On November 7, 2023, Verve Therapeutics Inc (VERV, Financial), a clinical-stage biotechnology company focused on cardiovascular disease treatments, announced its financial results for the third quarter of 2023. The company reported significant progress in its operations and financial performance.
Company Progress and Achievements
Verve Therapeutics highlighted its recent progress, including the FDA's clearance of the Investigational New Drug Application for VERVE-101 in patients with Heterozygous Familial Hypercholesterolemia (HeFH). The company also expanded its collaboration with Eli Lilly and Company (Lilly) through Lilly's acquisition of product rights to Verve's PCSK9 and ANGPTL3 programs from Beam Therapeutics.
Interim data from the heart-1 Phase 1b Clinical Trial of VERVE-101 in patients with HeFH will be presented at the American Heart Association (AHA) Scientific Sessions 2023 on November 12. The company also reported a strong cash position of $485.2 million, providing a cash runway into 2026.
Financial Performance
Verve Therapeutics reported a collaboration revenue of $3.1 million for Q3 2023, up from $0.9 million in the same quarter of the previous year. The increase in revenue was related to research services performed under the collaboration agreement with Vertex Pharmaceuticals Incorporated (Vertex) and the Lp(a) collaboration with Lilly.
Research and Development (R&D) expenses for the quarter were $43.8 million, compared to $35.2 million for Q3 2022. General and Administrative (G&A) expenses were $11.7 million, up from $9.6 million in the same period last year. The net loss for the quarter was $45.8 million, or $0.72 per share, compared to a net loss of $45.2 million, or $0.79 per share, in Q3 2022.
Looking Ahead
Verve Therapeutics continues to make strides in its mission to develop single-course gene editing medicines for cardiovascular disease. The company is on track to initiate Phase 1 clinical trials for VERVE-102 in the first half of 2024 and VERVE-201 in the second half of 2024. The company's strong cash position and increased collaboration revenue demonstrate its financial stability as it continues to advance its pipeline.
Explore the complete 8-K earnings release (here) from Verve Therapeutics Inc for further details.
