Vera Therapeutics, Inc. Leases Disclosure
5. LEASES
The Company has entered into non-cancellable operating leases, including a sublease for an office facility serving as its corporate headquarters in Brisbane, California, that expires in 2029. The Company was the primary leaseholder of a facility in South San Francisco, California, that was later subleased to a third party and for which both the lease and the sublease ended concurrently in September 2025.
Components of net lease cost are as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Operating lease cost |
|
$ |
2,261 |
|
|
$ |
2,728 |
|
|
$ |
2,577 |
|
Variable lease cost |
|
|
(4 |
) |
|
|
45 |
|
|
|
14 |
|
Total operating lease cost |
|
$ |
2,257 |
|
|
$ |
2,773 |
|
|
$ |
2,591 |
|
Less: Sublease income |
|
|
(1,496 |
) |
|
|
(1,954 |
) |
|
|
(1,928 |
) |
Net lease cost |
|
$ |
761 |
|
|
$ |
819 |
|
|
$ |
663 |
|
Other supplemental information related to operating leases is as follows (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Cash paid for operating lease liabilities |
|
$ |
2,141 |
|
|
$ |
3,116 |
|
|
$ |
3,000 |
|
Addition to right-of-use assets obtained from operating lease liabilities |
|
|
— |
|
|
|
2,487 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
December 31, |
|
||||||
|
|
|
|
|
2025 |
|
|
2024 |
|
|||
Weighted-average discount rate for operating leases |
|
|
|
|
12.5% |
|
|
11.3% |
|
|||
Weighted-average remaining lease term |
|
|
|
|
3.3 years |
|
|
3.0 years |
|
|||
As of December 31, 2025, the maturities of operating lease liabilities are as follows (in thousands):
2026 |
|
$ |
830 |
|
2027 |
|
|
966 |
|
2028 |
|
|
995 |
|
2029 |
|
|
254 |
|
Total minimum lease payments |
|
|
3,045 |
|
Less: Imputed interest |
|
|
(577 |
) |
Present value of operating lease liabilities |
|
|
2,468 |
|
Less: Current portion of operating lease liabilities |
|
|
(549 |
) |
Non-current operating lease liabilities |
|
$ |
1,919 |
|
As of December 31, 2025, the Company had not executed any leases that were yet to commence.
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.