Vera Therapeutics, Inc. Segments Disclosure
14. SEGMENT REPORTING
The Company has one reportable segment: Therapeutics. This segment is dedicated to developing and commercializing transformative treatments for patients with serious immunological diseases. The Company’s lead product candidate, atacicept, is currently being evaluated for the treatment of IgAN and other autoimmune kidney diseases. Atacicept is a native human TACI-Fc fusion protein that binds both the B-cell activating factor (BAFF) and A proliferation-inducing ligand (APRIL) cytokines and is self-administered subcutaneously at home. The Company also holds worldwide, exclusive development and commercial rights to MAU868, a monoclonal antibody to treat BKV infections for which the Company completed a Phase 2 clinical trial in 2022, and worldwide, exclusive development and commercial rights to VT-109, a novel, next generation dual BAFF/APRIL inhibitor that is in preclinical development.
Since inception, the Company has devoted substantially all its resources to research and development efforts, pre-clinical studies and clinical trials, building a sales, marketing and distribution infrastructure to support anticipated commercial activities, establishing and maintaining intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations. The Company does not have any product candidates approved for commercial sale and has not generated any revenue from product sales.
The accounting policies used in the segment reporting are the same as those described in the summary of significant accounting policies (Note 2). The Company’s Chief Operating Decision Maker (CODM) is the . The CODM assesses
performance for the single reportable segment and decides how to allocate resources based on net loss and total operating expenses. As the Company has not generated any revenue, total operating expenses is equivalent to loss from operations on the statements of operations and comprehensive loss. The measure of segment assets is reported on the balance sheet as total assets.
The CODM uses net loss as the reportable segment’s primary measure of profit or loss to evaluate the segment’s financial position and to determine the need for additional financing or equity offerings. The CODM also uses total operating expenses as a measure to evaluate controllable spend from total current assets, in deciding how to allocate resources within the Therapeutics segment.
As of December 31, 2025 and 2024, all of the Company’s property and equipment was located in the United States.
The Company's reportable segment total operating expenses (including significant segment expenses) and net loss, consisted of the following (in thousands):
|
|
Therapeutics |
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Year Ended December 31, |
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|
|
2025 |
|
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2024 |
|
|
2023 |
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Operating expenses: |
|
|
|
|
|
|
|
|
|
|||
Payroll and related |
|
$ |
112,132 |
|
|
$ |
48,843 |
|
|
$ |
28,878 |
|
Direct research and development - clinical trials |
|
|
46,743 |
|
|
|
32,279 |
|
|
|
19,611 |
|
Direct research and development - contract manufacturing |
|
|
74,193 |
|
|
|
50,753 |
|
|
|
35,049 |
|
Commercial planning |
|
|
20,801 |
|
|
|
5,584 |
|
|
|
2,229 |
|
Depreciation and amortization |
|
|
468 |
|
|
|
105 |
|
|
|
22 |
|
Other segment items* |
|
|
61,136 |
|
|
|
29,606 |
|
|
|
16,223 |
|
Total operating expenses |
|
|
315,473 |
|
|
|
167,170 |
|
|
|
102,012 |
|
Loss from operations |
|
|
(315,473 |
) |
|
|
(167,170 |
) |
|
|
(102,012 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|||
Interest income |
|
|
24,479 |
|
|
|
20,714 |
|
|
|
7,979 |
|
Interest expense |
|
|
(7,531 |
) |
|
|
(7,626 |
) |
|
|
(3,786 |
) |
Other segment items** |
|
|
(1,089 |
) |
|
|
1,935 |
|
|
|
1,830 |
|
Loss before provision for income taxes |
|
|
(299,614 |
) |
|
|
(152,147 |
) |
|
|
(95,989 |
) |
Provision for income taxes |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
Segment and consolidated net loss |
|
$ |
(299,615 |
) |
|
$ |
(152,148 |
) |
|
$ |
(95,990 |
) |
|
|
|
|
|
|
|
|
|
|
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Other Significant Items: |
|
|
|
|
|
|
|
|
|
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Expenditures for additions to long-lived assets |
|
$ |
(630 |
) |
|
$ |
(972 |
) |
|
$ |
(63 |
) |
*Other segment items included in total operating expenses primarily consist of consulting and contractors, professional services, equipment and software, travel and entertainment, facilities, medical affairs, and corporate communications.
**Other segment items included in loss before provision for income taxes consist of currency exchange gains and losses and other income/expense.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.