Vera Therapeutics Inc-A 2025年度报告

(Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Vera Therapeutics, Inc.(Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES☐NO☒ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. YES☒NO☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES☐ The aggregate market value of the Registrant’s Class A common stock held by non-affiliates of the Registrant as of June 30, 2025, the last business day of theRegistrant’s most recently completed second fiscal quarter, was approximately $1.3 billion based on the closing price of the Registrant’s Class A common stock on theNasdaq Global Select Market of $23.56 per share. As of February 23, 2026,the registrant had 71,355,667 shares of Class A common stock, $0.001 par value per share, and no shares of Class B common stock, $0.001 parvalue per share, outstanding.DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement for its 2026 Annual Meeting of Stockholders, which the Registrant intends to file pursuant to Regulation 14Awith the Securities and Exchange Commission not later than 120 days after the Registrant’s fiscal year ended December 31, 2025, are incorporated by reference intoPart III of this Annual Report on Form 10-K. SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTSSUMMARY OF RISKS ASSOCIATED WITH OUR BUSINESS PART I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities94Item 6.Reserved95Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations96Item 7A.Quantitative and Qualitative Disclosures About Market Risk103Item 8.Financial Statements and Supplementary Data104Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure129Item 9A.Controls and Procedures129Item 9B.Other Information129Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections130 PART III Item 10.Directors, Executive Officers and Corporate Governance131Item 11.Executive Compensation131Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters131Item 13.Certain Relationships and Related Transactions, and Director Independence131Item 14.Principal Accountant Fees and Services131 PART IVItem 15. 132132 Exhibit and Financial Statement SchedulesItem 16.Form 10-K Summ