Vera Therapeutics, Inc. (NASDAQ: VERA) is a late clinical-stage biotechnology company developing treatments for serious immunological diseases. The company has generated no revenue from product sales as of the 10-K filed 2026-02-26 and has incurred net losses since inception, funding operations through capital raises subject to a loan agreement with restrictive covenants. Its lead product candidate, atacicept, is a native human TACI-Fc fusion protein licensed from Ares Trading S.A., an affiliate of Merck KGaA, Darmstadt, Germany. Atacicept is being evaluated for IgA nephropathy (IgAN) and other autoimmune kidney diseases. The pivotal Phase 3 ORIGIN 3 trial met its primary endpoint, showing a 46% reduction in proteinuria from baseline and a statistically significant 42% reduction versus placebo (p<0.0001) at week 36. In November 2025, Vera submitted a Biologics License Application to the U.S. FDA for atacicept in adult IgAN. Additional pipeline assets include MAU868, licensed from Novartis International Pharmaceutical AG, and VT-109, licensed from Stanford University.

Revenue model

No product revenue as of the 10-K filed 2026-02-26. The company is pre-commercial and funds operations through equity and debt financing.

Products and services

Atacicept (TACI-Fc fusion protein, Phase 3, IgAN and autoimmune kidney diseases, BLA submitted November 2025); MAU868 (licensed from Novartis); VT-109 (licensed from Stanford University).

Customers and end markets

Target patient population: adults with IgA nephropathy and other autoimmune kidney diseases. No commercial customers as of the 10-K filed 2026-02-26.

Value-chain role

Drug developer. Relies on third-party contract research organizations and contract manufacturers for clinical trials and drug supply. Holds in-licensed intellectual property for all lead pipeline assets.

Geographic exposure

U.S. regulatory focus, with BLA submitted to the FDA in November 2025. Geographic revenue breakdown not applicable given pre-commercial status.

Source: SEC 10-K, filed 2026-02-26

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