VERA

MKT CAP:$3B

Vera Therapeutics, Inc.

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$40.20-$8.42 (-17.33%)

Apr 22, 2026

Company Details

Vera Therapeutics, Inc., a clinical stage biotechnology company, focuses on developing and commercializing treatments for patients with serious immunological diseases in the United States. Its lead product candidate is atacicept, a fusion p...

CEO

Marshall W. Fordyce

IPO Date

May 14, 2021

Website

veratx.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$300M

EPS (Diluted)

-$4.66

Free Cash Flow

-$242M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 26, 2026

$0EPS -$4.66

Q4 2025

Feb 26, 2026

$0EPS -$1.39

Q3 2025

Nov 5, 2025

$0EPS -$1.26

Q2 2025

Aug 5, 2025

$0EPS -$1.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$17M
Q2 22	$0	$0	-$15M
Q3 22	$0	$0	-$25M
Q4 22	$0	$0	-$34M
Q1 23	$0	$506.0K	-$31M
Q2 23	$0	$0	-$22M
Q3 23	$0	$0	-$22M
Q4 23	$0	$635.0K	-$27M
Q1 24	$0	$952.0K	-$31M
Q2 24	$0	$0	-$37M
Q3 24	$0	$0	-$50M
Q4 24	$0	$0	-$49M
Q1 25	$0	$0	-$57M
Q2 25	$0	-$563.0K	-$80M
Q3 25	$0	-$564.0K	-$84M
Q4 25	$0	$1M	-$94M

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$9M	-$9M
Q2 22	-$19M	-$19M
Q3 22	-$18M	-$18M
Q4 22	-$21M	-$21M
Q1 23	-$26M	-$26M
Q2 23	-$18M	-$18M
Q3 23	-$23M	-$23M
Q4 23	-$25M	-$25M
Q1 24	-$34M	-$34M
Q2 24	-$25M	-$25M
Q3 24	-$37M	-$62M
Q4 24	-$39M	-$40M
Q1 25	-$54M	-$55M
Q2 25	-$55M	-$55M
Q3 25	-$62M	-$62M
Q4 25	-$70M	-$70M

Capital Expenditures

Quarter	CapEx
Q1 22	$18.0K
Q2 22	$6.0K
Q3 22	$38.0K
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$63.0K
Q1 24	$0
Q2 24	$89.0K
Q3 24	$25M
Q4 24	$645.0K
Q1 25	$187.0K
Q2 25	$208.0K
Q3 25	$133.0K
Q4 25	$102.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+260.9%
Q2 22	—	+157.4%
Q3 22	—	+248.1%
Q4 22	—	+102.5%
Q1 23	—	+83.6%
Q2 23	—	+45.9%
Q3 23	—	-13.8%
Q4 23	—	-19.5%
Q1 24	—	-0.5%
Q2 24	—	+70.0%
Q3 24	—	+128.9%
Q4 24	—	+81.0%
Q1 25	—	+83.8%
Q2 25	—	+114.6%
Q3 25	—	+68.5%
Q4 25	—	+92.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	—
Q2 22	$2M	—
Q3 22	$2M	—
Q4 22	$3M	—
Q1 23	$3M	—
Q2 23	$3M	—
Q3 23	$3M	—
Q4 23	$0	—
Q1 24	$4M	—
Q2 24	$5M	—
Q3 24	$6M	—
Q4 24	$6M	—
Q1 25	$8M	—
Q2 25	$9M	—
Q3 25	$10M	—
Q4 25	$11M	—

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$13M	$4M	—	—
Q2 22	$10M	—	—	$5M
Q3 22	$20M	—	—	$6M
Q4 22	$27M	$7M	—	—
Q1 23	$26M	—	—	$6M
Q2 23	$16M	$6M	—	—
Q3 23	$16M	$6M	—	—
Q4 23	$22M	$6M	—	—
Q1 24	$25M	$8M	—	—
Q2 24	$29M	$8M	—	—
Q3 24	$40M	$9M	—	—
Q4 24	$33M	$16M	—	—
Q1 25	$41M	$15M	$1M	—
Q2 25	$58M	$22M	—	—
Q3 25	$56M	—	—	$27M
Q4 25	$60M	$35M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$112M	$39M	$151M
Q2 22	$50M	$82M	$132M
Q3 22	$30M	$84M	$114M
Q4 22	$43M	$71M	$115M
Q1 23	$137M	$60M	$197M
Q2 23	$34M	$147M	$181M
Q3 23	$27M	$132M	$160M
Q4 23	$46M	$115M	$161M
Q1 24	$69M	$335M	$404M
Q2 24	$25M	$359M	$384M
Q3 24	$27M	$326M	$353M
Q4 24	$93M	$548M	$641M
Q1 25	$55M	$535M	$590M
Q2 25	$49M	$508M	$557M
Q3 25	$58M	$440M	$497M
Q4 25	$355M	$360M	$715M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	24M	+13.9%	+18.3%
Q2 22	27M	+11.8%	+157.9%
Q3 22	27M	+0.5%	+28.0%
Q4 22	28M	+2.1%	+30.7%
Q1 23	38M	+35.5%	+55.5%
Q2 23	44M	+17.5%	+63.5%
Q3 23	44M	+0.2%	+63.0%
Q4 23	44M	+0.2%	+59.9%
Q1 24	51M	+14.7%	+35.3%
Q2 24	55M	+7.4%	+23.6%
Q3 24	55M	+0.3%	+23.7%
Q4 24	55M	0.0%	+23.5%
Q1 25	64M	+16.0%	+24.9%
Q2 25	64M	+0.2%	+16.6%
Q3 25	64M	+0.1%	+16.3%
Q4 25	64M	+0.6%	+17.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	17
Q2 22	$0	17
Q3 22	$0	17
Q4 22	$0	46
Q1 23	$0	46
Q2 23	$0	46
Q3 23	$0	46
Q4 23	$0	51
Q1 24	$0	51
Q2 24	$0	51
Q3 24	$0	51
Q4 24	$0	112
Q1 25	$0	112
Q2 25	$0	112
Q3 25	$0	112
Q4 25	$0	75K

Revenue / Employee