Vera Therapeutics Reports $152.1 Million Net Loss for 2024, Increases in Operating Expenses

Vera Therapeutics, Inc. reported a net loss of $152.1 million for the year ended December 31, 2024, compared to a net loss of $96.0 million in 2023. Total operating expenses increased by 64% to $167.1 million in 2024, driven by a 61% rise in research and development expenses to $126.2 million and a 72% increase in general and administrative expenses to $41.0 million. The increase in research and development expenses was primarily due to increased contract drug manufacturing costs, clinical trial expenses, and consulting and professional services. The rise in general and administrative expenses stemmed from increased employee compensation and related benefits, commercial planning expenses, and legal and accounting services. The company had $640.9 million in cash, cash equivalents, and marketable securities at the end of 2024.

Significant changes compared to the previous year include a substantial increase in both research and development and general and administrative expenses, leading to a larger net loss. The company attributes the increase in research and development expenses to scaling up manufacturing activities for atacicept, increased clinical trial activity for ORIGIN 3, and higher consulting and professional services costs. The increase in general and administrative expenses reflects growth in headcount and increased commercial planning and medical affairs activities in preparation for the potential commercialization of atacicept. The company completed two follow-on public offerings of common stock during 2024, raising approximately $593.2 million in net proceeds.

Vera Therapeutics' key operational developments include the completion of enrollment for the primary endpoint cohort in the Phase 3 ORIGIN 3 clinical trial for atacicept in IgAN in September 2024. The company expects to announce primary endpoint results in the second quarter of 2025 and plans to submit a biologics license application (BLA) later in 2025. Positive 96-week results from the open-label extension of the Phase 2b ORIGIN trial were announced in October 2024. The company also initiated the ORIGIN EXTEND and plans to initiate the PIONEER Phase 2 clinical trial in 2025 to evaluate atacicept in other autoimmune kidney diseases. In January 2025, Vera Therapeutics acquired worldwide rights to VT-109, a dual BAFF/APRIL inhibitor currently in preclinical development.

The company's employee headcount was 112 as of December 31, 2024. Vera Therapeutics holds worldwide, exclusive development and commercial rights to atacicept, MAU868, and VT-109. The company anticipates that its existing cash resources will be sufficient to fund its operations for at least the next 12 months. However, the company acknowledges the need for substantial additional capital to finance its operations and commercialization efforts in the future. The company's outlook includes the expectation of continued net losses for the foreseeable future and a reliance on additional funding through equity offerings, debt financing, or other sources.