Executive Summary

Verve reported Q4 2024 collaboration revenue of $13.1M and a net loss of $50.0M ($0.58/share); 2024 year-end cash was $524.3M with runway now guided into mid-2027 following a February 2025 Lilly milestone payment .
Pipeline momentum: Heart-2 (VERVE-102, PCSK9) dosing across three cohorts with no treatment-related SAEs or clinically significant lab abnormalities; initial data guided for Q2 2025 and final dose-escalation data in 2H 2025, with Phase 2 initiation planned in 2H 2025 .
Strategic milestones: Lilly opt-in package delivery and decision for the PCSK9 program expected in 2H 2025; VERVE-201 (ANGPTL3) Phase 1b enrollment ongoing; VERVE-301 (LPA) nominated with Lilly milestone received .
No Q4 earnings call transcript was available; management commentary from the March 11 Barclays session reiterated safety confidence with the next-gen LNP in VERVE-102 and set efficacy benchmarks comparable to inclisiran (LDL-C ~40–50%, PCSK9 60–70%) for the Q2 dataset .

What Went Well and What Went Wrong

What Went Well

VERVE-102 safety profile: “As of February 13, 2025, VERVE-102 continues to be well-tolerated,” with no treatment-related SAEs or clinically significant lab abnormalities; dosing progressed through three cohorts (0.3/0.45/0.6 mg/kg) .
Execution and milestones in sight: Initial Heart-2 data in Q2 2025; final dose-escalation and Phase 2 start in 2H 2025; Lilly opt-in decision in 2H 2025, positioning a catalyst-rich 2025 .
Cash runway extended: $524.3M year-end cash and a February 2025 Lilly milestone extend runway into mid-2027, bolstering trial execution and option value heading into data .
CEO tone: “2024 was a year of strong execution… groundwork for 2025 to be a milestone-rich year,” emphasizing momentum across programs and balance sheet strength .

What Went Wrong

Continued operating losses and higher OpEx: Q4 R&D $55.0M (+18% YoY) and G&A $14.1M (+14% YoY) drove a Q4 net loss of $50.0M; 2024 net loss $198.7M .
Heart-1 (VERVE-101) remains paused during Heart-2 dose escalation, reflecting first-gen LNP-related lab abnormalities previously observed; program remains on hold while 102 advances .
Vertex collaboration ended; Verve regains rights and will progress the nonclinical liver disease program independently—strategic flexibility, but removal of a partner is a watch item .

Financial Results

Quarterly P&L Trend (oldest → newest)

Metric	Q2 2024	Q3 2024	Q4 2024
Collaboration Revenue ($USD Millions)	$6.692	$6.865	$13.080
Research & Development ($USD Millions)	$50.984	$49.938	$55.048
General & Administrative ($USD Millions)	$14.547	$13.837	$14.099
Net Loss ($USD Millions)	$(49.805)	$(50.133)	$(50.035)
Diluted EPS ($)	$(0.59)	$(0.59)	$(0.58)
Cash & Marketable Securities (period-end, $USD Millions)	$575.948	$539.920	$524.281

YoY Comparison (Q4 2024 vs Q4 2023)

Metric	Q4 2023	Q4 2024
Collaboration Revenue ($USD Millions)	$5.143	$13.080
R&D ($USD Millions)	$46.811	$55.048
G&A ($USD Millions)	$12.281	$14.099
Net Loss ($USD Millions)	$(48.353)	$(50.035)
Diluted EPS ($)	$(0.69)	$(0.58)

Notes: No Street consensus from S&P Global was available for Q4 2024 at the time of this analysis; therefore, no vs-estimates comparisons are provided (S&P Global data unavailable via tool mapping).

Segment/KPIs

No revenue segments; collaboration revenue is primary line item .
Clinical KPIs:
- VERVE-102: three cohorts (0.3/0.45/0.6 mg/kg) dosed; well-tolerated; initial Heart-2 data in Q2 2025 .
- Heart-2 participants: seven dosed across two cohorts as of Oct 29, 2024 (historical milestone) .
- VERVE-201 (ANGPTL3): Pulse-1 Phase 1b enrollment ongoing; program update in 2H 2025 .
- VERVE-301 (LPA): development candidate nominated; Lilly milestone received .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Corporate	Through 2026 (Q3’24)	Into mid-2027, inclusive of Feb 2025 Lilly milestone (Q4’24)	Raised runway
Heart-2 (VERVE-102) Initial Data	Timing	1H 2025 (Q3’24)	Q2 2025 (Q4’24)	Narrowed timing window
Heart-2 Final Dose Escalation Data	Timing	2H 2025 (Q3’24)	2H 2025 (Q4’24)	Maintained
PCSK9 Phase 2 Initiation	Timing	2H 2025 (Q3’24)	2H 2025 (Q4’24)	Maintained
Lilly Opt-In (PCSK9)	Timing	Not specified	2H 2025 (Q4’24)	New, time-bound
ANGPTL3 Program Update (VERVE-201)	Timing	N/A	2H 2025 (Q4’24)	New, time-bound

