VSTM Q2 2025: First $2M AVMAPKI Sales, Cash Jumps to $164M

Q: How much revenue did Verastem (VSTM) generate in Q2 2025?

Net product revenue was $2.1 million , the company鈥檚 first commercial sales of AVMAPKI FAKZYNJA.

Q: What is Verastem鈥檚 current cash position?

As of 30 Jun 25, cash and cash equivalents totaled $164.3 million .

Q: How has Verastem鈥檚 debt changed?

Long-term debt rose to $74.3 million due to a $75 million Note Purchase Agreement executed in January 2025.

Q: How many Verastem shares are outstanding after the recent financings?

Common shares outstanding increased to 61.5 million as of 7 Aug 25.

[8-K] XCEL BRANDS INC. Reports Material Event

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Verastem (VSTM) Q2-25 10-Q highlights

鈥� First commercial quarter following 8 May 25 FDA approval of AVMAPKI FAKZYNJA鈩� (avutometinib + defactinib). Net product revenue reached $2.1 m; prior-year quarter had no product sales.
鈥� Total Q2 revenue was $2.1 m. 1H-25 revenue rose to $12.1 m, driven by a $10 m COPIKTRA庐 asset sale booked in Q1.
鈥� R&D expense grew 37 % YoY to $24.8 m; SG&A more than doubled to $20.7 m on launch spend. Operating loss widened to -$43.8 m; net loss -$25.9 m (-$0.39 basic EPS) versus -$8.3 m in Q2-24.
鈥� Operating cash burn for 1H-25 was $71.3 m (1H-24: -$55.9 m).

Balance sheet: Cash & equivalents climbed to $164.3 m (12/24: $88.8 m) after a $75 m note issuance, $100.1 m equity/pre-funded warrant raise and $13.8 m warrant exercises. Long-term debt now $74.3 m; warrant liability fell to $21.8 m. Stockholders鈥� equity swung to $36.1 m from a -$28.9 m deficit.

Outlook & risk: Management cites 鈥�substantial doubt鈥� about 12-month going-concern absent extra funding or stronger sales. Launch execution, RAMP trials and KRAS G12D program remain strategic priorities. Cash runway ~2 years at current burn but leverage and dilution risk persist.

Shares outstanding: 61.5 m (up 37 % YTD).
No returns reported; two specialty pharmacies represent 100 % of receivables.

Verastem (VSTM) Highlights del 10-Q del secondo trimestre 2025

鈥� Primo trimestre commerciale dopo l'approvazione FDA del 8 maggio 2025 di AVMAPKI FAKZYNJA鈩� (avutometinib + defactinib). Il fatturato netto da prodotti ha raggiunto 2,1 milioni di dollari; nel trimestre dell'anno precedente non si erano registrate vendite di prodotti.
鈥� Il fatturato totale del Q2 猫 stato di 2,1 milioni di dollari. Il fatturato del primo semestre 2025 猫 salito a 12,1 milioni di dollari, trainato da una vendita di asset COPIKTRA庐 da 10 milioni di dollari contabilizzata nel primo trimestre.
鈥� Le spese di R&S sono aumentate del 37% su base annua, raggiungendo 24,8 milioni di dollari; le spese SG&A sono pi霉 che raddoppiate a 20,7 milioni di dollari a causa dei costi di lancio. La perdita operativa si 猫 ampliata a -43,8 milioni di dollari; la perdita netta 猫 stata di -25,9 milioni di dollari (-0,39 dollari per azione base) rispetto a -8,3 milioni nel Q2-24.
鈥� Il cash burn operativo per il primo semestre 2025 猫 stato di 71,3 milioni di dollari (1H-24: -55,9 milioni).

Bilancio: La liquidit脿 e equivalenti sono saliti a 164,3 milioni di dollari (12/24: 88,8 milioni) dopo un'emissione di note da 75 milioni, una raccolta di capitale/equity e warrant prefinanziati per 100,1 milioni e esercizi di warrant per 13,8 milioni. Il debito a lungo termine 猫 ora 74,3 milioni; la passivit脿 per warrant 猫 scesa a 21,8 milioni. Il patrimonio netto degli azionisti 猫 passato da un deficit di -28,9 milioni a un valore positivo di 36,1 milioni.

