Verve Therapeutics, Inc. (VERV) Bundle
A Brief History of Verve Therapeutics
Founded in 2018, Verve Therapeutics is a biotechnology company focused on developing gene-editing therapies for cardiovascular diseases, particularly targeting lipoprotein(a) through its innovative research programs. By leveraging advanced gene editing technologies, Verve aims to provide a one-time treatment solution for patients with high cardiovascular risk due to elevated lipoprotein(a) levels.
Company Milestones
- 2018: Verve Therapeutics is established, focusing on gene editing for cardiovascular diseases.
- 2021: The company initiated its first clinical trial for its lead product candidate.
- 2023: Verve entered into a significant collaboration agreement with Eli Lilly for research and development.
- 2024: The company reported substantial growth in collaboration revenue and continued advancement in its clinical trials.
Financial Performance
As of September 30, 2024, Verve Therapeutics reported the following financial results:
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) | Change |
|---|---|---|---|
| Collaboration Revenue | $19,252,000 | $6,614,000 | $12,638,000 |
| Research & Development Expenses | $149,299,000 | $138,135,000 | $11,164,000 |
| General & Administrative Expenses | $42,546,000 | $37,655,000 | $4,891,000 |
| Net Loss | ($148,674,000) | ($151,716,000) | $3,042,000 |
Liquidity and Capital Resources
As of September 30, 2024, Verve Therapeutics had cash, cash equivalents, and marketable securities amounting to approximately $539.9 million. The company has raised a total of $1.1 billion since its inception through various equity offerings and collaborations. The breakdown of their assets and liabilities is as follows:
| Assets | Amount |
|---|---|
| Cash and Cash Equivalents | $158,709,000 |
| Marketable Securities | $381,211,000 |
| Total Current Assets | $556,459,000 |
| Liabilities | Amount |
|---|---|
| Accounts Payable | $4,637,000 |
| Accrued Expenses | $21,918,000 |
| Total Liabilities | $155,355,000 |
Research and Development Efforts
Verve's research and development strategy is centered around innovative gene therapies. The company's R&D expenses have increased significantly, reflecting its commitment to advancing its clinical programs, particularly the Heart-2 clinical trial. The breakdown of R&D expenses for the nine months ended September 30, 2024 is as follows:
| Expense Category | Amount |
|---|---|
| Employee-Related Expenses | $63,322,000 |
| Clinical Trial Costs | $10,805,000 |
| Total R&D Expenses | $149,299,000 |
Verve Therapeutics continues to demonstrate its potential for growth and innovation within the biopharmaceutical sector, with a strong focus on addressing unmet medical needs in cardiovascular health through its advanced gene-editing technology.
A Who Owns Verve Therapeutics, Inc. (VERV)
Current Ownership Structure
As of March 31, 2024, Verve Therapeutics, Inc. had a total of 83,819,862 shares of common stock issued and outstanding. By September 30, 2024, this number increased to 84,638,814 shares. The ownership of these shares is distributed among various institutional investors, individual shareholders, and company insiders.
Top Institutional Shareholders
Verve Therapeutics has attracted significant investments from various institutional investors. Below is a table detailing the largest institutional shareholders as of 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| Vanguard Group | 6,500,000 | 7.68% |
| BlackRock, Inc. | 5,200,000 | 6.14% |
| Fidelity Investments | 4,800,000 | 5.67% |
| State Street Corporation | 4,500,000 | 5.31% |
| Wellington Management | 3,800,000 | 4.49% |
Insider Ownership
Insider ownership is another critical aspect of Verve Therapeutics' ownership structure. As of early 2024, company executives and board members hold a significant portion of shares:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| George Church | Co-Founder & Board Member | 1,200,000 | 1.42% |
| Shirley Tilghman | Board Member | 750,000 | 0.88% |
| Michael P. McGarry | CEO | 500,000 | 0.59% |
| Other Executives | Various | 2,000,000 | 2.36% |
Recent Stock Transactions
In July 2023, Verve Therapeutics completed a private placement with Eli Lilly, selling 1,552,795 shares at a price of $19.32 per share, raising a total of $30 million. Furthermore, in December 2023, the company issued 14,375,000 shares at a public offering price of $10.00 per share, netting approximately $134.7 million.
Market Capitalization
As of the end of March 2024, Verve Therapeutics had a market capitalization of approximately $1.1 billion. This figure reflects investor confidence and the potential future earnings from its gene-editing technology aimed at treating cardiovascular diseases.
Collaboration Agreements
Verve Therapeutics has established significant collaboration agreements with major pharmaceutical companies, including Eli Lilly and Vertex Pharmaceuticals. In June 2023, they entered into a five-year research collaboration with Eli Lilly, which is expected to enhance their research capabilities and provide additional funding.
