• A clinical-stage Biogen focused on autoimmune kidney diseases like IgA nephropathy.
• Like an emerging Alexion Pharmaceuticals (now AstraZeneca Rare Disease) targeting rare and serious kidney-related autoimmune diseases.
• Think of it as an early-stage Regeneron Pharmaceuticals, developing specialized biologic treatments for serious autoimmune kidney conditions.

• MAVEn (atacicept): A therapeutic fusion protein in late-stage clinical development targeting B-lymphocyte stimulator (BLyS) and APRIL for IgA nephropathy and systemic lupus erythematosus.
• Rocatinlimab: An anti-OX40 monoclonal antibody being developed for the treatment of moderate-to-severe atopic dermatitis.

Vera Therapeutics (symbol: VERA) is a clinical-stage biotechnology company. This means the company is primarily focused on the research, development, and clinical testing of potential new therapies for immunological diseases.

As a clinical-stage company, Vera Therapeutics currently **does not have any commercialized products on the market generating sales revenue.** Therefore, it does not have "major customers" in the traditional sense of companies or individuals purchasing its products or services.

The company's primary activities involve conducting clinical trials and research and development, which typically involve partnerships with Contract Research Organizations (CROs), academic institutions, and other research partners, rather than a sales relationship with customers.

• Name: Merck KGaA, Darmstadt, Germany (Symbol: MRK)

Marshall Fordyce, MD, Chief Executive Officer and Founder

Marshall Fordyce is the founder and Chief Executive Officer of Vera Therapeutics, Inc.. He previously founded and served as CEO of the gene-editing company Trucode Gene Repair, Inc., and was an entrepreneur in residence at Kleiner Perkins Caufield and Byers. Earlier in his career, Dr. Fordyce was the Senior Director of clinical research at Gilead Sciences, Inc., where he contributed to seven new drug approvals. He also led Vera Therapeutics through its initial public offering in 2021.

Sean Grant, MBA, Chief Financial Officer

Sean Grant serves as the Chief Financial Officer of Vera Therapeutics. Before joining Vera, he was the Vice President of Corporate Strategy and Business Development at CareDx, Inc., where he was responsible for strategic planning and execution for mergers and acquisitions, venture investments, and partnerships. Prior to CareDx, Mr. Grant held the position of Vice President in the Investment Banking Healthcare Division at Citigroup Global Capital Markets, where he specialized in public and private capital raising, M&A, and executed a broad range of transactions for leading life sciences companies, including the Gilead acquisition of Forty Seven for $4.9 billion.

Robert M. Brenner, MD, Chief Medical Officer

Robert M. Brenner is the Chief Medical Officer of Vera Therapeutics, Inc.. He brings over 25 years of experience as a nephrologist and biotechnology executive. Dr. Brenner's previous executive roles include Chief Medical Officer at Orionis Biosciences and Senior Vice President of Medical Affairs at AMAG Pharmaceuticals, where he played a role in the company's first therapeutic approval and launch for iron deficiency anemia. He also held positions of increasing responsibility within the nephrology franchise at Amgen.

Lauren Frenz, MBA, Chief Business Officer

Lauren Frenz serves as the Chief Business Officer of Vera Therapeutics, overseeing business development, commercial activities, public relations, and business operations. She has 15 years of experience in the biotech industry. Before her current role, Ms. Frenz was the Senior Vice President of Corporate Strategy and Finance at Vera. She also spent over five years at Gilead Sciences, holding various positions across Global and U.S. Commercial and Operations teams.

David Johnson, MBA, Chief Operating Officer

David Johnson is the Chief Operating Officer at Vera Therapeutics. He possesses over 30 years of commercialization and operational experience within the biopharmaceutical industry. Prior to joining Vera, Mr. Johnson was the Chief Commercial Officer at Global Blood Therapeutics (GBT) until its acquisition by Pfizer in 2022, where he established the company’s global commercial functions and led the launch of Oxbryta. He also worked for 15 years at Gilead Sciences, Inc. in various leadership roles.

The key risks to Vera Therapeutics (VERA) are primarily associated with its status as a clinical-stage biotechnology company developing treatments for serious immunological diseases.

1. Clinical Trial Outcomes and Regulatory Approval Risk: As a clinical-stage company, Vera Therapeutics currently has no products approved for commercial sale and generates no revenue. Its future success is substantially dependent on the successful completion of clinical trials for its lead product candidates, atacicept and MAU868, obtaining necessary regulatory approvals, and their timely commercialization. Negative clinical trial results, failure to secure regulatory approval, or significant delays in the approval process would severely harm the business.
2. Competition and Market Acceptance: Vera's lead product candidate, atacicept for IgA nephropathy (IgAN), faces intense competition from rival therapies in development. Competitors may demonstrate superior efficacy, achieve earlier regulatory approvals, or offer more favorable dosing schedules, which could limit atacicept's market share and commercial potential even if approved. Furthermore, market acceptance could be hindered by undesirable side effects or a less favorable safety profile compared to existing or competing treatments.
3. Financial Health and Need for Additional Capital/Dilution: Vera Therapeutics consistently reports no revenue and experiences ongoing operational losses, reflecting its substantial investment in research and development. The company has a history of requiring, and is expected to continue to require, significant additional capital to fund its operations. This ongoing reliance on equity raises to finance its development efforts increases the risk of future dilution for existing shareholders.

