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VERA on Nasdaq

Vera Therapeutics, Inc.

Vera Therapeutics, Inc. is an American pharmaceutical preparations company, incorporated in Delaware.1 It is headquartered in Brisbane, California.1

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Last updated Oct 21, 2026.

Overview

-$299.6MNet income, fiscal 20252

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  • TickerVERA on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersBrisbane, California1
  • Incorporated inDE3
  • Business address2000 Sierra Point Parkway, Suite 1200, Brisbane, Ca 940053
  • Filer categoryLarge accelerated filer3

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-49.6%Return on equity2
0.12×Debt to equity2
-$241.7MFree cash flow2

Financial statements

Operating income4562-$315.5M in 2025+504% since 2020
-$400.0M-$300.0M-$200.0M-$100.0M02020: -$52.2M-$52.2M20202021: -$34.4M-$34.4M2021−34%2022: -$90.9M-$90.9M2022+164%2023: -$102.0M-$102.0M2023+12%2024: -$167.2M-$167.2M2024+64%2025: -$315.5M-$315.5M2025+89%
Net income4562-$299.6M in 2025+461% since 2020
-$300.0M-$200.0M-$100.0M02020: -$53.4M-$53.4M20202021: -$32.6M-$32.6M2021−39%2022: -$89.1M-$89.1M2022+173%2023: -$96.0M-$96.0M2023+8%2024: -$152.1M-$152.1M2024+59%2025: -$299.6M-$299.6M2025+97%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Research and development$215.3M$126.2M$78.2M
General and administrative$100.2M$41.0M$23.8M
Total operating expenses$315.5M$167.2M$102.0M
Loss from operations-$315.5M-$167.2M-$102.0M
Interest income$24.5M$20.7M$8.0M
Interest expense-$7.5M-$7.6M-$3.8M
Other (expense) income, net-$1.1M$1.9M$1.8M
Total other income, net$15.9M$15.0M$6.0M
Loss before provision for income taxes-$299.6M-$152.1M-$96.0M
Provision for income taxes-$1.0K-$1.0K-$1.0K
Net loss-$299.6M-$152.1M-$96.0M
Change in fair value on marketable securities$393.0K$142.0K$251.0K
Comprehensive loss-$299.2M-$152.0M-$95.7M
Net loss per share attributable to common stockholders, basic-$4.66-$2.75-$2.25
Net loss per share attributable to common stockholders, diluted-$4.66-$2.75-$2.25
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic64.2M shares55.3M shares42.7M shares
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted64.2M shares55.3M shares42.7M shares

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Corporate structure

Vera Therapeutics, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Vera Therapeutics, Inc.

  • Kynam Capital Management, LP Filed SCHEDULE 13G/A on Vera Therapeutics, Inc., latest Aug 14, 2026 (5 filings since Feb 10, 2023)
  • State Street Corporation Filed SCHEDULE 13G on Vera Therapeutics, Inc., latest Aug 7, 2026
  • BlackRock Filed SCHEDULE 13G/A on Vera Therapeutics, Inc., latest Jul 30, 2026 (2 filings since Jan 29, 2024)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SCHEDULE 13G/A on Vera Therapeutics, Inc., latest May 15, 2026 (4 filings since Nov 14, 2024)
  • Point72 Asset Management, L.P. Filed SCHEDULE 13G on Vera Therapeutics, Inc., latest Apr 1, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Vera Therapeutics, Inc., latest Mar 27, 2026 (2 filings since Jan 30, 2026)
  • Deep Track Capital, LP Filed SCHEDULE 13G on Vera Therapeutics, Inc., latest Mar 11, 2026
  • Sofinnova Venture Partners X, L.P. Filed SCHEDULE 13D/A on Vera Therapeutics, Inc., latest Mar 5, 2026 (5 filings since Feb 6, 2023)
  • FMR LLC Filed SCHEDULE 13G/A on Vera Therapeutics, Inc., latest Feb 5, 2026 (6 filings since Feb 9, 2022)
  • James E. Flynn Filed SCHEDULE 13G on Vera Therapeutics, Inc., latest Jun 11, 2025
  • Avoro Capital Advisors LLC Filed SCHEDULE 13G/A on Vera Therapeutics, Inc., latest Feb 14, 2025 (2 filings since Nov 14, 2024)
  • Commodore Capital LP Filed SC 13G/A on Vera Therapeutics, Inc., latest Nov 14, 2024 (5 filings since Feb 16, 2023)
  • Vera Therapeutics, Inc. Brisbane, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Vera Therapeutics, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$1.4M2 Dec 31, 2025$960.0K2 Dec 31, 2024+43.1%
Operating-lease assets (leased space)$1.9M2 Dec 31, 2025$3.4M2 Dec 31, 2024−43.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$354.7M2 Dec 31, 2025$92.6M2 Dec 31, 2024+282.9%
Marketable securities, current$359.9M2 Dec 31, 2025$548.2M2 Dec 31, 2024−34.4%
Debt securities available for sale$367.1M2 Dec 31, 2025$552.8M2 Dec 31, 2024−33.6%

