VERA Accelerating to full approval. Less risk and less replicable by competition

研报英文原文证据摘录

VERA Accelerating to full approval. Less risk and less replicable by competition

Biotechnology - Immunology

FLASH

FLASH: VERA THERAPEUTICS, INC. (VERA) June 2, 2026

VERA Accelerating to full approval. Less risk and less Rating:

replicable by competition Outperform

Price:

News Revised ORIGIN 3 eGFR analysis now planned for Q3 2026, pulled forward $33.94

from 2027. Pending positive eGFR analysis, plans to submit a supplemental Biologics Price Target:

$88License Application (sBLA) in Q4 2026, with potential full approval in 2027. PDUFA % Upside:

date of July 7, 2026 for accelerated approval in IgAN. The company is not messaging 159.3%

that phase 2 data would be on the label, only that it was used to help with this

Source: FactSet, Wolfe Research

accelerated timeline. Based on our discussion with management, we believe the eGFR Priced as of 06/01/26

endpoint will likely be at least 12 months.

Fundamentally positive Vera for a few reasons (i) normally, Vera would need 96-

week eGFR stabilization data to achieve full approval. In our view, this lowers the

risk of eGFR failure, precluding the rare case that atacicept has waning efficacy over

time (we do not believe this to be the case but this regulatory buy-in now avoids this Andy Chen, PhD CFA

scenario) (ii) this closes the gap on Otuska (Otsuka eGFR data sometime this year) (iii) achen@wolferesearch.com

it may be hard for Vertex (AA PDUFA November 30, 2026) to replicate this because 646-582-9370 View Andy’s Research

they presently do not have the same level of eGFR data. Vertex has N=17 out to Wk44 View VERA Model

instead of Vera's N=75 out to Wk96 (see below). View Comp Table

On the stock intraday, our quant overlay (see below) shows VERA down purely on Brandon Frith

systematic and sector exposure.