Vera Therapeutics is a late clinical-stage biotech focused on treatments for serious autoimmune kidney diseases. Its lead product is atacicept, a fusion protein that blocks both BAFF and APRIL — two cytokines that drive B-cell activation and the production of disease-causing antibodies. In IgA nephropathy (IgAN), these antibodies trigger immune complex deposits in the kidney, causing progressive damage that leads to end-stage kidney disease in at least half of patients over time. Atacicept targets this process upstream, aiming to reduce the root cause of kidney inflammation and stabilize kidney function. The drug is self-administered via a weekly subcutaneous injection at home. Vera filed a BLA with the FDA in November 2025, which received priority review with a PDUFA date of July 7, 2026. Vera has no approved products yet and is pre-revenue, funded through equity raises. If approved, Vera plans to commercialize atacicept directly in the U.S. through specialty pharmacy channels, with potential ex-U.S. partnerships. Net sales would be subject to tiered royalties owed to an Ares affiliate ranging from low double-digits to mid-teen percentages. Beyond IgAN, Vera is running the PIONEER Phase 2 basket trial evaluating atacicept in three additional autoimmune kidney diseases. Vera also holds VT-109, a preclinical next-generation dual BAFF/APRIL inhibitor, and MAU868, a monoclonal antibody targeting BK virus reactivation in kidney transplant recipients.