VERAVera Therapeutics, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$315M
- 89% YoY
- Market cap
- $2.2B
- Employees
- 75,000
- Net debt / EBITDA
- —
- $26M net debt
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes77% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 22nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$9M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Operating income | −$34M | −$91M | −$102M | −$167M | −$315M | 89% |
| Net income | −$33M | −$89M | −$96M | −$152M | −$300M | 97% |
| Operating cash flow | −$24M | −$68M | −$92M | −$135M | −$241M | 79% |
| Capex | $0 | $62K | $63K | $972K | $630K | 35% |
| Stock-based comp | $3M | $9M | $11M | $21M | $38M | 82% |
| Buybacks | — | — | $0 | $13K | $0 | 100% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 5, 2026 | Sofinnova Venture Partners X, L.P. | SCHEDULE 13D/A | 3.9% | Passive |
| Nov 4, 2024 | Longitude Capital Partners IV, LLC | SC 13D/A | 8.4% | Passive |
| Mar 26, 2024 | Sofinnova Venture Partners X, L.P. | SC 13D/A | 5.3% | Passive |
| Feb 20, 2024 | Sofinnova Venture Partners X, L.P. | SC 13D/A | 6.9% | Passive |
| Feb 5, 2024 | Longitude Capital Partners IV, LLC | SC 13D/A | 6.5% | Passive |
| Feb 16, 2023 | Longitude Capital Partners IV, LLC | SC 13D/A | 8.2% | Passive |
| Feb 14, 2023 | Sofinnova Venture Partners X, L.P. | SC 13D/A | 8.3% | Passive |
| Feb 6, 2023 | Sofinnova Venture Partners X, L.P. | SC 13D/A | 11.5% | Passive |
| Apr 7, 2022 | Abingworth LLP | SC 13D/A | 11.1% | Passive |
| Apr 5, 2022 | Longitude Capital Partners IV, LLC | SC 13D/A | 12.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $250K · 1
- Open-market sells, 12 mo
- $9M · 25
- Net
- −$9M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $9M | 262 | 137 |
| FY2024 | $6M | $31M | 219 | 103 |
| FY2023 | $3M | $2M | 79 | 105 |