$VERA
Vera Therapeutics, Inc.

2021 Q1 Form 10-Q Financial Statement

#000119312521198663 Filed on June 24, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.784M $1.136M $1.032M
YoY Change 72.87%
% of Gross Profit
Research & Development $2.932M $39.84M $1.439M
YoY Change 103.75%
% of Gross Profit
Depreciation & Amortization $35.00K -$642.0K $108.0K
YoY Change -67.59%
% of Gross Profit
Operating Expenses $4.716M $40.98M $2.471M
YoY Change 90.85%
Operating Profit -$4.716M -$2.471M
YoY Change 90.85%
Interest Expense $0.00 -$13.00K $24.00K
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $2.000K -$301.0K -$3.000K
YoY Change -166.67%
Pretax Income -$4.714M -$42.87M -$2.474M
YoY Change 90.54%
Income Tax $0.00 $1.000K $0.00
% Of Pretax Income
Net Earnings -$4.714M -$42.88M -$2.474M
YoY Change 90.54%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$230.2K -$2.094M -$120.8K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.51M
YoY Change
Cash & Equivalents $49.51M $53.65M $6.168M
Short-Term Investments
Other Short-Term Assets $81.00K $392.0K
YoY Change
Inventory
Prepaid Expenses $535.0K $336.0K
Receivables
Other Receivables
Total Short-Term Assets $51.53M $54.26M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $293.0K
YoY Change
Total Long-Term Assets $293.0K $293.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $51.53M $54.26M
Total Long-Term Assets $293.0K $293.0K
Total Assets $51.83M $54.55M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.440M $909.0K
YoY Change
Accrued Expenses $1.798M $535.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.753M $2.406M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.812M
YoY Change
Total Long-Term Liabilities $1.812M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.753M $2.406M
Total Long-Term Liabilities $1.812M
Total Liabilities $5.565M $4.326M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$96.16M -$91.45M
YoY Change
Common Stock $2.845M $2.099M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$93.32M -$89.35M -$38.95M
YoY Change
Total Liabilities & Shareholders Equity $51.83M $54.55M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$4.714M -$42.88M -$2.474M
YoY Change 90.54%
Depreciation, Depletion And Amortization $35.00K -$642.0K $108.0K
YoY Change -67.59%
Cash From Operating Activities -$4.121M -$27.38M -$2.305M
YoY Change 78.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $52.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $57.00K
YoY Change
Cash From Investing Activities $0.00 $57.00K -$52.00K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -28.00K 79.80M 4.967M
YoY Change -100.56%
NET CHANGE
Cash From Operating Activities -4.121M -27.38M -2.305M
Cash From Investing Activities 0.000 57.00K -52.00K
Cash From Financing Activities -28.00K 79.80M 4.967M
Net Change In Cash -4.149M 52.48M 2.610M
YoY Change -258.97%
FREE CASH FLOW
Cash From Operating Activities -$4.121M -$27.38M -$2.305M
Capital Expenditures $0.00 $0.00 $52.00K
Free Cash Flow -$4.121M -$27.38M -$2.357M
YoY Change 74.84%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2021Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
South San Francisco
CY2021Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
CY2021Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
94080
CY2021Q1 dei City Area Code
CityAreaCode
650
CY2021Q1 dei Local Phone Number
LocalPhoneNumber
770-0077
CY2021Q1 dei Document Type
DocumentType
10-Q
CY2021Q1 dei Amendment Flag
AmendmentFlag
false
CY2021Q1 dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
CY2021Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2021Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2021Q1 dei Trading Symbol
TradingSymbol
VERA
CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
Vera Therapeutics, Inc.