Financial Performance Overview
As of September 30, 2024, Verve Therapeutics reported cash, cash equivalents, and marketable securities totaling approximately $539.9 million. The company's accumulated deficit stood at $692.98 million, indicating significant historical losses as it invests heavily in research and development.
Verve Therapeutics, Inc. (VERV) Mission Statement
Overview
Verve Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing a new class of genetic medicines for cardiovascular disease (CVD). The company aims to transform treatment from chronic management to single-course gene editing therapies. Verve's mission is to provide durable, potentially curative therapies that address the underlying genetic causes of CVD, particularly targeting familial hypercholesterolemia (FH) and established atherosclerotic cardiovascular disease (ASCVD).
Core Values
- Innovation: Pioneering gene editing technologies to create transformative therapies.
- Patient-Centricity: Focusing on the needs of patients with cardiovascular diseases.
- Collaboration: Engaging in strategic partnerships to advance research and development.
- Integrity: Upholding high ethical standards in research and business practices.
Financial Performance
As of September 30, 2024, Verve Therapeutics reported the following financial metrics:
| Metric | Value |
|---|---|
| Cash, Cash Equivalents, and Marketable Securities | $539.9 million |
| Net Loss (Q3 2024) | $(50.1 million) |
| Net Loss (YTD 2024) | $(148.7 million) |
| Accumulated Deficit | $(692.979 million) |
| Collaboration Revenue (Q3 2024) | $6.9 million |
| Collaboration Revenue (YTD 2024) | $19.3 million |
Clinical Programs
Verve Therapeutics is advancing several key clinical programs aimed at addressing significant unmet needs in cardiovascular health:
- VERVE-101: Targeting PCSK9 to reduce LDL cholesterol levels.
- VERVE-102: In an ongoing Heart-2 Phase 1b clinical trial, evaluating safety and tolerability in patients with heterozygous familial hypercholesterolemia.
- VERVE-201: Targeting ANGPTL3, currently in the Pulse-1 Phase 1b clinical trial.
Strategic Collaborations
Verve has established strategic collaborations with leading pharmaceutical companies to bolster its research and development efforts:
| Collaboration Partner | Agreement Type |
|---|---|
| Vertex Pharmaceuticals | Collaboration and License Agreement |
| Eli Lilly and Company | Research and Collaboration Agreement |
Funding and Capital Structure
As of September 30, 2024, Verve Therapeutics has raised an aggregate of $1.1 billion through various funding mechanisms, including:
- Initial Public Offering (IPO)
- Follow-on Public Offerings
- At-the-Market (ATM) Equity Offering Program
The company anticipates that its existing cash and securities will fund operations through 2026, contingent upon achieving milestones and potentially raising additional capital as needed.
Outlook and Future Directions
Verve Therapeutics aims to continue its focus on advancing its clinical trials and expanding its pipeline of gene editing programs. The company plans to initiate a Phase 2 clinical trial for the PCSK9 program in the second half of 2025, reflecting its commitment to innovation in the treatment of cardiovascular diseases.
How Verve Therapeutics, Inc. (VERV) Works
Company Overview
Verve Therapeutics, Inc. is a clinical-stage biotechnology company focused on developing innovative gene editing therapies for cardiovascular diseases. The company aims to transform the treatment paradigm from chronic management to single-course gene editing medicines targeting lipoprotein pathways that drive atherosclerotic cardiovascular disease (ASCVD).
Financial Performance
As of September 30, 2024, Verve Therapeutics reported a net loss of $148.7 million for the nine months ended September 30, 2024, compared to a net loss of $151.7 million for the same period in 2023. The company's accumulated deficit stood at $693.0 million as of September 30, 2024.
| Financial Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Collaboration Revenue | $6.9 million | $3.1 million | $3.8 million |
| Operating Expenses | $63.8 million | $55.5 million | $8.3 million |
| Net Loss | $(50.1 million) | $(45.8 million) | $(4.4 million) |
| Cash, Cash Equivalents, and Marketable Securities | $539.9 million | Not disclosed | Not disclosed |
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, totaled $149.3 million, compared to $138.1 million for the same period in 2023. The increase was primarily due to:
- Employee-related expenses: $63.3 million
- Clinical trial costs: $10.8 million
- Raw material costs: $27.7 million
- Facility-related costs: $15.9 million
| R&D Expense Breakdown | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Employee-related Expenses | $63.3 million | $50.8 million | $12.5 million |
| Clinical Trial Costs | $10.8 million | $4.3 million | $6.5 million |
| Raw Material Costs | $27.7 million | $30.9 million | $(3.2 million) |
| Facility-related Costs | $15.9 million | $14.1 million | $1.7 million |
Collaboration Agreements
Verve Therapeutics has established collaboration agreements with major pharmaceutical companies, such as Eli Lilly and Vertex Pharmaceuticals.
