UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition
On May 11, 2023, Vera Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2023, and providing recent corporate updates. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
All of the information furnished in this Item 2.02 and Item 9.01 (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
99.1 |
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Press Release of Vera Therapeutics, Inc., dated May 11, 2023. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Vera Therapeutics, Inc. |
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Date: |
May 11, 2023 |
By: |
/s/ Sean Grant |
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Sean Grant, Chief Financial Officer |
Exhibit 99.1
Vera Therapeutics Provides Business Update and Reports First Quarter Financial Results
BRISBANE, Calif., May 11, 2023 – Vera Therapeutics, Inc. (Nasdaq: VERA), a late clinical-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases, today reported its business updates and financial results for the first quarter ended March 31, 2023.
“We continue to build momentum in the clinical development of our lead product candidate, atacicept, for the treatment of IgAN, as we prepare to initiate the pivotal Phase 3 study in the second quarter of 2023,” said Marshall Fordyce, M.D., Founder and CEO of Vera Therapeutics. “We are pleased to announce that the 36-week results from the Phase 2b ORIGIN study of atacicept were selected as a late breaking clinical trial for presentation at the 60th ERA Congress. These data follow the positive efficacy and safety data from the ORIGIN study presented in the first quarter of 2023, which show atacicept's ability to substantially reduce proteinuria. We look forward to continuing to execute on our program and atacicept’s potential as a transformative, best-in-disease therapy for patients with IgAN.”
First Quarter and Recent Business Highlights
Upcoming Milestones
Financial Results for the Quarter Ended March 31, 2023
For the quarter ended March 31, 2023, the company reported a net loss of $30.1 million, or a net loss per diluted share of $0.80, compared to a net loss of $17.1 million, or a net loss per diluted share of $0.71, for the same period last year.
During the quarter ended March 31, 2023, net cash used in operating activities was $26.3 million, compared to $9.0 million for the same period last year.
Vera reported $197.2 million in cash, cash equivalents, and marketable securities as of March 31, 2023.
About Vera
Vera Therapeutics is a late clinical-stage biotechnology company focused on developing treatments for serious immunological diseases. Vera’s mission is to advance treatments that target the source of immunologic diseases in order to change the standard of care for patients. Vera’s lead product candidate is atacicept, a fusion protein self-administered as a subcutaneous injection once weekly that blocks both B lymphocyte stimulator (BLyS) and a proliferation inducing ligand (APRIL), which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases, including IgA nephropathy (IgAN), also known as Berger’s disease, and lupus nephritis. In addition, Vera is evaluating additional diseases where the reduction of autoantibodies by atacicept may prove medically useful. Vera is also developing MAU868, a monoclonal antibody designed to neutralize infection with BK Virus, a polyomavirus that can have devastating consequences in certain settings such as kidney transplant. For more information, please visit www.veratx.com.
About Atacicept
Atacicept is an investigational recombinant fusion protein self-administered as a subcutaneous injection once weekly that contains the soluble transmembrane activator and calcium-modulating cyclophilin ligand interactor (TACI) receptor that binds to the cytokines B lymphocyte stimulator (BlyS) and a proliferation-inducing ligand (APRIL). These cytokines are members of the tumor necrosis factor family that promote B-cell survival and autoantibody production associated with certain autoimmune diseases, including IgA nephropathy (IgAN) and lupus nephritis. Atacicept has shown a clinically and statistically significant effect on key biomarkers and clinical markers in a Phase 2b clinical study in patients with IgAN. Vera believes atacicept is positioned for best-in-class potential, targeting B cells and plasma cells to reduce autoantibodies and having been administered to more than 1,500 patients in clinical studies across different indications.
