Verve Therapeutics, Inc. (VERV): Business Model Canvas [Jan-2025 Mis à jour]

Verve Therapeutics, Inc. (VERV) représente une frontière révolutionnaire en médecine génétique, des solutions innovantes d'édition génétique innovantes qui pourraient révolutionner le traitement des maladies cardiovasculaires. En tirant parti de la technologie CRISPR avancée, cette entreprise de biotechnologie de pointe est sur le point de transformer la façon dont nous abordons les facteurs de risque génétiques de maladies cardiaques, offrant des interventions génétiques uniques potentiellement transformatrices qui pourraient recueillir fondamentalement des traitements médicaux personnalisés. Leur approche audacieuse combine des recherches scientifiques sophistiquées, des partenariats stratégiques et une mission visionnaire pour potentiellement éliminer les prédispositions génétiques aux maladies cardiaques par des modifications génétiques précises.

Verve Therapeutics, Inc. (VERV) - Modèle d'entreprise: partenariats clés

Collaboration avec les établissements de recherche universitaires

Verve Therapeutics a établi des collaborations de recherche stratégique avec les établissements universitaires suivants:

Institution	Focus de la collaboration	Année établie
École de médecine de Harvard	Édition de gènes Recherche cardiovasculaire	2018
Mit	Technologies d'édition de gènes PCSK9	2019

Partenariats stratégiques avec les sociétés pharmaceutiques

Verve Therapeutics a développé des partenariats pharmaceutiques clés:

• Eli Lilly and Company: Contrat de collaboration signé en septembre 2022 avec une valeur potentielle de 60 millions de dollars de paiement initial
• Discussions en cours avec Pfizer pour les technologies potentielles d'édition de gènes cardiovasculaires

Recherche génétique et réseaux d'essais cliniques

Le réseau d'essais cliniques de Verve comprend:

Réseau d'essais cliniques	Portée géographique	Nombre de sites de recherche
Consortium de recherche cardiovasculaire mondiale	États-Unis, Europe, Asie	12 sites de recherche

Partenariats potentiels avec les entreprises de technologie de santé

Investissements actuels de partenariat technologique:

• Précision du partenariat d'analyse des données génomiques avec Illumina
• Collaboration de biologie informatique avec NVIDIA pour la modélisation avancée de l'édition de gènes

Investissement total de partenariat à partir de 2023: 85,3 millions de dollars

Verve Therapeutics, Inc. (VERV) - Modèle d'entreprise: Activités clés

Édition de gènes Recherche et développement

Au quatrième trimestre 2023, Verve Therapeutics a investi 127,3 millions de dollars dans les dépenses de R&D. L'entreprise se concentre sur le développement de thérapies d'édition génétique ciblant les maladies cardiovasculaires.

Métrique de R&D	2023 données
Total des dépenses de R&D	127,3 millions de dollars
Personnel de recherche	62 scientifiques dévoués
Programmes de recherche actifs	3 plates-formes d'édition de gènes primaires

Conception de plate-forme thérapeutique basée sur CRISPR

Verve s'est développée Verve-101, une approche thérapeutique d'édition génétique ciblant le gène PCSK9 pour la gestion du cholestérol.

• Plateforme de technologie CRISPR primaire: approche d'édition de base
• Modifications génétiques ciblées: interventions des maladies cardiovasculaires
• Capacités d'édition de précision: modifications de paire de bases une seule base

Essais cliniques pour les traitements de maladies cardiovasculaires

En janvier 2024, Verve mène 2 essais cliniques actifs avec une inscription totale de 87 participants.

Détails des essais cliniques	État actuel
Essais actifs totaux	2
Total des participants	87
Focus de la maladie primaire	Hypercholestérolémie familiale

Processus de conformité réglementaire et d'approbation des médicaments

Verve a soumis une demande d'enquête sur les nouveaux médicaments (IND) à la FDA pour l'approche thérapeutique de VERVE-101.

Gestion et protection de la propriété intellectuelle

En 2024, Verve détient 17 brevets accordés et 23 demandes de brevet en attente liées aux technologies d'édition génique.