Prospettive e rischi: Il management esprime 鈥�dubbio sostanziale鈥� sulla continuit脿 aziendale a 12 mesi senza ulteriori finanziamenti o vendite pi霉 forti. L鈥檈secuzione del lancio, gli studi RAMP e il programma KRAS G12D restano priorit脿 strategiche. La liquidit脿 disponibile copre circa 2 anni al ritmo attuale di spesa, ma permangono rischi di indebitamento e diluizione.

Azioni in circolazione: 61,5 milioni (in aumento del 37% da inizio anno).
Nessun ritorno segnalato; due farmacie specializzate rappresentano il 100% dei crediti.

Aspectos destacados del 10-Q del segundo trimestre 2025 de Verastem (VSTM)

鈥� Primer trimestre comercial tras la aprobaci贸n de la FDA el 8 de mayo de 2025 de AVMAPKI FAKZYNJA鈩� (avutometinib + defactinib). Los ingresos netos por productos alcanzaron $2.1 millones; en el trimestre del a帽o anterior no hubo ventas de productos.
鈥� Los ingresos totales del segundo trimestre fueron $2.1 millones. Los ingresos del primer semestre de 2025 aumentaron a $12.1 millones, impulsados por una venta de activos COPIKTRA庐 de $10 millones registrada en el primer trimestre.
鈥� Los gastos en I+D crecieron un 37% interanual hasta $24.8 millones; los gastos de SG&A m谩s que se duplicaron a $20.7 millones debido a gastos de lanzamiento. La p茅rdida operativa se ampli贸 a -$43.8 millones; la p茅rdida neta fue de -$25.9 millones (-$0.39 por acci贸n b谩sica) frente a -$8.3 millones en el segundo trimestre de 2024.
鈥� El consumo de efectivo operativo en el primer semestre de 2025 fue de $71.3 millones (1S-24: -$55.9 millones).

Balance: El efectivo y equivalentes aumentaron a $164.3 millones (12/24: $88.8 millones) tras una emisi贸n de notas por $75 millones, una recaudaci贸n de capital/acciones y warrants prefinanciados por $100.1 millones y ejercicios de warrants por $13.8 millones. La deuda a largo plazo es ahora $74.3 millones; el pasivo por warrants baj贸 a $21.8 millones. El patrimonio de los accionistas pas贸 de un d茅ficit de -$28.9 millones a un saldo positivo de $36.1 millones.

Perspectivas y riesgos: La direcci贸n menciona 鈥�dudas sustanciales鈥� sobre la continuidad operativa a 12 meses sin financiaci贸n adicional o mayores ventas. La ejecuci贸n del lanzamiento, los ensayos RAMP y el programa KRAS G12D siguen siendo prioridades estrat茅gicas. La liquidez cubre aproximadamente 2 a帽os al ritmo actual de gasto, pero persisten riesgos de apalancamiento y diluci贸n.

Acciones en circulaci贸n: 61.5 millones (aumento del 37% en lo que va del a帽o).
No se reportaron devoluciones; dos farmacias especializadas representan el 100% de las cuentas por cobrar.

Verastem (VSTM) 2025雲� 2攵勱赴 10-Q 欤检殧雮挫毄

鈥� 2025雲� 5鞗� 8鞚� FDA 鞀轨澑鞚错泟觳� 靸侅梾攵勱赴, AVMAPKI FAKZYNJA鈩� (avutometinib + defactinib) 毵れ稖靾滌垬鞚奠潃 210毵� 雼煬 旮半; 鞝勲厔霃欔赴鞐愲姅鞝滍拡毵れ稖鞐嗢潓.
鈥� 2攵勱赴齑� 毵れ稖鞚€ 210毵� 雼煬鞓€鞙茧┌, 靸侂皹旮� 毵れ稖鞚€ 1攵勱赴 1000毵� 雼煬 COPIKTRA庐鞛愳偘毵り皝鞐� 頌橃瀰鞏� 1210毵� 雼煬搿� 歃濌皜.
鈥� 鞐瓣惮臧滊皽牍勲姅鞝勲厔霃欔赴雽€牍� 37% 歃濌皜頃� 2480毵� 雼煬, 韺愲Г甏€毽箘電� 於滌嫓牍勳毄歃濌皜搿� 霊� 氚� 鞚挫儊鞚� 2070毵� 雼煬 旮半. 鞓侅梾靻愳嫟鞚€ -4380毵� 雼煬搿� 頇曤寑; 靾滌啇鞁れ潃 -2590毵� 雼煬 (-欤茧嫻旮半掣靻愳嫟 0.39雼煬)搿�, 2024雲� 2攵勱赴 -830毵� 雼煬雽€牍� 鞎呿檾.
鈥� 2025雲� 靸侂皹旮� 鞓侅梾順勱笀靻岇鞎§潃 7130毵� 雼煬 (2024雲� 靸侂皹旮�: -5590毵� 雼煬).

