2025-06-05-Jefferies-Verve（VERV）_Verve在杰富瑞2025年医疗保健会议_VERVE_-_102的重大事件及2025年下半年的更新_8页_120kb

报告摘要

Verve Therapeutics (VERV) Equity Research Summary (June 4, 2025)

Key Points:

Company: Verve Therapeutics is a clinical-stage biotechnology company focused on developing one-time gene editing therapies for atherosclerotic cardiovascular disease (ASCVD).
Lead Program: VERVE-102 uses base editing for the PCSK9 gene to reduce LDL-C levels. It aims to deliver opt-in data to Eli Lilly in 2H25 based on positive Phase 1b data showing dose-dependent reductions in PCSK9 and LDL-C (mean reduction 53-59%).
Development Progress: The company is progressing through dose escalation. Dosing for the fourth cohort (0.7mg/kg) is ongoing. Opt-in data package delivery to Lilly is expected in 2H25; a positive Lilly decision is anticipated. Management continues positive interactions with the FDA. Commercial discussions are planned for mid-2027.
Pipeline: VERVE-201 (ANGPTL3 program) dosed first patients in a Phase 1b trial (Pulse-1). Data update expected in 2H25. VERVE-301 (Lp(a) program) is in preclinical development. Eli Lilly holds an exclusive research collaboration, having paid a $20M milestone.
Commercial Strategy: Pricing strategy aims to be in line with one-time cardiovascular procedures, approximately $1500 per dose for VERVE-102, rather than using "rare disease pricing." Cost savings attributed to efficient manufacturing.
Financials: ~$497.1M cash runway extending into mid-2027.
Valuation & Rating:
- Rating: BUY
- Price Target (up from $4.84): $28.00 (+479% upside)
- Valuation Methodology: Discounted Cash Flow (DCF) based.
- Risks: Clinical, regulatory, and commercial related.
- Analyst Certifications: Roger Song (MD, CFA), Cha Cha Yang (MS, MBA), Liang Cheng (PhD), Fiona Jia (PhD). Disclosure notes regarding potential conflicts of interest with Jefferies and its affiliates are present.