Vera Therapeutics Reports $76.5 Million Net Loss in Q2 2025 Amid Increased R&D Expenses

Vera Therapeutics, Inc. reported significant financial results for the second quarter of 2025, revealing a net loss of $76.5 million, compared to a net loss of $33.7 million for the same period in 2024. For the six months ending June 30, 2025, the company recorded a net loss of $128.2 million, up from $62.1 million in the prior year. The increase in losses is attributed to heightened research and development expenses, which surged by 99% to $58.2 million in the second quarter, driven by increased costs in contract drug manufacturing and clinical trials. General and administrative expenses also rose significantly, reaching $21.9 million for the quarter, a 173% increase from the previous year.

In terms of liquidity, Vera Therapeutics reported cash, cash equivalents, and marketable securities totaling $556.8 million as of June 30, 2025, a decrease from $640.9 million at the end of 2024. The company utilized $109.2 million in cash for operating activities during the first half of 2025, primarily due to its net loss. The firm has funded its operations through equity offerings and debt financing, including a recent refinancing of its debt, which increased its long-term debt to $74.5 million from $50.7 million at the end of 2024.

Strategically, Vera Therapeutics is advancing its lead product candidate, atacicept, which is currently in pivotal Phase 3 trials for immunoglobulin A nephropathy (IgAN). The company completed full enrollment for the ORIGIN 3 trial and plans to submit for regulatory approval in the fourth quarter of 2025. Additionally, Vera has expanded its pipeline with the acquisition of VT-109, a dual BAFF/APRIL inhibitor, and is conducting trials for MAU868, a monoclonal antibody targeting reactivated BK virus infections.

Operationally, Vera Therapeutics has increased its employee headcount to support its growing research and development efforts, which is reflected in the rising compensation expenses. The company is also preparing for potential commercialization of atacicept, which includes scaling up manufacturing capabilities and establishing a sales and marketing infrastructure. Despite the current financial losses, management believes that the existing cash reserves will be sufficient to fund operations for at least the next 12 months, although they anticipate needing additional capital to support ongoing and future development activities.