Verve Therapeutics, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial health compared to the previous fiscal period.
As of September 30, 2024, Verve's cash and cash equivalents totaled $158.7 million, a decrease from $206.2 million at the end of 2023. Marketable securities also declined to $381.2 million from $417.8 million, contributing to a total asset reduction to $663.9 million from $752.7 million. Total stockholders' equity fell to $508.6 million from $599.5 million during the same period.
Collaboration revenue saw a notable increase, reaching $6.9 million in Q3 2024 compared to $3.1 million in Q3 2023. For the nine months ended September 30, 2024, collaboration revenue totaled $19.3 million, up from $6.6 million in the prior year. This growth was primarily driven by agreements with Vertex Pharmaceuticals and Eli Lilly, with the latter contributing $10.6 million in revenue for the nine-month period.
Operating expenses for Q3 2024 rose to $63.8 million from $55.5 million in Q3 2023, with total operating expenses for the nine months increasing to $191.8 million from $175.8 million. The loss from operations for Q3 2024 was $(56.9) million, compared to $(52.3) million in Q3 2023. The net loss for Q3 2024 was $(50.1) million, an increase from $(45.8) million in the same quarter of the previous year. For the nine months ended September 30, 2024, the net loss was $(148.7) million, slightly improved from $(151.7) million in 2023.
Research and development (R&D) expenses increased to $49.9 million in Q3 2024 from $43.8 million in Q3 2023, driven by higher employee-related costs and clinical trial expenses. General and administrative expenses also rose to $13.8 million from $11.7 million, reflecting increased personnel costs and professional services.
Verve's accumulated deficit reached $693.0 million as of September 30, 2024. The company continues to rely on external financing, having raised $1.1 billion in gross proceeds since its inception in 2018. Despite its cash reserves, Verve anticipates needing additional financing to support ongoing operations and growth strategies.
The company is currently engaged in several clinical trials, including the Heart-2 Phase 1b trial for VERVE-102 and the Pulse-1 Phase 1b trial for VERVE-201. However, enrollment in the Heart-1 trial was paused in April 2024 due to observed laboratory abnormalities in a patient. Verve intends to vigorously defend against a securities class action lawsuit filed in August 2024, alleging misleading statements regarding the Heart-1 trial.
Overall, Verve Therapeutics is navigating a challenging financial landscape while advancing its clinical programs and managing operational costs.
About Verve Therapeutics, Inc.
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