Properties, in its own words

Our corporate headquarters are located in Brisbane, California. We occupy approximately 40,232 square feet of office space for our corporate headquarters under a lease that expires in March 2029. We believe our existing leased facility is in good condition and suitable for the conduct of our current business.

Item 2 of the 10-K filed Feb 26, 2026.10

Leadership

Who has led Vera Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Marshall Fordyce2021–now

President

  1. Marshall Fordyce2021–now

Chief financial officer

  1. Jonathan Wolter2021
  2. Sean Grant2021–now
2025
Board members and other officers (21)

Timeline

  1. Sep 15, 20268-K Regulation FD disclosure; Other events34
  2. Aug 10, 20268-K Results of operations35
  3. Jul 9, 20268-K Executive or director change36
  4. Jul 7, 20268-K Other events37
  5. Jun 2, 20268-K Other events38
  6. May 26, 20268-K Shareholder vote39
  7. May 7, 20268-K Results of operations40
  8. Mar 9, 20268-K Executive or director change41
  9. Feb 26, 20268-K Results of operations42
  10. Dec 18, 20258-K Executive or director change43
  11. Dec 10, 20258-K Other events44
  12. Nov 26, 20258-K Executive or director change45
  13. May 13, 2021New chief executive Marshall Fordyce becomes CEO11

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($1.26) a share, on Nov 5, 2025.46

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results35
  2. May 7, 2026Reported quarterly or annual results40
  3. Feb 26, 2026Reported quarterly or annual results42
  4. Nov 5, 2025Reported quarterly or annual results47
  5. Aug 5, 2025Reported quarterly or annual results48
  6. May 6, 2025Reported quarterly or annual results49
  7. Feb 26, 2025Reported quarterly or annual results50
  8. Nov 7, 2024Reported quarterly or annual results51

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

407 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 195 insider forms, 55 large holders, 78 other. The latest 20:

  1. Sep 17, 20264 EDGAR
  2. Sep 15, 20268-K EDGAR
  3. Sep 14, 20264 EDGAR
  4. Sep 4, 20264 EDGAR
  5. Sep 2, 2026144 EDGAR
  6. Aug 14, 2026SCHEDULE 13G/A EDGAR
  7. Aug 12, 20264/A EDGAR
  8. Aug 12, 20264/A EDGAR
  9. Aug 12, 20264/A EDGAR
  10. Aug 10, 202610-Q EDGAR
  11. Aug 10, 20268-K EDGAR
  12. Aug 7, 2026SCHEDULE 13G EDGAR
  13. Aug 5, 20264 EDGAR
  14. Aug 5, 20263 EDGAR
  15. Jul 30, 2026SCHEDULE 13G/A EDGAR
  16. Jul 9, 20264 EDGAR
  17. Jul 9, 20268-K EDGAR
  18. Jul 7, 20268-K EDGAR
  19. Jun 24, 20264 EDGAR
  20. Jun 23, 2026144 EDGAR

