Vera Therapeutics, Inc. Financials
This page shows Vera Therapeutics, Inc. (VERA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing is funding a rapidly expanding R&D program, keeping liquidity high even without customer-funded operations.
Cash rose despite deeper losses: cash reached$354.7M even as operating cash burn widened to-$241.1M . That disconnect came from funding strategy, not operating self-support, because financing inflows and non-operating investing inflows offset the burn while capex stayed only$630K , signaling a spend pattern centered on development activity rather than facilities buildout.
The loss base is operating, not financial: R&D spending of
Liquidity is strong but not self-funding: year-end cash covered roughly 1.5 years of operating burn, and liabilities remained well below equity. That makes near-term solvency more comfortable than the headline loss implies, but it also means the cash cushion still depends on repeated access to external capital rather than internal cash generation.
Financial Health Signals
Vera Therapeutics, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Vera Therapeutics, Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Vera Therapeutics, Inc. reported a net loss of $299.6M while operations used $241.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Vera Therapeutics, Inc. reported an operating loss of $315.5M against $7.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Vera Therapeutics, Inc.'s EBITDA was -$315.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 88.6% from the prior year.
Vera Therapeutics, Inc. reported -$299.6M in net income in fiscal year 2025. This represents a decrease of 96.9% from the prior year.
Vera Therapeutics, Inc. earned -$4.66 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 69.5% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Vera Therapeutics, Inc. recorded an outflow of $241.7M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 78.2% from the prior year.
Vera Therapeutics, Inc. held $354.7M in cash against $74.8M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Vera Therapeutics, Inc.'s ROE was -49.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 23.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Vera Therapeutics, Inc. invested $215.3M in research and development in fiscal year 2025. This represents an increase of 70.6% from the prior year.
Vera Therapeutics, Inc. repurchased no shares in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Vera Therapeutics, Inc. invested $630K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 35.2% from the prior year.
VERA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| R&D Expenses | N/A | $215.3M+70.6% | $126.2M+61.3% | $78.2M+13.4% | $69.0M+206.9% | $22.5M-50.3% | $45.2M |
| SG&A Expenses | N/A | $100.2M+144.4% | $41.0M+72.4% | $23.8M+8.6% | $21.9M+83.8% | $11.9M+195.1% | $4.0M |
| Operating Income | N/A | -$315.5M-88.7% | -$167.2M-63.9% | -$102.0M-12.2% | -$90.9M-164.2% | -$34.4M+34.1% | -$52.2M |
| Interest Expense | N/A | $7.5M-1.2% | $7.6M+101.4% | $3.8M+281.7% | $992K+4860.0% | $20K-88.0% | $166K |
| Income Tax | N/A | $1K0.0% | $1K0.0% | $1K0.0% | $1K0.0% | $1K+200.0% | -$1K |
| Net Income | N/A | -$299.6M-96.9% | -$152.1M-58.5% | -$96.0M-7.8% | -$89.1M-173.1% | -$32.6M+38.9% | -$53.4M |
| EPS (Diluted) | — | -$4.66-69.5% | -$2.75-22.2% | -$2.25 | -$3.35 | -$2.43 | N/A |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VERA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Total Assets | $734.7M+12.1% | $655.7M+273.5% | $175.5M+33.6% | $131.4M+56.9% | $83.7M+53.5% | $54.6M |
| Current Assets | $728.9M+11.9% | $651.2M+278.6% | $172.0M+36.9% | $125.7M+52.3% | $82.5M+52.1% | $54.3M |
| Cash & Equivalents | $354.7M+282.9% | $92.6M+102.8% | $45.7M+5.1% | $43.5M-45.5% | $79.7M+48.5% | $53.7M |
| Total Liabilities | $130.2M+65.8% | $78.5M+6.3% | $73.9M+35.5% | $54.5M+285.2% | $14.2M-90.2% | $143.9M |
| Current Liabilities | $53.5M+110.7% | $25.4M+13.8% | $22.3M-12.9% | $25.6M+232.9% | $7.7M+219.6% | $2.4M |
| Long-Term Debt | $74.8M+47.6% | $50.7M+1.6% | $49.9M+101.0% | $24.8M+404.0% | $4.9M | $0 |
| Total Equity | $604.5M+4.7% | $577.2M+467.6% | $101.7M+32.2% | $76.9M+10.5% | $69.6M+177.9% | -$89.3M |
