Vera Therapeutics, Inc. (NASDAQ: VERA) has reported its business highlights and financial results for the fourth quarter and year ended December 31, 2023. The company's net loss for the year ended December 31, 2023, was $96.0 million, or a net loss per diluted share of $2.25, compared to a net loss of $89.1 million, or a net loss per diluted share of $3.35, for the same period the previous year.
During the year ended December 31, 2023, net cash used in operating activities was $92.2 million, compared to $67.6 million for the same period the previous year. As of December 31, 2023, the company reported $160.7 million in cash, cash equivalents, and marketable securities. Subsequent to December 31, 2023, the company further strengthened its balance sheet by completing an upsized public offering of its class A common stock with gross proceeds of approximately $287.5 million.
The company also provided key fiscal year 2023 and recent business highlights, including presenting positive 72-week data from the origin phase 2b trial of atacicept in iga nephropathy (IgAN), actively adding sites and enrolling pivotal phase 3 clinical trial (origin 3) of atacicept for the treatment of IgAN, and appointing industry veterans Robert M. Brenner, M.D., as chief medical officer and William D. Turner as chief development officer.
Upcoming milestones include the completion of phase 3 full enrollment for the primary endpoint estimated in the second half of 2024, presenting 96-week data from the origin phase 2b clinical trial of atacicept in IgAN in the fourth quarter, and topline data from the pivotal origin 3 trial expected to be presented in the first half of 2025.
Vera Therapeutics is a late clinical-stage biotechnology company focused on developing treatments for serious immunological diseases, with its lead product candidate being atacicept, a fusion protein self-administered as a subcutaneous injection once weekly that targets B-cell activating factor (BAFF) and a proliferation-inducing ligand (APRIL), which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases, including IgAN, also known as Berger’s disease, and lupus nephritis. Following these announcements, the company's shares moved 0.6%, and are now trading at a price of $43.7. Check out the company's full 8-K submission here.
