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without limitation, statements regarding atacicept's best-in-class potential, the Company's ongoing Phase 3 clinical trial of atacicept for IgAN, and regulatory matters, including the timing and likelihood of success in obtaining drug
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herein. Any representation to the contrary is a criminal offense. This presentation discusses product candidates that are under clinical study and which have not yet been approved for marketing by the U.S. Food and Drug Administration. No
representation is made as to the safety or effectiveness of these product candidates for the use for which such product candidates are being studied. The trademarks included herein are the property of the owners thereof and are used for reference
purposes only. Such use should not be construed as an endorsement of such products. 2 2023 VERA THERAPEUTICS, INC.
Corporate Highlights Atacicept targets B cells and plasma cells,
and has pipeline-in-a-drug potential Currently in Phase 3 pivotal trial for IgA Nephropathy (IgAN), a large potential market Differentiation based on disease-modifying MOA, evident in long-term eGFR stabilization Phase 2b
72-week results will be presented Jan 25 Phase 3 readout 1H 2025, potential first-to-market self-administered B-cell modulation therapy 1 Strong financial profile, ~$160M cash, cash equivalents, and marketable securities as of
9.30.23, plus $25M from credit facility drawn down in Dec 2023, together sufficient to fund IgAN-focused operations to 2026 1. Unaudited. 3 2023 VERA THERAPEUTICS, INC.
Atacicept: Potential Value Creation Over Next 18 Months Catalyst 2024
2025 2026 Present 72-week eGFR and proteinuria Jan 25 data from ORIGIN Phase 2b 2H Phase 3 estimated full enrollment Present 96-week eGFR and proteinuria 4Q data from ORIGIN Phase 2b 1H Present topline Phase 3 data 2H BLA submission Projected launch
Vera holds worldwide, exclusive rights to develop and commercialize atacicept Based on management's current assumptions. 4 2023 VERA THERAPEUTICS, INC.
Management Team: Successful Clinical and Commercial Track Record
Marshall Fordyce, MD Sean Grant, MBA President and CEO Chief Financial Officer >15 years drug dev leadership >15 years in corporate strategy, 7 new drug approvals, Project Lead for finance, and capital raising tenofovir
alafenamide program Former healthcare banker with capital raising and M&A experience Robert Brenner, MD William Turner Chief Medical Officer Chief Development Officer >25 years nephrology experience ~30 years drug dev
and and biotech leadership overseeing commercialization leadership in multiple drug approvals multiple therapeutic areas Lauren Frenz, MBA Kelly Rauber Chief Business Officer VP, Head of HR >15 years industry experience, including
>18 years in-depth HR experience global commercial planning and multiple from multiple industries blockbuster launches at Gilead Strategic advisory at Leerink 5 2023 VERA THERAPEUTICS, INC.
Financial Position ~$160M $25M Cash, cash equivalents, Drawdown of and
marketable securities credit facility (unaudited as of 9.30.23) (Dec 2023) Current capital position sufficient to fund IgAN-focused operations to ~44.4M Shares outstanding (as of 9.30.23) 2026 6 2023 VERA THERAPEUTICS, INC.
Strategic Vision: Develop Transformative Therapeutics for Immunologic
Diseases Lead indications with large markets and validated clinical data Lead Indication IgAN Phase 3 initiated Potential Indication Expansion Phase 3 ready Lupus nephritis Phase 3 ready Systemic lupus erythematosus Phase 3 potential Sjogren's
syndrome Phase 3 potential Myasthenia gravis Membranous nephropathy Phase 3 potential 7 2023 VERA THERAPEUTICS, INC.
IgAN: Large Unmet Need and Significant Commercial Opportunity
~$6-10B Annual Market Opportunity in 5 US, EU, and Japan for Novel IgAN Therapeutics Serious and progressive autoimmune disease of the kidney; average age of diagnosis 30 years 1 old, severely impacting quality of life ~136K ~130K ~126K 2
Orphan disease indication in the US and EU ~80K ~65K ~60K Up to 50% of IgAN patients progress to ESKD, 3,4 resulting in need for dialysis or transplant US EU Japan ESKD = end-stage kidney disease. 1. Jarrick S, et al. J Am Soc Nephrol 2019; 2.
