Company: VERA
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029969
Chunk: 127

Company: Vera Therapeutics, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 127
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 services are received and used. We accrue expenses for contract research and development as the related services are performed by monitoring the status of specified activities and billings received from our external service providers. These expenses are accrued based on estimates and are adjusted as actual expenses become known. The cost incurred in obtaining technology licenses, including initial and subsequent milestone payments incurred under our licensing agreements, are recorded as expense in the period in which they are incurred, as the licensed technology, method or process has no alternative future uses other than for our research and development activities. Where contingent milestone payments are due to third parties under license or other agreements, the milestone payment obligations are recognized as expense when achievement of the contingent milestone is probable, which is generally upon achievement of the milestone.

The following table summarizes our research and development expenses incurred during the respective periods. 

94

    Year Ended December 31,

    CHANGE

    (dollars in thousands)
     
    2024

    2023

    AMOUNT

    %

    Direct research and development expenses

    Contract drug manufacturing
     
    $
    50,753

    $
    35,049

    $
    15,704

    45
    %

    Clinical trial expenses

    32,279

    19,611

    12,668

    65
    %

    Consulting and professional services

    11,339

    5,648

    5,691

    101
    %

    Indirect research and development expenses

    Employee compensation and related benefits

    29,048

    16,623

    12,425

    75
    %

    Facilities and other

    2,753

    1,294

    1,459

    113
    %

    Research and development expenses
     
    $
    126,172

    $
    78,225

    $
    47,947

    61
    %

Research and development expenses increased by $47.9 million, or 61%, to $126.2 million in the year ended December 31, 2024, from $78.2 million in the year ended December 31, 2023, primarily due to an increase of $15.7 million in contract drug manufacturing costs for commercial and clinical use as we scaled up manufacturing activities for process performance qualification runs, an increase of $12.7 million in clinical trial expenses due to greater