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Jun 30, 2022
Verve Therapeutics Q2 2022 Earnings Report
Verve Therapeutics reported its financial results for the second quarter of 2022 and provided corporate updates.
Key Takeaways
Verve Therapeutics reported a net loss of $40.9 million for the second quarter of 2022. The company's cash, cash equivalents, and marketable securities totaled $293.6 million as of June 30, 2022, which, combined with proceeds from the Vertex collaboration and follow-on offering, is expected to fund operations into the second half of 2025. Patient dosing commenced for VERVE-101, and a lead development candidate, VERVE-201, was nominated.
Patient dosing is underway with VERVE-101 for Heterozygous Familial Hypercholesterolemia.
Regulatory clearances in the United Kingdom and United States are anticipated in the second half of 2022.
Preclinical data supporting nomination of ANGPTL3 development candidate, VERVE-201, will be presented at the European Society of Cardiology 2022 Congress.
A research collaboration with Vertex and an amendment to Beam License Agreement expanded the pipeline by adding two additional targets.
Forward Guidance
Verve Therapeutics expects that its cash, cash equivalents, and marketable securities as of June 30, 2022, combined with proceeds from the Vertex collaboration and follow-on offering, will be sufficient to fund its operating plan into the second half of 2025.
Positive Outlook
- Initiated patient dosing in the heart-1 clinical trial of VERVE-101.
- Anticipates interim clinical data from the heart-1 clinical trial in 2023.
- Expects regulatory clearance for VERVE-101 in the United Kingdom and the United States in the second half of 2022.
- Plans to present preclinical data for VERVE-201 at the ESC 2022 Congress.
- Expects to begin IND-enabling studies for VERVE-201 in the second half of 2022.
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