Vera Therapeutics, Inc. · NASDAQ:VERA

Vera Therapeutics — Corporate Update (June 2025)

32 slides from Vera Therapeutics's corporate update, Jun 2, 2025

  1. Slide 1: ORIGIN Phase 3 Topline Results

    Exhibit 99.2 ORIGIN Phase 3 Topline Results June 2, 2025 © 2025 Vera Therapeutics, Inc. Corporate Presentation.

  2. Slide 2: Forward-looking statements

    Forward-looking statements Disclaimer This material has been made available to you with the consent of Vera Therapeutics, Inc. ( we , us , our , or the Company ). Statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the Priva

  3. Slide 3: Vera Therapeutics at a glance

    • Founded in 2016 in San Francisco • Atacicept in-licensed in 2020: Potential first-in-class mechanism (dual BAFF/APRIL inhibitor) to transform treatment of autoimmune disease • IPO on Nasdaq May 2021; >$1B raised to date • IgAN Phase 3 read out in June 2025; market launch projected 2026, subject to

  4. Slide 4: Atacicept projected catalysts

    Atacicept projected catalysts Catalyst 2025 2026 Phase 3 full enrollment Phase 3 primary endpoint IgAN 4Q BLA submission 1 Projected US launch IgAN Clinical results IgAN, PMN, Clinical results FSGS, MCD Vera holds worldwide, exclusive rights to develop and commercialize atacicept Based on management

  5. Slide 5: Strong Financial Position

    Strong Financial Position ~$590M ~63.7M Cash, cash equivalents, Shares outstanding (as of 5.01.25) and marketable securities (as of 3.31.25) 5 © 2025 Vera Therapeutics, Inc. Corporate Presentation

  6. Slide 6: B cell modulation via dual BAFF/APRIL inhibition

    B cell modulation via dual BAFF/APRIL inhibition represents a potential paradigm shift in how we treat patients with autoimmunity Autoimmune disease • Autoantigens and autoantibodies mediate Autoantibodies bind to autoantigens autoimmune disease BAFF • B cells are source of autoantibodies → B cell t

  7. Slide 7: Inhibition of immune complex formation in IgAN to avoid end stage kidney disease

    Inhibition of immune complex formation in IgAN offers the potential to avoid end stage kidney disease over a patient’s lifetime 80 5-year mean mortality 72 in ESKD comparable 60 to 3 most prevalent 59 cancers in US 40 36 20 9 0 Lung ESKD Colorectal Breast Cancer Cancer Cancer ESKD, end stage kidney

  8. Slide 8: Robert M. Brenner, M.D. Chief Medical Officer

    Robert M. Brenner, M.D. Chief Medical Officer 8 © 2025 Vera Therapeutics, Inc. Corporate Presentation

  9. Slide 9: IgAN is a disease of B cell origin with kidney pathology

    Lead opportunity: IgAN is a disease of B cell origin with kidney pathology B Cell Activation Formation of Circulating Immune Complexes Immune Complex Deposition Leading to Glomerulonephritis and Kidney Damage Autoantigen (Gd-IgA1) BAFF TACI B cell Glomerulus APRIL Autoantibody (anti-Gd-IgA1) 1 2 3 4

  10. Slide 10: Ideal IgAN disease modifying therapy

    We believe an ideal IgAN disease modifying therapy would be expected to… Reduce immune complexes Resolve inflammation (Gd-IgA1) (hematuria) Reduce proteinuria Stabilize eGFR 10 © 2025 Vera Therapeutics, Inc. Corporate Presentation

  11. Slide 11: Phase 2b long-term results consistent with IgAN disease modification

    Phase 2b long-term results consistent with IgAN disease modification Including eGFR profile consistent with the general population of -1 mL/min/year Reduction in Gd-IgA1 Resolution of hematuria 0 0 -15 -20 -30 -40 -45 -60 -75% -60 -80 -66% -75 -100 0 12 24 36 48 60 72 96 0 12 24 36 48 60 72 84 96 We