About MAU868
MAU868, a potential first-in-class monoclonal antibody, has the potential to neutralize infection by blocking BK Virus (BKV) virions from binding to host cells. BKV is a polyoma virus that can be reactivated in settings of immunosuppression, such as in kidney transplant. It is a leading cause of kidney transplant loss and transplant-associated morbidity; there are currently no approved treatments for BKV. Vera holds an exclusive worldwide license from Amplyx Pharmaceuticals, Inc., a wholly owned subsidiary of Pfizer Inc., for the development and commercialization of MAU868 in all indications.
Forward-looking Statements
Statements contained in this press release regarding matters, events or results that may occur in the future are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, atacicept’s potential to be a transformational treatment for patients with IgAN and a best-in-disease therapy for patients with IgAN, the strength and adequacy of Vera’s balance sheet and its ability to fund operations into early 2026, Vera’s plans to advance atacicept into pivotal Phase 3 development in the second quarter of 2023, expectations regarding reporting additional data from the Phase 2b ORIGIN trial in 2023, and Vera’s product candidates, strategy, and regulatory matters. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “potential,” “forward,” “prepare,” “expect,” “plan,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Vera’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks related to the regulatory approval process, results of earlier clinical trials may not be obtained in later clinical trials, risks and uncertainties associated with Vera’s business in general, and the other risks described in Vera’s filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. Vera undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
For more information, please contact:
Investor Contact:
Joyce Allaire
LifeSci Advisors
212-915-2569
jallaire@lifesciadvisors.com
Media Contact:
Minyan Weiss
Uncapped Communications, Inc.
Minyan.Weiss@uncappedcommunications.com
VERA THERAPEUTICS, INC.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
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Three Months Ended |
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March 31, |
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2023 |
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2022 |
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(unaudited) |
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Operating expenses: |
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Research and development |
$ 25,108 |
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$ 12,549 |
General and administrative |
6,150 |
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4,472 |
Total operating expenses |
31,258 |
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17,021 |
Loss from operations |
(31,258) |
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(17,021) |
Total other income (expense), net |
1,189 |
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(64) |
Net loss |
$ (30,069) |
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$ (17,085) |
Other comprehensive gain (loss) |
$ 220 |
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$ (12) |
Comprehensive loss |
$ (29,849) |
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$ (17,097) |
Net loss per share attributable to common stockholders, basic and diluted |
$ (0.80) |
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$ (0.71) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
37,667,566 |
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24,227,282 |
VERA THERAPEUTICS, INC.
Condensed Balance Sheets
(in thousands)
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March 31, |
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December 31, |
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2023 |
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2022 |
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(unaudited) |
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Assets |
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Current assets: |
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Cash, cash equivalents and short-term marketable securities |
$ 197,153 |
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$ 114,653 |
Prepaid expenses and other current assets |
7,296 |
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11,045 |
Total current assets |
204,449 |
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125,698 |
Operating lease right-of-use assets |
4,594 |
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5,173 |
Non-marketable equity securities |
57 |
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58 |
Other noncurrent assets |
504 |
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506 |
Total assets |
$ 209,604 |
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$ 131,435 |
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Liabilities and stockholders' equity |
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Current liabilities: |
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Accounts payable |
$ 5,326 |
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$ 11,991 |
Operating lease liabilities, current |
2,602 |
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2,645 |
Accrued expenses and other current liabilities |
15,601 |
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10,964 |
Total current liabilities |
23,529 |
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25,600 |
Long-term debt |
24,886 |
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24,810 |
Operating lease liabilities, noncurrent |
3,194 |
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3,831 |
Accrued and other noncurrent liabilities |
286 |
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286 |
Total liabilities |
51,895 |
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54,527 |
Stockholders' equity |
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Common stock |
44 |
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28 |
Additional paid-in-capital |
400,850 |
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290,216 |
Accumulated other comprehensive loss |
(4) |
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(224) |
Accumulated deficit |
(243,181) |
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(213,112) |
Total stockholders' equity |
157,709 |
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76,908 |
Total liabilities and stockholders' equity |
$ 209,604 |
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$ 131,435 |
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