雽赌彀寑臁绊憸: 順勱笀氚� 順勱笀靹膘瀽靷办潃 1鞏�6430毵� 雼煬搿� 歃濌皜(24雲� 12鞗�: 8880毵� 雼煬), 7500毵� 雼煬毂勱秾氚滍枆, 1鞏� 10毵� 雼煬鞛愲掣/靹犾旮� 鞗岆煱韸� 臁半嫭, 1380毵� 雼煬鞗岆煱韸� 頄夓偓韽暔. 鞛リ赴攵€毂勲姅 7430毵� 雼煬, 鞗岆煱韸� 攵€毂勲姅 2180毵� 雼煬搿� 臧愳唽. 欤检＜鞛愲掣鞚€ -2890毵� 雼煬鞝侅瀽鞐愳劀 3610毵� 雼煬 頋戩瀽搿� 鞝勴櫂.

鞝勲 氚� 鞙勴棙: 瓴届榿歆勳潃於旉皜鞛愱笀臁半嫭鞚措倶毵れ稖歃濌皜鞐嗢澊電� 12臧滌洈雮� 旮办梾臁挫啀鞐� 雽€頃� 鈥�靸侂嫻頃� 鞚橂鈥濎潉響滊獏. 於滌嫓鞁ろ枆, RAMP 鞛勳儊鞁滍棙, KRAS G12D 頂勲攴鸽灗鞚� 鞝勲灥鞝� 鞖办劆靾滌渼搿� 鞙犾霅�. 順勳灛靻岇 靻嶋弰旮办 順勱笀鞙犽彊靹膘潃鞎� 2雲勲秳鞚措┌, 霠堧矂毽 氚� 頋劃鞙勴棙鞚€ 歆€靻嶋惃.

氚滍枆欤检嫕靾�: 6150毵� 欤� (鞓暣霌れ柎 37% 歃濌皜).
氚橅拡氤搓碃鞐嗢潓; 霊� 臧滌潣鞝勲 鞎疥淡鞚� 毵れ稖毂勱秾 100% 彀.

Faits saillants du 10-Q du T2-25 de Verastem (VSTM)

鈥� Premier trimestre commercial apr猫s l'approbation de la FDA le 8 mai 2025 d'AVMAPKI FAKZYNJA鈩� (avutometinib + defactinib). Le chiffre d'affaires net produit a atteint 2,1 M$ ; aucun produit vendu au m锚me trimestre de l'ann茅e pr茅c茅dente.
鈥� Le chiffre d'affaires total du T2 s'茅l猫ve 脿 2,1 M$. Le chiffre d'affaires du premier semestre 2025 a augment茅脿 12,1 M$, soutenu par une vente d'actifs COPIKTRA庐 de 10 M$ enregistr茅e au T1.
鈥� Les d茅penses R&D ont augment茅 de 37 % en glissement annuel pour atteindre 24,8 M$ ; les frais SG&A ont plus que doubl茅脿 20,7 M$ en raison des co没ts de lancement. La perte op茅rationnelle s'est creus茅e 脿 -43,8 M$ ; la perte nette s'茅l猫ve 脿 -25,9 M$ (-0,39 $ par action de base) contre -8,3 M$ au T2-24.
鈥� La consommation de tr茅sorerie op茅rationnelle au premier semestre 2025 est de 71,3 M$ (1S-24 : -55,9 M$).

Bilan : La tr茅sorerie et 茅quivalents ont augment茅脿 164,3 M$ (12/24 : 88,8 M$) apr猫s une 茅mission d'obligations de 75 M$, une lev茅e de fonds en actions et bons de souscription pr茅financ茅s de 100,1 M$ et des exercices de bons de souscription pour 13,8 M$. La dette 脿 long terme est d茅sormais de 74,3 M$ ; le passif li茅 aux bons de souscription a diminu茅脿 21,8 M$. Les capitaux propres sont pass茅s d'un d茅ficit de -28,9 M$ 脿 36,1 M$.