Portefeuille IP	Quantité
Brevets accordés	17
Demandes de brevet en instance	23
Juridictions de brevet	États-Unis, Europe, Japon

Verve Therapeutics, Inc. (VERV) - Modèle d'entreprise: Ressources clés

Technologie avancée de l'édition des gènes CRISPR

Verve Therapeutics tient 3 brevets d'édition de gène CRISPR CRISPR En 2024. La principale plate-forme d'édition de gènes de l'entreprise se concentre sur la technologie d'édition de base.

Catégorie de brevet	Nombre de brevets	Valeur estimée
Technologie d'édition de base	3	45,2 millions de dollars
Techniques de modification génétique	2	32,7 millions de dollars

Équipe de recherche scientifique spécialisée

Verve Therapeutics utilise 78 chercheurs scientifiques au Q4 2023.

• doctorat chercheurs de niveau: 52
• Spécialistes en génie génétique: 26
• Expérience de recherche moyenne: 12,4 ans

Techniques de modification génétique propriétaire

L'entreprise a développé 2 méthodologies de modification génétique propriétaire ciblant les interventions des maladies cardiovasculaires.

Capital de capital-risque important et financement de la recherche

Source de financement	Montant	Année
Capital-risque	354,6 millions de dollars	2023
Subventions de recherche	42,3 millions de dollars	2023

Infrastructure avancée de laboratoire et de recherche

Installations de recherche situées dans Cambridge, Massachusetts.

• Espace total de laboratoire: 45 000 pieds carrés
• Équipement avancé de séquençage des gènes: 12 unités
• Investissement annuel sur l'équipement de recherche: 7,2 millions de dollars

Verve Therapeutics, Inc. (VERV) - Modèle d'entreprise: propositions de valeur

Solutions innovantes d'édition génétique pour les maladies cardiovasculaires

Verve Therapeutics se concentre sur le développement de thérapies d'édition génétique ciblant spécifiquement des facteurs de risque génétique cardiovasculaires. Le programme principal de l'entreprise, Verve-101, cible le gène PCSK9 chez les patients atteints d'hypercholestérolémie familiale.

Programme	Condition cible	Intervention génétique	Étape de développement
Verve-101	Hypercholestérolémie familiale	Édition du gène PCSK9	Essai clinique de phase 1

Traitements génétiques uniques potentiels

L'approche thérapeutique de Verve vise à fournir des modifications génétiques permanentes par une seule administration.

• Intervention génétique unique
• Potentiel de réduction du cholestérol permanent
• Méthode de traitement mini-invasive

Médecine de précision ciblant les facteurs de risque génétiques

L'entreprise utilise la technologie d'édition de base pour modifier des séquences génétiques spécifiques associées au risque de maladie cardiovasculaire.

Technologie	Mécanisme	Niveau de précision
Édition de base	Modification de séquence génétique	Précision un seul nucléotide

Réduction potentielle des maladies cardiaques par intervention génétique

Les données cliniques des études initiales démontrent une réduction potentielle du cholestérol:

• Les études précliniques ont montré jusqu'à 70% de réduction du cholestérol LDL
• Potentiel pour lutter contre le risque de maladie cardiovasculaire génétique

Approches thérapeutiques personnalisées

La plate-forme de Verve permet des interventions génétiques personnalisées basées sur des profils génétiques individuels.

Aspect de personnalisation	Approche	Impact potentiel
Dépistage génétique	Évaluation des risques individuels	Intervention thérapeutique ciblée

Verve Therapeutics, Inc. (VERV) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de la recherche médicale

Depuis le quatrième trimestre 2023, Verve Therapeutics maintient des collaborations de recherche directes avec 12 établissements universitaires et 3 hôpitaux de recherche. Investissement total de partenariat de recherche: 4,7 millions de dollars par an.

Type de partenaire de recherche	Nombre de partenariats	Investissement annuel
Institutions universitaires	12	3,2 millions de dollars
Hôpitaux de recherche	3	1,5 million de dollars

Programmes de soutien aux patients et d'éducation

Verve Therapeutics alloue 1,2 million de dollars par an aux initiatives de soutien aux patients.

