The company's operating losses have widened significantly to $125.1 million in 2026Q1, reflecting a cost structure entirely decoupled from revenue generation as R&D spending surged to $86.0 million.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | -564K | 0 | 0 | 0 | -846K | 0 | 251K | 509K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | 564K | 0 | 0 | 0 | 846K | 0 | -251K | -509K |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | -100% | - | 100% | 50.69% | - |
| Operating Expenses | 383.98M | 315.47M | 167.17M | 102.01M | 91.75M | 34.4M | 47.81M | 11.7M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 123.42M | 100.22M | 41M | 23.79M | 21.91M | 11.92M | 3.89M | 4.41M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 260.12M | 215.26M | 126.17M | 78.22M | 69.84M | 22.48M | 43.92M | 7.29M |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 435K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -383.41M | -315.47M | -167.17M | -102.01M | -90.9M | -34.4M | -48.06M | -11.96M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -88.71% | -63.87% | -12.22% | -164.24% | 28.42% | -301.81% | - |
| EBITDA | -382.58M | -315M | -167.06M | -101.99M | -91.75M | -34.23M | -47.81M | -11.45M |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -99.69% | -88.55% | -63.8% | -11.16% | -168.07% | 28.41% | -317.47% | - |
| D&A (Non-Cash Add-back) | 827K | 468K | 105K | 21K | -846K | 176K | 251K | 509K |
| EBIT | -238.46M | -292.08M | -144.52M | -92.2M | -88.06M | -32.59M | -53.25M | -11.8M |
| Net Interest Income | 21.56M | 16.95M | 13.09M | 4.19M | 758K | -5K | -158K | 108K |
| Interest Income | 37.37M | 24.48M | 20.71M | 7.98M | 1.75M | 15K | 8K | 159K |
| Interest Expense | 7.64M | 7.53M | 7.63M | 3.79M | 992K | 20K | 166K | 51K |
| Other Income/Expense | 14.46M | 15.86M | 15.02M | 6.02M | 1.85M | 1.79M | -5.35M | 108K |
| Pretax Income | -368.95M | -299.61M | -152.15M | -95.99M | -89.06M | -32.61M | -53.41M | -11.85M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | -1K | 1K | 1K | 1K | 1K | 1K | 1K | 1K |
| Effective Tax Rate % | 0% | -0% | -0% | -0% | -0% | -0% | -0% | -0.01% |
| Net Income | -368.95M | -299.62M | -152.15M | -95.99M | -89.06M | -32.61M | -53.41M | -11.85M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | -110.28% | -96.92% | -58.5% | -7.79% | -173.1% | 38.95% | -350.59% | - |
| Net Income (Continuing) | -368.95M | -299.62M | -152.15M | -95.99M | -89.06M | -32.61M | -53.41M | -11.85M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.16 | -4.66 | -2.75 | -2.25 | -3.35 | -2.43 | -14.40 | -3.46 |
| EPS Growth % | -77% | -69.45% | -22.22% | 32.84% | -37.86% | 83.13% | -316.19% | - |
| EPS (Basic) | - | -4.66 | -2.75 | -2.25 | -3.35 | -2.43 | -14.40 | -3.46 |
| Diluted Shares Outstanding | 71.48M | 64.23M | 55.33M | 42.71M | 26.57M | 13.44M | 3.71M | 3.42M |
| Basic Shares Outstanding | 71.48M | 64.23M | 55.33M | 42.71M | 26.57M | 13.44M | 3.71M | 3.42M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical Trial Execution Risk
As reported in recent financial statements, VERA's quarterly R&D expenditures have surged to $86.0 million in 2026Q1, reflecting the significant capital intensity required to advance the Phase 3 ORIGIN trial as the company transitions from early-stage development toward potential commercialization of its lead asset.
The consistent quarter-over-quarter expansion in R&D spending suggests a deliberate acceleration of clinical timelines to secure a competitive position in the IgAN market. Investors should monitor whether this elevated burn rate remains sustainable relative to the company's current cash position, as clinical manufacturing and CRO fees represent non-discretionary outflows.
Based on the company's reported figures, operating losses have widened significantly to $125.1 million in 2026Q1, demonstrating that the firm's current cost structure is entirely decoupled from revenue generation as it prioritizes pipeline advancement over near-term operational efficiency or profitability metrics.
The rapid expansion of SG&A expenses, which reached $39.1 million in the most recent quarter, indicates that the company is proactively building the administrative and commercial infrastructure necessary for a future product launch. This scaling of overhead appears to be a strategic bet on the success of atacicept, though it currently exacerbates the firm's negative operating margin profile.
According to recent SEC filings, stock-based compensation has climbed to $11.0 million in 2025Q4, representing a meaningful non-cash expense that masks the true cost of talent acquisition and contributes to the ongoing dilution of existing shareholders during this pre-revenue phase of the company's lifecycle.
The reliance on equity-based incentives appears to be a standard mechanism for preserving cash in a high-cost biotech hub, yet it warrants close scrutiny as it effectively shifts the burden of operational costs onto equity holders. Analysts should evaluate whether the current level of compensation is commensurate with the clinical milestones achieved to date.
Data from the last ten quarters indicates that VERA's net loss has expanded from $25.7 million in 2023Q4 to $121.0 million in 2026Q1, suggesting that the company's path to commercialization is becoming increasingly expensive and potentially reliant on future dilutive financing rounds.
Short-sellers may focus on the lack of revenue visibility and the accelerating cash burn, which could force management to seek additional capital if clinical timelines face any regulatory delays. The absence of a commercial revenue stream means that the company remains highly vulnerable to market sentiment and the high cost of capital in the current interest rate environment.
Quick answers to the most common questions about buying VERA stock.
For fiscal year 2025, Vera Therapeutics, Inc. (VERA) reported total revenue of $0.0M.
Vera Therapeutics, Inc. (VERA) reported a net loss of $299.6M for the fiscal year ending 2025.