Perspectives et risques : La direction 茅voque un 芦 doute substantiel 禄 quant 脿 la continuit茅 d'exploitation sur 12 mois sans financement suppl茅mentaire ou ventes plus fortes. L鈥檈x茅cution du lancement, les essais RAMP et le programme KRAS G12D restent des priorit茅s strat茅giques. La tr茅sorerie disponible couvre environ 2 ans au rythme actuel, mais les risques li茅s 脿 l鈥檈ndettement et 脿 la dilution persistent.

Actions en circulation : 61,5 M (en hausse de 37 % depuis le d茅but de l鈥檃nn茅e).
Aucun retour signal茅 ; deux pharmacies sp茅cialis茅es repr茅sentent 100 % des cr茅ances.

Positive

FDA approval of AVMAPKI FAKZYNJA on 8 May 25 establishes first revenue-generating product.
Cash & equivalents jumped to $164.3 m, providing roughly two years of liquidity under current burn assumptions.
Stockholders鈥� equity turned positive ($36.1 m) after equity raises and warrant exercises, improving balance-sheet optics.
Warrant liability fell by $36 m, reducing potential future dilution overhang.

Negative

Going-concern warning reflects substantial doubt about financing needs within 12 months.
Q2 net loss widened to $25.9 m; 1H-25 operating cash burn reached $71.3 m.
Long-term debt increased to $74.3 m with double-digit effective yield and revenue-share obligations.
SG&A expenses more than doubled YoY, signaling high commercialization spend relative to early sales traction.
Share count rose 37 % YTD, highlighting ongoing equity dilution risk.

Insights

TL;DR: First drug launch adds revenue but burn, leverage and going-concern warning offset progress; overall neutral impact.

Earnings quality: Revenue inflection is encouraging yet immaterial relative to expenses鈥攇ross margin 71 % (after COGS $0.45 m). Operating spend rose 62 % YoY, so break-even remains distant.
Liquidity: Post-quarter cash of $164 m gives ~8 quarters runway, but $74 m notes carry revenue-linked payments plus 12.5 % yield, tightening future flexibility.
Capital structure: Equity turned positive, warrant overhang shrank, but dilution already 37 % YTD; further raises likely.
Valuation drivers: Uptake curve for AVMAPKI in KRAS-mt LGSOC, additional indications (RAMP 301) and KRAS G12D pre-clinical asset dictate upside. Near-term catalysts: initial launch metrics (2H-25) and RAMP 201 confirmatory data.

TL;DR: Approval is milestone but $2 m debut signals modest demand; heavy spend required, risk skewed negative.

The U.S. LGSOC population is small (~6-7 k patients). A $2 m quarter suggests low initial penetration or limited inventory stocking. SG&A doubling shows aggressive field build-out; ROI uncertain without broader label or combo wins. Competitive landscape (e.g., MEK inhibitors trametinib, selumetinib) may limit pricing power. Manufacturing ramp appears smooth鈥攏o returns, normal discounts鈥攂ut payer rebates and co-pay support will compress net price. Without faster uptake or ex-U.S. partners, cash burn may outpace resources before pipeline readouts reach registration stage.

Verastem (VSTM) Highlights del 10-Q del secondo trimestre 2025

Azioni in circolazione: 61,5 milioni (in aumento del 37% da inizio anno).
Nessun ritorno segnalato; due farmacie specializzate rappresentano il 100% dei crediti.

Aspectos destacados del 10-Q del segundo trimestre 2025 de Verastem (VSTM)

Acciones en circulaci贸n: 61.5 millones (aumento del 37% en lo que va del a帽o).
No se reportaron devoluciones; dos farmacias especializadas representan el 100% de las cuentas por cobrar.

Verastem (VSTM) 2025雲� 2攵勱赴 10-Q 欤检殧雮挫毄

氚滍枆欤检嫕靾�: 6150毵� 欤� (鞓暣霌れ柎 37% 歃濌皜).
氚橅拡氤搓碃鞐嗢潓; 霊� 臧滌潣鞝勲 鞎疥淡鞚� 毵れ稖毂勱秾 100% 彀.

