Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Vera Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
45.2
22.5
69
78.2
126
215
General and administrative
4.04
11.9
21.9
23.8
41
100
Operating expenses
52.2
34.4
90.9
102
167
315
Operating income
-52.2
-34.4
-90.9
-102
-167
-315
Interest expense
0.17
0.02
0.99
3.79
7.63
7.53
Interest income
0.01
0.02
1.75
7.98
20.7
24.5
Other non-operating income
-1.17
1.79
1.85
6.02
15
15.9
Pre-tax income
-53.4
-32.6
-89.1
-96
-152
-300
Income tax
-0
0
0
0
0
0
Net income
-53.4
-32.6
-89.1
-96
-152
-300
EBITDA
-52
-34.2
-91.7
-102
-167
-315
EPS, basic
-166.93
-2.43
-3.35
-2.25
-2.75
-4.66
EPS, diluted
-166.93
-2.43
-3.35
-2.25
-2.75
-4.66
Shares, basic (weighted)
0.32
13.4
26.6
42.7
55.3
64.2
Shares, diluted (weighted)
0.32
13.4
26.6
42.7
55.3
64.2
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
53.7
79.7
43.5
45.7
92.6
355
Short-term investments
0
71.2
115
548
360
Other current assets
0.39
0.48
0.72
2.24
1.38
3.42
Total current assets
54.3
82.5
126
172
651
729
Property, plant and equipment
0
0.05
0.09
0.96
1.37
Lease right-of-use assets
0
5.17
2.95
3.37
1.92
Long-term investments
0
0.87
0.06
0.01
Other non-current assets
5.85
Total assets
54.6
83.7
131
176
656
735
Accounts payable
0.91
1.39
12
11.1
7.67
21.9
Accrued liabilities
0.54
5.93
11
8.75
16.2
31.6
Total current liabilities
2.41
7.69
25.6
22.3
25.4
53.5
Lease liabilities
0
3.83
1.4
2.47
1.92
Other non-current liabilities
1.92
Total liabilities
4.33
14.2
54.5
73.9
78.5
130
Total debt
0
4.92
24.8
49.9
50.7
74.8
Paid-in capital
2.1
194
290
410
1,038
1,365
Retained earnings
-91.4
-124
-213
-309
-461
-761
Other comprehensive income
0
-0.22
0.25
0.39
0.79
Shareholders' equity
-89.3
69.6
76.9
102
577
605
Total equity
-89.3
69.6
76.9
102
577
605
Total liabilities and equity
54.6
83.7
131
176
656
735
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-53.4
-32.6
-89.1
-96
-152
-300
Depreciation and amortization
0.25
0.18
-0.85
0.02
0.11
0.47
Stock-based compensation
0.33
3.01
8.89
11.5
20.8
37.9
Deferred income tax
0
0
0
0
0
Change in payables
0.57
0.48
10.6
-0.87
-3.45
13.9
Cash from operations
-34.8
-23.7
-67.6
-92.2
-135
-241
Capital expenditures
-0.1
0
-0.06
-0.06
-0.97
-0.63
Purchases of investments
0
-148
-225
-703
-310
Sales and maturities of investments
0
78
176
275
506
Cash from investing
-0.04
-4.2
-70.6
-39.4
-425
194
Stock issued
0.23
0
2
Share buybacks
0
-0.01
0
Cash from financing
85.3
53.9
102
134
607
309
Net change in cash
50.4
26
-36.2
1.93
47
262
Free cash flow
-34.9
-23.7
-67.7
-92.2
-136
-242
Interest paid
0.03
0.02
0.9
3.35
6.65
6.72
Income taxes paid
0
0
0.02
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $32.54 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-98.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-75.4%
Net income / average total assets.
Return on invested capital (ROIC)
-75.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
4.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
98.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
12.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
77.5%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
68.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
16.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
34.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
188.8%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
10.9x
Current assets / current liabilities.
Quick ratio
10.3x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
10.3x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.18x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
14.1%
Total debt / total assets.
Liabilities / assets
23.5%
Total liabilities / total assets.
Net debt
-$423.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$4.72
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$4.71
Cash from operations / diluted weighted shares.
Book value per share
$5.68
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
5.75x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
5.75x
Market cap / tangible book value, when positive.
FCF yield
-14.5%
Free cash flow / market cap.
Earnings yield
-17.1%
Net income / market cap (the inverse of P/E).
Was Vera Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $299.6M.
How much free cash flow did Vera Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $241.1M minus capital expenditures of $630.0K left free cash flow of -$241.7M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.