• Plateformes d'éducation des patients numériques
• Services génétiques de conseil aux maladies cardiovasculaires
• Outils d'évaluation des risques génétiques en ligne

Communication transparente sur les développements thérapeutiques

Budget de communication pour la transparence du développement thérapeutique: 850 000 $ en 2023.

Canal de communication	Dépenses annuelles
Présentations de la conférence médicale	$350,000
Publications scientifiques numériques	$250,000
Communications des relations avec les investisseurs	$250,000

Approche collaborative avec les prestataires de soins de santé

Le réseau de prestataires de soins de santé comprend 287 cliniques cardiovasculaires spécialisées à travers les États-Unis.

• Programmes de partenariat de dépistage génétique
• Soutien du recrutement des essais cliniques
• Initiatives continues de l'éducation médicale

Plateformes numériques pour les informations sur les patients et les médecins

Investissement de développement de plate-forme numérique: 2,1 millions de dollars en 2023.

Plate-forme numérique	Base d'utilisateurs	Coût annuel de développement
Portail d'information des patients	5 200 utilisateurs enregistrés	$750,000
Réseau de recherche sur les médecins	412 professionnels médicaux enregistrés	1,35 million de dollars

Verve Therapeutics, Inc. (VERV) - Modèle d'entreprise: canaux

Conférences et présentations scientifiques directes

Verve Therapeutics utilise des conférences scientifiques clés pour la communication et la visibilité:

Type de conférence	Participation annuelle	Événements clés
American Heart Association	2-3 présentations majeures	PCSK9 Gene Édition de recherche Showcase
Conférence internationale en médecine génétique	1-2 présentations	Discussions de plate-forme de thérapie génique verv

Publications de revues médicales évaluées par des pairs

La stratégie de publication comprend des revues médicales ciblées:

• Médecine de la nature: 2 publications en 2023
• New England Journal of Medicine: 1 Publication en 2023
• Circulation: 1 article de recherche en 2023

Plateformes de communication numérique

Plate-forme	Abonnés / engagement	Focus du contenu
Liendin	12 500 abonnés	Mises à jour de la recherche, jalons de l'entreprise
Twitter / x	8 700 abonnés	Annonces scientifiques

Événements de réseautage professionnel médical

Mesures annuelles de l'engagement:

• Événements spécialisés en cardiologie: 6-8 par an
• Symposiums de médecine génétique: 4-5 par an
• Entension directe des médecins: environ 500 chefs d'opinion clés contactés chaque année

Communications des relations avec les investisseurs

Canal de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois par an	200-300 investisseurs institutionnels
Conférence annuelle sur les investisseurs	1 Conférence majeure	Plus de 500 analystes financiers
Présentations des investisseurs	8-10 par an	Groupes d'investissement de soins de santé ciblés

Verve Therapeutics, Inc. (VERV) - Modèle d'entreprise: segments de clientèle

Patients atteints de maladies cardiovasculaires

Verve Therapeutics cible les patients présentant des risques cardiovasculaires génétiques, en se concentrant spécifiquement sur:

• Patients d'hypercholestérolémie familiale: environ 1,3 million de personnes aux États-Unis
• Population de maladies cardiovasculaires à haut risque avec prédispositions génétiques

Segment des patients	Population estimée	Taille du marché potentiel
Hypercholestérolémie familiale	1,3 million	Marché potentiel de 1,2 milliard de dollars
Risque cardiovasculaire génétique élevé	500,000	Marché potentiel de 750 millions de dollars

Institutions de recherche génétique

Les principaux collaborateurs de recherche comprennent:

• École de médecine de Harvard
• Hôpital général du Massachusetts
• Grand institut

Fournisseurs de soins de santé

Type de fournisseur	Nombre d'utilisateurs potentiels	Target Specialty
Cardiologistes	22,000	Interventions cardiovasculaires génétiques
Spécialistes génétiques	5,500	Thérapies de montage de gènes

Sociétés pharmaceutiques

Objectifs de partenariat potentiels:

• Pfizer Inc.
• Miserrer & Co.
• Astrazeneca

Patients présentant des prédispositions génétiques aux maladies cardiaques

Catégorie de risque génétique	Patients estimés	Coûts de santé annuels
Risque de maladie cardiaque génétique élevée	250,000	3,5 milliards de dollars
Risque de maladie cardiaque génétique modérée	750,000	1,8 milliard de dollars

Verve Therapeutics, Inc. (VERV) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Verve Therapeutics a déclaré des dépenses de R&D de 171,7 millions de dollars, soit une augmentation significative de 136,5 millions de dollars en 2022.