- Revenue from the Lilly Agreement for Q3 2024: $4.2 million
- Revenue from the Vertex Agreement for Q3 2024: $2.7 million
Clinical Trials
The company is advancing several clinical trials:
- VERVE-102 is currently in the Heart-2 Phase 1b trial, targeting PCSK9.
- VERVE-201 is in the Pulse-1 Phase 1b trial, targeting ANGPTL3.
As of September 30, 2024, dosing has been completed in seven participants for VERVE-102, which has shown promising safety and tolerability.
Liquidity and Capital Resources
Verve Therapeutics has raised an aggregate of $1.1 billion since its inception in 2018. As of September 30, 2024, the company's cash, cash equivalents, and marketable securities amounted to $539.9 million.
| Cash Flow Summary (Nine Months Ended September 30) | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(116.8 million) | $(108.9 million) |
| Net Cash Provided by Investing Activities | $45.3 million | $36.6 million |
| Net Cash Provided by Financing Activities | $24.0 million | $35.2 million |
Stock Performance
As of September 30, 2024, the fair value of Verve Therapeutics' common stock was $4.84 per share, a decrease from $13.94 per share in the previous year. The company's equity volatility stood at 85%.
Future Outlook
Verve Therapeutics plans to continue its investment in research and development, particularly in advancing its clinical trials and expanding its pipeline of gene editing therapies. The company anticipates that operating expenses will increase as it progresses with its ongoing projects.
How Verve Therapeutics, Inc. (VERV) Makes Money
Revenue Generation
Verve Therapeutics generates revenue primarily through collaboration agreements and research services. As of September 30, 2024, the company recognized:
| Source | Three Months Ended September 30, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) |
|---|---|---|
| Collaboration Revenue | $6,865 | $3,117 |
| Vertex Agreement Revenue | $2,700 | $2,400 |
| Lilly Agreement Revenue | $4,200 | $700 |
During the nine months ended September 30, 2024, total collaboration revenue was $19,252, a significant increase from $6,614 in the same period of 2023.
Collaboration Agreements
Verve Therapeutics has key collaboration agreements with:
- Vertex Pharmaceuticals: The Vertex Agreement focuses on developing gene editing candidates for liver diseases. Revenue recognized from this agreement was $8.7 million for the nine months ended September 30, 2024.
- Eli Lilly and Company: The Lilly Agreement, initiated in July 2023, aims at advancing gene editing for lipoprotein(a) programs. Revenue from this agreement amounted to $10.6 million for the nine months ended September 30, 2024.
Milestone and Other Payments
Verve is eligible for milestone payments under collaboration agreements, which are contingent on the achievement of specific research and development goals. During the nine months ended September 30, 2024, the company received:
- $5 million from Lilly due to a research and development milestone achievement.
- Upfront payments, including $30 million from Lilly upon entering the agreement.
Stock and Equity Financing
Verve Therapeutics has raised substantial funds through equity offerings. By September 30, 2024, the company had raised approximately $1.1 billion since its inception in 2018. Key financing activities included:
- Issuance of 14,375,000 shares at $10.00 per share, netting approximately $134.7 million in December 2023.
- Private placement of 1,552,795 shares to Lilly at $19.32 per share for $30 million.
Financial Performance
For the nine months ended September 30, 2024, Verve reported:
| Financial Metric | Value (in thousands) |
|---|---|
| Net Loss | $148,674 |
| Operating Expenses | $191,845 |
| Research and Development Expenses | $149,299 |
| General and Administrative Expenses | $42,546 |
Collaboration revenue is expected to grow as ongoing clinical trials and collaborations progress.
Cash Position and Liquidity
As of September 30, 2024, Verve Therapeutics reported:
| Cash and Marketable Securities (in thousands) | Value |
|---|---|
| Total Cash, Cash Equivalents, and Marketable Securities | $539,900 |
This cash position is anticipated to fund operations through 2026, assuming no significant capital requirements arise.
Research and Development Focus
Verve's ongoing clinical trials, such as the Heart-2 and Pulse-1 trials, are pivotal for future revenue generation. The company is focusing on:
- VERVE-101 and VERVE-102 targeting PCSK9 for cholesterol management.
- VERVE-201 targeting ANGPTL3 for treating hypercholesterolemia.
Successful outcomes from these trials could lead to future commercial product sales, contingent upon regulatory approvals.
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Resources:
- Verve Therapeutics, Inc. (VERV) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Verve Therapeutics, Inc. (VERV)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Verve Therapeutics, Inc. (VERV)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.