CY2021Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001831828
CY2021Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
CY2021Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 dei Entity Shell Company
EntityShellCompany
false
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2021Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2021Q1 dei Security12b Title
Security12bTitle
Class A common stock, $0.001 par value per share
CY2021Q1 dei Entity File Number
EntityFileNumber
001-40407
CY2021Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
81-2744449
CY2021Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2021Q1 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
182772372
CY2021Q1 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
139576000
CY2021Q1 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
139338000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
49505000
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1855507
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
275353
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
113683
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
1654
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
2015523
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
63177
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1952346
CY2020Q4 vera Share Based Compensation By Share Based Payment Options Non Vested Weighted Average Exercise Price
ShareBasedCompensationByShareBasedPaymentOptionsNonVestedWeightedAverageExercisePrice
2.99
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-4714000
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.92
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.01
CY2021Q1 vera Share Based Compensation By Share Based Payment Options Non Vested Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationByShareBasedPaymentOptionsNonVestedForfeituresInPeriodWeightedAverageExercisePrice
9.39
CY2021Q1 vera Share Based Compensation By Share Based Payment Options Non Vested Weighted Average Exercise Price
ShareBasedCompensationByShareBasedPaymentOptionsNonVestedWeightedAverageExercisePrice
3.14
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.12
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
3.08
CY2020 vera Share Based Compensation By Share Based Payment Arrangement Options Non Vested Weighted Average Remaining Contractual Term
ShareBasedCompensationByShareBasedPaymentArrangementOptionsNonVestedWeightedAverageRemainingContractualTerm
P9Y9M14D
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-36548000
CY2021Q1 vera Share Based Compensation By Share Based Payment Arrangement Options Non Vested Weighted Average Remaining Contractual Term
ShareBasedCompensationByShareBasedPaymentArrangementOptionsNonVestedWeightedAverageRemainingContractualTerm
P9Y7M6D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y8M26D
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.763
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.764
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.006
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-2474000
CY2020Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
54554000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.008
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
53654000
CY2021Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
50000
CY2020Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
50000
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1977000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
557000
CY2021Q1 us-gaap Assets Current
AssetsCurrent
51532000
CY2020Q4 us-gaap Assets Current
AssetsCurrent
54261000
CY2021Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
293000
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
293000
CY2021Q1 us-gaap Assets
Assets
51825000
CY2020Q4 us-gaap Assets
Assets
54554000
CY2021Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
1440000
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
909000
CY2021Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
515000
CY2020Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
962000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1798000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
535000
CY2021Q1 us-gaap Liabilities Current
LiabilitiesCurrent
3753000
CY2020Q4 us-gaap Liabilities Current
LiabilitiesCurrent
2406000
CY2021Q1 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
1526000
CY2020Q4 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
1634000
CY2021Q1 vera Accrued Liabilities And Other Liabilities Non Current
AccruedLiabilitiesAndOtherLiabilitiesNonCurrent
286000
CY2020Q4 vera Accrued Liabilities And Other Liabilities Non Current
AccruedLiabilitiesAndOtherLiabilitiesNonCurrent
286000
CY2021Q1 us-gaap Liabilities
Liabilities
5565000
CY2020Q4 us-gaap Liabilities
Liabilities
4326000
CY2020Q4 us-gaap Redeemable Noncontrolling Interest Equity Preferred Carrying Amount
RedeemableNoncontrollingInterestEquityPreferredCarryingAmount
139576000
CY2021Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
2845000
CY2020Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
2099000
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-96161000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-91447000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
-93316000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-89348000
CY2021Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
51825000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-38946000
CY2021Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2021Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
CY2020Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
2596000
CY2021Q1 us-gaap Restructuring Charges
RestructuringCharges
35000
CY2021Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
590000
CY2021Q1 us-gaap Restructuring Reserve
RestructuringReserve
2041000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
404000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
61000
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2932000
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1439000
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1784000
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1032000
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
4716000
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
2471000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4716000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2471000
CY2021Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
2000
CY2020Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
6000
CY2020Q1 us-gaap Interest Expense
InterestExpense
24000
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
61000