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2–Q3 2024)	Current Period (Q4 2024)	Trend
PCSK9/Heart-2 timelines	Initial data in 1H25; Phase 2 in 2H25	Initial data Q2 2025; final escalation and Phase 2 in 2H25	Increased precision (Q2)
LNP safety profile	101 LNP likely driver of lab abnormalities; Heart-1 paused	102 well-tolerated to date; no treatment-related SAEs or lab abnormalities	Improving safety narrative
Partnerships	Lilly LPA milestone; collaboration ongoing	Lilly opt-in decision for PCSK9 expected 2H25; Vertex collaboration terminated (rights regained)	Greater clarity; mixed (loss of Vertex)
Capital runway	Into late 2026 / through 2026	Into mid-2027 after Lilly milestone	Extended runway
Clinical execution	Heart-2 enrollment expanding geographies	Three cohorts dosed; Q2 data; VERVE-201 enrollment ongoing	Advancing per plan

Note: No Q4 earnings call transcript found; management commentary references include company press release and Barclays fireside chat on March 11, 2025 .

Management Commentary

CEO on execution and 2025 catalysts: “2024 was a year of strong execution… we are on track to report initial data from the Heart-2 trial in the second quarter of this year… final data… opt-in decision from Lilly… program update for VERVE-201” .
CEO on VERVE-102 LNP safety: VERVE-102 uses a different ionizable lipid (same class as Intellia’s) and a proprietary GalNAc ligand; expectation is to retain LDL-C lowering and durability while avoiding prior lab abnormalities seen with 101 .
Efficacy benchmarks for Q2 data readout: aiming for inclisiran-like effects—LDL-C reduction ~40% in HeFH and ~50% in ASCVD; PCSK9 reduction ~60% in HeFH and ~70% in ASCVD—across 10–12 patients at 28 days (cohorts 0.3/0.45/0.6 mg/kg) .

Q&A Highlights

LNP differences and safety: Management emphasized that 102’s ionizable lipid matches one with multi-hundred-patient clinical exposure (Intellia) and that cohort dosing to date supports a benign lab profile versus 101; lab changes with 101 were attributable to the LNP, not editing cargo .
Data scope and endpoints: Q2 data to include 10–12 patients across three dose levels with ≥28-day follow-up focusing on safety, LDL-C, and PCSK9 (nadir by day 28) .
Target product profile: Inclisiran-comparable LDL-C lowering and PCSK9 reductions; GalNAc designed to equalize delivery in patients with LDLR mutations (HeFH) via ASGPR uptake .
Milestone cadence: 1) Q2 initial data; 2) 2H 2025 final dose-escalation; 3) 2H 2025 Lilly opt-in decision .

Estimates Context

S&P Global/Capital IQ consensus estimates for Q4 2024 EPS and revenue were unavailable for VERV via our integration at the time of analysis; as a result, we cannot provide vs-consensus comparisons for Q4 2024. Values retrieved from S&P Global were unavailable due to missing mapping in the tool.

Key Takeaways for Investors

Near-term catalyst: Initial Heart-2 (VERVE-102) data in Q2 2025 is the key binary for efficacy/safety validation of the next-gen LNP; management’s TPP targets inclisiran-like LDL-C lowering, which would be thesis-supportive if met or exceeded .
Safety de-risking: Clean early safety (no treatment-related SAEs/lab abnormalities to date) materially improves the risk-reward versus the 101 experience; confirmation in Q2 readout is critical .
Strategic leverage: Lilly’s potential opt-in (2H 2025) could provide validation and shared funding; extended cash runway into mid-2027 affords negotiating and execution flexibility through multiple data events .
ANGPTL3 optionality: VERVE-201 enrollment continues; a 2H 2025 update broadens the cardiometabolic gene-editing story beyond PCSK9 .
Watch items: Heart-1 remains paused (legacy LNP), and Vertex’s exit removes a partner on a separate liver program; neither impacts the 102 data path but are relevant to long-term platform perception .
Positioning: Absence of sell-side consensus limits “beat/miss” framing; trading likely to center on magnitude/durability of LDL-C and PCSK9 reductions, and clean safety at 28 days across cohorts in Q2 .

Appendix – Prior Two Quarters (for trend)

Q3 2024: Collab revenue $6.9M; R&D $49.9M; G&A $13.8M; net loss $50.1M ($0.59); cash $539.9M; seven Heart-2 participants dosed across two cohorts; VERVE-201 first participant dosed .
Q2 2024: Collab revenue $6.7M; R&D $51.0M; G&A $14.5M; net loss $49.8M ($0.59); cash $575.9M; Heart-2 enrolling; Phase 1b for VERVE-201 on track for 2H 2024 .

Sources: Q4 2024 8-K and press release with financial tables ; Q3 2024 8-K and exhibit ; Q2 2024 8-K and exhibit ; Barclays fireside chat transcript (Mar 11, 2025) .

Verve Therapeutics, Inc. (VERV)·Q4 2024 Earnings Summary