On November 9, 2023, Vera Therapeutics Inc (VERA, Financial), a late clinical-stage biotechnology company, released its third-quarter financial results and provided a business update. The company, which specializes in developing transformative treatments for serious immunologic diseases, reported a net loss of $20.1 million, or $0.45 per diluted share, for the quarter ended September 30, 2023. This marks an improvement from a net loss of $24.7 million, or $0.91 per diluted share, for the same period in the previous year. Vera Therapeutics Inc (VERA) has a strong balance sheet, with cash, cash equivalents, and marketable securities totaling $159.9 million, expected to fund operations into early 2026.
Business Highlights and Clinical Advancements
During the third quarter, Vera Therapeutics Inc (VERA, Financial) continued to make significant progress in its clinical development programs. The company is actively adding sites and enrolling patients for the pivotal Phase 3 ORIGIN 3 clinical trial of atacicept in the treatment of IgA nephropathy (IgAN). At the American Society of Nephrology Kidney Week 2023, Vera presented data from the Phase 2b ORIGIN study, which showed that atacicept led to a resolution of hematuria in the majority of patients, a sign of active nephritis. The company's CEO, Marshall Fordyce, M.D., stated,
These new data from the Phase 2b ORIGIN trial further support the advancement of our clinical development of atacicept, including the ongoing pivotal ORIGIN 3 trial."
Financial Performance Analysis
The financial results for the quarter reflect a decrease in net loss compared to the same period last year, with research and development expenses amounting to $16.1 million and general and administrative expenses at $5.7 million. The total operating expenses for the quarter were $21.8 million. The company also reported using $67.0 million in net cash for operating activities during the nine months ended September 30, 2023, compared to $46.4 million for the same period last year.
Upcoming Milestones and Future Outlook
Looking ahead, Vera Therapeutics Inc (VERA, Financial) has outlined several key milestones, including the presentation of open-label extension (OLE) data from the ORIGIN Phase 2b clinical trial in the first quarter of 2024, with full enrollment for the Phase 3 trial estimated in the second half of 2024. Topline data from the ORIGIN 3 trial is expected in the first half of 2025.
For more detailed information on Vera Therapeutics Inc (VERA, Financial) and its financial results, please visit www.veratx.com.
Explore the complete 8-K earnings release (here) from Vera Therapeutics Inc for further details.
