Total equity has declined from $604.5 million in 2025Q4 to $499.7 million in 2026Q1, while total debt has risen to $75.0 million, indicating a strategic shift toward debt-based financing to supplement liquidity.
| Total Current Assets | 615.8M | 728.88M | 651.22M | 172.02M | 125.7M | 82.54M | 54.26M | 3.56M |
| Cash & Short-Term Investments | 596.76M | 714.59M | 640.85M | 160.72M | 114.65M | 79.67M | 53.65M | 3.19M |
| Cash Only | 114.35M | 354.73M | 92.65M | 45.68M | 43.46M | 79.67M | 53.65M | 3.19M |
| Short-Term Investments | 482.41M | 359.86M | 548.21M | 115.03M | 71.19M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 3.29M | 3.77M | 0 | 0 | 0 | 52K | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 19.04M | 11.01M | 913K | 3.22M | 719K | 480K | 442K | 4K |
| Total Non-Current Assets | 5.94M | 5.85M | 4.46M | 3.52M | 5.74M | 1.21M | 293K | 1.82M |
| Property, Plant & Equipment | 0 | 1.92M | 4.33M | 3.04M | 5.22M | 0 | 0 | 1.39M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 11K | 58K | 867K | 0 | 0 |
| Other Non-Current Assets | 5.94M | 3.93M | 131K | 471K | 455K | 344K | 293K | 422K |
| Total Assets | 621.74M | 734.73M | 655.68M | 175.55M | 131.44M | 83.75M | 54.55M | 5.38M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - |
| Asset Growth % | 99.98% | 12.06% | 273.51% | 33.56% | 56.94% | 53.51% | 913.83% | - |
| Total Current Liabilities | 45.15M | 53.45M | 25.37M | 22.3M | 25.6M | 7.69M | 2.41M | 1.06M |
| Accounts Payable | 13.91M | 21.9M | 7.67M | 11.12M | 11.99M | 1.39M | 909K | 342K |
| Days Payables Outstanding | -10.83K | - | - | - | -5.17K | - | 1.32K | 245.25 |
| Short-Term Debt | 0 | 549K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 31.24M | 31.01M | 0 | 4.82M | 0 | 377K | 960K | 220K |
| Current Ratio | 13.64x | 13.64x | 25.67x | 7.71x | 4.91x | 10.73x | 22.55x | 3.36x |
| Quick Ratio | 13.64x | 13.64x | 25.67x | 7.71x | 4.91x | 10.73x | 22.55x | 3.36x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 76.89M | 76.76M | 53.16M | 51.56M | 28.93M | 6.47M | 141.5M | 40.87M |
| Long-Term Debt | 75.03M | 76.76M | 50.69M | 49.88M | 24.81M | 4.92M | 0 | 0 |
| Capital Lease Obligations | 6.25M | 0 | 2.47M | 1.4M | 3.83M | 0 | 0 | 10K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.86M | 0 | 0 | 286K | 286K | 1.54M | 141.5M | 40.86M |
| Total Liabilities | 122.04M | 130.21M | 78.53M | 73.86M | 54.53M | 14.16M | 143.9M | 41.93M |
| Total Debt | 75.03M | 77.31M | 54.64M | 53.71M | 31.29M | 4.92M | 2K | 132K |
| Net Debt | -39.32M | -277.42M | -38.01M | 8.03M | -12.17M | -74.75M | -53.65M | -3.06M |
| Debt / Equity | 0.15x | 0.13x | 0.09x | 0.53x | 0.41x | 0.07x | - | - |
| Debt / EBITDA | -0.20x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.10x | - | - | - | - | - | - | - |
| Interest Coverage | -31.22x | -38.78x | -18.95x | -24.35x | -88.77x | -1629.40x | -320.76x | -231.41x |
| Total Equity | 499.7M | 604.52M | 577.15M | 101.69M | 76.91M | 69.59M | -89.35M | -36.55M |
| Equity Growth % | 78.96% | 4.74% | 467.59% | 32.22% | 10.51% | 177.89% | -144.47% | - |
| Book Value per Share | 6.99 | 9.41 | 10.43 | 2.38 | 2.89 | 5.18 | -24.10 | -10.68 |
| Total Shareholders' Equity | 499.7M | 604.52M | 577.15M | 101.69M | 76.91M | 69.59M | -89.35M | -36.55M |
| Common Stock | 72K | 71K | 64K | 44K | 28K | 21K | 0 | 0 |
| Retained Earnings | -881.9M | -760.87M | -461.25M | -309.1M | -213.11M | -124.06M | -91.45M | -38.03M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -156K | 786K | 393K | 251K | -224K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Dependency
As reported in financial statements, VERA's total equity has fluctuated significantly, declining from $604.5 million in 2025Q4 to $499.7 million in 2026Q1, a trend that underscores the company's reliance on external capital to fund the escalating costs of its Phase 3 clinical development program.
The contraction in equity reflects the persistent accumulation of net losses as the company advances its lead asset through late-stage trials. Investors should monitor whether this trajectory necessitates further dilutive financing to maintain the current operational pace.
Based on the company's reported figures, total debt has increased from $53.7 million in 2023Q4 to $75.0 million in 2026Q1, suggesting a shift toward debt-based financing to supplement cash reserves while the firm remains in a pre-revenue, high-burn clinical development phase.
While the debt-to-equity ratio remains relatively low at 0.15, the reliance on debt in the absence of recurring revenue warrants caution regarding future interest obligations. This leverage appears to be a necessity-driven measure to bridge the gap between clinical milestones and potential commercialization.
According to recent SEC filings, VERA's cash position dropped sharply from $354.7 million in 2025Q4 to $114.4 million in 2026Q1, highlighting the rapid depletion of liquid assets as the company intensifies its investment in the ORIGIN trial and associated manufacturing requirements.
The current ratio of 13.64 remains high, yet it masks the underlying reality of a rapidly shrinking cash runway. The significant quarterly variance in cash balances suggests that the company's liquidity is highly sensitive to the timing of clinical trial expenditures and potential capital market access.
Data from the last ten quarters indicates that VERA maintains an asset-light balance sheet with essentially zero goodwill or significant PPE, which, as noted in financial disclosures, leaves the company's valuation almost entirely dependent on the intangible value of its clinical pipeline and intellectual property.
The lack of tangible assets means that any negative clinical trial outcome could lead to a rapid impairment of the company's primary value drivers. Investors should recognize that the balance sheet provides little downside protection, as the firm's worth is tied exclusively to the success of atacicept.
Quick answers to the most common questions about buying VERA stock.
As of 2025, Vera Therapeutics, Inc. (VERA) had total assets of $734.7M including $728.9M in current assets.
Vera Therapeutics, Inc. (VERA) carries total debt of $77.3M, offset by $714.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vera Therapeutics, Inc. (VERA) has total shareholders' equity (book value) of $604.5M ($9.41 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vera Therapeutics, Inc. (VERA) reported a current ratio of 13.64x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.