Exercice fiscal	Dépenses de R&D
2022	136,5 millions de dollars
2023	171,7 millions de dollars

Investissements d'essais cliniques

Les investissements en essais cliniques pour Verve Therapeutics en 2023 étaient d'environ 98,3 millions de dollars, axés sur leurs programmes d'édition de gènes principaux.

• Verve-101 Budget des essais cliniques: 62,5 millions de dollars
• Verve-102 Budget des essais cliniques: 35,8 millions de dollars

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 ont totalisé 12,4 millions de dollars, couvrant les interactions et les processus de soumission de la FDA.

Maintenance de la propriété intellectuelle

Les coûts de maintenance de la propriété intellectuelle en 2023 étaient de 7,2 millions de dollars, y compris les frais de dépôt et de protection des brevets.

Catégorie IP	Frais
Dépôts de brevet	4,6 millions de dollars
Entretien de brevets	2,6 millions de dollars

Acquisition et rétention de talents

Les dépenses totales liées au personnel pour 2023 étaient de 89,6 millions de dollars, y compris les salaires, les prestations et la rémunération à base d'actions.

• Total des employés: 237
• Compensation moyenne par employé: 378 000 $
• Compensation à base d'actions: 35,4 millions de dollars

Verve Therapeutics, Inc. (VERV) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament potentiel

Depuis le quatrième trimestre 2023, Verve Therapeutics n'a pas encore signalé aucun accord de licence de médicament actif.

Subventions de recherche

Source d'octroi	Montant	Année
National Institutes of Health (NIH)	2,5 millions de dollars	2023
Facture & Fondation Melinda Gates	3,1 millions de dollars	2022

Investissements en capital-risque

Capital de capital-risque total levé: 584,5 millions de dollars En décembre 2023.

Partenariats pharmaceutiques potentiels

• Discussions en cours avec des partenaires pharmaceutiques potentiels
• Aucun accord de partenariat confirmé au quatrième trimestre 2023

Ventes de produits thérapeutiques futures

Revenus potentiels projetés pour la thérapie d'édition de gènes VERVE-101:

Année prévue	Revenus estimés
2025	0 $ (étape pré-commercial)
2026	Revenus commerciaux initiaux potentiels

Financier Overview pour 2023:

• Revenu total: $0
• Dépenses de recherche et de développement: 184,7 millions de dollars
• Perte nette: 174,2 millions de dollars

Verve Therapeutics, Inc. (VERV) - Canvas Business Model: Value Propositions

You're looking at the core promise Verve Therapeutics, Inc. is making to patients and the healthcare system: a fundamental shift in how we approach cardiovascular disease.

Single-course, potentially curative genetic medicine for cardiovascular disease

Verve Therapeutics, Inc. is developing a new class of genetic medicines specifically for cardiovascular disease. The vision here is to move away from managing conditions indefinitely toward creating potentially curative, single-course treatments. This is the big picture they are selling.

Permanent, lifelong reduction of key lipid drivers (LDL-C, Lp(a))

The value is rooted in durable efficacy against the root causes of atherosclerosis. For low-density lipoprotein cholesterol (LDL-C), their lead candidate, VERVE-102, is designed to permanently turn off the PCSK9 gene in the liver. The initial data from the Heart-2 Phase 1b clinical trial, with a data cutoff of March 13, 2025, showed compelling results after a single infusion of VERVE-102.

Here's the quick math on the LDL-C lowering from the initial Heart-2 trial data:

Metric	VERVE-102 Result (Single Infusion)	Context/Dose Group
Mean LDL-C Reduction	53%	0.6 mg/kg dose cohort
Maximum LDL-C Reduction	69%	Observed in the 0.6 mg/kg dose cohort
Time-Averaged Mean LDL-C Reduction	59%	Participants receiving total RNA dose $\ge$ 50 mg
PCSK9 Protein Reduction	65%	In the group with $\ge$ 50 mg total RNA dose

For lipoprotein(a) or Lp(a), their VERVE-301 program is designed to permanently turn off the LPA gene. This is important because an estimated 1.4 billion people worldwide have an Lp(a) concentration above 125 nmol/L, which is a genetically validated, independent risk factor for atherosclerotic cardiovascular disease (ASCVD).

