Vera Therapeutics reported a net loss of $80.3 million for the third quarter ended September 30, 2025, or $1.26 per diluted share, compared with a $46.6 million loss ($0.85 per diluted share) in the same period a year earlier. The loss widened because research and development and general‑administrative expenses rose as the company scales its clinical program and prepares for regulatory submissions. The earnings per share of –$1.26 missed the consensus estimate of –$1.16, a $0.10 shortfall that reflects the heavy investment required for late‑stage development.
Cash, cash equivalents and marketable securities stood at $497.4 million as of September 30, 2025, down from $556.8 million at June 30, 2025. Net cash used in operating activities was $171.1 million for the quarter, up from $95.5 million in the prior year. The company maintains a $500 million debt facility with Oxford Finance, providing additional liquidity to support upcoming milestones.
Revenue for the quarter was $0.0 million, in line with expectations for a clinical‑stage company. The increase in operating expenses is driven by expanded clinical operations and the preparation of a biologics license application (BLA) for atacicept in IgA nephropathy. The company’s focus on R&D and regulatory readiness explains the widening loss and the absence of revenue.
CEO Marshall Fordyce said the company is on track to file the BLA for atacicept in Q4 2025 and will present additional ORIGIN 3 data at ASN Kidney Week on November 6. He emphasized that the data package is built on years of rigorous clinical development and that the company remains confident in its regulatory strategy.
Market reaction to the earnings was muted, with analysts and investors concentrating on the upcoming clinical data presentation and the company’s strong liquidity position. The focus on regulatory milestones and cash runway outweighs the earnings miss, reflecting the typical investor profile for a clinical‑stage biotech.
The EPS miss underscores the cost of advancing a first‑in‑class therapy, but the company’s $497 million cash balance and $500 million debt facility provide a runway that supports the BLA submission and potential U.S. launch. Competition in the IgA nephropathy space includes Otsuka’s sibeprenlimab, but Vera’s breakthrough therapy designation and robust data set give it a competitive edge. The company’s financial position and regulatory trajectory suggest a focus on long‑term value creation rather than short‑term earnings performance.
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