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VERA - Vera Therapeutics Inc News Story

$18.68 1.2  7.0%

Last Trade - 26/10/21

Sector
Healthcare
Size
Small Cap
Market Cap £288.7m
Enterprise Value £222.2m
Revenue £n/a
Position in Universe 4019th / 7275

Vera Therapeutics Reports Second Quarter 2021 Financial Results and Provides Corporate Update

Mon 16th August, 2021 12:30pm
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SOUTH SAN FRANCISCO, Calif., Aug. 16, 2021 (GLOBE NEWSWIRE) -- Vera
Therapeutics, Inc. (Nasdaq: VERA), a clinical-stage biotechnology company
focused on developing treatments for immunological diseases that improve
patients’ lives, today reported its financial results for the second quarter
ended June 30, 2021 and provided a corporate update.

“The first half of 2021 was tremendously productive for Vera, during which
we achieved key clinical and financial milestones and added great talent to
our leadership team, positioning us well to make progress on our business
objectives,” said Marshall Fordyce, MD, Founder and Chief Executive Officer
of Vera Therapeutics. “In the second quarter, we initiated on schedule our
Phase 2b clinical trial of atacicept in patients with IgA nephropathy (IgAN).
Known as ‘ORIGIN,’ this trial will potentially demonstrate atacicept as
the first disease-modifying therapy for patients with IgAN. ORIGIN is a
randomized controlled trial powered to determine whether atacicept’s proven
ability to substantially reduce Gd-IgA1 translates into improvements in renal
function, as measured by proteinuria. We look forward to providing additional
clinical updates planned for the remainder of 2021 and into 2022.”

Second Quarter and Recent Business Highlights
* Initiated patient enrollment for the dose-ranging Phase 2b ORIGIN trial,
which is evaluating the safety and efficacy of the company’s lead product
candidate, atacicept, in patients with IgAN who continue to have persistent
proteinuria and remain at high risk of disease progression
* Expanded the management team with several key new hires, including the
appointment of Sean Grant, MBA, as Chief Financial Officer to oversee the
company’s financial operations
* Reported $91.6 million in cash and cash equivalents as of June 30, 2021,
which includes net proceeds from the company’s initial public offering,
which was completed in the second quarter of 2021
Financial Results for the Quarter Ended June 30, 2021 
 For the three months ended June 30, 2021, the company reported a net loss of
$3.4 million, or a net loss per diluted share of $0.33, compared to a net loss
of $3.6 million, or a net loss per diluted share of $11.10, for the same
period last year. Outstanding shares of redeemable convertible preferred stock
were excluded from the computation of net loss per diluted share for periods
prior to the conversion of those shares to common stock in May 2021.

During the six months ended June 30, 2021, net cash used in operating
activities was $11.8 million, compared to $5.0 million for the same period
last year.

Vera reported approximately $91.6 million in cash and cash equivalents as of
June 30, 2021. This includes approximately $48.4 million in net proceeds from
the company’s initial public offering of 5,002,500 shares of its Class A
common stock, including the underwriters’ exercise of their option in full,
which was completed in May 2021.

About Atacicept 
 Atacicept is a novel, disease-modifying fully humanized fusion protein that
is a dual inhibitor of the cytokines B lymphocyte stimulator (BLyS) and a
proliferation-inducing ligand (APRIL). These cytokines are members of the
tumor necrosis factor family that promote B-cell survival and autoantibody
production associated with immunologic diseases, including IgA nephropathy
(IgAN), also known as Berger’s disease, and systemic lupus erythematosus.
Vera believes that atacicept has the potential to be the best-in-class and
the leading B cell-targeted therapy for IgAN. Atacicept has been well
tolerated and has been used in clinical trials of more than 1,500 patients to
date. In a clinical trial of IgAN patients, data show atacicept is the first
known molecule to substantially reduce galactose-deficient immunoglobulin A
(Gd-IgA1).

About Vera 
 Vera Therapeutics is a clinical-stage biotechnology company focused on
developing treatments for immunological diseases that improve patients’
lives. Vera’s lead product candidate is atacicept, a fusion protein
self-administered as a subcutaneous injection once weekly that blocks both B
lymphocyte stimulator (BLyS) and a proliferation-inducing ligand (APRIL),
which stimulate B cells and plasma cells to produce autoantibodies
contributing to certain autoimmune diseases. In addition, Vera is evaluating
additional diseases where the reduction of autoantibodies by atacicept may
prove medically useful, including lupus nephritis, a severe renal
manifestation of systemic lupus erythematosus. For more information, please
visit www.veratx.com.

