One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Vera Therapeutics, Inc.
VERA · NGM · Healthcare · Biotechnology
Current price
$30.48
52-week range
$26.38 - $56.05
Market cap
$2.20B
Balance sheet
Healthy
-41.89x Concerning
Net cash $307.25M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
1 Risk
0 rewards · 1 risks
View details ↓What this company does
Vera Therapeutics, Inc.
Vera Therapeutics is a drug company developing new medicines for autoimmune kidney diseases, like one called IgAN, and other conditions where the body's own immune system attacks itself. Their main drug candidate, atacicept, is a treatment that patients can inject themselves at home, and the company is hoping it will be approved to help people with these difficult illnesses. This matters because these are diseases where there aren't many good treatment options currently available.
How the company got here
Vera Therapeutics, Inc. started its journey in 2016, originally known as Trucode Gene Repair, Inc. The company's name change to Vera Therapeutics in April 2020 signaled a shift in focus. It is a clinical-stage biotechnology company, meaning it is in the process of testing new medicines in human trials, aiming to bring them to market. The company is headquartered in Brisbane, California, and is dedicated to developing treatments for patients suffering from immunological diseases.
What it actually does
Vera Therapeutics is focused on creating new medicines for people with diseases caused by their own immune systems attacking their bodies. These are called immunological or autoimmune diseases. The company is developing a few different potential treatments, each designed to target specific parts of the immune system that are overactive or malfunctioning in these conditions. Their goal is to create "transformative treatments," which means therapies that could significantly improve the lives of patients who currently have limited options.
Atacicept
Atacicept is one of Vera Therapeutics' main drug candidates. It's a protein designed to help regulate the immune system by targeting specific signals, BAFF and APRIL, that are involved in the overactivity of certain immune cells called B-cells. These B-cells can mistakenly attack the body's own tissues in autoimmune diseases. Atacicept is being tested as a treatment for immunoglobulin A nephropathy (IgAN), a type of autoimmune kidney disease, and other similar conditions. Patients would administer this drug themselves at home through a subcutaneous injection, which means under the skin.
MAU868
MAU868 is another drug candidate being developed by Vera Therapeutics. This one is a "monoclonal antibody," which is a type of protein made in a lab that can precisely target specific molecules. MAU868 is designed to combat BK virus infections, a condition that can be particularly problematic for people with weakened immune systems, such as organ transplant recipients. The drug has already completed a Phase 2 clinical trial, which is a stage of testing to evaluate its effectiveness and safety in a larger group of patients.
VT-109
VT-109 represents Vera Therapeutics' effort to develop a "novel BAFF/APRIL dual-inhibitor." This means it's a new type of molecule designed to block both the BAFF and APRIL signals simultaneously. These signals are important for the development and survival of B-cells, which, as mentioned, can cause problems in autoimmune diseases. By inhibiting these signals, VT-109 aims to reduce the harmful activity of B-cells in conditions where they are implicated in autoimmune disorders.
What management is betting on now
Vera Therapeutics' management is primarily focused on advancing its pipeline of drug candidates through clinical trials. The company is investing heavily in the development of atacicept for IgAN and other autoimmune kidney diseases, as this represents a significant potential market. They are also progressing MAU868 for BK virus infections and exploring the potential of VT-109 for various autoimmune conditions. The core strategy revolves around successfully demonstrating the safety and efficacy of these novel therapies in human studies to gain regulatory approval and bring them to patients.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-39.83M
FY2025 Q1
$-54.59M
FY2025 Q2
$-55.01M
FY2025 Q3
$-62.04M
FY2025 Q4
$-70.10M
FY2026 Q1
$-106.52M
FY2026 Q2
$-100.25M
FY2026 Q3
$-99.18M
Revenue
$10.28M
Net income
$-93.71M
Diluted EPS
-1.30
Operating cash flow
$-99.18M
Free cash flow
$-99.18M
Fetching…
Sources
Revenue
—
Net income
$-109.47M
Diluted EPS
-1.52
Operating cash flow
$-100.25M
Free cash flow
$-100.25M
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Sources
Revenue
—
Net income
$-121.03M
Diluted EPS
-1.69
Operating cash flow
$-106.50M
Free cash flow
$-106.52M
Fetching…
Sources
Revenue
—
Net income
$-91.10M
Diluted EPS
-1.39
Operating cash flow
$-69.99M
Free cash flow
$-70.10M
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Sources
Revenue
$0.00
Net income
$-80.29M
Diluted EPS
-1.26
Operating cash flow
$-61.91M
Free cash flow
$-62.04M
Fetching…
Sources
Revenue
—
Net income
$-76.53M
Diluted EPS
-1.20
Operating cash flow
$-54.80M
Free cash flow
$-55.01M
Fetching…
Sources
Revenue
—
Net income
$-51.69M
Diluted EPS
-0.81
Operating cash flow
$-54.41M
Free cash flow
$-54.59M
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Sources
Revenue
—
Net income
$-43.42M
Diluted EPS
-0.72
Operating cash flow
$-39.18M
Free cash flow
$-39.83M
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Sources
Is it cheap or expensive?
Fair value — vs current price $30.48
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $307.3M - more cash than debt. Interest coverage -41.9x.
Net debt
$-307.25M
Interest coverage
-41.89x
Vera Therapeutics, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
VERA
BASELINE
Vera Therapeutics, Inc.
Total debt $76.79M Interest coverage -41.89x This is the baseline the peer rows are being compared against.
Total debt $58.66M Interest coverage 24.61x This peer still has a real interest-payment cushion, while VERA does not.
Total debt $616.16M Interest coverage -5.85x Neither company has much profit cushion over interest right now.
Total debt $245.50M Interest coverage -73.44x Neither company has much profit cushion over interest right now.
Total debt $98.27M Interest coverage -6,318.67x Neither company has much profit cushion over interest right now.
What you should know
The case for and against VERA
0 Rewards
1 Risk
Rewards
Risks
-
Return on equity was -113.5% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-7.78x
P/B
6.61x
P/S
214.43x
EV/EBITDA
-4.45x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
67.9%
Operating margin
-4,160.1%
Net margin
0.0%
ROE
-113.5%
ROA
-54.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.23x
Current ratio
7.91x
Quick ratio
7.15x
Total debt
$76.79M
Total cash
$384.04M
Growth
How the business has been compounding
Revenue TTM
$10.28M
Revenue 5Y CAGR
—
EPS TTM
-5.90
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-375.92M
Free CF TTM
$-241.73M
FCF margin
-2,352.2%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
—
Last ex-div date
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