Financing ·
Verastem, Inc. entered into Amendment No. 3 to its Note Purchase Agreement with Oberland Capital Management LLC on…
VSTMVerastem, Inc.
Verastem, Inc. entered into Amendment No. 3 to its Note Purchase Agreement with Oberland Capital Management LLC on August 6, 2026. The amendment establishes a new series of senior secured Revenue Notes with an aggregate purchase price of up to $75.0 million. An initial tranche of $50.0 million will be issued on August 28, 2026, and the Company may issue a second tranche of up to $25.0 million by May 15, 2027, contingent on worldwide net sales of avutometinib and defactinib reaching at least $40.0 million in the preceding quarter. These Revenue Notes replace previous conditional tranches and entitle purchasers to quarterly payments equal to 4.50% of net sales from products combining these drugs, reducing to 1.75% after paying back the funded amount by December 31, 2031. The notes mature on June 30, 2033. Verastem is a clinical-stage biopharmaceutical company developing targeted therapies for RAS/MAPK pathway-driven cancers.