| Retained Earnings | -$760.9M-65.0% | -$461.3M-49.2% | -$309.1M-45.0% | -$213.1M-71.8% | -$124.1M-35.7% | -$91.4M |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
VERA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$338.7M | -$241.1M-79.0% | -$134.7M-46.1% | -$92.2M-36.4% | -$67.6M-185.1% | -$23.7M+31.9% | -$34.8M |
| Capital Expenditures | $258K | $630K-35.2% | $972K+1442.9% | $63K+1.6% | $62K | $0-100.0% | $99K |
| Free Cash Flow | -$338.9M | -$241.7M-78.2% | -$135.7M-47.1% | -$92.2M-36.3% | -$67.7M-185.4% | -$23.7M+32.1% | -$34.9M |
| Investing Cash Flow | $45.5M | $194.3M+145.7% | -$425.0M-977.9% | -$39.4M+44.1% | -$70.6M-1578.2% | -$4.2M-9909.5% | -$42K |
| Financing Cash Flow | $292.9M | $308.9M-49.1% | $606.7M+354.3% | $133.5M+31.0% | $101.9M+89.2% | $53.9M-36.8% | $85.3M |
| Share Buybacks | N/A | $0-100.0% | $13K | $0 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VERA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 |
|---|---|---|---|---|---|---|
| Return on Equity | -49.6%-23.2pp | -26.4%+68.0pp | -94.4%+21.4pp | -115.8%-68.9pp | -46.9% | N/A |
| Return on Assets | -40.8%-17.6pp | -23.2%+31.5pp | -54.7%+13.1pp | -67.8%-28.8pp | -38.9%+59.0pp | -97.9% |
| Current Ratio | 13.64-12.0x | 25.67+18.0x | 7.71+2.8x | 4.91-5.8x | 10.73-11.8x | 22.55 |
| Debt-to-Equity | 0.120.0x | 0.09-0.4x | 0.49+0.2x | 0.32+0.3x | 0.07 | N/A |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Vera Therapeutics, Inc. Ranks
Frequently Asked Questions
Is Vera Therapeutics, Inc. profitable?
No, Vera Therapeutics, Inc. (VERA) reported a net income of -$299.6M in fiscal year 2025.
What is Vera Therapeutics, Inc.'s EBITDA?
Vera Therapeutics, Inc. (VERA) had EBITDA of -$315.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Vera Therapeutics, Inc. have?
As of fiscal year 2025, Vera Therapeutics, Inc. (VERA) had $354.7M in cash and equivalents against $74.8M in long-term debt.
What is Vera Therapeutics, Inc.'s return on equity (ROE)?
Vera Therapeutics, Inc. (VERA) has a return on equity of -49.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Vera Therapeutics, Inc.'s free cash flow?
Vera Therapeutics, Inc. (VERA) recorded an outflow of $241.7M in free cash flow during fiscal year 2025. This represents a -78.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Vera Therapeutics, Inc.'s operating cash flow?
Vera Therapeutics, Inc. (VERA) recorded an outflow of $241.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Vera Therapeutics, Inc.'s total assets?
Vera Therapeutics, Inc. (VERA) had $734.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Vera Therapeutics, Inc.'s capital expenditures?
Vera Therapeutics, Inc. (VERA) invested $630K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Vera Therapeutics, Inc. spend on research and development?
Vera Therapeutics, Inc. (VERA) invested $215.3M in research and development during fiscal year 2025.
What is Vera Therapeutics, Inc.'s current ratio?
Vera Therapeutics, Inc. (VERA) had a current ratio of 13.64 as of fiscal year 2025, which is generally considered healthy.
What is Vera Therapeutics, Inc.'s debt-to-equity ratio?
Vera Therapeutics, Inc. (VERA) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Vera Therapeutics, Inc.'s return on assets (ROA)?
Vera Therapeutics, Inc. (VERA) had a return on assets of -40.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Vera Therapeutics, Inc.'s cash runway?
Based on fiscal year 2025 data, Vera Therapeutics, Inc. (VERA) had $354.7M in cash against an annual operating cash burn of $241.1M. This gives an estimated cash runway of approximately 18 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Vera Therapeutics, Inc.'s Piotroski F-Score?
Vera Therapeutics, Inc. (VERA) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Vera Therapeutics, Inc.'s earnings high quality?
Vera Therapeutics, Inc. (VERA) reported a net loss of $299.6M while operations used $241.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Vera Therapeutics, Inc. cover its interest payments?
Vera Therapeutics, Inc. (VERA) reported an operating loss of $315.5M against $7.5M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.