Vera Therapeutics (VERA) Q3 2026 earnings summary

Executive summary

• TRUTAKNA launched in the U.S. after FDA accelerated approval on July 7; ~700 Patient Start Forms had been received by Nov. 5, and Q3 net product revenue was $10.277 million.

• ORIGIN 3 met prespecified endpoints, showing 76% lower kidney disease progression risk through 104 weeks; an sBLA seeking full FDA approval was submitted Nov. 3, with a potential decision in mid-2027.

• Priorities include expanding the U.S. launch, pursuing full U.S. and European approval, and advancing atacicept in antibody-mediated kidney diseases.

Financial highlights

• Q3 net product revenue was $10.277 million and cost of sales was $3.3 million; Q3 2025 had no revenue or cost of sales.

• Q3 operating expenses were $106.0 million, operating loss was $95.7 million and net loss was $93.711 million, versus $80.293 million net loss in Q3 2025.

• Q3 R&D expense was $41.253 million versus $56.473 million YoY; SG&A was $61.430 million versus $27.459 million, reflecting launch investment.

• Nine-month revenue was $10.3 million, operating expenses were $343.6 million and net loss was $324.216 million, versus $208.518 million net loss in 9M 2025.

• 9M cash used in operating activities was $305.9 million versus $171.1 million in 2025, primarily reflecting launch investment.

Outlook and guidance

• Potential full FDA approval for adults with primary IgAN is expected in mid-2027, subject to sBLA review; an EMA Marketing Authorisation Application is planned for Q1 2027.

• Payer coverage is progressing toward 50% of covered lives by year-end; management expects the demand share of sales to rise in coming quarters.

• Atacicept monthly dose-ranging data from de novo cohorts are expected later in Q4 2026; switch-cohort results are expected in Q2 2027.

• Expenses and capital expenditures are expected to increase as clinical programs advance and commercial manufacturing, sales, marketing and distribution scale; available resources are expected to fund planned operations for at least 12 months from the filing date.