Vera Therapeutics, Inc.

Well-funded late clinical-stage immunology developer centered on atacicept for IgAN, with a fortress balance sheet but large burn.

Strengths

• Strong balance sheet: $715M cash (89th pct), current ratio 13.6 (88th), low leverage and ~12 quarters runway
• Lead atacicept in late-stage development for IgAN with a multi-asset autoimmune-kidney pipeline

Risks

• No revenue, ROE -49.6%, large cash burn (FCF -$242M, 8th pct)
• Secondary asset MAU868 failed its Phase 2 BKV primary (p=0.19) with a serious-AE imbalance; success hinges entirely on atacicept

Notable findings

• Restatement• Provisions in our amended and restated certificate of incorporation and amended and restated bylaws and Delaware law could make an acquisition of us, which may be beneficial to our stockholders, mor 8-K ↗
• Exec changeRecent 8-K item 5.02 8-K ↗
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Cash burnNegative free cash flow (-241.7M)
• Material weakness• If we experience material weaknesses in internal control over financial reporting in the future or otherwise fail to maintain an effective system of internal controls in the future, we may not be ab
• Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
• Strong balance sheetStrong balance sheet — $715M cash & investments, ~12 quarters of runway
• Insider sellingInsider selling — 14 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$4M, last 6mo) Form 4 ↗
• Trial readout soonUpcoming trial readout ~2026-09 — PHASE2 · IgA Nephropathy (IgAN)
• Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)