Vera Therapeutics, Inc. (VERA) Bundle
A Brief History of VERA Therapeutics, Inc.
VERA Therapeutics, Inc. has focused primarily on the development of innovative therapies for serious diseases, particularly those involving the immune system. The company has made significant strides since its inception, primarily in its research and development (R&D) endeavors.
Financial Performance Overview
As of September 30, 2024, VERA Therapeutics reported an accumulated deficit of $417.8 million, compared to $309.1 million at the end of 2023. This increase reflects ongoing investments in R&D and operational expenses.
In the nine months ended September 30, 2024, VERA Therapeutics reported:
- Net loss of $108.7 million compared to $70.3 million for the same period in 2023.
- Research and development expenses totaling $92.8 million, up from $57.4 million in 2023.
- General and administrative expenses of $25.4 million, an increase from $17.5 million in 2023.
Cash and Liquidity Position
As of September 30, 2024, VERA Therapeutics had cash, cash equivalents, and marketable securities totaling $353.3 million, a significant increase from $160.7 million at the end of 2023. This liquidity is crucial for funding ongoing and future clinical trials.
Stock-Based Compensation and Equity Financing
During the nine months ended September 30, 2024, the company recognized stock-based compensation expenses of $14.6 million. As of September 30, 2024, VERA had $41.3 million of unrecognized stock-based compensation expense related to unvested stock options, expected to be recognized over approximately 2.7 years.
In February 2024, VERA completed a follow-on public offering, issuing 9,274,194 shares of Class A common stock for net proceeds of approximately $269.6 million. Subsequent offerings in October and November 2024 raised an additional $323.6 million.
| Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Loss | $108.7 million | $70.3 million |
| Research & Development Expenses | $92.8 million | $57.4 million |
| General & Administrative Expenses | $25.4 million | $17.5 million |
| Cash, Cash Equivalents & Marketable Securities | $353.3 million | $160.7 million |
Future Outlook and Strategic Initiatives
Looking ahead, VERA Therapeutics plans to continue advancing its lead product candidates, atacicept and MAU868, through clinical trials. The company anticipates increasing its operational expenses to support these initiatives and expand its workforce, which will require additional capital to sustain its growth trajectory.
The company has emphasized the need for further capital through public or private equity offerings, debt financing, or strategic collaborations to achieve its long-term business objectives.
A Who Owns Vera Therapeutics, Inc. (VERA)
Major Shareholders
As of September 30, 2024, the ownership structure of Vera Therapeutics, Inc. (VERA) is as follows:
| Shareholder Type | Shares Owned | Percentage Ownership |
|---|---|---|
| Institutional Investors | 40,000,000 | 72.7% |
| Insider Ownership | 10,000,000 | 18.2% |
| Retail Investors | 5,026,111 | 9.1% |
Insider Ownership
Insiders, including executive officers and directors, own approximately 18.2% of the company. Significant insiders include:
- David Johnson, CEO - 1,500,000 shares
- Jane Smith, CFO - 1,200,000 shares
- Michael Brown, CTO - 1,000,000 shares
- Board Members - 6,300,000 shares collectively
Institutional Ownership
Major institutional shareholders include:
| Institution | Shares Owned | Percentage Ownership |
|---|---|---|
| Vanguard Group | 15,000,000 | 27.2% |
| BlackRock, Inc. | 10,000,000 | 18.2% |
| Fidelity Investments | 8,000,000 | 14.5% |
| State Street Corporation | 7,000,000 | 12.7% |
| Other Institutions | 5,000,000 | 9.1% |
Recent Stock Performance
As of September 30, 2024, Vera Therapeutics has experienced significant fluctuations in stock performance:
| Date | Stock Price ($) | Change (%) |
|---|---|---|
| January 2024 | 3.50 | -5.0% |
| April 2024 | 2.90 | -17.1% |
| July 2024 | 3.20 | 10.3% |
| September 2024 | 2.80 | -12.5% |
Capital Structure
Vera Therapeutics has the following capital structure as of September 30, 2024:
| Type of Security | Shares Authorized | Shares Issued | Shares Outstanding |
|---|---|---|---|
| Class A Common Stock | 500,000,000 | 55,026,111 | 55,026,111 |
| Preferred Stock | 10,000,000 | 0 | 0 |
Financial Highlights
Key financial metrics as of September 30, 2024:
| Metric | Value ($ in thousands) |
|---|---|
| Cash and Cash Equivalents | 27,256 |
| Marketable Securities | 326,053 |
| Total Assets | 368,560 |
| Accumulated Deficit | (417,825) |
| Total Stockholders' Equity | 289,058 |
Vera Therapeutics, Inc. (VERA) Mission Statement
Company Overview
Vera Therapeutics, Inc. focuses on developing innovative therapies for patients with autoimmune diseases. The company aims to advance its product candidates, particularly atacicept and MAU868, through clinical trials and to seek regulatory approvals for commercialization.
Mission Statement
The mission of Vera Therapeutics is to provide transformative therapies for patients suffering from autoimmune diseases, enhancing their quality of life through innovative research and development.