  12. Slide 12: ORIGIN 3 Phase 3 Study Design

    ORIGIN Phase 3 Study Design Double-Blind Treatment Open-Label Extension Placebo Atacicept 150 mg SC QW Atacicept 150 mg SC QW 156 Week 0 36 104 1° Endpoint 2° Endpoint UPCR: n=203 eGFR: n=431 Fully enrolled Key Inclusion Criteria Key Endpoints • Patients ≥18 years old with biopsy-proven • Primary ef

  13. Slide 13: ORIGIN 3 interim analysis set participant disposition

    ORIGIN Phase 3 interim analysis set participant disposition 1 203 randomized and treated 106 atacicept 97 placebo 7 discontinued treatment 13 discontinued treatment Treatment 99 (93%) 84 (87%) ongoing 1. 204 participants were randomized, 1 participant was not treated. 13 © 2025 Vera Therapeutics, In

  14. Slide 14: Demographics and baseline characteristics of ORIGIN 3 and ORIGIN 2b

    Demographics and baseline characteristics of ORIGIN 3 and ORIGIN 2b ORIGIN 3 Interim Analysis Set ORIGIN 2b Atacicept Placebo Total Total n=106 n=97 n=203 N=116 Age, median (range), y 40 (18, 72) 39 (19, 70) 40 (18, 72) 37 (18, 67) Male sex, n (%) 57 (54) 58 (60) 115 (57) 69 (59) Race, n (%) White 4

  15. Slide 15: ORIGIN 3 UPCR results at week 36

    ORIGIN Phase 3 UCPR results at week 36 1 Deeper reduction than observed in Phase 2b (35%) 15 Δ 42% p<0.0001 Atacicept, n=103 Placebo, n=95 0 -7% -15 -30 -45 -46% -60 Other prespecified endpoints achieved similar or better results compared to those observed in 2 ORIGIN Phase 2b (per FDA guidance, Ver

  16. Slide 16: Safety profile of atacicept favorable and comparable to placebo

    The safety profile of atacicept was favorable, and comparable to placebo Atacicept Placebo Total Participants, n (%) n=214 n=214 n=428 Adverse events 127 (59) 107 (50) 234 (55) 1 Serious adverse events 1 (0.5) 11 (5) 12 (3) 2 Adverse events leading to drug discontinuation 2 (1) 8 (4) 10 (2) Adverse

  17. Slide 17: Next steps and acknowledgements

    Next steps and acknowledgements • Full results to be submitted for presentation at ASN and peer-reviewed publication, anticipated 4Q 2025 • Vera plans to meet with FDA in the coming weeks to discuss these results and the regulatory pathway • Vera currently plans to submit a BLA for accelerated appro

  18. Slide 18: Matt Skelton, Executive Vice President, Commercial

    Matt Skelton Executive Vice President, Commercial 18 © 2025 Vera Therapeutics, Inc. Corporate Presentation

  19. Slide 19: Estimated IgAN Epidemiology in 2032

    Estimated IgAN Epidemiology in 2032 1 US IgAN Prevalence: ~0.04% of US Population (360.5M) + ~40K Low Risk ~160K 2 (~24% of patients) + ~30K Moderate Risk 2 (~20% of patients) ~90K High Risk 2 (~56% of patients) Phase 3 population Phase 2 study ongoing BAFF/APRIL inhibition Patient counts rounded to

  20. Slide 20: Nephrologists across multiple sites of care

    Nephrologists are spread across multiple sites of care, with office-based settings expected to be the focus of the most growth in the market Key Nephrology Call Points Rare Common CKD Acute Causes of CKD Causes of CKD Complications Kidney Injury Primary Glomerular Anemia SHPT Bypass Transplant Diabe

  21. Slide 21: Atacicept profile performed well in survey with nephrologists

    Atacicept profile performed well in survey with nephrologists • ORIGIN 2b 96-week results associated with nephrologists’ • Nephrologists cite identifying awareness of atacicept, highlighted by strong performance appropriate patients for IgAN therapy across key metrics as key challenge and unmet need

