Business
Vera Therapeutics Provides Business Update and Reports Second Quarter Financial Results
Presented positive 36-week results from the Phase 2b ORIGIN clinical trial of atacicept in IgAN as a late breaking clinical trial at the 60th ERA
About this update from Vera Therapeutics, Inc.
[{"type":"text","content":"Presented positive 36-week results from the Phase 2b ORIGIN clinical trial of atacicept in IgAN as a late breaking clinical trial at the 60th ERA CongressInitiated Phase 3 ORIGIN 3 clinical trial of atacicept in June for the treatment of IgANStrong balance sheet expected to fund operations to early 2026 BRISBANE, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Vera Therapeutics, Inc. (Nasdaq: VERA), a late clinical-stage biotechnology company focused on developing and commercializing transformative treatments for patients with serious immunological diseases, today reported its business updates and financial results for the second quarter ended June 30, 2023. “During the second quarter, we announced positive 36-week data from the Phase 2b ORIGIN trial, which support its potential as a disease-modifying treatment for patients with IgAN,” said Marshall Fordyce, M.D., Founder and CEO of Vera Therapeutics. “We have rapidly advanced atacicept into a pivotal Phase 3 ORIGIN 3 trial in June.” Second Quarter and Recent Business Highlights Released positive 36-week results from the Phase 2b ORIGIN clinical trial of atacicept in IgAN, which showed both statistically significant and clinically meaningful reduction in proteinuria and stabilization of estimated glomerular filtration rate (eGFR) through 36 weeks. These data were presented as a Late Breaking Clinical Trial at the 60th European Renal Association (ERA) Congress 2023Initiated the pivotal Phase 3 clinical trial (ORIGIN 3) of atacicept for the treatment of IgA nephropathy (IgAN)Strong balance sheet with cash and marketable securities on hand and available credit expected to fund operations to early 2026 Upcoming Milestones Additional data from the ongoing Phase 2b ORIGIN clinical trial to be presented in the second half of 2023 and 2024Expect to announce preliminary data from the pivotal ORIGIN 3 trial in the first half of 2025 Financial Results for the Period Ended June 30, 2023For the quarter ended June 30, 2023, the company reported a net loss of $20.2 million, or $0.46 per share, compared to a net loss of $14.9 million, or $0.55 per share, for the same period last year. During the six months ended June 30, 2023, net cash used in operating activities was $44.1 million, compared to $28.0 million for the same period last year. Vera reported $181.0 million in cash, cash equivalents, and ma...