and mgmt assured us that the Ph2 trials won't delay•

Ph3 trials

Lastly, VSTM also announced collab plans for multi-RAS combo collab and said PRMT5 combo in

the works

Exhibit 2 - The G12D Competitive Landscape is Intensifying

G12D competitive landscape

Treatment Company MOA Current Phase China-Only Study Presented Data

VS-7375 (GFH375) Verastem / GenFleet ON/OFF Ph3 (China) / Ph1 (US) N Y