Vera Therapeutics, Inc. VERA
We are a late clinical-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases. Our lead product candidate, atacicept, is currently being evaluated for the treatment of immunoglobulin A nephropathy (IgAN) and other autoimmune kidney diseases. Atacicept is a native human TACI-Fc fusion protein that binds both the B-cell activating factor (BAFF) and A proliferation-inducing ligand (APRIL) cytokines and is self-administered subcutaneously at home. We are conducting ORIGIN 3, the pivotal Phase 3 trial of atacicept 150 mg in IgAN. The trial met the primary efficacy endpoint of reduction in proteinuria as measured by 24-hour urine protein-to-creatinine ratio (UPCR) at week 36, where participants treated with atacicept achieved a 46% reduction from baseline in UPCR with a statistically significant and clinically meaningful 42% reduction in UPCR compared to placebo (p<0.0001). The incidence of adverse events was generally balanced between the atacicept and placebo groups, with fewer serious adverse events reported with atacicept (n=1 [0.5%]) than placebo (n=11 [5%]), no safety signals indicating immunosuppression, and no deaths in either treatment group. In November 2025, we submitted a Biologics License Application (BLA) for atacicept for the treatment of adults with IgAN to the U.S. Food and Drug Administration (FDA) through the Accelerated Approval Program. On January 7, 2026, the FDA granted priority review to the application and assigned a Prescription Drug User Fee Act (PDUFA) target action date of July 7, 2026. If approved, atacicept would be the first B-cell modulator inhibiting both BAFF and APRIL for IgAN, offering patients an autoinjector for at-home self-administration. The ORIGIN 3 key secondary endpoint to support full approval is estimated glomerular filtration rate (eGFR) at 104 weeks, with results expected in 2027.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| R&D | $215.3M | $126.2M | $78.2M | $69.0M | $22.5M | $45.2M | — |
| SG&A | $100.2M | $41.0M | $23.8M | $21.9M | $11.9M | $4.0M | — |
| Total operating expenses | $315.5M | $167.2M | $102.0M | $90.9M | $34.4M | $52.2M | — |
| Operating income | -$315.5M | -$167.2M | -$102.0M | -$90.9M | -$34.4M | -$52.2M | — |
| Interest expense | $7.5M | $7.6M | $3.8M | $992.0K | $20.0K | $166.0K | — |
| Pre-tax income | -$299.6M | -$152.1M | -$96.0M | -$89.1M | -$32.6M | -$53.4M | — |
| Income tax | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | $1.0K | — |
| Net income | -$299.6M | -$152.1M | -$96.0M | -$89.1M | -$32.6M | -$53.4M | — |
| EPS, basic | -4.66 | -2.75 | -2.25 | -3.35 | -2.43 | — | — |
| EPS, diluted | -4.66 | -2.75 | -2.25 | -3.35 | -2.43 | -166.93 | — |
| Shares, diluted (wtd. avg.) | 64.2M | 55.3M | 42.7M | 26.6M | 13.4M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $354.7M | $92.6M | $45.7M | $43.8M | $80.0M | $54.0M | $3.6M |
| Short-term investments | $359.9M | $548.2M | $115.0M | $71.2M | $0 | — | — |
| Total current assets | $728.9M | $651.2M | $172.0M | $125.7M | $82.5M | $54.3M | — |
| Property, plant and equipment | $1.4M | $960.0K | $92.0K | $51.0K | $0 | — | — |
| Total assets | $734.7M | $655.7M | $175.5M | $131.4M | $83.7M | $54.6M | — |
| Accounts payable | $21.9M | $7.7M | $11.1M | $12.0M | $1.4M | $909.0K | — |
| Total current liabilities | $53.5M | $25.4M | $22.3M | $25.6M | $7.7M | $2.4M | — |
| Long-term debt | $74.8M | $50.7M | $49.9M | $24.8M | $4.9M | $0 | — |
| Total liabilities | $130.2M | $78.5M | $73.9M | $54.5M | $14.2M | $4.3M | — |
| Retained earnings | -$760.9M | -$461.2M | -$309.1M | -$213.1M | -$124.1M | -$91.4M | — |
| Total equity | $604.5M | $577.2M | $101.7M | $76.9M | $69.6M | -$89.3M | -$36.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$241.1M | -$134.7M | -$92.2M | -$67.6M | -$23.7M | -$34.8M | — |
| Depreciation and amortisation | $468.0K | $105.0K | $21.0K | -$846.0K | $176.0K | $251.0K | — |
| Stock-based compensation | $37.9M | $20.8M | $11.5M | $8.9M | $3.0M | $331.0K | — |
| Capital expenditure | $630.0K | $972.0K | $63.0K | $62.0K | $0 | $99.0K | — |
| Investing cash flow | $194.3M | -$425.0M | -$39.4M | -$70.6M | -$4.2M | -$42.0K | — |
| Financing cash flow | $308.9M | $606.7M | $133.5M | $101.9M | $53.9M | $85.3M | — |
| Buybacks | $0 | $13.0K | $0 | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-014002.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$53.4M | -$32.6M | -$89.1M | -$96.0M | -$152.1M | -$299.6M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Item 5.02
- Other event Item 8.01
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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