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Mar 31, 2024
Vera Q1 2024 Earnings Report
Reported business highlights and financial results for the first quarter ended March 31, 2024.
Key Takeaways
Vera Therapeutics reported positive 72-week data from the Phase 2b ORIGIN clinical trial and completed a $287.5 million financing. The company's cash and equivalents totaled $403.7 million as of March 31, 2024. Net loss for the quarter was $28.4 million, or $0.56 per share.
Presented positive 72-week data from the ORIGIN Phase 2b trial of atacicept in IgAN, showing consistent and sustained reductions in Gd-IgA1, hematuria, and UPCR, with stable eGFR over the duration of treatment.
Expanded management team with key appointments, including Robert M. Brenner, M.D., as Chief Medical Officer and William D. Turner as Chief Development Officer.
Actively adding sites and enrolling pivotal Phase 3 ORIGIN 3 study of atacicept for the treatment of IgAN.
Completed $287.5 million financing in February, strengthening the Company’s balance sheet with $403.7 million in cash and equivalents as of March 31, 2024, extending the Company’s expected cash runway through potential approval and commercial launch.
Vera
Vera
Forward Guidance
Vera Therapeutics anticipates several milestones in 2024, including presentations at the European Renal Association Congress (ERA24) and the release of topline 96-week data from the ORIGIN Ph 2b clinical trial. The company also expects to complete enrollment in the pivotal Phase 3 ORIGIN 3 trial in Q3 2024 and announce preliminary data in the first half of 2025.
Positive Outlook
- Two abstracts selected for oral presentations – including “Best-Ranked Abstract” – at the 61st European Renal Association Congress (ERA24) on May 25, 2024
- Plan to present topline 96-week data from ORIGIN Ph 2b clinical trial of atacicept in IgAN in the fourth quarter of 2024
- Pivotal Phase 3 ORIGIN 3 trial estimated to complete enrollment in the third quarter of 2024
- On track to announced preliminary data in the first half of 2025