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y8M19D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
180000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
8924000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
15000
CY2020Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
108000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
404000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
61000
CY2020Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
29000
CY2020Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
14000
CY2020Q1 vera Convertible Notes Issuance Costs
ConvertibleNotesIssuanceCosts
18000
CY2020Q1 vera Gain Onissuance Of Convertible Notes
GainOnissuanceOfConvertibleNotes
62000
CY2020Q1 vera Change In Fair Value Of Convertible Notes
ChangeInFairValueOfConvertibleNotes
47000
CY2021Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
127000
CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
112000
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-198000
CY2020Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3000
CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1069000
CY2020Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
114000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
405000
CY2020Q1 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
7000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4121000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2305000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
52000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-52000
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
342000
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
15000
CY2020Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
5000000
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
369000
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1000
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
48000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-28000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4967000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4149000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2610000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
53997000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3558000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49848000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6168000
CY2020Q1 us-gaap Interest Paid
InterestPaid
10000
CY2021Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
535000
CY2021Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
1294000
CY2021Q1 vera Receivables On Exercise Of Options
ReceivablesOnExerciseOfOptions
67000
CY2021Q1 us-gaap Other Assets Current
OtherAssetsCurrent
81000
CY2020Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
336000
CY2020Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
86000
CY2020Q4 vera Receivables On Exercise Of Options
ReceivablesOnExerciseOfOptions
52000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
83000
CY2021Q1 vera Accrued Contract Costs Current
AccruedContractCostsCurrent
729000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
444000
CY2021Q1 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
299000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
326000
CY2021Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
35000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
130000
CY2021Q1 vera Deferred Offering Costs Included In Accounts Payable
DeferredOfferingCostsIncludedInAccountsPayable
729000
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of the Company&#8217;s unaudited condensed 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 amounts of assets and liabilities include useful lives of fixed and intangible assets, the accrual of research and development expenses, restructuring liabilities, fair value of common stock and stock-based compensation expense, and the valuation allowance for deferred tax assets. 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. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Concentrations of Credit Risk and Other Risks and Uncertainties </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. 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 and cash equivalents to the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash and cash equivalents. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company&#8217;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&#8217;s current and potential future product candidates, uncertainty of market acceptance of the Company&#8217;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. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s product candidates require approvals from the U.S. Food and Drug Administration and comparable foreign regulatory agencies 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. </div><br/></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2021Q1 vera Deferred Offering Costs Included In Accrued And Other Current Liabilities
DeferredOfferingCostsIncludedInAccruedAndOtherCurrentLiabilities
195000
CY2021Q1 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2021Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2020Q1 vera Gain Onissuance Of Convertible Notes
GainOnissuanceOfConvertibleNotes
62000
CY2020Q1 vera Change In Fair Value Of Convertible Notes
ChangeInFairValueOfConvertibleNotes
47000
CY2021Q1 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
182772372
CY2021Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
182772372
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2020Q4 vera Share Based Compensation By Share Based Payment Award Non Vested Options Outstanding Aggregate Intrinsic Value
ShareBasedCompensationByShareBasedPaymentAwardNonVestedOptionsOutstandingAggregateIntrinsicValue
8000
CY2021Q1 vera Share Based Compensation By Share Based Payment Award Non Vested Options Outstanding Aggregate Intrinsic Value
ShareBasedCompensationByShareBasedPaymentAwardNonVestedOptionsOutstandingAggregateIntrinsicValue
9104000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1900000
CY2021Q1 vera Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsRemainderOfFiscalYear
1387000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2399000
CY2021Q1 vera Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Remainder Of Year Two
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsRemainderOfYearTwo
1908000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2458000
CY2021Q1 vera Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Remainder Of Year Three
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsRemainderOfYearThree
1971000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2538000
CY2021Q1 vera Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Remainder Of Year Four
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsRemainderOfYearFour
2036000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1937000
CY2021Q1 vera Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals Remainder Of Year Five
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentalsRemainderOfYearFive
1552000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
11232000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
8854000
CY2021Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
170 Harbor Way, 3rd Floor
CY2020Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
182772372
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-12.23
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-7.79
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
385401
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
317693
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
404000
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1. ORGANIZATION AND DESCRIPTION OF THE BUSINESS </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Description of Business </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Vera Therapeutics, Inc., (the &#8220;Company&#8221;) is a clinical stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases. The Company is headquartered in South San Francisco, California and was incorporated in May 2016 in Delaware. In 2017, the Company acquired all of the outstanding shares of PNA Innovations, Inc. (&#8220;PNAi&#8221;), which was based in Woburn, Massachusetts. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Reverse Stock Split </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On May 7, 2021, the Company filed a certificate of amendment to its fourth amended and restated certificate of incorporation to effect a 11.5869-for-one reverse stock split of its issued and outstanding Class A common stock. Adjustments corresponding to the reverse stock split were made to the ratio at which the Company&#8217;s redeemable convertible preferred stock will convert into Class A common stock. Accordingly, all share and per share amounts related to Class A common stock, stock options and restricted stock awards for all periods presented in the accompanying unaudited condensed financial statements and notes thereto have been retroactively adjusted, where applicable to reflect the reverse stock split. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Initial Public Offering </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">On May&#160;13, 2021, the Company&#8217;s registration statement on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">S-1</div> for its initial public offering (the &#8220;IPO&#8221;) was declared effective by the Securities and Exchange Commission (the &#8220;SEC&#8221;), and the shares of its Class&#160;A common stock commenced trading on the Nasdaq Global Select Market on May&#160;14, 2021. The IPO closed on May&#160;18, 2021, pursuant to which the Company issued and sold</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div><div style="letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></div>4,350,000<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">shares of its Class A common stock at a public offering price of&#160;</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> $</div>11.00<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;">per share. On May 20, 2021, the Company issued 652,500 shares of its Class A common stock to the underwriters of the IPO pursuant to the exercise of the underwriters&#8217; option to purchase additional shares. The Company received total net proceeds of approximately $48,400 from the IPO, after deducting underwriting discounts and commissions of $3,852, and offering costs of approximately $2,800, of which $1,294 was incurred as of March 31,2021. Prior to the completion of the IPO, all shares of redeemable convertible preferred stock then outstanding were converted into 15,464,776 shares of Class A common stock and 309,238 shares of Class B common stock. The unaudited condensed financial statements as of March 31, 2021, including share and per share amounts, do not include proceeds from or shares issued in the IPO as it occurred after March 31, 2021.</div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Liquidity </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Since inception, the Company has been primarily performing research and development activities, establishing and maintaining its intellectual property, hiring personnel and raising capital to support and expand these operations. The Company has incurred recurring net operating losses since its inception and had an accumulated deficit of $96,161 as of March&#160;31, 2021. The Company had cash and cash equivalents of $49,505 as of March&#160;31, 2021, and has not generated positive cash flow from operations. The Company has funded its operations primarily through the issuance of common stock, redeemable convertible preferred stock and convertible notes. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Management believes that the net proceeds from the IPO, together with cash and cash equivalents as of March&#160;31, 2021, will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance date of these unaudited condensed financial statements. While the Company believes that its current cash and cash equivalents are adequate to meet its needs for the next 12 months, the Company will need to raise additional capital in order to achieve its longer-term business objectives.</div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.740
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.742
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.015
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.017
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17818492
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1394893
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-96161000
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
342000
CY2020Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
182772372
CY2020Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
182772372

Files In Submission

Name View Source Status
0001193125-21-198663-index-headers.html Edgar Link pending
0001193125-21-198663-index.html Edgar Link pending
0001193125-21-198663.txt Edgar Link pending
0001193125-21-198663-xbrl.zip Edgar Link pending
d912674d10q.htm Edgar Link pending
d912674dex311.htm Edgar Link pending
d912674dex312.htm Edgar Link pending
d912674dex321.htm Edgar Link pending
d912674dex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
vera-20210331.xml Edgar Link completed
vera-20210331.xsd Edgar Link pending
vera-20210331_cal.xml Edgar Link unprocessable
vera-20210331_def.xml Edgar Link unprocessable
vera-20210331_lab.xml Edgar Link unprocessable
vera-20210331_pre.xml Edgar Link unprocessable