Orphan Disease Designation not yet obtained for atacicept in IgAN; 3. Kwon CS, et al. J Health Econ Outcomes Res 2021; 4. Pitcher D, et al. Clin J Am Soc Nephrol 2023; 5. ClearView Healthcare Partners Analysis. Prevalence and addressable population
estimates based on peak year forecast. 8 2023 VERA THERAPEUTICS, INC. Addressable Prevalence
Atacicept Targets All Upstream Hits of IgAN Pathogenesis, Leading to
Downstream Improvements B Cell Maturation and Class-Switching Systemic Circulation Glomerulonephritis Lymphoid tissue 2 6 Fewer plasma cells Atacicept Plasma cell Reduced circulating mistraffic to immune complexes systemic circulation may lead to
less glomerular deposition 1 B cell priming 3 4 is inhibited Peyer's Patch Atacicept Atacicept reduces 1 reduces Gd-IgA1 anti-Gd-IgA1 B 2 autoantibodies 7 B Glomerulus Atacicept leads to 1 proteinuria reduction, 1 Bacteria eGFR stabilization,
and 5 4 hematuria improvement Atacicept reduces B 3 immune complexes Steps that Atacicept impacts Intestinal Tract 1. Lafayette R, et al. ERA 2023 late breaking clinical trial oral presentation, June 17 2023; 2. Barratt J, et al. Nephrol Dial
Transplant 2022;3 suppl 3, abstr FC051; 3. Barratt J, et al. ASN Kidney Week 2022, SA-PO655; 4. Barratt J, et al. ASN Kidney Week 2023, SA-PO887. 9 2023 VERA THERAPEUTICS, INC.
Atacicept: Favorable MOA for Potential Disease Modifying Therapy
Potential Disease Modifying Therapy for IgAN 1 2 3 4 Decrease Reduce Reduce Stabilize Gd-IgA1 & hematuria proteinuria eGFR immune complexes Dual blockade reduces long-term risk of single pathway intervention escape + Based on clinical trial
results of atacicept for IgAN to date. 10 2023 VERA THERAPEUTICS, INC.
Prospective IgAN Treatment Paradigm B cell modulators have potential as
front-line plus treatment based on unique eGFR stabilization Hemodynamic Disease-modifying Other immunomodulatory Nontargeted immunosuppressant 1L: RAASi (current SOC) 1L+: BAFF/APRIL (atacicept) other renal supportive care (RAASi, SGLT2i,
ERA) 2L+: Complement, Other (+ 1L SOC) 3L+: Corticosteroids (+ 1L SOC) Increased risk of disease progression APRIL = A proliferation-inducing ligand; BAFF = B-cell activating factor; ERA = endothelin receptor antagonist; RAASi =
renin-angiotensin-aldosterone system inhibitor; SGLT2i = sodium-glucose cotransporter 2 inhibitor; SOC = standard of care. 11 2023 VERA THERAPEUTICS, INC.
Rationale for Dual Inhibition of BAFF + APRIL with Atacicept
Elevated BAFF plays key role in IgAN pathogenesis BAFF APRIL - BAFF and APRIL levels are both elevated in patients with IgAN and are 1-3 each associated with clinical severity - In preclinical models, overexpression of BAFF alone can
lead to the 4 development of kidney IgA deposits and IgA-like nephritis - BAFF can directly increase the expression of factors associated with 2 fibrosis and inflammation in mesangial cells Atacicept - Dual blockade of BAFF and APRIL
decreased renal damage in an immunologic animal model more than individual blockade of either 5 pathway alone Dual inhibition may be necessary for maximal and sustained clinical efficacy - BAFF or APRIL alone are each capable of
independently supporting 5,6 BAFF-R TACI BCMA plasma cell survival - Blocking both biologic targets may avoid compensatory increase in 7,8 parallel signal Autoantibodies Immature Mature Plasma and immune - Blocking APRIL alone may lead
to upregulation of BAFF signaling with B cell B cell cell 9 complexes potential consequences on efficacy Dual inhibition enables lower dose, simpler product BCMA BAFF-R TACI - Atacicept 150 mg is self-administered as a single, small
volume (1 mL) Plasma cell survival Immature B cell T cell independent antibody responses; injection, potentially optimizing patient experience survival and maturation B cell regulation; class-switch recombination APRIL = A proliferation-inducing
ligand; BAFF = B-cell activating factor; TACI = transmembrane activator and CAML interactor. 1. Xin G, et al. J Nephrol 2013; 2. Cao Y, et al. Mol Med Rep 2020; 3. Zhai Y, et al. Medicine (Baltimore) 2016; 4. McCarthy D, et al. J Clin Invest 2011;
5. Haselmayer P, et al. Eur J Immunol 2017; 6. Benson M, et al. J Immunol 2008; 7. Yeh T, et al. J Allergy Clin Immunol 2020; 8. Tsiantoulas et al. Nature 2021; 9. Vallerskog T, et al. Arthritis Res Ther 2006. Atacicept is investigational and has
not been approved by any regulatory authorities for any use. 12 2023 VERA THERAPEUTICS, INC.