The clear emerging threat to Vera Therapeutics is the advanced development and regulatory progress of competitor treatments for IgA nephropathy (IgAN), particularly Novartis's atrasentan. Vera Therapeutics' lead product candidate, atacicept, is currently in a Phase 3 trial (ORIGIN study) for IgAN with data expected in late 2025 or early 2026. In contrast, Novartis's atrasentan has successfully completed its pivotal Phase 3 ALIGN study, showing significant positive results, and was filed for regulatory approval in the United States and Europe in late 2023. This places atrasentan on a trajectory to potentially receive approval and enter the market significantly ahead of atacicept, allowing it to establish market presence and capture market share that Vera Therapeutics is also targeting for its lead asset.

Vera Therapeutics' primary product, atacicept, targets several immunological diseases, with specific addressable market sizes identified for IgA Nephropathy (IgAN) and other autoimmune kidney diseases.

Atacicept

• IgA Nephropathy (IgAN):
• The patient population in the U.S. for IgAN is estimated to be between 130,000 and 150,000 people.
• For novel IgAN therapeutics, the annual market opportunity in the U.S., EU, and Japan is estimated to be between $6 billion and $10 billion.
• Vera Therapeutics anticipates capturing a market exceeding $1 billion in the U.S. for IgAN.
• The IgAN market across the 7MM (which includes the U.S., EU, and Japan) was valued at approximately $730 million in 2024 and is projected to expand significantly, with a Compound Annual Growth Rate (CAGR) of 30.5% from 2025 to 2034.
• BofA forecasts peak sales for atacicept of approximately $3 billion by 2037, with potential label expansions to other rare kidney diseases. This forecast refers to a multi-billion dollar market.
• Expanded Autoimmune Kidney Diseases (including IgAN, autoimmune-driven PMN, FSGS, and MCD):
• The combined peak prevalence of these conditions in the U.S. is estimated at approximately 230,000 patients, indicating a significant potential market for atacicept.

Vera Therapeutics (VERA) is positioned for future revenue growth over the next 2-3 years, primarily driven by the advancement and potential commercialization of its lead product candidate, atacicept, and the progression of its broader pipeline.

Here are 3 expected drivers of future revenue growth:

1. Commercial Launch and Market Penetration of Atacicept for IgA Nephropathy (IgAN): The most significant immediate driver for Vera Therapeutics is the anticipated regulatory approval and subsequent commercial launch of atacicept for the treatment of IgA nephropathy. The company plans to file a Biologics License Application (BLA) in the fourth quarter of 2025 and expects to be on the market by mid-2026. Positive topline results from the Phase 3 ORIGIN trial, which demonstrated a 42% reduction in proteinuria, have led to high analyst confidence in its launch, with projections of risk-adjusted revenues reaching $56 million in its first year and growing to $2.5 billion by 2033.
2. Expansion of Atacicept to Additional Autoimmune Diseases: Beyond IgAN, Vera Therapeutics aims to expand the indications for atacicept to other autoimmune conditions. The company's CEO has highlighted atacicept's potential as an immune modulator for B-cell-driven autoimmune diseases generally, not just IgAN. Analysts also foresee growth in the multibillion-dollar market for autoimmune conditions, with BofA Securities projecting peak sales of $3 billion by 2037 if atacicept proves effective across multiple disorders. Vera Therapeutics is actively pursuing an expanded clinical development program for atacicept in various autoimmune kidney diseases in 2025, suggesting a broader market reach in the coming years.
3. Advancement and Potential Future Commercialization of Pipeline Products (MAU868 and VT-109): While atacicept is the lead candidate, Vera Therapeutics also has other promising assets in its pipeline that could contribute to long-term revenue growth. These include MAU868, a monoclonal antibody being developed for BK viremia infections, and VT-109, a novel dual-inhibitor targeting B cell-mediated autoimmune diseases. Progress in the clinical development and eventual commercialization of these additional product candidates would diversify the company's revenue streams and further drive growth beyond the initial success of atacicept.

Share Repurchases

No information was found regarding share repurchase programs or actual share repurchases made by Vera Therapeutics over the last 3-5 years.

Share Issuance

• Vera Therapeutics completed its Initial Public Offering (IPO) in May 2021, issuing 4.35 million shares at $11 per share and raising approximately $48 million.
• In October 2024, Vera Therapeutics announced and priced a public offering of 7,142,858 shares of Class A common stock at $42.00 per share, with an expected gross proceeds of approximately $300.0 million.
• The company also granted the underwriters a 30-day option to purchase up to an additional 1,071,428 shares of Class A common stock as part of the October 2024 offering.

Inbound Investments

• Vera Therapeutics launched in January 2021, backed by an $80 million Series C financing round led by Abingworth LLP.
• The proceeds from the Series C financing were earmarked for advancing their lead clinical candidate, atacicept, scaling manufacturing capabilities, and expanding the therapeutic pipeline.
• In June 2025, Vera refinanced its debt and entered into a new loan facility for up to $500.0 million, with $75.0 million funded at closing.

Outbound Investments

No information was found indicating that Vera Therapeutics made strategic investments in other companies during the specified period.

Capital Expenditures

• Capital expenditures have been relatively low, with the net value of property and equipment reported as $1.062 million as of March 31, 2025.
• A portion of the $80 million Series C financing raised in January 2021 was allocated towards investing in commercial-scale manufacturing capabilities.
• The company's primary cash usage is directed towards operating activities, predominantly research and development expenses, with net cash used in operating activities being $171.1 million for the nine months ended September 30, 2025.