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Jun 30, 2024
Verve Therapeutics Q2 2024 Earnings Report
Verve Therapeutics reported pipeline progress and financial results for Q2 2024.
Key Takeaways
Verve Therapeutics reported a net loss of $49.8 million for the second quarter of 2024. The company's cash, cash equivalents, and marketable securities totaled $575.9 million, expected to fund operations into late 2026. The Heart-2 Phase 1b clinical trial of VERVE-102 continues to progress, and the Phase 1b clinical trial for VERVE-201 is on track for the second half of 2024.
Heart-2 clinical trial of VERVE-102 is enrolling in the U.K. and Canada, with Clinical Trial Application cleared in Australia.
Initial data from the Heart-2 clinical trial and an update on the PCSK9 program are planned for the first half of 2025.
Phase 1b clinical trial initiation for VERVE-201 is on track for the second half of 2024.
Cash, cash equivalents, and marketable securities totaled $575.9 million, providing a cash runway into late 2026.
Revenue by Segment
Forward Guidance
Verve Therapeutics anticipates continued progress with its clinical trials and expects its current capital position to be sufficient to fund operations into late 2026.
Positive Outlook
- Heart-2 clinical trial of VERVE-102 enrolling in the U.K. and Canada.
- Clinical Trial Application cleared in Australia for VERVE-102.
- Data update for Heart-2 and PCSK9 program planned for the first half of 2025.
- Phase 1b clinical trial initiation for VERVE-201 on track for the second half of 2024.
- Cash runway expected into late 2026.
Challenges Ahead
- Enrollment remains paused in the Phase 1b Heart-1 clinical trial.
- Ongoing investigation of observed laboratory abnormalities in the Heart-1 trial.
- Uncertainty regarding the potential path forward for VERVE-101 with regulatory authorities.
- Dependence on regulatory clearances for initiating the VERVE-201 Phase 1b clinical trial.
Historical Earnings Impact
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