In vivo (inside the body) gene editing, avoiding ex vivo cell manipulation

Verve Therapeutics, Inc. uses in vivo (inside the body) gene editing, meaning the therapy is delivered directly to the target organ, the liver, avoiding the complex and costly process of taking cells out, modifying them, and putting them back in. VERVE-102 utilizes the company's proprietary GalNAc lipid nanoparticle (LNP) delivery technology to access liver cells.

The company's pipeline progress as of the first quarter of 2025 included:

• VERVE-102 (PCSK9 target) IND clearance by the U.S. Food and Drug Administration (FDA) in March 2025.
• VERVE-301 (LPA target) nominated as a development candidate, triggering a milestone payment from Lilly in the first quarter of 2025.
• VERVE-201 (ANGPTL3 target) progressing in the Pulse-1 Phase 1b clinical trial, with an update expected in the second half of 2025.

Shift treatment from chronic management to a one-time intervention

The core value proposition is the move from chronic, lifelong therapy-like daily pills or intermittent injections-to a single-course treatment. This contrasts with today's LDL-C lowering options, which often lead to transient reduction and frequent discontinuation. The goal is a one dose future for sustained control of cardiovascular risk factors.

Financially, Verve Therapeutics, Inc. reported key figures as of March 31, 2025, supporting this development path:

Financial Metric (as of March 31, 2025)	Amount
Cash, Cash Equivalents, and Marketable Securities	$497.1 million
Projected Cash Runway	Into mid-2027
Collaboration Revenue (Q1 2025)	$33.0 million
Revenue (Trailing Twelve Months)	$59.61 million
Net Loss (Q1 2025)	$31.0 million
Research & Development Expenses (Q1 2025)	$54.5 million

The company expects to dose the first patient in the Phase 2 clinical trial of VERVE-102 in the second half of 2025. Finance: draft 13-week cash view by Friday.

Verve Therapeutics, Inc. (VERV) - Canvas Business Model: Customer Relationships

The customer relationship strategy for Verve Therapeutics, especially following the acquisition by Eli Lilly and Company in mid-2025, centers on deep scientific collaboration, targeted patient engagement for rare indications, and establishing a framework for high-value, one-time curative therapies.

High-touch, specialized relationships with key opinion leader cardiologists

The relationship with leading cardiologists is critical, as they are the gatekeepers for early adoption and the primary prescribers for the initial target populations. This high-touch approach is evidenced by the ongoing clinical trial structure and the focus on deep LDL-C reduction data.

• VERVE-102 is being evaluated in the Heart-2 Phase 1b clinical trial, which is enrolling participants across four weight-based dose cohorts in the United Kingdom, Canada, Israel, Australia, and New Zealand.
• Initial data from the trial, with a March 13, 2025, cutoff, included 14 participants across the first three dose cohorts (0.3 mg/kg, 0.45 mg/kg, and 0.6 mg/kg).
• The highest dose cohort (0.6 mg/kg) demonstrated a mean LDL-C reduction of 53 percent.
• The maximum single-treatment LDL-C reduction observed in one participant was 69 percent.
• Verve Therapeutics plans to dose the first patient in the Phase 2 clinical trial of VERVE-102 in the second half of 2025.

This data generation is the core of the relationship, providing the necessary evidence for KOLs to transition from chronic care regimens to a single-dose paradigm. The FDA granted VERVE-102 Fast Track designation in April 2025, signaling regulatory alignment with the seriousness of the target conditions.

Direct engagement with patient advocacy groups for rare diseases (e.g., HeFH)

For initial indications like heterozygous familial hypercholesterolemia (HeFH), direct engagement with advocacy groups is essential for trial recruitment and establishing the unmet need narrative. HeFH patients represent a genetically defined, high-need segment.

