Vera Therapeutics, Inc.
VERA evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for VERA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · VERA
Vera Therapeutics is a clinical-stage biotechnology company focused on developing and commercializing treatments for autoimmune and inflammatory diseases, with its lead product candidate atacicept targeting IgA nephropathy and other indications.
Key risk: Clinical trial failure risk
BioSniper Score
Based on 6 of 6 signals
Market Cap
$2.46B
Cash Runway
14.5 moLead Asset
trutakna (Approved)
Next Catalyst
Phase3_Topline · Jul 1, 2028Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 7 clinical trials · 2 catalysts · 1 FDA decision for Vera Therapeutics, Inc..
Vera Therapeutics is a clinical-stage biotechnology company focused on developing and commercializing treatments for autoimmune and inflammatory diseases, with its lead product candidate atacicept targeting IgA nephropathy and other indications.
- Lead product candidate atacicept is in Phase 2b/3 and Phase 3 clinical trials for IgA nephropathy and other autoimmune indications [sec_mda · as of 2025-11-05].
- Cash and equivalents of $48.9M as of 2026-06-30, with a net loss of -$109.5M for the six months ended June 30, 2026 [sec].
- Shareholders' equity of $604.5M and total debt of $150.1M as of 2026-06-30 [sec].
- Pipeline includes MAU868 (Phase 2 completed for BK virus) and VT-109 (preclinical dual BAFF/APRIL inhibitor) [sec_mda · as of 2025-11-05].
- Company expects to continue incurring net operating losses and increasing R&D and G&A expenses as it advances clinical programs [sec_mda · as of 2026-08-10].
What works
- Atacicept targets a validated mechanism (BAFF/APRIL inhibition) with potential in multiple autoimmune indications, including IgA nephropathy, lupus, and Sjogren's [sec_mda · as of 2025-11-05].
- Pipeline includes MAU868 (first-in-class anti-BKV mAb) and VT-109 (next-generation dual BAFF/APRIL inhibitor), offering diversification beyond atacicept [sec_mda · as of 2025-11-05].
- Company holds worldwide exclusive rights to its pipeline candidates, providing full commercial control [sec_mda · as of 2025-11-05].
What to weigh
- No products approved for commercial sale; revenue generation is limited and profitability is uncertain [sec_mda · as of 2026-08-10].
- Cash position of $48.9M as of 2026-06-30 may require additional funding to complete ongoing clinical trials and potential commercialization [sec].
- Company relies on third-party manufacturers for its product candidates, introducing supply chain and quality risks [sec_mda · as of 2026-08-10].
- Significant net losses and increasing expenses expected for at least the next several years [sec_mda · as of 2026-08-10].
From the filings
Quoted directly from source documents.
Company expects to continue incurring net operating losses.
“We expect to continue to incur net operating losses in the near term”
SEC MD&A · August 10, 2026
Pipeline includes MAU868 and VT-109.
“We also hold worldwide, exclusive development and commercial rights to MAU868, a potentially first-in-class monoclonal antibody to treat reactivated BK virus (BKV) infections for which we completed a Phase 2 clinical trial in 2022, and in January 2025, we acquired worldwide, exclusive development and commercial rights to VT-109, a novel, next-generation dual BAFF/APRIL inhibitor that is in preclinical development.”
SEC MD&A · November 5, 2025
Catalyst timeline
- 2028-07-01 · Phase3_Topline — Phase 3 Topline: A Phase 2b/3, Multi-part, Randomized, Double-Blinded, Placebo-Controlled Study to Evaluate the Effic — Topline data from the Phase 2b/3 trial of atacicept in IgA nephropathy will be a key efficacy and safety readout.
- 2028-12-15 · Phase3_Topline — Phase 3 Topline: A Phase 3 Randomized, Double-Blind, Placebo-Controlled Multicenter, Multinational Study to Evaluate — Topline data from the Phase 3 trial of atacicept will provide additional pivotal efficacy and safety data.
Risks & what to watch (4)›
Key risks
- Clinical trial failure risk — Atacicept's Phase 2b/3 and Phase 3 trials may fail to meet endpoints, delaying or preventing approval [sec_mda · as of 2026-02-26].
- Need for additional capital — Cash of $48.9M may be insufficient to complete development; further funding likely required [sec].
- Dependence on third-party manufacturing — No own manufacturing facilities; relies on third parties for supply, posing quality and continuity risks [sec_mda · as of 2026-08-10].
- Limited commercial experience — No approved products; building sales and marketing infrastructure from scratch [sec_mda · as of 2026-02-26].
What to watch
- Phase 2b/3 and Phase 3 topline data for atacicept in IgA nephropathy, expected around 2028 [catalyst_timeline].
- Cash runway and any additional financing rounds or partnerships [sec].
- Progress of MAU868 and VT-109 through preclinical and clinical development [sec_mda · as of 2025-11-05].
- Regulatory interactions and potential approval timelines for atacicept [sec_mda · as of 2026-02-26].
Sources: SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
14.5 months
D/E 0.31 · 0% dilution
Lead: Approved
1 candidate
2 upcoming, next in ~671d
0 buys · 11 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
228
Total value held
$2.44B
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 5,367,214 | $215.9M |
| blackrock, inc. | 5,088,102 | $204.7M |
| deep track capital, lp | 4,106,067 | $165.2M |
| deerfield management company, l.p. | 3,722,100 | $149.7M |
| state street corp | 3,363,638 | $135.3M |
| fmr llc | 2,676,422 | $107.7M |
| eversept partners, lp | 2,173,286 | $87.4M |
| woodline partners lp | 2,002,074 | $80.5M |
| bellevue group ag | 1,710,771 | $68.8M |
| alliancebernstein l.p. | 1,314,242 | $66.6M |
Showing top 10 of 228 institutional holders of Vera Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 24, 2026- % of float
- 15.5%
- Days to cover
- 7.5
- Shares short
- 9,764,156
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
VERA short interestGovernance
Frequently asked questions
What is the AI investment thesis for Vera Therapeutics, Inc.?
Vera Therapeutics is a clinical-stage biotechnology company focused on developing and commercializing treatments for autoimmune and inflammatory diseases, with its lead product candidate atacicept targeting IgA nephropathy and other indications.
What is Vera Therapeutics, Inc.'s lead drug candidate?
Vera Therapeutics, Inc.'s most advanced tracked candidate is trutakna (Approved).
What is Vera Therapeutics, Inc.'s next catalyst?
Vera Therapeutics, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 2b/3, Multi-part, Randomized, Double-Blinded, Placebo-Controlled Study to Evaluate the Effic" — expected July 1, 2028.
Who is the CEO of Vera Therapeutics, Inc.?
Dr. Marshall W. Fordyce M.D. is the chief executive officer of Vera Therapeutics, Inc. (VERA).
Where is Vera Therapeutics, Inc. headquartered?
Vera Therapeutics, Inc. (VERA) is headquartered in Brisbane, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.