The 407 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

116 open-market trades by officers, directors and large owners since October 2021: 36 buys and 80 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 15, 2026Fordyce MarshallPRESIDENT AND CEOSale18,500$37.00$684.5KForm 4
Sep 2, 2026Fordyce MarshallPRESIDENT AND CEOSale18,500$35.12$649.7KForm 4
Jul 7, 2026Fordyce MarshallPRESIDENT AND CEOSale46,250$42.29$2.0MForm 4
Jul 7, 2026Fordyce MarshallPRESIDENT AND CEOSale46,250$42.29$2.0MForm 4
Jun 23, 2026Fordyce MarshallPRESIDENT AND CEOSale18,500$37.93$701.7KForm 4
Jun 23, 2026Fordyce MarshallPRESIDENT AND CEOSale18,500$37.93$701.7KForm 4
May 12, 2026Fordyce MarshallPRESIDENT AND CEOSale18,500$36.74$679.8KForm 4
May 12, 2026Fordyce MarshallPRESIDENT AND CEOSale18,500$36.74$679.8KForm 4
Apr 14, 2026Fordyce MarshallPRESIDENT AND CEOSale22,951$44.05$1.0MForm 4
Feb 23, 2026Skelton Laurence MatthewChief Commercial OfficerSale1,582$41.98$66.4KForm 4
Feb 23, 2026Brenner RobertChief Medical OfficerSale2,151$41.98$90.3KForm 4
Feb 23, 2026Grant SeanCHIEF FINANCIAL OFFICERSale4,949$41.98$207.8KForm 4
Feb 23, 2026Young Joseph RSVP, FINANCE, CHIEF ACCT OFFCRSale3,117$41.98$130.9KForm 4
Feb 23, 2026Fordyce MarshallPRESIDENT AND CEOSale16,925$41.98$710.5KForm 4
Feb 23, 2026Turner William D.Chief Regulatory OfficerSale2,187$41.98$91.8KForm 4
Feb 23, 2026JOHNSON DAVID LEEChief Operating OfficerSale2,579$41.98$108.3KForm 4
Dec 15, 2025Turner William D.Chief Regulatory OfficerSale10,000$50.08$500.8KForm 4
Dec 11, 2025ENRIGHT PATRICK GDirectorBuy5,882$42.50$250.0KForm 4
Dec 8, 2025Turner William D.Chief Regulatory OfficerSale10,000$45.31$453.1KForm 4
Dec 3, 2025Turner William D.Chief Regulatory OfficerSale10,000$40.00$400.0KForm 4

All 116 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Marshall Fordyce, M.D.President and Chief Executive Officer52$660.0K$7.0M72
2025David JohnsonChief Operating Officer56$510.0K$2.7M72
2025Robert Brenner, M.D.Chief Medical Officer58$509.0K$2.7M72
2025Sean GrantChief Financial Officer41$507.0K$2.7M72
2025William TurnerChief Regulatory Officer60$473.0K$2.3M72
2024Marshall Fordyce, M.D.President and Chief Executive Officer52$616.2K$5.6M72
2024Robert Brenner, M.D.Chief Medical Officer58$476.6K$4.5M72
2024Sean GrantChief Financial Officer41$476.1K$2.2M72
2023Marshall Fordyce, M.D.President and Chief Executive Officer52$585.6K$3.4M72
2023Sean GrantChief Financial Officer41$455.0K$1.8M72

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,747,760$246.6M0.0%+659,658
Avoro Capital Advisors LLC5,723,888$245.6M2.2%−165,000
State Street Corp4,148,786$178.0M0.0%+785,148
Deep Track Capital, LP4,000,000$171.6M2.5%−106,067
Deerfield Management Company, L.P.3,916,400$168.1M2.1%+194,300
Kynam Capital Management, LP2,890,059$124.0M6.9%−508,165
Morgan Stanley2,799,459$120.1M0.0%+2,430,699
Sofinnova Investments, Inc.2,793,987$119.9M6.4%No change
Fmr LLC2,774,070$119.0M0.0%+97,648
Vanguard Capital Management LLC2,755,413$118.2M0.0%+71,806
Eversept Partners, LP2,212,770$94.9M5.2%+39,484
Logos Global Management LP2,200,000$94.4M4.1%New
Integral Health Asset Management, LLC1,750,000$75.1M3.1%+150,000
Bellevue Group AG1,710,808$73.4M1.5%+37
Geode Capital Management, LLC1,692,442$72.6M0.0%+122,365
Alliancebernstein L.P.1,591,043$64.0M0.0%+276,801
Goldman Sachs Group Inc1,380,835$59.3M0.0%+246,866
Frontier Capital Management Co LLC1,295,405$55.6M0.5%+743,912
Pictet Asset Management Holding SA1,249,414$53.6M0.1%+197,831
Deutsche Bank Ag\1,102,106$47.3M0.0%+569,640
Qube Research & Technologies Ltd1,083,179$46.5M0.1%+541,380
Woodline Partners LP1,001,037$43.0M0.1%No change
American Century Companies Inc866,243$37.2M0.0%+137,913
Vanguard Portfolio Management LLC642,873$27.6M0.0%+89,902
Voya Investment Management LLC642,562$27.6M0.0%+352,086

