Vera Therapeutics, Inc. (NASDAQ: VERA) reported a full‑year 2025 net loss of $299.6 million, or $4.66 per diluted share, compared with a $152.1 million loss ($2.75 per diluted share) in 2024. The company remains pre‑revenue, so the loss reflects increased operating expenses associated with late‑stage development and commercial preparation for its lead candidate atacicept.
Cash, cash equivalents and marketable securities totaled $714.6 million as of December 31, 2025, a balance that management says will fund operations through a potential FDA approval and U.S. commercial launch of atacicept in 2026. The BLA for atacicept has been granted priority review, with a PDUFA action date of July 7, 2026, positioning the company to move toward a mid‑2026 launch if regulatory approval is obtained.
"In 2025, Vera Therapeutics delivered on several key milestones as we advanced atacicept toward potential FDA approval and commercialization. The BLA has been granted priority review and we expect to be commercially prepared to successfully launch atacicept in IgAN in mid‑2026 if approved. Our commercial team brings decades of experience launching innovative therapies and is eager to bring this potentially disease‑modifying therapy to patients with IgAN and other autoimmune kidney diseases," said CEO Marshall Fordyce, M.D. "Vera Therapeutics has established a leadership position within the IgAN space based on the compelling profile of atacicept. Data from the ORIGIN clinical program have shown that blocking BAFF and APRIL with atacicept results in clinically meaningful reductions to proteinuria, Gd‑IgA1, and hematuria (Phase 2 and 3) and a stabilization of eGFR (Phase 2). Vera is confident in the strength of the atacicept data package to support approval and deliver a potential new therapy to the IgAN patients and caregivers whom we serve," added Chief Medical Officer Robert M. Brenner, M.D.
The widened loss reflects higher research and development and general and administrative expenses as the company ramps up for a commercial launch. Despite the increase, the robust cash position and priority review status provide a clear path to funding operations through the critical regulatory milestone and into the launch window. As a pre‑revenue company, Vera’s focus remains on clinical milestones and regulatory progress rather than revenue generation, underscoring the importance of the upcoming FDA decision for its long‑term financial outlook.
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