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
$32.54
52-week range
$23.05 - $56.05
Market cap
$2.34B
Balance sheet
Healthy
-41.89x Concerning
Net cash $422.26M. 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 healthcare company developing new drugs for diseases where the body's immune system attacks itself, with a special focus on a serious kidney illness. Since its treatments are still in the testing phase and not yet approved for sale, the company has no product revenue (money earned from selling goods) and is funded by investors. The company's success therefore depends on whether its main drug is proven safe and effective and gets approved by health regulators to be sold to patients.
How the company got here
Vera Therapeutics was founded in 2016 with a focus on developing treatments for serious diseases caused by the immune system. A key moment came in 2020 when it licensed its main drug candidate, atacicept, which became the central focus of its strategy. The company went public with an initial public offering (IPO) in 2021, which is a way for a private company to raise money by selling shares of its stock to the public for the first time. This provided the funding to advance atacicept through late-stage clinical trials, which are research studies with people to see if a new treatment is safe and effective.
What it actually does
Vera Therapeutics is a biotechnology company that works on creating new medicines for diseases where the body's own immune system attacks its tissues. It does not yet have products to sell and is considered a clinical-stage company, meaning its potential medicines are still being tested in studies. The company's main focus is on developing treatments for specific and serious kidney diseases. Its most advanced potential medicine is a drug called atacicept, which is designed to be injected by patients at home.
Drug Development for Immunological Diseases
The company operates as a single business focused on developing new drugs. Since its potential medicines are still in development, it does not yet generate revenue (the money a company makes from its sales). Its main drug candidate is atacicept, which aims to treat a kidney disease called IgA nephropathy (IgAN). Vera is also exploring atacicept for other autoimmune kidney diseases. Additionally, it is developing another potential drug, MAU868, to treat a viral infection that can occur in kidney transplant patients.
What management is betting on now
Management's primary focus is on getting their lead drug, atacicept, approved by regulators and ready for sale to patients with IgA nephropathy. They are investing heavily in the final stages of testing and preparing for a commercial launch (the process of bringing a new product to market). The company also aims to prove that atacicept can be a "platform" drug, meaning it could be used to treat other B-cell related kidney diseases, which would create more opportunities for the company. A smaller, but important, part of their strategy involves developing their other drug candidate, MAU868, for kidney transplant 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 Q3
$-37.12M
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
Revenue
—
Net income
$-109.47M
Diluted EPS
-1.52
Operating cash flow
$-100.25M
Free cash flow
$-100.25M
Fetching…
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
Fetching…
Sources
Revenue
—
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
Revenue
—
Net income
$-46.63M
Diluted EPS
-0.85
Operating cash flow
$-36.88M
Free cash flow
$-37.12M
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Sources
Is it cheap or expensive?
Fair value — vs current price $32.54
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $422.3M - more cash than debt. Interest coverage -41.9x.
Net debt
$-422.26M
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 $76.91M Interest coverage -41.89x This is the baseline the peer rows are being compared against.
Total debt $64.14M Interest coverage 24.61x This peer still has a real interest-payment cushion, while VERA does not.
Total debt $616.91M Interest coverage -5.85x Neither company has much profit cushion over interest right now.
Total debt $244.73M Interest coverage -73.44x Neither company has much profit cushion over interest right now.
Total debt $97.62M 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 -91.8% 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
-7.64x
P/B
5.74x
P/S
—
EV/EBITDA
-4.63x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
0.0%
Net margin
0.0%
ROE
-91.8%
ROA
-46.8%
Health
Liquidity and balance-sheet strength
Debt / equity
0.19x
Current ratio
10.92x
Quick ratio
10.41x
Total debt
$76.91M
Total cash
$499.16M
Growth
How the business has been compounding
Revenue TTM
$0.00
Revenue 5Y CAGR
—
EPS TTM
-5.87
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-338.65M
Free CF TTM
$-241.73M
FCF margin
—
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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