Forward-looking Statements 
 Statements contained in this press release regarding matters that are not
historical facts are “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements include statements regarding, among other things, the results of
Vera’s Phase 2b ORIGIN trial. Because such statements are subject to risks
and uncertainties, actual results may differ materially from those expressed
or implied by such forward-looking statements. Words such as “plans,”
“will”, “anticipates,” “goal,” “potential” and similar
expressions are intended to identify forward-looking statements. These
forward-looking statements are based upon Vera’s current expectations and
involve assumptions that may never materialize or may prove to be incorrect.
Actual results could differ materially from those anticipated in such
forward-looking statements as a result of various risks and uncertainties,
which include, without limitation, risks and uncertainties associated with
Vera’s business in general, the impact of the COVID-19 pandemic, and the
other risks described in Vera’s filings with the Securities and Exchange
Commission. All forward-looking statements contained in this press release
speak only as of the date on which they were made and are based on
management’s assumptions and estimates as of such date. Vera undertakes no
obligation to update such statements to reflect events that occur or
circumstances that exist after the date on which they were made, except as
required by law.

Contacts

Investor Contact: 
 IR@veratx.com

Media Contact: 
 Greig Communications, Inc. 
 Kathy Vincent 
 (310) 403-8951 
 kathy@greigcommunications.com



 

 VERA THERAPEUTICS, INC.                                                                                                                                                                                                          
 Unaudited Condensed Statements of Operations and Comprehensive Loss                                                                                                                                                              
 (in thousands, except share and per share amounts)                                                                                                                                                                               
                                                                                                                                                                                                                                  
                                                                                                                            Three Months Ended                                      Six Months Ended                              
                                                                                                                            June 30,                                                June 30,                                      
                                                                                                                                 2021                       2020                         2021                        2020         
 Operating expenses:                                                                                                                                                                                                              
                                          Research and development                                                          $    3,235                 $    1,954                   $    6,167                  $    3,393        
                                          General and administrative                                                             2,614                      1,219                        4,398                       2,251        
 Loss from operations                                                                                                            (5,849  )                  (3,173  )                    (10,565  )                  (5,644  )    
 Total other income (expense)                                                                                                    2,412                      (431    )                    2,414                       (434    )    
 Net loss and comprehensive loss                                                                                            $    (3,437  )             $    (3,604  )               $    (8,151   )             $    (6,078  )    
                                                                                                                                                                                                                                  
 Net loss per share attributable to common stockholders, basic and diluted                                                                                                                                                        
                                          $                                        (0.33                                    )            $    (11.10   )            $    (1.49      )             $    (18.92   )    
                                                                                                                                                                                                                                  
 Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted                                                                                                              
                                                                                   10,499,937                                                 324,720                    5,470,609                     321,207       

 



   VERA THERAPEUTICS, INC.                                                                                                                                                                                    
   Unaudited Condensed Balance Sheets                                                                                                                                                                         
   (in thousands)                                                                                                                                                                                             
                                                                                                                                                                                                              
                                                                                                                                                            June 30,                 December 31,             
                                                                                                                                                            2021                     2020                     
   Assets                                                                                                                                                                                                     
   Current assets:                                                                                                                                                                                            
                           Cash and cash equivalents                                                                                                        $      91,625            $      53,654            
                           Restricted cash, current                                                                                                                50                       50                
                           Prepaid expenses and other current assets                                                                                               4,201                    557               
                                                   Total current assets                                                                                            95,876                   54,261            
   Restricted cash, noncurrent                                                                                                                                     293                      293               
   Non-marketable equity securities                                                                                                                                1,478                    -                 
                                                   Total assets                                                                                             $      97,647            $      54,554            
   Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)                                                                                                                     
   Current liabilities:                                                                                                                                                                                       
                           Accounts payable                                                                                                                 $      1,723             $      909               
                           Restructuring liability, current                                                                                                        360                      962               
                           Accrued expenses and other current liabilities                                                                                          1,688                    535               
                                                   Total current liabilities                                                                                       3,771                    2,406             
   Restructuring liability, noncurrent                                                                                                                             1,435                    1,634             
   Accrued and other noncurrent liabilities                                                                                                                        286                      286               
                                                   Total liabilities                                                                                               5,492                    4,326             
   Redeemable convertible preferred stock                                                                                                                          -                        139,576           
   Stockholders' equity (deficit)                                                                                                                                                                             
                           Common stock                                                                                                                            21                       -                 
                           Additional paid-in-capital                                                                                                              191,732                  2,099             
                           Accumulated deficit                                                                                                                     (99,598  )               (91,447  )        
                                                   Total stockholders' equity (deficit)                                                                            92,155                   (89,348  )        
                                                   Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)             $      97,647            $      54,554            
                                                                                                                                                                                                              


(https://www.globenewswire.com/NewsRoom/AttachmentNg/efc6322c-d1c7-4086-b22a-57e2ead59af9)



GlobeNewswire, Inc. 2021
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