Vera Therapeutics Reports Second Quarter 2021 Financial Results and Provides Corporate Update

Therapeutics Reports Second Quarter 2021 Financial Results and Provides Corporate Update

SOUTH SAN FRANCISCO, Calif., August 16, 2021 Vera Therapeutics, Inc. (Nasdaq: VERA), a clinical-stage biotechnology company focused on

developing treatments for immunological diseases that improve patients lives, today reported its financial results for the second quarter ended June 30, 2021 and provided a corporate update.

The first half of 2021 was tremendously productive for Vera, during which we achieved key clinical and financial milestones and added great talent to

our leadership team, positioning us well to make progress on our business objectives, said Marshall Fordyce, MD, Founder and Chief Executive Officer of Vera Therapeutics. In the second quarter, we initiated on schedule our Phase 2b

clinical trial of atacicept in patients with IgA nephropathy (IgAN). Known as ORIGIN, this trial will potentially demonstrate atacicept as the first disease-modifying therapy for patients with IgAN. ORIGIN is a randomized controlled

trial powered to determine whether atacicept s proven ability to substantially reduce Gd-IgA1 translates into improvements in renal function, as measured by proteinuria. We look forward to providing

additional clinical updates planned for the remainder of 2021 and into 2022.

Second Quarter and Recent Business Highlights

Financial Results for the Quarter

For the three months ended June 30, 2021, the company reported a net loss of $3.4 million, or a net loss per

diluted share of $0.33, compared to a net loss of $3.6 million, or a net loss per diluted share of $11.10, for the same period last year. Outstanding shares of redeemable preferred stock were excluded from the computation of net loss per

diluted share for periods prior to the conversion of those shares to common stock in May 2021.

During the six months ended June 30, 2021, net cash

used in operating activities was $11.8 million, compared to $5.0 million for the same period last year.

Vera reported approximately $91.6 million in cash and cash equivalents as of June 30, 2021. This

includes approximately $48.4 million in net proceeds from the company s initial public offering of 5,002,500 shares of its Class A common stock, including the underwriters exercise of their option in full, which was completed in

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 treatments for immunological diseases that improve patients lives. 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 www.veratx.com.

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 results of Vera s Phase 2b ORIGIN trial. 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.

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VERA THERAPEUTICS, INC.

Unaudited Condensed Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)

VERA THERAPEUTICS, INC.

Unaudited Condensed Balance Sheets