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Sep 30, 2023
Verve Therapeutics Q3 2023 Earnings Report
Verve Therapeutics reported financial results for the third quarter of 2023 and highlighted recent company progress.
Key Takeaways
Verve Therapeutics reported a net loss of $45.8 million for the third quarter of 2023 and ended the quarter with $485.2 million in cash, cash equivalents, and marketable securities. The company anticipates its cash runway will extend into 2026. They also announced the FDA cleared the IND application for VERVE-101, and interim data from the heart-1 Phase 1b clinical trial of VERVE-101 will be presented at AHA.
FDA cleared Investigational New Drug Application for VERVE-101 in patients with Heterozygous Familial Hypercholesterolemia (HeFH).
Collaboration with Eli Lilly and Company (Lilly) expands through Lilly’s acquisition of product rights to Verve’s PCSK9 and ANGPTL3 programs from Beam Therapeutics.
Interim Data from the heart-1 Phase 1b Clinical Trial of VERVE-101 in Patients with HeFH to be Presented at the American Heart Association (AHA) Scientific Sessions 2023 on November 12.
Cash, Cash Equivalents and Marketable Securities of $485.2 Million, providing cash runway into 2026.
Revenue by Segment
Forward Guidance
Verve expects to initiate Phase 1 clinical trials for VERVE-102 in the first half of 2024 and VERVE-201 in the second half of 2024 and expects its existing cash, cash equivalents, and marketable securities to be sufficient to fund its operations into 2026.
Positive Outlook
- Initiate Phase 1 clinical trials for VERVE-102 in the first half of 2024.
- Initiate Phase 1 clinical trials for VERVE-201 in the second half of 2024.
- Existing cash, cash equivalents, and marketable securities to be sufficient to fund its operations into 2026.
- Progressing the heart-1 Phase 1b trial of VERVE-101 in patients in the United Kingdom and New Zealand.
- Obtained clearance of first IND application from the FDA, which now enables to add U.S. sites to the heart-1 trial and begins the regulatory path in the U.S. for VERVE-101.
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