Full Press Release Details
Therapeutics Reports First Quarter 2021 Financial Results and Provides
initial public offering with net proceeds, including the exercise of the
underwriters option in full, of approximately
$48.4 million in May 2021
Expanded the management team to support initiation
of atacicept clinical development program
2b ORIGIN clinical trial of atacicept in patients with IgA nephropathy (IgAN)
SOUTH SAN FRANCISCO, Calif., June 24, 2021 Vera
Therapeutics, Inc. (Nasdaq: VERA), a clinical-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases, today reported its financial results for the first
quarter ended March 31, 2021, and provided a corporate update.
Over the past nine months, we completed two capital raises for a total of
approximately $128.0 million with which we have launched our clinical development program for atacicept, said Marshall Fordyce, MD, founder and chief executive officer of Vera Therapeutics. We recently initiated the Phase 2b ORIGIN
trial of atacicept to treat IgAN, which we believe could have a profound benefit for patients for whom there remains significant unmet medical need.
First Quarter and Recent Business Highlights
Financial Results for the Quarter Ended March 31, 2021
For the three months ended March 31, 2021, the Company reported a net loss of $4.7 million, or a net loss per diluted share of $12.23, compared to a
net loss of $2.5 million, or a net loss per diluted share of $7.79, for the same period last year.
During the first quarter 2021, net cash used in
operating activities was $4.1 million, compared to $2.3 million for the same period last year.
Vera reported approximately $49.5 million
in cash and cash equivalents as of March 31, 2021. Subsequently, Vera completed an initial public offering of 5,002,500 shares of its Class A common stock, including the underwriters exercise of their option in full, for net proceeds
of approximately $48.4 million in May 2021.
Atacicept is a novel, disease-modifying fully humanized fusion protein that is a dual inhibitor of the cytokines B lymphocyte stimulator (BLyS) and a
proliferation-inducing ligand (APRIL). These cytokines are members of the tumor necrosis factor family that promote B-cell survival and autoantibody production associated with immunologic diseases, including
IgA nephropathy (IgAN), also known as Berger s disease, and systemic lupus erythematosus. Vera believes that atacicept has the potential to be
the best-in-class and the leading B cell-targeted therapy for IgAN. Atacicept has been well tolerated and has been used in clinical trials of more than 1,500
patients to date. In a clinical trial of IgAN patients, data show atacicept is the first known molecule to substantially reduce galactose-deficient immunoglobulin A (Gd-IgA1).
Vera Therapeutics is a clinical-stage
biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases. Vera s lead product candidate is atacicept, a fusion protein self-administered as a subcutaneous
injection once weekly that blocks both B lymphocyte stimulator (BLyS) and a proliferation-inducing ligand (APRIL), which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases. In addition, Vera is
evaluating additional diseases where the reduction of autoantibodies by atacicept may prove medically useful, including lupus nephritis, a severe renal manifestation of systemic lupus erythematosus. For more information, please visit
Forward-looking Statements
Statements contained in this press release regarding matters that are not historical facts are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things,
the strength of Vera s balance sheet and the adequacy of cash and cash equivalents on hand. Because such statements are subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking statements. Words such as plans, will , anticipates, goal, potential and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are based upon Vera s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those
anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Vera s business in general, the impact of the COVID-19 pandemic, and the other risks described in Vera s filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on
which they were made and are based on management s assumptions and estimates as of such date. Vera undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were
made, except as required by law.
Greig Communications, Inc.
VERA THERAPEUTICS, INC.
Unaudited Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
| Three Months Ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 2,932 | $ | 1,439 | ||||
| General and administrative | 1,784 | 1,032 | ||||||
| Total operating expenses | 4,716 | 2,471 | ||||||
| Loss from operations | (4,716 | ) | (2,471 | ) | ||||
| Total other income (expense) | 2 | (3 | ) | |||||
| Net loss and comprehensive loss | $ | (4,714 | ) | $ | (2,474 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (12.23 | ) | $ | (7.79 | ) | ||
| Weighted-average shares of common stock outstanding, basic and diluted | 385,401 | 317,693 |
VERA THERAPEUTICS, INC.
Condensed Balance Sheets
| March 31, 2021 | December 31, 2020 | |||||||
| Assets | (unaudited) | |||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 49,505 | $ | 53,654 | ||||
| Restricted cash, current | 50 | 50 | ||||||
| Prepaid expenses and other current assets | 1,977 | 557 | ||||||
| Total current assets | 51,532 | 54,261 | ||||||
| Restricted cash, noncurrent | 293 | 293 | ||||||
| Total assets | $ | 51,825 | $ | 54,554 | ||||
| Liabilities, redeemable convertible preferred stock, and stockholders deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,440 | $ | 909 | ||||
| Restructuring liability, current | 515 | 962 | ||||||
| Accrued expenses and other current liabilities | 1,798 | 535 | ||||||
| Total current liabilities | 3,753 | 2,406 | ||||||
| Restructuring liability, noncurrent | 1,526 | 1,634 | ||||||
| Accrued and other noncurrent liabilities | 286 | 286 | ||||||
| Total liabilities | 5,565 | 4,326 | ||||||
| Redeemable convertible preferred stock | 139,576 | 139,576 | ||||||
| Stockholders deficit | ||||||||
| Common stock | ||||||||
| Additional paid-in-capital | 2,845 | 2,099 | ||||||
| Accumulated deficit | (96,161 | ) | (91,447 | ) | ||||
| Total stockholders deficit | (93,316 | ) | (89,348 | ) | ||||
| Total liabilities, redeemable convertible preferred stock, and stockholders deficit | $ | 51,825 | $ | 54,554 |