Atacicept Binds BAFF and APRIL with Low Nanomolar Potency BAFF APRIL Kd
1.45 nM Kd 0.672 nM 70 54 60 46 200 nM 50 38 100 nM 200 nM 50 nM 40 30 30 22 50 nM 20 14 10 nM 10 nM 10 2 nM 6 Buffer 0 -2 Buffer -10 -10 200 300 400 500 600 700 800 900 1000 200 280 360 440 520 600 680 760 840 920 1000 Time, s Time, s Vera data on
file. 13 2023 VERA THERAPEUTICS, INC. Resp. Diff, RU
Summary of Positive Phase 2b Week 36 Results PP Analysis ITT Analysis
Met primary endpoint, with statistically significant p<0.05 UPCR reductions on atacicept 150 mg 43% 35%* Stable eGFR observed for patients on atacicept, Mean eGFR % change with atacicept 150 mg vs placebo was 11% (p=0.038),
approximating to an with clinically meaningful and statistically 2 absolute difference of 5.8 mL/min/1.73 m significant difference vs placebo Hematuria resolution in 80% of patients on atacicept 150 mg vs 5% on placebo Gd-IgA1 reduction of 64% from
baseline with atacicept 150 mg Clinical safety profile similar between atacicept and placebo Atacicept 150 mg dose selected for Phase 3 clinical trial, initiated in June 2023 eGFR = estimated glomerular filtration rate; ITT = intent to treat; PP =
per-protocol; UPCR = urine protein:creatinine ratio. Lafayette R, et al. ERA 2023 late breaking clinical trial oral presentation, June 17 2023. 14 2023 VERA THERAPEUTICS, INC.
ORIGIN Phase 2b IgAN Trial: Study Design and Objectives Multinational,
randomized, placebo-controlled trial Double-Blind Treatment Open-label Extension Placebo n=30 Atacicept 25 mg qwk n=15 Atacicept 150 mg qwk Atacicept 75 mg qwk n=30 Atacicept 150 mg qwk n=30 Week 0 24 36 96/ET 1 Endpoint 2 Endpoint
Inclusion Criteria Endpoints Patients 18 years old with IgAN on renal biopsy Primary efficacy: UPCR-24h at week 24 and high risk of disease progression Key secondary: UPCR-24h at week 36 Stable and optimized
RAASi for 12 weeks eGFR change up to week 96 Use of SGLT2i allowed Gd-IgA1 change UPCR-24h >0.75 g/g or UP >0.75 g per 24h Safety 2 eGFR 30 mL/min/1.73 m Blood pressure
150/90 mmHg ET = end of treatment; RAASi = renin-angiotensin-aldosterone system inhibitor; SGLT2i = sodium-glucose cotransporter-2 inhibitor. 15 2023 VERA THERAPEUTICS, INC.
30% Placebo-Adjusted Reduction in Proteinuria Known to be Clinically
Meaningful in IgAN Patients 30% placebo-adjusted reduction in proteinuria at week 36 is associated with 1 improvement of renal function in IgAN as measured by eGFR slope 2 Placebo-adjusted reduction of 30% could delay ESKD by over 10
years Early change in proteinuria at week 36 is an approvable surrogate endpoint for FDA accelerated approval, based on precedents set by Calliditas' Tarpeyo 3 4 ( 31% ) and Travere's Filspari ( 35% ) eGFR
slope at 2 years is the key confirmatory endpoint for full approval 1. Inker LA, et al. Am J Kidney Dis 2021;78:340-9.E1; 2. Carroll K, et al. Nephrol Dial Transplant 2021;36 suppl 1;gfab104.004; 3. Tarpeyo [package insert]. Calliditas Therapeutics
AB; 2021. 4. Filspari [package insert]. Travere Therapeutics, Inc.; 2023. 16 2023 VERA THERAPEUTICS, INC.
