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Verastem Oncology Verastem Oncology Reports Second Quarter 2021 Financial Results and Highlights Recent Company Progress August 2 , 2021 Received Breakthrough Therapy Designation for VS - 6766 in Combination with Defactinib for the Treatment of Recurrent Low - Grade Serous Ovarian Cancer Following One or More Prior Lines of Therapy Eliminated Substantially All Outstanding Debt ; Expected Cash Runway Until at Least 2024 Updated Results from Investigator - Sponsored Phase 1/2 FRAME Study of VS - 6766 and Defactinib in Low Grade Serous Ovarian Cancer Selected for Mini Oral Presentation at ESMO 2021 BOSTON -- ( BUSINESS WIRE ) -- Aug . 2 , 2021-- Verastem Oncology ( Nasdaq : VSTM ) , a biopharmaceutical company committed to advancing new medicines for patients battling cancer , today reported financial results for the three months ended June 30 , 2021 and highlighted recent progress . " There were several achievements of note during the second quarter , specifically the receipt of Breakthrough Therapy designation for VS - 6766 in combination with defactinib for the treatment of recurrent low - grade serous ovarian cancer . Updated data from the investigator - initiated FRAME study , which was the basis for Breakthrough Therapy designation , has been accepted for presentation at the upcoming European Society of Medical Oncology ( ESMO ) Congress 2021 , " said Brian Stuglik , CEO of Verastem Oncology . " Further , subsequent to the end of the second quarter , we eliminated substantially all of our outstanding debt through conversion of $ 28 million of our convertible senior notes , saving the Company over $ 30 million and enabling a cash runway that is expected to last until at least 2024. " Recent Corporate Highlights Low - Grade Serous Ovarian Cancer ( LGSOC ) . Updated results from the investigator - sponsored Phase 1/2 FRAME study in LGSOC were selected for a mini oral presentation at ESMO 2021. The presentation will take place on Sunday , September 19 , 2021 at 17:50 CEST . • Received Breakthrough Therapy designation for VS - 6766 in combination with defactinib for the treatment of recurrent LGSOC , regardless of KRAS status , following one or more prior lines of therapy , including platinum - based chemotherapy . • Continued progress with the company - sponsored , registration - directed Phase 2 study ( RAMP 201 ) investigating VS - 6766 alone and in combination with defactinib for the treatment of recurrent LGSOC . The Company expects to report top - line results from the selection phase of RAMP 201 and commence expansion phase during the first half of 2022 . KRAS Mutant Non - small Cell Lung Cancer ( NSCLC ) • Continued progress in company - sponsored , registration - directed Phase 2 study ( RAMP 202 ) investigating VS - 6766 alone and in combination with defactinib for the treatment of patients with KRAS G12V mutant NSCLC . The Company expects to report top - line results from the selection phase of RAMP 202 and commence expansion phase during first half of 2022 . Corporate and Financial • Converted all of the $ 28.0 million aggregate principal of the Company's 2020 5.00 % Convertible Senior Notes due 2048 in exchange for approximately 8.6 million shares of common stock . The conversion eliminates substantially all outstanding debt and preserves approximately $ 31.2 million in cash . Cash runway expected until at least 2024 to deliver on current programs . • During the second quarter 2021 , Verastem Oncology appointed Paul Bunn , M.D. , and Lesley Solomon to its Board of Directors . Second Quarter 2021 Financial Results Verastem Oncology ended the second quarter 2021 with cash , cash equivalents and investments of $ 114.1 million . Total revenue for the three months ended June 30 , 2021 ( 2021 Quarter ) was $ 0.5 million , compared to $ 4.3 million for the three months ended June 30 , 2020 ( 2020 Quarter ) . Total operating expenses for the 2021 Quarter were $ 16.4 million , compared to $ 25.6 million for the 2020 Quarter . Selling , general and administrative expenses for the 2021 Quarter were $ 6.7 million , compared to $ 15.4 million for the 2020 Quarter . The decrease of $ 8.7 million , or 56 % , primarily resulted from the Company's shift in strategic direction and the COPIKTRA sale to Secura Bio , Inc. , which led to lower