Verve Therapeutics Inc · Q3 2022 earnings

Briefing

Verve Therapeutics reported corporate updates and financial results

Verve Therapeutics reported its Q3 2022 financial results, with a net loss of $45.2 million. The FDA placed a hold on its IND application for VERVE-101. The company's cash, cash equivalents and marketable securities were $550.7 million as of September 30, 2022, which is expected to fund operations into the second half of 2025.

• FDA placed a hold on the IND application for VERVE-101.
• Dosing completed in the first dose cohort of the heart-1 clinical trial of VERVE-101 in patients with HeFH; the Independent Data Safety Monitoring Board recommended proceeding to the second dose level in New Zealand and the U.K.
• Verve has initiated IND-enabling studies for its ANGPTL3 program, VERVE-201.
• Cash, cash equivalents and marketable securities were $550.7 million as of September 30, 2022, supporting runway into the second half of 2025.

Headline financials

Revenue & EPS history

Company expects to receive an official letter with the FDA’s questions within 30 days and plans to provide updates pending engagement with the FDA and intends to work closely with the FDA to resolve the hold as promptly as possible in order to initiate dosing in the U.S.