Debt (Tables)

9 Months Ended

Sep. 30, 2025


Beginning fair value balance at January 13, 2025	$	75,000
Change in fair value reported in statements of operations		10,153
Change in fair value reported in comprehensive loss		(2,545)
Interest and revenue participation payments		(4,484)
Ending fair value at September 30, 2025	$	78,124

As of September 30, 2025, future principal payments under the Note Purchase Agreement are due as follows (in thousands):

The components of the carrying value of the Term Loan as of December 31, 2024, are detailed below (in thousands):


	December 31, 2024
Principal loan balance	$	40,000
Final Payment Fee		1,172
Debt issuance costs, net of accretion		(448)
Total Long-term debt, net of discount		40,724

The following table sets forth total interest expense for the three and nine-month periods ended September 30, 2025 and 2024 (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Contractual Interest	$	319	$	947	$	694	$	2,835
Amortization of debt discount and issuance costs		—		71		29		204
Amortization of Final Payment Fee		—		130		—		377
Total	$	319	$	1,148	$	723	$	3,416

Verastem, Inc. 10-Q