Free cash flow has deteriorated to a $70.1 million outflow as of 2025Q4, highlighting the intensifying capital requirements necessary to support ongoing clinical development.
| Cash from Operations | -186.7M | -241.1M | -134.68M | -92.18M | -67.6M | -23.71M | -34.81M | -10.29M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -167.59% | -79.02% | -46.1% | -36.37% | -185.12% | 31.89% | -238.31% | - |
| Net Income | -368.95M | -299.62M | -152.15M | -95.99M | -89.06M | -32.61M | -53.41M | -11.85M |
| Depreciation & Amortization | 383K | 468K | 105K | -4.09M | -846K | 176K | 251K | 509K |
| Stock-Based Compensation | 30.18M | 37.93M | 20.8M | 11.49M | 8.89M | 3.01M | 331K | 263K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -1.8M | 0 | 0 |
| Other Non-Cash Items | 119.26M | -2.88M | -6.1M | 2.27M | 6.67M | 4M | 17.9M | 277K |
| Working Capital Changes | 32.43M | 22.99M | 2.66M | -5.87M | 6.75M | 3.51M | 123K | 516K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 159K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 12.31M | 13.91M | -3.45M | -873K | 10.61M | 475K | 567K | -291K |
| Cash from Investing | 178.97M | 194.29M | -425.03M | -39.43M | -70.55M | -4.2M | -42K | -125K |
| Capital Expenditures | -443K | -630K | -972K | -63K | -62K | 0 | -99K | -125K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 70.49K | 796K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -2.58M | -800K | 8.97M | 0 | -70.49K | -5M | 57K | 0 |
| Cash from Financing | 307.36M | 308.9M | 606.67M | 133.54M | 101.93M | 53.88M | 85.29M | -137K |
| Debt Issued (Net) | 19.82M | 19.82M | 0 | 24.74M | 19.82M | 4.92M | 5.47M | -188K |
| Equity Issued (Net) | 286.75M | 289.08M | 632.52M | 115M | 86.13M | 51.18M | 80M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -13K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 797K | 0 | -25.85M | -6.2M | -4.01M | -2.21M | -182K | 51K |
| Net Change in Cash | -55.09M | 262.08M | 46.97M | 1.93M | -36.22M | 25.97M | 50.44M | -10.55M |
| Free Cash Flow | -187.14M | -241.73M | -135.65M | -92.24M | -67.66M | -23.71M | -34.91M | -10.41M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | -3.23% | -78.2% | -47.06% | -36.34% | -185.38% | 32.08% | -235.2% | - |
| FCF per Share | -2.62 | -3.76 | -2.45 | -2.16 | -2.55 | -1.76 | -9.41 | -3.04 |
| FCF Conversion (FCF/Net Income) | 0.51x | 0.80x | 0.89x | 0.96x | 0.76x | 0.73x | 0.65x | 0.87x |
| Interest Paid | 1.77M | 0 | 0 | 0 | 0 | 0 | 32K | 51K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Execution Risk
As reported in financial statements, VERA's operating cash flow has consistently trailed net losses, with the OCF/NI ratio fluctuating between 0.72 and 1.19 over the last ten quarters, highlighting the persistent cash burn inherent in the company's current clinical-stage development model.
The divergence between net income and operating cash flow suggests that non-cash expenses, primarily stock-based compensation, are providing a partial offset to the headline losses. Investors should monitor whether this gap narrows as the company approaches potential commercialization, as the current reliance on cash-intensive R&D activities remains the primary driver of the negative cash conversion.
Based on the company's reported figures, free cash flow has deteriorated from a $25.2 million outflow in 2023Q4 to a $70.1 million outflow by 2025Q4, reflecting the intensifying capital requirements necessary to support the Phase 3 ORIGIN trial and broader pipeline development.
The trajectory of free cash flow indicates a clear trend of increasing capital intensity as the company moves through critical clinical milestones. This trend suggests that the firm's liquidity position will remain under pressure until such time as the pipeline can demonstrate a clear path to revenue generation or strategic partnership.
According to recent SEC filings, working capital changes have shown significant quarterly volatility, ranging from a $13.4 million inflow in 2025Q2 to a $9.4 million outflow in 2025Q1, which appears to reflect the irregular timing of clinical trial-related vendor payments and accruals.
The lack of a consistent pattern in working capital movements suggests that management is managing cash outflows in alignment with specific clinical trial milestones rather than operational efficiency. Analysts should interpret these fluctuations as a byproduct of the company's pre-revenue status, where vendor management is dictated by trial enrollment and manufacturing schedules.
Data from the last ten quarters indicates that while reported operating cash flow captures core R&D spending, it potentially obscures the impact of milestone-driven licensing obligations and the true economic cost of talent retention through stock-based compensation, which reached $11.0 million in 2025Q4.
The cash flow statement may understate the long-term financial burden of the company's licensing agreements, which often involve back-ended milestone payments not fully reflected in current operating expenses. Investors should be wary that the reported cash burn may accelerate significantly if these clinical milestones are achieved, necessitating further capital raises.
Quick answers to the most common questions about buying VERA stock.
Vera Therapeutics, Inc. (VERA) generated $-241.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vera Therapeutics, Inc. (VERA) reported negative free cash flow of $241.7M in 2025, indicating capital requirements exceeded cash from operations.
Vera Therapeutics, Inc. (VERA) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.