Verve Therapeutics Reports $32.98M Collaboration Revenue and $31.03M Net Loss for Q1 2025

Verve Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company generated collaboration revenue of $32.98 million, a substantial increase from $5.70 million in the same period last year. This growth was primarily driven by a $20 million milestone payment from Eli Lilly and a $1.4 million revenue recognition from the Vertex Agreement, which was recently terminated. Despite this increase in revenue, Verve's total operating expenses rose to $69.61 million from $62.54 million year-over-year, leading to a net loss of $31.03 million, an improvement from the $48.74 million loss reported in the prior year.

The company's balance sheet reflects a decrease in total assets, which fell to $614.16 million from $647.39 million at the end of 2024. Cash and cash equivalents decreased significantly to $96.55 million, down from $172.56 million, while marketable securities increased to $400.52 million from $351.72 million. Total liabilities also decreased to $140.65 million from $153.99 million, with a notable reduction in accrued expenses, which dropped to $17.05 million from $24.34 million. The accumulated deficit increased to $774.05 million, up from $743.01 million.

Strategically, Verve Therapeutics is advancing its clinical-stage programs targeting cardiovascular diseases through gene editing. The company is currently conducting the Heart-2 Phase 1b clinical trial for its lead candidate, VERVE-102, which targets the PCSK9 gene. Initial data from this trial indicated promising results, with significant reductions in LDL cholesterol levels observed. Additionally, the company is preparing for a Phase 2 trial of VERVE-102 and is also advancing its VERVE-201 program targeting ANGPTL3. The company’s workforce has expanded, reflecting its commitment to advancing these programs.

Looking ahead, Verve Therapeutics anticipates continued operational losses as it invests heavily in research and development. The company expects to utilize its existing cash, cash equivalents, and marketable securities, totaling $497.1 million, to fund operations into mid-2027. However, it acknowledges the need for additional financing to support ongoing and future clinical trials, as well as to maintain its growth trajectory. The company plans to explore various funding avenues, including equity offerings and strategic collaborations, to secure the necessary capital for its ambitious development plans.