H.C. Wainwright estimates Vera’s cash runway now extends into Q2 2026

H.C. Wainwright notes Vera Therapeutics has disclosed that it drew down an aggregate of $25M in new term loans on December 22 under its Loan and Security Agreement with Oxford Finance dated December 17, 2021. Vera had previously drawn a total of $25M under this agreement with a final maturity date of December 17, 2027, and therefore has reached the maximum aggregate principal limit of $50M under the agreement. Adding to Vera’s reported total cash of $159.9M as of September 30, 2023, the firm estimates Vera’s cash runway now extends into Q2 2026, and therefore Vera does not face any financial overhang prior to atacicept’s pivotal data readout for IgA nephropathy. In the near-term, Wainwright regards a data readout in eGFR and proteinuria from the Phase 2b ORIGIN study’s open-label extension portion in the first half of 2024 as the next major milestone for atacicept and Vera. The firm affirms a Buy rating on the shares with a price target of $25.