Faits saillants du 10-Q du T2-25 de Verastem (VSTM)

Actions en circulation : 61,5 M (en hausse de 37 % depuis le d茅but de l鈥檃nn茅e).
Aucun retour signal茅 ; deux pharmacies sp茅cialis茅es repr茅sentent 100 % des cr茅ances.

08/07/2025 - 04:06 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2025

XCEL BRANDS, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-37527	76-0307819
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

550 Seventh Avenue, 11th Floor, New York, New York		10018
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code (347) 727-2474

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.001 per share	XELB	Nasdaq Capital Market

Item 1.01.

Entry into a Material Definitive Agreement.

On August 1, 2025, Xcel Brands, Inc. (the “Registrant”) entered into a placement agency agreement (the “Placement Agency Agreement”) with Maxim Group LLC (the “Placement Agent”), as lead placement agent, relating to a best efforts public offering (the “Offering”) of 2,181,818 shares (the “Shares”) of the Registrant’s common stock, par value $0.001 per share (“Common Stock”) at a price to the public of $1.10 per Share. Robert W. D’Loren, Chairman and Chief Executive Officer of the Registrant (“D’Loren”) purchased 124,200 Shares in the Offering, and Mark DiSanto, a Director of the Registrant (“DiSanto”) purchased 91,800 Shares in the Offering.

The Offering was made pursuant to the Registrant’s registration statement on Form S-1, as amended (File No. 333-288495), previously filed with the Securities and Exchange Commission (the “SEC”) on July 2, 2025, and declared effective on July 31, 2025, and a prospectus dated August 1, 2025.

The closing of the Offering occurred on August 4, 2025. The aggregate net proceeds to the Registrant from the sale of the Securities and the Private Placement Shares (defined below), after deducting the placement agent fees and other estimated offering expenses payable by the Registrant, are expected to be approximately $2,000,000. The Registrant intends to use the net proceeds from the Offering for brand development and launch, working capital and general corporate purposes. The Registrant issued a press release announcing the pricing of the Offering, which has been filed as Exhibit 99.1 to this report.

Upon closing of the Offering, the Registrant issued the Placement Agent warrants (the “Placement Agent’s Warrants”) as compensation to purchase up to 77,215 shares of Common Stock. The Placement Agent’s Warrants are exercisable at a per share exercise price of $1.10, in whole or in part, during the four and one-half year period commencing 180 days from the commencement of sales of the Securities in the Offering.

The Placement Agency Agreement contains customary representations, warranties and covenants made by the Registrant. It also provides for customary indemnification by each of the Registrant and the Placement Agent, severally and not jointly, for losses or damages arising out of or in connection with the Offering, including for liabilities under the Securities Act of 1933, as amended (the “Act”), other obligations of the parties and termination provisions. In addition, pursuant to the terms of the Placement Agency Agreement, each of the Registrant’s directors and executive officers have entered into “lock-up” agreements with the Representative that generally prohibit, without the prior written consent of the Representative and subject to certain exceptions, the sale, transfer or other disposition of securities of the Registrant for a period of 90 days from the closing of the Offering. Further, pursuant to the terms of the Placement Agency Agreement, the Registrant has agreed for a period of 90 days from the closing of the Offering, subject to certain exceptions, not to sell any shares of its Common Stock, or any securities convertible into or exercisable or exchangeable into shares of its Common Stock, unless the Registrant obtains prior written consent of the Placement Agent.

The foregoing descriptions of the Placement Agency Agreement and the Placement Agent’s Warrants do not purport to be complete and are qualified in their entirety by reference to the copies of the Placement Agency Agreement and the form of Representative’s Warrant, which are filed herewith as Exhibits 1.1 and 4.1, respectively.

The representations, warranties and covenants contained in the Placement Agency Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to the Placement Agency Agreement and may be subject to limitations agreed upon by the contracting parties. Accordingly, the Placement Agency Agreement is incorporated herein by reference only to provide investors with information regarding the terms of the Placement Agency Agreement, and not to provide investors with any other factual information regarding the Registrant or its business, and should be read in conjunction with the disclosures in the Registrant’s periodic reports and other filings with the SEC.

On August 1, 2025, the Registrant entered into a Securities Purchase Agreement in favor of each purchaser (the “Securities Purchase Agreement”) to purchase the 2,181,818 Shares sold in the Offering. The Securities Purchase Agreement contains customary representations, warranties and covenants made by the Registrant. The form of Securities Purchase Agreement is filed herewith as Exhibit 10.1.