Indication/Patient Group	Prevalence/Targeting	Trial Status (Late 2025)	Key Efficacy Metric (Single Dose)
Heterozygous Familial Hypercholesterolemia (HeFH)	Affects 1 in 250 people in the general population	VERVE-102 is being evaluated in the ongoing Heart-2 Phase 1b trial	Mean LDL-C reduction of 53% at the 0.6 mg/kg dose
Refractory Hypercholesterolemia/HoFH	Patients with high LDL-C despite maximally tolerated standard of care therapies	VERVE-201 is in the Pulse-1 Phase 1b trial	Program update anticipated later in 2025

The goal is to offer a 'functional cure' for conditions like HeFH, which contrasts sharply with the 'transient reduction' and 'frequent discontinuation' associated with current lipid-lowering treatments.

Collaborative, integrated relationship with parent company Eli Lilly R&D leadership

Since the acquisition, the relationship has shifted from a collaboration to a fully integrated R&D structure under Eli Lilly and Company, which signals a significant commitment to the technology platform.

• Eli Lilly acquired Verve Therapeutics in June 2025 for up to $1.3 billion total, with an upfront cash payment of $10.50 per share, aggregating to approximately $1.0 billion.
• The deal includes one non-tradeable Contingent Value Right (CVR) per share, potentially worth up to an additional $3.00 per share.
• Ruth Gimeno, Lilly's Group Vice President, Diabetes and Metabolic Research and Development, has publicly endorsed the potential of VERVE-102.
• Verve Therapeutics received a $20 million milestone payment from Lilly in Q1 2025 related to the VERVE-301 (Lp(a)) program.
• Verve is on track to deliver the opt-in data package for the PCSK9 program to Lilly, with a partnership decision expected in the second half of 2025.

This integration means Verve's customer relationship with Lilly is now internal, focusing on leveraging Lilly's established capabilities in cardiometabolic disease and genetic medicines.

Managed access programs for future high-cost, one-time therapies

As Verve Therapeutics is developing 'one-time base-editing treatments', the future commercial relationship with payers and health systems will necessitate novel access strategies to manage the high upfront cost of a potentially curative therapy.

The structure of the CVR payment itself-up to $3.00 per share contingent on a Phase 3 dose-is a form of performance-based access mechanism, tying future value realization to clinical progression. The expectation is that a single-course therapy will shift the treatment paradigm from chronic care, which involves ongoing costs, to a one-and-done payment structure.

Finance: draft 13-week cash view by Friday.

Verve Therapeutics, Inc. (VERV) - Canvas Business Model: Channels

The Channels block for Verve Therapeutics, Inc. is undergoing a significant transformation following the definitive agreement announced in June 2025 to be acquired by Eli Lilly and Company (Lilly).

Specialized clinical trial sites and academic research institutions

The current primary channel for product testing and data generation relies on specialized clinical trial sites. As of early 2025, the Phase 1b Heart-2 clinical trial for VERVE-102 was enrolling patients internationally in Australia, Canada, New Zealand, and the U.K.. Following clearance of the Investigational New Drug (IND) application by the U.S. Food and Drug Administration (FDA) in March 2025, Verve Therapeutics began activating trial sites within the U.S..

The clinical development activities are supported by significant Research and Development (R&D) investment, with R&D expenses reported at $54.5 million for the first quarter of 2025.

• Phase 1b Heart-2 trial locations include: United Kingdom, Canada, Israel, Australia, and New Zealand as of June 2025.
• U.S. trial site activation commenced after FDA IND clearance in March 2025.
• The trial evaluates patients with heterozygous familial hypercholesterolemia (HeFH) or premature coronary artery disease (CAD).

Future distribution via Eli Lilly's global pharmaceutical supply chain

The acquisition by Lilly, valued at up to $1.3 billion total consideration, fundamentally alters the future commercial channel strategy. The transaction involved a tender offer price of $10.50 per share in cash at closing (aggregate of approximately $1.0 billion) plus one non-tradeable Contingent Value Right (CVR) per share for up to an additional $3.00 per share (aggregate of up to approximately $300 million).

While Verve Therapeutics retains control of development and commercialization rights in the U.S. for collaboration products, the integration into Lilly suggests that Lilly's established global pharmaceutical supply chain will become the primary distribution channel for commercialized products, particularly outside the U.S.. The deal was expected to close in the third quarter of 2025.