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Vera Therapeutics, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVera Therapeutics, Inc.1
  • CIK0001831828
  • Employer ID (EIN)81-274444910
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company10
  • Incorporated inDelaware10
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address2000 Sierra Point Parkway, Suite 1200, Brisbane, CA 940051
  • Phone650-770-00771
  • Shares outstanding72,063,335 as of Jul 29, 20268
  • Public float$1.3B as of Jun 30, 202510
  • AuditorKPMG LLP, San Francisco, California PCAOB ID 185; it also attests to the company’s internal control over financial reporting10
  • On EDGAR sinceFeb 25, 20211
  • Filings474 in all: 4 (193), 8-K (63), 144 (32), 3 (31), SC 13G/A (18), 10-Q (17), SC 13D/A (13), 424B5 (12)1
    All 34 form types

    SC 13G (11), CORRESP (9), SCHEDULE 13G/A (8), 4/A (6), DEFA14A (6), S-8 (6), SCHEDULE 13G (6), 10-K (5), DEF 14A (5), UPLOAD (5), ARS (4), EFFECT (3), SC 13D (3), 424B4 (2), DRS (2), S-1 (2), S-1/A (2), SEC STAFF LETTER (2), 8-A12B (1), CERT (1), D (1), S-1MEF (1), S-3 (1), S-3ASR (1), S-3MEF (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 9, 2026
    Latest 8-K (8-K) Sep 15, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, $0.001 par value per shareVERAThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).10

Risk factors and legal proceedings

The risks Vera Therapeutics, Inc. names in Item 1A of its 10-K filed Feb 26, 2026: 75 risks under these headings, as written.10

