Executive Summary

Q2 2024 delivered positive operating execution: collaboration revenue rose to $6.69M (+219% YoY) and net loss narrowed to $49.8M ($-0.59 EPS), while cash, cash equivalents and marketable securities stood at $575.9M with runway into late 2026 .
Program milestones advanced: Heart-2 (VERVE-102) enrollment continued with CTA clearance in Australia, and initial Heart-2/PCSK9 data are planned for H1 2025; Phase 1b for VERVE-201 remains on track for H2 2024 .
Versus estimates: third-party data indicate EPS beat (Actual $-0.59 vs $-0.68) and revenue beat (Actual $6.70M vs $2.40M); SPGI consensus data were unavailable for VERV in our system .
Stock-relevant narrative: continued clarity and specificity on timelines (Heart-2 data in H1’25; PCSK9 Phase 2 initiation in H2’25) together with revenue and EPS beats provide near-term catalysts tied to clinical readouts and regulatory progress .

What Went Well and What Went Wrong

What Went Well

Heart-2 (VERVE-102) geographic expansion and enrollment progress with Australia CTA clearance; initial data and a PCSK9 program update expected H1 2025, supporting visibility on clinical de-risking .
Collaboration revenue accelerated to $6.7M (from $2.1M YoY), driven by increased research services under collaboration agreements, contributing to narrowed net loss .
Strong liquidity: $575.9M cash and equivalents, runway into late 2026, enabling continued milestone execution without near-term financing risk .

What Went Wrong

Heart-1 (VERVE-101) enrollment remains paused due to observed laboratory abnormalities believed attributable to the LNP used in VERVE-101; management continues to work with regulators to define a path forward .
Operating expenses increased YoY (R&D $51.0M vs $47.3M; G&A $14.5M vs $13.4M), reflecting ongoing platform and trial investments that weigh on operating loss .
Lack of available SPGI consensus estimates in our system limited formal benchmarking to Wall Street consensus from S&P Global, requiring reliance on third-party sources for “beat/miss” indications .

Financial Results

Metric	Q4 2023	Q1 2024	Q2 2024
Collaboration Revenue ($USD Millions)	$5.143	$5.695	$6.692
R&D Expenses ($USD Millions)	$46.811	$48.376	$50.984
G&A Expenses ($USD Millions)	$12.281	$14.163	$14.547
Total Operating Expenses ($USD Millions)	$59.092	$62.539	$65.531
Loss from Operations ($USD Millions)	$-53.949	$-56.844	$-58.839
Interest and Other Income, Net ($USD Millions)	$6.341	$8.136	$7.429
Change in Fair Value of Success Payment Liability ($USD Millions)	$-0.713	$0.078	$1.671
Net Loss ($USD Millions)	$-48.353	$-48.736	$-49.805
EPS, Basic & Diluted ($USD)	$-0.69	$-0.59	$-0.59
Weighted-Average Shares (Millions)	69.671	83.133	84.227

Margins vs prior periods and estimates

Margin Metric	Q4 2023	Q1 2024	Q2 2024
Net Income Margin % (Net Loss / Collaboration Revenue)	-940.4%	-856.4%	-744.3%
EBIT Margin % (Loss from Ops / Collaboration Revenue)	-1049.2%	-998.3%	-879.6%

Balance Sheet Snapshot

Metric	Q4 2023	Q1 2024	Q2 2024
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$623.950	$606.367	$575.948
Total Assets ($USD Millions)	$752.688	$732.357	$700.910
Total Liabilities ($USD Millions)	$153.186	$149.288	$154.816
Total Stockholders’ Equity ($USD Millions)	$599.502	$583.069	$546.094

Estimates vs Actuals (Q2 2024)

Metric	Actual	SPGI Consensus	3rd-Party Consensus	Beat/Miss
EPS ($USD)	$-0.59	Unavailable	$-0.68	Beat by $0.09
Revenue ($USD Millions)	$6.692	Unavailable	$2.40	Beat by $4.292

Note: S&P Global consensus data were unavailable for VERV in our system; third-party figures used for context.

Segment breakdown: Not applicable (company reports collaboration revenue and expenses; no operating segments disclosed) .

KPIs (Selected)

KPI	Q4 2023	Q1 2024	Q2 2024
Cash Runway	Into late 2026	Into late 2026	Into late 2026
Stock-Based Comp in R&D ($USD Millions)	N/A	$5.6	$6.5
Stock-Based Comp in G&A ($USD Millions)	N/A	$4.7	$5.2

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Heart-2 (VERVE-102) Initial Data & PCSK9 Update	H1 2025	“PCSK9 data update in 2025”	Initial Heart-2 data and PCSK9 program update in H1 2025	Clarified timing (H1) / Maintained trajectory
PCSK9 Program Phase 2 Initiation	H2 2025	Plan to initiate randomized Phase 2 in 2025	Plan to initiate Phase 2 in H2 2025	Clarified timing (H2)
VERVE-201 Phase 1b Initiation	H2 2024	On track for H2 2024	On track for H2 2024, subject to regulatory clearances	Maintained
Heart-1 (VERVE-101) Trial Status	2024	Expected to complete enrollment in 2024	Enrollment paused; investigations ongoing; IND/CTAs remain active	Lowered/Delayed due to safety concerns
Cash Runway	Ongoing	Into late 2026	Into late 2026	Maintained

Earnings Call Themes & Trends

Note: A Q2’24 call was scheduled (7:15AM ET, Aug 8, 2024), but a full transcript was not available in our corpus. Details below leverage company releases .

