VERA Stock — Vera Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a late clinical-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases. Our lead product candidate, atacicept, is currently being evaluated for the treatment of immunoglobulin A nephropathy (IgAN) and other autoimmune kidney diseases.

Source: 10-K FY2025 via SEC EDGAR

Share price

$29.79

Market cap

$2,146.4M

Cash

$384.0M

Enterprise value

$1,837.8M

Balance sheet

Cash	$384.0M
Debt	$75.4M
Net cash	$308.6M
Enterprise value	$1,837.8M
Basic shares	72.3M shares
Fully diluted shares	86.2M shares
Fully diluted market cap	$2,567.9M
Cash per share	$5.31
Quarterly burn	$100.3M
Cash runway	5.0 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

72.1M

Pre-funded warrants

0.0M

Options

9.9M

RSUs

2.2M

Warrants

—

Converts

—

Conv preferred

—

ESPP reserve

2.0M

FDSO

86.2M

Cap table as of 2026-07-29.

Price history

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Next catalyst

Atacicept · Now - Nov 24, 2026 Now · Phase 2 · IgA Nephropathy (IgAN); Berger Disease

Recently reported

Atacicept Phase 3 Positive · 2026-10-22

Primary: Proteinuria reduction at 36 weeks (ORIGIN 3 primary endpoint) — met the primary endpoint of statistically significant proteinuria reduction at 36 weeks

· TRUTAKNA achieved statistical significance in all prespecified endpoints, including eGFR change from baseline and annualized slope, and risk reduction in composite kidney disease progression events

· Statistically significant reductions in urine protein-to-creatinine ratio, galactose-deficient IgA1, and hematuria

· Adverse events occurred in 160/214 patients (75%) on TRUTAKNA and 167/214 on placebo (78%)

· Serious adverse events 7% in the TRUTAKNA group compared with 15% in the placebo group

· Infection rates were similar between TRUTAKNA (51.4%) and placebo groups (52.3%)

· 1 death in the placebo group and no deaths in the TRUTAKNA group

Safety: Well tolerated with a favorable safety profile generally comparable to placebo; no clinically relevant hypogammaglobulinemia or opportunistic infections observed

Figures auto-extracted, pending review.

Source release →

Atacicept Phase 3 Positive · 2026-09-15

ORIGIN 3

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Nov 24, 2026 Now	Atacicept	Phase 2	IgA Nephropathy (IgAN); Berger Disease	—
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	TRUTAKNA (atacicept) supplemental BLA submission for full approval in IgA nephropathy	Not disclosed	full approval	Q4 2026
Dec 13, 2027 - Jan 24, 2028 in 13 mo	Atacicept	Phase 2	pMN; IgAN; Nephrotic Syndrome	—
Jul 2 - Aug 13 in 57 mo	Atacicept 150 mg	Phase 2	IgA Nephropathy (IgAN); Renal and Urinary Disorders; Berger Disease	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

atacicept

Approved · Active Modality: TACI-Fc fusion protein

Aliases TRUTAKNA

Target BAFF / APRIL

Partnerships Ares/Merck KGaA: worldwide exclusive rights to atacicept (Ares Agreement)

Indications

IgA nephropathy (IgAN) (Approved)
Primary membranous nephropathy (pMN) (Phase 2)
Focal segmental glomerulosclerosis (FSGS) (Phase 2)
Minimal change disease (MCD) (Phase 2)
IgA vasculitis nephritis (Phase 2)

Catalysts

— Q3 2026
— Q4 2026 / 2027
— Q4 2026
— 2026

Status note Lead product. FDA granted accelerated approval for IgAN on July 7, 2026. ORIGIN 3 Phase 3 trial ongoing (104-week double-blind); final efficacy analysis supports sBLA for full approval. Phase 2 PIONEER basket trial evaluating atacicept in expanded IgAN and other autoimmune glomerular diseases.

MAU868

Phase 2 · Active Modality: monoclonal antibody

Target BKV (BK polyomavirus)

Partnerships Novartis: worldwide exclusive development and commercial rights (Novartis License)

Indications

BK viremia in kidney transplant recipients (Phase 2)

Status note Phase 2 completed in 2022. Evaluating strategies for continued development, including a potential next clinical trial, following FDA feedback.

VT-109

Preclinical · Active Modality: fusion protein

Target BAFF / APRIL

Partnerships Stanford University: global rights acquired January 2025 (Stanford Agreement)

Indications

B-cell-mediated diseases (Preclinical)

Status note Next-generation BAFF/APRIL-targeting fusion protein in preclinical development.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Atacicept
Lead indication	IgA Nephropathy
Lead phase	Phase 3
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT04716231	Phase 3	Active, not recruiting	Sponsor	VERA	—	IgA Nephropathy; Berger Disease	—
NCT06983028	Phase 2	Recruiting	Sponsor	VERA	—	pMN; IgAN; Nephrotic Syndrome	—
NCT06674577	Phase 2	Enrolling by invitation	Sponsor	VERA	—	IgA Nephropathy (IgAN); Renal and Urinary Disorders; Berger Disease	—
NCT07020923	Phase 2	Active, not recruiting	Sponsor	VERA	—	IgA Nephropathy (IgAN); Berger Disease	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Vera Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Avoro Capital Advisors	5,723,888	-165,000	2.21%	2026-08-14
Deerfield Management	3,916,400	+194,300	1.75%	2026-08-14
Logos Global Management	2,200,000	+2,200,000	4.06%	2026-08-14
Great Point Partners	600,836	+401,488	6.07%	2026-08-14
Braidwell LP	564,724	+40,900	0.90%	2026-08-14
OrbiMed Advisors	369,596	no change	0.30%	2026-08-14
Ikarian Capital	310,000	+110,000	2.18%	2026-08-14
ADAR1 Capital Management	18,322	+2,289	0.04%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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VERA — Vera Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

VERA — Vera Therapeutics Inc.