  • Risks related to our financial position and need for additional capital
  • We have completed a limited number of clinical trials for our lead product candidate, atacicept, and have no products approved for commercial sale, which may make it difficult to evaluate our current business and predict our future success and viability.
  • We will require substantial additional capital to finance our operations. If we are unable to raise such capital when needed, or on acceptable terms, we may be forced to delay, reduce and/or eliminate one or more of our research and drug development programs of our product candidates or future commercialization efforts.
  • We have incurred net losses since inception and have never generated revenue from product sales. We expect to continue to incur net losses at least until we have one or more approved products that achieve commercial success.
  • The terms of our loan agreement place restrictions on our operating and financial flexibility. If we raise additional capital through debt financing, the terms of any new debt could further restrict our ability to operate our business.
  • Risks related to the discovery, development and commercialization of our product candidates
  • We are substantially dependent on the success of our product candidates. If we are unable to complete development of, obtain regulatory approval for and commercialize our product candidates in one or more indications and in a timely manner, our business, financial condition, results of operations and prospects will be significantly harmed.
  • Clinical development is a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results. Failure can occur at any stage of clinical development. If we are ultimately unable to obtain regulatory approval for our product candidates, we will be unable to generate product revenue and our business, financial condition, results of operations and prospects will be significantly harmed.
  • Delays in clinical trials are common and have many causes, and any delay could result in increased costs to us and jeopardize or delay our ability to obtain regulatory approval and commence product sales.
  • Enrollment and retention of participants in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside our control, including difficulties in identifying patients with IgAN, the availability of competitive products, and significant competition for recruiting participants in clinical trials.
  • We may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • We may develop our product candidates in combination with other therapies, which exposes us to additional risks.
The other 64 risks
  • The incidence and prevalence for target patient populations of our product candidates in specific indications are based on estimates and third-party sources. If the market opportunities for our product candidates, if and when approved, are smaller than we estimate or if any approval that we obtain is based on a narrower definition of the patient population, our revenue and ability to achieve profitability might be materially and adversely affected.
  • Interim, initial, “top-line” and preliminary data from our clinical trials that we announce or publish from time to time may change as more participant data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • We face significant competition, which may result in others discovering, developing or commercializing products before or more successfully than us.
  • Changes in methods of manufacturing or formulation of our product candidates may result in additional costs or delays.
  • Risks related to regulatory approval and other legal compliance matters
  • The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business, financial condition, results of operations and prospects will be significantly harmed.
  • Even if approved, our product candidates may not achieve adequate market acceptance among physicians, patients, healthcare payors and others in the medical community necessary for commercial success.
  • Our business entails a significant risk of product liability and product liability claims could significantly harm our business, financial condition, results of operations and prospects.
  • Our product candidates may cause significant adverse events, toxicities or other undesirable side effects when used alone or in combination with other approved products or investigational new drugs that may result in a safety profile that could inhibit regulatory approval, prevent market acceptance, limit their commercial potential or result in significant negative consequences.
  • Obtaining and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining regulatory approval in other jurisdictions.
  • Even if any product candidate we develop receives regulatory approval, it could be subject to significant post-marketing regulatory requirements and will be subject to continued regulatory oversight.
  • We may seek but fail to obtain orphan drug designations from the FDA or other regulatory authorities for our product candidates, and even where we have obtained such designations, we may be unable to receive or maintain the benefits associated with orphan drug designation, including the potential for market exclusivity.
  • Even though MAU868 has Fast Track designation from FDA for the prevention of BK viremia in renal transplant and hematopoietic stem cell transplant, it may not lead to a faster development or regulatory review or approval process, and will not increase the likelihood that MAU868 will receive marketing approval.
  • A Breakthrough Therapy Designation from the FDA, even if granted for any of our product candidates, may not lead to a faster development or regulatory review or approval process, and does not increase the likelihood that our product candidates will receive FDA approval.
  • Disruptions at the FDA and other government agencies caused by funding shortages, staffing limitations, or policy changes could hinder their ability to hire, retain or deploy key leadership and other personnel, and prevent new or modified products from being developed, reviewed, approved or commercialized in a timely manner or at all, which could negatively impact our business.
  • Biosimilars to our product candidates may provide competition sooner than anticipated.
  • The successful commercialization of any product candidate we develop will depend in part on the extent to which governmental authorities, private health insurers, and other third-party payors provide coverage and adequate reimbursement. Failure to obtain or maintain coverage and adequate reimbursement for our product candidates, if any and if approved, could limit our ability to market those products and decrease our ability to generate revenue.
  • Current and future healthcare reform legislation or regulation may increase the difficulty and cost for us to commercialize our product candidates and may adversely affect the prices we may obtain and may have a negative impact on our business and results of operations.
  • The terms of future potential marketing approvals for our product candidates and ongoing regulation regarding promotional activities and post-market obligations may limit how we manufacture and market products that are approved, and compliance with such requirements may involve substantial resources, which could materially impair our ability to generate revenue.
  • Our relationships with healthcare professionals, clinical investigators, CROs and third-party payors in connection with our current and future business activities may be subject to federal, state and foreign healthcare fraud and abuse laws, false claims laws, transparency laws, government price reporting, and health information privacy and security laws, which could expose us to, among other things, criminal sanctions, civil penalties, contractual damages, exclusion from governmental healthcare programs, reputational harm, administrative burdens and diminished profits and future earnings.
  • We are subject to stringent and evolving U.S. and foreign laws, regulations and rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including class actions) and mass arbitration demands; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse business consequences.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could significantly harm our business, financial condition, results of operations or prospects.
  • Our business activities may be subject to the U.S. Foreign Corrupt Practices Act (FCPA) and similar anti-bribery and anti-corruption laws of other countries in which we operate, as well as U.S. and certain foreign export controls, trade sanctions, and import laws and regulations. Compliance with these legal requirements could limit our ability to compete in foreign markets and subject us to liability if we violate them.