Patient Disposition Screened, n=232 Screen Failures, n=116 Randomized
and Treated, n=116 All Atacicept, n=82 Placebo, n=34 Safety and ITT population n=82 n=34 Prespecified Week 36 PP analysis n=73 (89%) n=26 (76%) Excludes patients with protocol violations as identified by blinded third-party CRO Discontinued
Discontinued 1 2 n=2 (2%) n=3 (9%) n=80 (98%) Completed Week 36 and entered OLE n=31 (91%) ITT = intent to treat; PP = per protocol; OLE = open label extension. 1. Discontinued to pursue elective surgery (1), discontinued due to positive hepatitis B
DNA and adverse event (1). 2. Initiated prohibited medication for concomitant disease (1), discontinued due to plan to start prohibited medication for concomitant disease (1) and adverse event (1). Lafayette R, et al. ERA 2023 late breaking clinical
trial oral presentation, June 17 2023. 17 2023 VERA THERAPEUTICS, INC.
Demographics and Baseline Characteristics Overall Atacicept 25 mg
Atacicept 75 mg Atacicept 150 mg Placebo Mean SD or n (%) n=116 n=16 n=33 n=33 n=34 Age, y 39 40 41 38 39 Male sex 69 (59) 9 (56) 19 (58) 22 (67) 19 (56) Race White 62 (53) 7 (44) 12 (36) 17 (52) 26 (76) Asian 51 (44) 7 (44) 20 (61) 16 (48) 8
(24) Other 3 (3) 2 (12) 1 (3) 0 0 2 eGFR, mL/min/1.73 m 63 27.3 71 28.7 64 25.4 56 22.7 66 31.7 1.6 0.9 1.6 0.8 1.7 0.9 1.7 1.0 1.6 0.8 UPCR by 24h urine, g/g SGLT2i use 16 (14) 3
(19) 3 (9) 4 (12) 6 (18) Time from biopsy, y 2.8 2.8 1.7 1.6 3.5 2.8 3.3 3.4 2.1 2.4 Lafayette R, et al. ERA 2023 late breaking clinical trial oral presentation, June 17 2023. 18 2023 VERA THERAPEUTICS, INC.
UPCR % Change with Atacicept 150 mg at Week 36 1 ITT Analysis PP
Analysis 20 10 5% 3% 0 -10 -20 -30 35% -33% p=0.012 -40 43% -40% p=0.003 -50 Placebo Atacicept 150 mg Placebo Atacicept 150 mg n=26 n=26 n=34 n=33 p-values, percentage changes from baseline, and treatment differences were computed
using FDA-endorsed mixed-effects modeling which takes into account the effects of baseline UPCR and eGFR. 1. PP analysis excludes patients with protocol violations identified at week 36 data-cut prior to unblinding. Lafayette R, et al. ERA 2023 late
breaking clinical trial oral presentation, June 17 2023. 19 2023 VERA THERAPEUTICS, INC. Mean SE % Change from Baseline in UPCR-24h
eGFR Change with Atacicept 150 mg Through Week 36 15 10 5 1.6%
11% p=0.038 0 5.8 2 mL/min/1.73 m -5 Absolute difference in mean change at week 36 -10 -8.5% -15 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 Week n= Placebo 34 34 34 34 34 30 Atacicept 150 mg 33 33 33 32 32 31 ITT analysis; p-values,
percentage changes from baseline, and treatment differences were computed using FDA-endorsed mixed-effects modeling. Lafayette R, et al. ERA 2023 late breaking clinical trial oral presentation, June 17 2023. 20 2023 VERA THERAPEUTICS, INC.
Mean SE % Change from Baseline in eGFR
Atacicept Has Shown Stable and Persistent eGFR Trends in Multiple RCTs
Placebo Atacicept 75 mg Atacicept 150 mg Phase 2a JANUS Phase 2b ORIGIN 1 2 eGFR Change through Week 72 eGFR Change through Week 36 30 30 2 5.8 mL/min/1.73 m Absolute difference in 20 20 mean change at week 36 10 10 11% 1.6% p=0.038 0 0 -10
-10 -8.5% -20 -20 -30 -30 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 0 4 8 12 16 20 24 28 32 36 40 44 48 52 56 60 64 68 72 Week Week n= n= 5 5 5 5 5 5 5 5 5 5 4 3 34 34 34 34 34 30 5 5 5 5 5 5 5 5 4 4 4 3 33 33 33 32 32 31 1. Safety