The foregoing description of the Securities Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Securities Purchase Agreement, which is filed herewith as Exhibit 10.1.

On August 1, 2025, the Registrant entered into Subscription Agreements (the “Subscription Agreements”) with D’Loren and DiSanto (collectively, the “Private Placement Investors”) to purchase 82,159 and 60,883 shares, respectively, (the “Private Placement Shares”) at a price of $1.38 per Private Placement Share. The purchase of the Private Placement Shares closed concurrently with the Offering. Upon closing of the sale of the Private Placement Shares, the Registrant issued to the Placement Agent, as compensation, warrants to purchase up to 3,567 shares of Common Stock, which warrants were identical to the Placement Agent’s Warrants.

The foregoing descriptions of the Subscription Agreements do not purport to be complete and are qualified in their entirety by reference to the copies of the Subscription Agreements, which are filed herewith as Exhibits 10.2 and 10.3, respectively.

Item 3.02

Unregistered Sales of Equity Securities

The Private Placement Shares referenced above were sold without registration under the Act, in reliance upon the exemptions from registration provided under Section 4(2) of the Act in reliance upon the exemptions from registration provided under Section 4(2) of the Act and Regulation D promulgated under the Act (“Regulation D”). The Private Placement Investors represented in the Subscription Agreements, among other things, that such Private Placement Investor was acquiring the Private Placement Shares for investment for the Private Placement Investor's account and that the investor was an “accredited investor” within the meaning of Regulation D.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

1.1	Placement Agency Agreement, dated as of August 1, 2025, by and between Xcel Brands, Inc. and Maxim Group LLC.
4.1	Form of Placement Agent’s Warrants.
10.1	Form of Securities Purchase Agreement, by and between Xcel Brands, Inc. and the purchasers identified on the signature pages thereto
10.2	Subscription Agreement, dated as of August 1, 2025, by and between Xcel Brands, Inc. and Robert W. D’Loren
10.3	Subscription Agreement, dated as of August 1, 2025, by and between Xcel Brands, Inc. and Mark DiSanto
99.1	Press Release of Xcel Brands, Inc. dated August 1, 2025.
104	Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 7, 2025	XCEL BRANDS, INC.

	By:	/s/ James F. Haran
	Name:	James F. Haran
	Title:	Chief Financial Officer

Source:

FAQ

How much revenue did Verastem (VSTM) generate in Q2 2025?

Net product revenue was $2.1 million, the company鈥檚 first commercial sales of AVMAPKI FAKZYNJA.

What is Verastem鈥檚 current cash position?

As of 30 Jun 25, cash and cash equivalents totaled $164.3 million.

Why did Verastem issue a going-concern warning?

Management expects continued operating losses and is uncertain that existing cash and projected sales will fund operations for 12 months without additional capital.

How has Verastem鈥檚 debt changed?

Long-term debt rose to $74.3 million due to a $75 million Note Purchase Agreement executed in January 2025.

What drove the increase in operating expenses?

R&D spending for RAMP trials and KRAS programs rose 37 %, while SG&A doubled as the U.S. commercial team ramped up for AVMAPKI launch.

How many Verastem shares are outstanding after the recent financings?

Common shares outstanding increased to 61.5 million as of 7 Aug 25.

AG真人官方

[8-K] XCEL BRANDS INC. Reports Material Event

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FAQ

How much revenue did Verastem (VSTM) generate in Q2 2025?

What is Verastem鈥檚 current cash position?

Why did Verastem issue a going-concern warning?

How has Verastem鈥檚 debt changed?

What drove the increase in operating expenses?

How many Verastem shares are outstanding after the recent financings?

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AG真人官方

Trending News

[8-K] XCEL BRANDS INC. Reports Material Event

Insights

Financial Analyst neutral

Oncology Commercialization Specialist negative

FAQ

How much revenue did Verastem (VSTM) generate in Q2 2025?

What is Verastem鈥檚 current cash position?

Why did Verastem issue a going-concern warning?

How has Verastem鈥檚 debt changed?

What drove the increase in operating expenses?

How many Verastem shares are outstanding after the recent financings?

NASDAQ:XELB

XELB Rankings

XELB Latest News

XELB Latest SEC Filings

XELB Stock Data