Vera Therapeutics (VERA) Q4 2025 earnings summary

Executive summary

• Achieved positive Phase 3 results for atacicept in IgA nephropathy (IgAN), presented at ASN Kidney Week and published in NEJM.

• FDA granted priority review to atacicept BLA with a PDUFA date of July 7, 2026; commercial launch expected mid-2026.

• Strengthened leadership with the appointment of James R. Meyers to the Board of Directors.

• Advanced preparations for U.S. commercial launch of atacicept, pending FDA approval.

Financial highlights

• Reported net loss of $299.6 million for 2025, compared to $152.1 million in 2024.

• Net loss per diluted share was $4.66 in 2025, up from $2.75 in 2024.

• Operating expenses rose to $315.5 million in 2025 from $167.2 million in 2024.

• Cash, cash equivalents, and marketable securities totaled $714.6 million as of December 31, 2025.

• Net cash used in operating activities was $241.1 million in 2025, up from $134.7 million in 2024.

Outlook and guidance

• Anticipates FDA approval of atacicept in IgAN by July 7, 2026, with U.S. commercial launch planned for mid-2026.

• Initial results from the PIONEER Phase 2 basket trial expected in 1H 2026.

• Two-year eGFR data from pivotal ORIGIN 3 study expected in 2027.