  22. Slide 22: Nephrologists viewed atacicept as a desirable pipeline therapy for IgAN

    Nephrologists viewed atacicept as a desirable pipeline therapy for IgAN Most Desired IgAN Pipeline Agent % of familiar respondents (rated familiarity of product >3 on a 10-point scale) Most desired 2nd most desired 3rd most desired Rank top 3 73% 68% 16% 12% 48% 43% 26% 37% 18% 35% 18% 14% 16% 10% 1

  23. Slide 23: Atacicept product profile is compelling to nephrologists

    Atacicept product profile is compelling to nephrologists Factor Rationale Atacicept eGFR stabilization (Ph2b data) Key driver of preference / potential use Mechanism of action / disease-modifying HCPs find this attribute compelling; Gd-IgA1 reduction therapy serves as evidence for academic clinician

  24. Slide 24: Premium pricing in the IgAN space

    Premium pricing in the IgAN space 1 Annual Prices for Approved IgAN Therapies $566,500 $162,500 $158,716 $151,259 Filspari Tarpeyo Vanrafia Fabhalta 1. As of May 30, 2025. *Price for Tarpeyo reflects the 9-month recommended course of treatment. Full 12 month course of treatment would be $213,010. 24

  25. Slide 25: IgAN market and atacicept commercial opportunity

    IgAN market and atacicept have many hallmarks of an attractive commercial opportunity IgAN Market Atacicept • We believe the nephrology market is ripe for • Potentially differentiating product attributes disruption due to low levels of approved • eGFR data highly valued with enthusiastic product sat

  26. Slide 26: Marshall Fordyce, M.D. Founder and Chief Executive Officer

    Marshall Fordyce, M.D. Founder and Chief Executive Officer 26 © 2025 Vera Therapeutics, Inc. Corporate Presentation

  27. Slide 27: Atacicept potential in multiple large markets

    Atacicept has potential in multiple large markets, with an initial focus in nephrology MG DM Type 1 Other Potential Future Indications AIHA APS CAD Hematology ITP Sjogren’s SLE SSc Rheumatology IgAN PMN FSGS, MCD LN 1 Nephrology AIHA, autoimmune hemolytic anemia; APS, antiphospholipid syndrome; CAD,

  28. Slide 28: Vera retains optionality to expand in autoimmune kidney disease

    Vera retains optionality to expand in autoimmune kidney disease & beyond US prevalence estimates ~230K Potential Future Indications 1-10 + ~70K Rheumatology Sjogren’s, SLE, SSc, LN 1 ~160K Hematology Non-IgAN AIHA, APS, CAD, ITP autoimmune kidney disease Other PMN, FSGS, MCD DM Type 1, MG and Expand

  29. Slide 29: PIONEER: Phase 2 basket trial in expanded IgAN and podocytopathies

    PIONEER: Operationally efficient Phase 2 basket trial in expanded IgAN and anti-PLA2R & anti-nephrin podocytopathies Atacicept 150 mg SC QW Population 1, n ≤120 1 Expanded IgAN populations Week 0 52 Key Endpoints Population 2, n ≤40 • Primary: UPCR change Anti-PLA2R podocytopathy • Key secondary: eG

  30. Slide 30: Vera Pipeline

    Vera Pipeline Research & Discovery Preclinical Clinical Marketed Phase 3 IgAN Atacicept PMN, FSGS, MCD Phase 2 Potential future autoimmune indications Potential future VT-109 autoimmune indications MAU868 BK virus Phase 2 Vera holds worldwide, exclusive rights to develop and commercialize 1 atacicep

  31. Slide 31: Q&A

    Q&A Marshall Fordyce, M.D. Founder and Chief Executive Officer Vera Therapeutics Robert M. Brenner, M.D. Chief Medical Officer Sean Grant Chief Financial Officer Matt Skelton Executive Vice President, Commercial Jonathan Barratt, Ph.D., F.R.C.P. Mayer Professor of Renal Medicine University of Leices

  32. Slide 32: © 2025 Vera Therapeutics, Inc.

    © 2025 Vera Therapeutics, Inc.

Vera Therapeutics — Corporate Update (June 2025) on 6ix