Company: VERA
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029969
Chunk: 128

Company: Vera Therapeutics, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 128
---
 numbers of active sites and participants enrolling in ORIGIN 3, an increase of $5.7 million in consulting and professional services, including a $3.2 million increase in medical affairs expenses as we prepare for potential regulatory approval and commercialization of atacicept, an increase of $12.4 million for compensation and related benefit expenses, including a $3.7 million increase in stock-based compensation expense, due to growth in research and development headcount, and an increase of $1.5 million in facilities and other, including a $0.9 million increase in primarily conference-related travel expenses to support R&D activities.

We expect our research and development expenses to increase in future periods as we continue to initiate sites and enroll participants in ORIGIN 3, prepare applications for regulatory approval of atacicept in IgAN, initiate and conduct additional clinical trials of atacicept, including the ORIGIN EXTEND trial, initiated during 2024, and the PIONEER trial we plan to initiate in 2025, and if we expand development of atacicept in other indications or product configurations, or other product candidates.

General and Administrative Expenses

General and administrative expenses consist primarily of compensation and personnel-related expenses, including stock-based compensation, for our personnel in executive management, legal, finance, human resources, and other administrative functions. General and administrative expenses also include professional fees paid for accounting, auditing, legal, tax and consulting services, and other general overhead costs to support our operations. General and administrative expenses are recorded as expense in the period in which they are incurred, and payments we make prior to the receipt of goods or services to be used for general and administrative purposes are deferred as prepaid expenses until the goods or services are received and used. 

The following table summarizes our general and administrative expenses incurred during the respective periods.

    Year Ended December 31,

    CHANGE

    (dollars in thousands)
     
    2024

    2023

    AMOUNT

    %

    Employee compensation and related benefits
     
    $
    19,796

    $
    12,254

    $
    7,542

    62
    %

    Rent and facilities

    2,651

    2,424

    227

    9
    %

    Legal and accounting services

    4,802

    2,828

    1,974

    70
    %

    Consultants, including non-