$VERA
Vera Therapeutics, Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024123239 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.487M
YoY Change 67.61%
% of Gross Profit
Research & Development $40.31M
YoY Change 150.4%
% of Gross Profit
Depreciation & Amortization $24.00K
YoY Change
% of Gross Profit
Operating Expenses $49.80M
YoY Change 128.91%
Operating Profit -$49.80M
YoY Change 128.91%
Interest Expense $2.825M
YoY Change 199.58%
% of Operating Profit
Other Income/Expense, Net $3.169M
YoY Change 91.83%
Pretax Income -$46.63M
YoY Change 132.0%
Income Tax
% Of Pretax Income
Net Earnings -$46.63M
YoY Change 131.95%
Net Earnings / Revenue
Basic Earnings Per Share -$0.85
Diluted Earnings Per Share -$0.85
COMMON SHARES
Basic Shares Outstanding 63.32M 54.83M
Diluted Shares Outstanding 54.90M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $353.3M
YoY Change 120.96%
Cash & Equivalents $27.26M
Short-Term Investments $326.1M
Other Short-Term Assets $1.129M
YoY Change -41.26%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $364.1M
YoY Change 112.17%
LONG-TERM ASSETS
Property, Plant & Equipment $368.0K
YoY Change 982.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $140.0K
YoY Change -72.0%
Total Long-Term Assets $4.429M
YoY Change 10.78%
TOTAL ASSETS
Total Short-Term Assets $364.1M
Total Long-Term Assets $4.429M
Total Assets $368.6M
YoY Change 109.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.602M
YoY Change -62.59%
Accrued Expenses $19.99M
YoY Change 103.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.46M
YoY Change 7.49%
LONG-TERM LIABILITIES
Long-Term Debt $50.47M
YoY Change 101.88%
Other Long-Term Liabilities $2.568M
YoY Change 16.73%
Total Long-Term Liabilities $53.04M
YoY Change 94.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.46M
Total Long-Term Liabilities $53.04M
Total Liabilities $79.50M
YoY Change 53.15%
SHAREHOLDERS EQUITY
Retained Earnings -$417.8M
YoY Change 47.42%
Common Stock $705.8M
YoY Change 73.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $289.1M
YoY Change
Total Liabilities & Shareholders Equity $368.6M
YoY Change 109.86%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$46.63M
YoY Change 131.95%
Depreciation, Depletion And Amortization $24.00K
YoY Change
Cash From Operating Activities -$36.89M
YoY Change 60.51%
INVESTING ACTIVITIES
Capital Expenditures $238.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $38.56M
YoY Change 137.55%
Cash From Investing Activities $38.32M
YoY Change 136.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 739.0K
YoY Change 154.83%
NET CHANGE
Cash From Operating Activities -36.89M
Cash From Investing Activities 38.32M
Cash From Financing Activities 739.0K
Net Change In Cash 2.171M
YoY Change -133.61%
FREE CASH FLOW
Cash From Operating Activities -$36.89M
Capital Expenditures $238.0K
Free Cash Flow -$37.12M
YoY Change 61.54%

Facts In Submission

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vera Proceeds From Issuance Of Common Stock Follow On Offering
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vera Addition To Right Of Use Assets Obtained From Operating Lease Liabilities
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us-gaap Nature Of Operations
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Description of Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Vera Therapeutics, Inc. (the Company) is a clinical stage biotechnology company focused on developing and commercializing treatments for patients with serious immunological diseases. The Company was incorporated in May 2016 in Delaware. The Company’s headquarters and operations are located in Brisbane, California. The Company operates in one segment.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Liquidity</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Since inception, the Company devoted substantially all of its resources to its research and development efforts, pre-clinical studies and clinical trials, establishing and maintaining its intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. The Company has incurred recurring net operating losses and has not generated positive cash flow from operations since its inception and had an accumulated deficit of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">417.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as of September 30, 2024. The Company had cash, cash equivalents and marketable securities of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">353.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">million as of September 30, 2024. The Company has funded its operations primarily through the issuance of common stock, redeemable convertible preferred stock, debt financing and convertible notes. Management expects to continue to incur losses and negative cash flows from operations for at least the next several years.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Management believes that the Company’s cash, cash equivalents and marketable securities as of September 30, 2024 will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months subsequent to the issuance date of these financial statements. The Company intends to raise additional capital through public or private equity offerings or debt financing or other capital sources, which may include strategic collaborations or other arrangements with third parties in order to achieve its long-term business objectives. If the Company fails to obtain necessary capital when needed on acceptable terms, or at all, it could force the Company to delay, limit, reduce or terminate its product development programs, commercialization efforts or other operations</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p>
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting period. Management estimates that affect the reported</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">amounts </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">of assets and liabilities include the accrual of research and development expenses, valuation of equity awards for stock-based compensation, determination of incremental borrowing rate for operating leases, the valuation allowance for deferred tax assets, and fair value of marketable and non-marketable securities. The Company evaluates and adjusts its estimates and assumptions on an ongoing basis using historical experience and other factors. Actual results could differ materially from those estimates.</span>
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentrations of Credit Risk and Other Risks and Uncertainties</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains bank deposits in a federally insured financial institution and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institution holding its cash, cash equivalents, and marketable securities to the extent recorded in the balance sheet. The Company has not experienced any losses to date related to these concentrations.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company relies on one supply chain for each of its product candidates. If any of the single source suppliers in any of the supply chains fails to satisfy the Company’s requirements on a timely basis, it could suffer delays in its clinical development programs and activities, which could adversely affect operating results.</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory authorities prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed, or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.</span>
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vera Proceeds From Short Swing Profits
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false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
0000950170-24-123239-index-headers.html Edgar Link pending
0000950170-24-123239-index.html Edgar Link pending
0000950170-24-123239.txt Edgar Link pending
0000950170-24-123239-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
vera-20240930.htm Edgar Link pending
vera-20240930.xsd Edgar Link pending
vera-ex10_2.htm Edgar Link pending
vera-ex31_1.htm Edgar Link pending
vera-ex31_2.htm Edgar Link pending
vera-ex32_1.htm Edgar Link pending
vera-ex32_2.htm Edgar Link pending
vera-20240930_htm.xml Edgar Link completed