  • We are subject to various laws relating to foreign investment and the export of certain technologies, and our failure to comply with these laws or adequately monitor the compliance of our suppliers and others we do business with could subject us to substantial
  • fines, penalties and even injunctions, the imposition of which on us could have a material adverse effect on the success of our business.
  • Risks related to employee matters, managing our growth and other risks related to our business
  • Unfavorable geopolitical and global economic conditions, including tariffs and trade tensions, could adversely affect our business, financial condition and results of operations.
  • Our success is highly dependent on our ability to attract and retain highly skilled executive officers and employees and key consultants.
  • International trade policies, including tariffs, sanctions and trade barriers may adversely affect our business, financial condition, results of operations and growth prospects.
  • If we are unable to establish sales or marketing capabilities or enter into agreements with third parties to sell or market our product candidates, we may not be able to successfully sell or market such product candidates, if approved.
  • We have never commercialized a product candidate before and may lack the necessary expertise, personnel and resources to successfully commercialize any products on our own or together with suitable collaborators.
  • In order to successfully implement our plans and strategies, we will need to grow the size of our organization, and we may experience difficulties in managing this growth.
  • We or the third parties upon whom we depend may be adversely affected by earthquakes, fires or other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Comprehensive tax reform legislation could adversely affect our business and financial condition.
  • Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
  • A variety of risks associated with marketing our current or any future product candidate we may develop internationally could significantly harm our business, financial condition, results of operations and prospects.
  • Risks related to our intellectual property
  • Our success depends on our ability to protect our intellectual property and our proprietary technologies.
  • If we breach our license agreement with Ares, an affiliate of Merck related to atacicept, the license agreement with Novartis related to MAU868, or the license agreement with Stanford related to VT-109, we could lose the ability to continue the development and commercialization of atacicept, MAU868, or VT-109, respectively.
  • We may be required to make significant payments under our license agreements related to our product candidates.
  • If the scope of any patent protection we obtain is not sufficiently broad, or if we lose any of our patent protection, our ability to prevent our competitors from commercializing similar or identical product candidates would be adversely affected.
  • Intellectual property rights do not necessarily address all potential threats to our competitive advantage.
  • Our commercial success depends significantly on our ability to operate without infringing, misappropriating or otherwise violating the patents and other proprietary rights of third parties. Claims by third parties that we infringe, misappropriate or otherwise violate their proprietary rights may result in liability for damages or prevent or delay our developmental and commercialization efforts.
  • We may not be successful in obtaining or maintaining necessary rights from third parties that we identify as necessary for future product candidates we may develop through acquisitions and in-licenses.
  • We may be involved in lawsuits to protect or enforce our patents, which could be expensive, time consuming and unsuccessful. Further, our issued patents could be found invalid or unenforceable if challenged in court.
  • Intellectual property litigation may lead to unfavorable publicity that harms our reputation and causes the market price of our common shares to decline.
  • Derivation proceedings may be necessary to determine inventorship, and an unfavorable outcome may require us to cease using the related technology or to attempt to license rights from the prevailing party.
  • Patent reform legislation could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our patents.
  • We may be subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
  • Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.
  • Patent terms may be inadequate to protect our competitive position on our products for an adequate amount of time, and if we do not obtain protection under the Hatch-Waxman Amendments and similar non-United States legislation for extending the term of patents covering each of our product candidates, our business may be significantly harmed.
  • We will not be able to protect our intellectual property rights throughout the world.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, documentary, fee payment, and other requirements imposed by regulations and governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business, financial condition, results of operations and prospects could be significantly harmed.
  • If we are unable to protect the confidentiality of our trade secrets, our business, financial condition, results of operations, prospects and competitive position would be significantly harmed.
  • We may be subject to claims that we or our employees have wrongfully used or disclosed alleged confidential information or trade secrets.
  • Our rights to develop and commercialize our technology and product candidates may be subject, in part, to the terms and conditions of licenses granted to us by others.
  • If we fail to comply with our obligations in the agreements under which we license intellectual property rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose license rights that are important to our business.
  • Intellectual property discovered through government funded programs may be subject to federal regulations such as “march-in” rights, certain reporting requirements and a preference for U.S.-based companies. Compliance with such regulations may limit our exclusive rights and limit our ability to contract with non-U.S. manufacturers.
  • Risks related to our dependence on third parties
  • We rely, and expect to continue to rely, on third parties, including independent clinical investigators and CROs, to conduct certain aspects of our nonclinical studies and clinical trials. If these third parties do not successfully carry out their contractual duties, comply with applicable regulatory requirements or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business, financial condition, results of operations and prospects could be significantly harmed.
  • We contract with third parties for the manufacture of our product candidates for our ongoing clinical trials, and expect to continue to do so for additional clinical trials of our product candidates and ultimately for commercialization. This reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates necessary for their development or commercialization, or such quantities at an acceptable cost, which could delay, prevent or impair our development or commercialization efforts.
  • The manufacture of drugs is complex and our third-party manufacturers may encounter difficulties in production. If any of our third-party manufacturers encounter such difficulties, our ability to provide adequate supply of our product candidates for clinical trials or our product for patients, if approved, could be delayed or prevented.
  • If we engage in future acquisitions or strategic partnerships, this may increase our capital requirements, dilute our stockholders, cause us to incur debt or assume contingent liabilities, and subject us to other risks.
  • We may enter into collaborations with third parties for the development and commercialization of our product candidates. If those collaborations are not successful, we may not be able to capitalize on the market potential of our product candidates.
  • If we decide to establish collaborations in the future, but are not able to establish those collaborations on commercially reasonable terms, we may have to alter our development and commercialization plans.
  • Risks related to ownership of our common stock
  • The price of our common stock may be volatile, and you could lose all or part of your investment.

Legal proceedings

From time to time, we may become involved in litigation relating to claims arising from the ordinary course of business. We are not currently a party to any material legal proceedings. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.

The opening of Item 3, Legal Proceedings.10

Sources

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