VERA Vera Therapeutics, Inc.

Overview and Growth

Vera Therapeutics, Inc. recorded fiscal 2025 net loss of $299.62M. Diluted earnings per share were -$4.66, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted shares averaged 64.23M; this is the reported share base over which the company’s diluted per-share earnings were spread. Compared with 55.33M diluted shares in fiscal 2024, the current 64.23M base was 16.1% higher. At period end, total assets were $734.73M, framing the scale of the company’s operating and financing commitments.

Profitability

The reported operating result was an operating loss of $315.47M, reflecting costs that exceeded gross profit. The company ended the period with a net loss of $299.62M, extending the operating result through all remaining items. EBITDA was negative $315.00M, showing a deficit before interest, taxes, depreciation, and amortization. Before income taxes, the company recorded a loss of $299.61M, bridging the operating result to the final net loss. Income tax expense totaled $1.00K, providing the reported tax component that separates pretax and after-tax earnings. The loss-to-equity relationship was 49.6%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 40.8%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit increased from $152.15M in fiscal 2024 to $299.62M.

Liquidity and Capital Structure

At period end, the $734.73M asset base was financed through $130.21M of liabilities and $604.52M of equity. The near-term balance sheet paired $728.88M of current assets with $53.45M of current liabilities at the reporting date. Current assets covered current liabilities by 13.64x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $354.73M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 663.6% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $74.84M of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 0.12x, showing how much debt the company carried for each unit of book equity. Debt represented 10.2% of total assets, placing borrowing in the context of the company’s full resource base. Equity equaled 82.3% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 17.7%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 48.3%, comparing reported cash and equivalents with the full positive asset balance. Compared with $655.68M in fiscal 2024, the current asset base moved 12.1% and finished higher. Book equity was 4.7% higher than fiscal 2024 equity of $577.15M, showing how shareholder capital changed year over year. Compared with $92.65M in fiscal 2024, the current cash balance moved 282.9% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $241.10M, rather than cash generation from operations. Capital spending of $630.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $241.73M, leaving a cash deficit after capital spending and reducing financial flexibility. The cash deficit after capital spending represented 32.9% of the period-end asset base. The operating cash outflow widened to $241.10M from $134.68M in fiscal 2024.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.