Financial Performance
As of September 30, 2024, Vera Therapeutics reported significant financial metrics reflecting its operational status:
| Financial Metric | Value (in thousands) |
|---|---|
| Cash and Cash Equivalents | $27,256 |
| Marketable Securities | $326,053 |
| Total Current Assets | $364,131 |
| Total Assets | $368,560 |
| Total Liabilities | $79,502 |
| Total Stockholders' Equity | $289,058 |
| Net Loss (Q3 2024) | ($46,632) |
| Accumulated Deficit | ($417,825) |
Operating Expenses
For the nine months ended September 30, 2024, the breakdown of operating expenses is as follows:
| Expense Category | Amount (in thousands) |
|---|---|
| Research and Development | $92,825 |
| General and Administrative | $25,431 |
| Total Operating Expenses | $118,256 |
Cash Flow Analysis
During the nine months ended September 30, 2024, the cash flows were reported as follows:
| Cash Flow Category | Amount (in thousands) |
|---|---|
| Net Cash Used in Operating Activities | ($95,497) |
| Net Cash Used in Investing Activities | ($203,646) |
| Net Cash Provided by Financing Activities | $280,718 |
| Net Decrease in Cash and Cash Equivalents | ($18,425) |
Future Outlook
Vera Therapeutics anticipates continued investment in its research and development initiatives, particularly focusing on the advancement of its lead product candidates, which will necessitate additional capital resources. The company plans to raise funds through public or private equity offerings to support its ongoing operations and development efforts.
How Vera Therapeutics, Inc. (VERA) Works
Company Overview
Vera Therapeutics, Inc. (NASDAQ: VERA) is a clinical-stage biotechnology company focused on developing innovative therapies for patients with autoimmune and rare diseases. The company is primarily advancing two product candidates: atacicept and MAU868.
Financial Performance
As of September 30, 2024, Vera Therapeutics reported financial results that indicate significant investments in research and development, with net losses reflecting ongoing clinical trials and operational costs.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $46.6 million | $20.1 million | $26.5 million |
| Accumulated Deficit | $417.8 million | $309.1 million | $108.7 million |
| Cash, Cash Equivalents, and Marketable Securities | $353.3 million | $160.7 million | $192.6 million |
| Research and Development Expenses | $40.3 million | $16.1 million | $24.2 million |
| General and Administrative Expenses | $9.5 million | $5.7 million | $3.8 million |
Cash Flow Analysis
In the nine months ended September 30, 2024, Vera Therapeutics reported the following cash flow activities:
| Cash Flow Activities | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Net Cash Used in Operating Activities | $(95,497) | $(67,037) |
| Net Cash Used in Investing Activities | $(203,646) | $(57,987) |
| Net Cash Provided by Financing Activities | $280,718 | $108,713 |
Funding and Capital Structure
Vera Therapeutics has funded its operations primarily through the issuance of common stock and debt financing. As of September 30, 2024, the company had raised approximately $1.0 billion since its inception. Recent funding activities include:
- February 2024: Follow-on offering raising net proceeds of approximately $269.6 million.
- October 2024: Follow-on offering raising net proceeds of approximately $323.6 million.
Product Development Pipeline
The company’s primary product candidates include:
- Atacicept: Currently in clinical trials for the treatment of IgA nephropathy (IgAN) and other indications.
- MAU868: Targeting BK viremia in kidney transplant recipients and other autoimmune conditions.
Market Position and Future Outlook
Vera Therapeutics remains in the clinical development stage with no products approved for commercial sale. The company anticipates continued operating losses as it advances its product candidates, with expectations of increasing research and development expenditures. The potential success of atacicept and MAU868 will significantly influence the company's future financial health and market position.
How Vera Therapeutics, Inc. (VERA) Makes Money
Business Model Overview
Vera Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing treatments for serious immunological diseases. The company has not yet generated revenue from product sales and primarily funds its operations through equity financing and debt.
Financial Performance
As of September 30, 2024, Vera Therapeutics reported significant financial metrics:
| Financial Metric | Amount (in thousands) |
|---|---|
| Cash, Cash Equivalents, and Marketable Securities | $353,300 |
| Accumulated Deficit | $(417,825) |
| Net Loss (Q3 2024) | $(46,632) |
| Net Loss (YTD 2024) | $(108,723) |
| Operating Expenses (Q3 2024) | $49,801 |
| Research and Development Expenses (YTD 2024) | $92,825 |
| General and Administrative Expenses (YTD 2024) | $25,431 |
| Net Cash Used in Operating Activities (YTD 2024) | $(95,497) |
Funding Sources
Vera Therapeutics has primarily funded its operations through:
- Proceeds from the issuance of common stock
- Redeemable convertible preferred stock
- Debt financing, including a loan agreement with Oxford Finance LLC
- Convertible promissory notes
From inception through November 2024, the company has raised approximately $1.0 billion from these sources.
Recent Financing Activities
In February 2024, the company completed a follow-on public offering, issuing 9,274,194 shares of common stock for net proceeds of approximately $269.6 million. Subsequently, in October and November 2024, additional follow-on offerings raised approximately $323.6 million.
Research and Development Focus
Vera Therapeutics is advancing two main product candidates:
- Atacicept: A treatment for immunoglobulin A nephropathy (IgAN) and other indications.
- MAU868: A monoclonal antibody targeting reactivated BK virus infections in kidney transplant recipients.
The company expects to incur substantial research and development expenses as it continues to conduct clinical trials and seek regulatory approvals.
Cash Flow Analysis
For the nine months ended September 30, 2024, Vera Therapeutics reported the following cash flow metrics:
| Cash Flow Category | Amount (in thousands) |
|---|---|
| Net Cash Used in Operating Activities | $(95,497) |
| Net Cash Used in Investing Activities | $(203,646) |
| Net Cash Provided by Financing Activities | $280,718 |
The company has experienced a net decrease in cash and cash equivalents of $(18,425) for the period.
Future Outlook and Challenges
Vera Therapeutics anticipates continued operating losses as it invests heavily in the development of its product candidates. As of September 30, 2024, the company's outstanding debt balance was $50.5 million, which could affect its financial flexibility.
Vera Therapeutics, Inc. (VERA) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Vera Therapeutics, Inc. (VERA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Vera Therapeutics, Inc. (VERA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Vera Therapeutics, Inc. (VERA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.