Topic	Q4 2023 (Q-2)	Q1 2024 (Q-1)	Q2 2024 (Current)	Trend
PCSK9 (VERVE-101/102)	Heart-1 interim human proof-of-concept; plan to initiate Heart-2 in H1’24; Phase 2 in 2025	First patient dosed in Heart-2; Canada/UK CTAs; PCSK9 data update in 2025	Heart-2 enrollment ongoing; Australia CTA; Heart-2 data/PCSK9 update H1’25; PCSK9 Phase 2 planned H2’25	Execution progressing; timelines clarified
ANGPTL3 (VERVE-201)	On track to initiate Phase 1b in H2’24	On track H2’24; program aims to reduce burden for HoFH/refractory ASCVD	On track H2’24, subject to clearances	Maintained timeline
Lp(a) Program (Lilly)	Collaboration expanded; substantial milestones potential	First R&D milestone achieved; up to $465M milestones; tiered royalties; optional margin share post-Phase 1	No new economic updates in Q2 release	Early-stage collaboration progressing
Regulatory/Legal	IND cleared for VERVE-101 in U.S.; expanding sites	Heart-1 paused due to LNP-related lab abnormalities; IND/CTAs active	Heart-1 remains paused; working with authorities; IND/CTAs active	Safety/regulatory resolution pending
Liquidity & Runway	$624M cash; runway into late 2026	$606M cash; runway into late 2026	$576M cash; runway into late 2026	Stable runway; gradual cash usage
R&D Execution & OpEx	Higher R&D/G&A vs prior year	R&D/G&A continue to rise YoY	Further YoY increases; offset by collaboration revenue and other income	Investment continuing; loss narrowed YoY

Management Commentary

“The second quarter has been a period of continued execution for Verve… Our Heart-2 Phase 1b clinical trial of VERVE-102 continues to progress… regulatory clearance in Australia. We look forward to providing initial data… in the first half of 2025… on track to initiate the Phase 1b clinical trial for… VERVE-201… and we continue to advance our early-stage programs including one targeting the LPA gene.” — Sekar Kathiresan, M.D., Co-founder & CEO .
“The clinical benefit from controlling blood cholesterol depends on two factors: the amount of reduction and… how long that reduction is sustained… Verve aims to be at the forefront… designed to provide lifelong cholesterol lowering after a single treatment… runway expected into late 2026” — Sekar Kathiresan, M.D. .
“We are excited to investigate VERVE-102… having recently announced the first patient dosing in the trial… We also remain on track to initiate the Phase 1b clinical trial for VERVE-201… and are pleased with the progress… on our Lp(a) collaboration with Eli Lilly.” — Sekar Kathiresan, M.D. (Q1’24) .

Q&A Highlights

Conference call occurred Aug 8, 2024 at 7:15AM ET; a full transcript was not available in our document corpus, limiting access to Q&A content and any guidance clarifications .
As such, Q&A themes and tone shifts cannot be independently verified from the call transcript; analysis relies on the Q2 press release .

Estimates Context

S&P Global/Capital IQ consensus estimates for VERV were unavailable in our system for Q2 2024, so Wall Street comparisons rely on third-party reporting .
Third-party figures indicate EPS beat: Actual $-0.59 vs Consensus $-0.68 (Beat by $0.09), and revenue beat: Actual $6.70M vs Consensus $2.40M (Beat by $4.30M) .
The revenue beat aligns with company commentary that higher collaboration revenue was driven by increased research services under collaboration agreements, suggesting estimates may need to incorporate collaboration ramps .

Key Takeaways for Investors

Collaboration revenue momentum and EPS beat in Q2’24, alongside clarified timelines (Heart-2 H1’25 data; Phase 2 H2’25), create identifiable catalysts over the next 6–12 months .
Heart-2 execution and geographic expansion reduce program risk for PCSK9 while the Heart-1 LNP-related safety investigation remains the principal overhang; resolution would be a material de-risking event .
Liquidity is robust ($575.9M; runway into late 2026), supporting multiple readouts and trial initiations without near-term financing needs—a key buffer in a clinical-stage biotech .
Collaboration economics and activity (incl. Lilly Lp(a)) underpin revenue variability and can drive quarterly upside; investors should monitor collaboration pipeline milestones and services scope .
OpEx growth is intentional for clinical execution; investors should expect operating losses until clinical inflection points and plan for potential spend increases as VERVE-201 enters clinic .
Near-term trading implications: anticipate sensitivity to clinical/regulatory updates (Heart-2 enrollment pace, initial data timing) and any Heart-1 safety/regulatory clarifications .
Medium-term thesis: single-course gene editing for lifelong LDL-C reduction remains compelling; successful PCSK9/ANGPTL3 clinical progression could reset valuation against cardiometabolic peers and strategic optionality with collaborators .

Verve Therapeutics, Inc. (VERV)·Q2 2024 Earnings Summary