Vera Therapeutics, Inc. (VERA) Stock

Vera Therapeutics, Inc. (VERA) is a Healthcare stock trading at $35.09 (as of 2026-09-11), with a market capitalization of $2.52B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Vera Therapeutics, Inc. is a clinical-stage biotechnology company developing and commercializing therapies for patients with serious immunological diseases in the United States. Its lead program is atacicept, a self-administered subcutaneous fusion protein in Phase IIb for immunoglobulin A nephropathy, and it is also developing MAU868, a monoclonal antibody for BK viremia in Phase 2.

Understand Vera Therapeutics, Inc.: how it makes money

Vera Therapeutics is a clinical-stage biotech developing immunology drugs, led by atacicept, a subcutaneous injection for IgA nephropathy in Phase IIb, with no product revenue and operations funded by equity and debt. The entire investment case rests on atacicept clearing Phase III and winning FDA approval, with a second antibody for BK virus infections as a longer-term option.

Vera's value is a single probability-weighted event chain: Phase III data, then FDA approval, then commercial launch, each gate worth less cash than the last, with the current burn rate as the price of holding that option.

Business quality (Unprofitable): Pre-revenue, deeply unprofitable clinical-stage biotech. The only 'quality' is in the science and the trial design, not in any earnings stream. Cash runway is the binding constraint.

Bull case

  • Second asset diversifies the narrative: MAU868, a monoclonal antibody for BK viremia infections, is already in Phase 2. Even if atacicept faces a regulatory stumble, the company retains a second, earlier-stage catalyst that keeps the stock from becoming a pure single-trial binary.

Bear case

  • Cash burn with zero offsetting revenue: Operating margin sits at -1969% with no product revenue, meaning every dollar of operating spend is funded by shareholders or creditors. In ahigher-rate or risk-off environment, dilutive raises to fund Phase III could compress any upside the drug would deliver.
Valuation — source: SEC EDGAR (first-party)
Price$35.09
Market Cap$2.52B
Price / Book6.18
Price / Sales109.73
FCF Yield-13.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$24.48M
Net Margin-1224.0%
Return on Equity-98.6%
Debt / Equity0.18
Current Ratio10.92
Revenue Growth (YoY)-15.4%
EPS Growth (YoY)26.7%
FCF Growth (YoY)82.3%
Financial Health — source: SEC EDGAR
Altman Z-Score8.66 (safe)
Valuation vs Sector & Industry
Sector P/E (Healthcare)19.4
Industry P/E (Pharmaceutical Products)15.1
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($246.64M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryPharmaceutical Products
CEOMarshall W. Fordyce
Employees152
CountryUS
IPO Date2021-05-14

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VERA earnings history · VERA institutional & insider holders · VERA KPIs & operating metrics · VERA financials · VERA filings, presentations & press releases · VERA investor presentations & press releases · VERA SEC filings · VERA peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-11.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.