Vera Therapeutics, a clinical stage biotechnology company, has recently released its 10-K report. The company is headquartered in Brisbane, California, and is focused on developing and commercializing transformative treatments for patients with serious immunological diseases. Vera's lead product candidate, atacicept, is a fusion protein self-administered as a subcutaneous injection that is in Phase IIb clinical trial for patients with immunoglobulin A nephropathy and for the treatment of lupus nephritis. The company also has another potential first-in-class monoclonal antibody, MAU868, for the treatment of BK viremia infections.
In its 10-K report, Vera Therapeutics provided a detailed overview of its financial condition and results of operations. As of December 31, 2023, the company had $160.7 million in cash, cash equivalents, and marketable securities, compared to $114.7 million as of December 31, 2022. Vera has incurred significant operating losses since its inception, with net losses of $96.0 million and $89.1 million for the years ended December 31, 2023 and 2022, respectively. The company expects to continue incurring significant and increasing losses for the foreseeable future as it advances its product candidates, atacicept and MAU868, to commercialization.
Vera Therapeutics has funded its operations primarily through proceeds from the sale of shares of its common stock, redeemable convertible preferred stock, debt financing, and convertible promissory notes. The company anticipates the need for substantial additional funding to develop its product candidates and support its continuing operations. It expects to finance its operations through the sale of equity, debt financings, or other capital sources, including income from collaborations, strategic partnerships, or marketing, distribution, licensing, or other strategic arrangements with third parties, or from grants.
The company also highlighted the potential impact of geopolitical and macroeconomic events, including ongoing military conflicts, inflation, and the actions taken by governments to address inflation, as well as the lingering effects of the COVID-19 pandemic, on its business and results of operations. Vera believes that its existing cash, cash equivalents, and marketable securities as of December 31, 2023, will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from the date of the Annual Report. However, it acknowledged that adverse geopolitical and macroeconomic events could materially impact its results of operations, financial condition, liquidity, and cash flows.
In terms of its results of operations, Vera reported total operating expenses of $102.0 million for the year ended December 31, 2023, compared to $90.9 million for the year ended December 31, 2022. The company's research and development expenses, which represent a substantial portion of its operating expenses, totaled $78.2 million in 2023, an increase from $69.0 million in 2022. This increase was primarily driven by higher contract drug manufacturing costs and clinical trial expenses.
Following these announcements, the company's shares moved 4.4%, and are now trading at a price of $43.41. For more information, read the company's full 10-K submission here.