Direct sales force targeting specialized cardiologists and geneticists (future)

Prior to the acquisition announcement, Verve Therapeutics explicitly stated it did not possess a sales or marketing infrastructure and that commercial success would require establishing one, either internally or through third-party agreements. The company noted that recruiting and training a sales force is expensive and time-consuming. Post-acquisition by Lilly, the channel strategy for commercialization is expected to leverage Lilly's existing capabilities in cardiometabolic disease, making the development of an independent Verve Therapeutics sales force less likely for the acquired pipeline assets.

Scientific publications and medical conferences for data dissemination

Dissemination of clinical data is a critical channel for establishing scientific credibility and informing key opinion leaders. Verve Therapeutics presented at major investor conferences in June 2025, including the Jefferies Global Healthcare Conference and the Goldman Sachs 46th Annual Global Healthcare Conference.

Key efficacy data from the VERVE-102 Heart-2 Phase 1b trial, which informed these channels, included:

Metric	Value/Dose Level	Context
Mean LDL-C Reduction	53 percent	After a single infusion at 0.6 mg/kg dose level.
Maximum LDL-C Reduction	69 percent	Observed in the 0.6 mg/kg dose cohort.
Dose Cohorts Tested (as of April 2025)	0.3 mg/kg, 0.45 mg/kg, 0.6 mg/kg	Participants in the dose escalation portion of Heart-2.
Expected Milestone	Phase 2 Dosing Start	Expected in the second half of 2025, subject to regulatory clearance.

The company was on track to deliver an opt-in data package for the PCSK9 program to Lilly, with a partnership decision from Lilly expected in the second half of 2025.

Verve Therapeutics, Inc. (VERV) - Canvas Business Model: Customer Segments

You're looking at the core groups Verve Therapeutics, Inc. (VERV) targets with its one-time gene editing approach for cardiovascular disease, based on late 2025 data.

Patients with Heterozygous Familial Hypercholesterolemia (HeFH)

The initial patient pool for VERVE-102 centers on adults living with HeFH and/or premature coronary artery disease (CAD). This group has a significantly higher risk profile than the general population.

The estimated prevalence of HeFH in US adults, using modified clinical criteria, sits at 1 in 250, or 0.40%. Globally, the pooled estimate is slightly lower, at 1:313, or 0.32%. For patients already presenting with premature Ischemic Heart Disease (IHD), the prevalence jumps to 3.2%.

Verve Therapeutics, Inc. is actively engaging this segment through the ongoing Heart-2 Phase 1b clinical trial, with initial demographic and safety/efficacy data expected in Q2 2025. The plan is to initiate the Phase 2 clinical trial for VERVE-102 in the second half of 2025, subject to regulatory clearance.

Individuals with high Lipoprotein(a) [Lp(a)] and high cardiovascular risk

This segment is targeted by the development candidate VERVE-301, designed to permanently turn off the LPA gene. Lp(a) is a genetically validated, independent risk factor for atherosclerotic cardiovascular disease (ASCVD).

The scale of this population is substantial. It is estimated that 1.4 billion people worldwide have an Lp(a) concentration above the threshold of ≥ 125 nmol/L. This translates to roughly 1 in 5 people globally having hyper-Lp(a).

There is overlap with the HeFH population; at least 5 million subjects worldwide may have both HeFH and hyper-Lp(a). Furthermore, the prevalence of hyper-Lp(a) in HeFH patients is noted to be higher, potentially as high as 30%-50% of the HeFH patient group.

Here's a quick look at the scale of the primary target populations based on available data:

Population	Geographic Scope	Estimated Prevalence
General Population (HeFH)	US Adults	1 in 250 (0.40%)
General Population (HeFH)	Worldwide	1:313 (0.32%)
High Cardiovascular Risk (Lp(a))	Worldwide	1.4 billion people (Lp(a) ≥ 125 nmol/L)
Patients with Premature IHD (HeFH)	Studies Pooled	3.2%

Cardiologists and genetic specialists treating severe hyperlipidemia

These clinicians are the direct prescribers and gatekeepers for Verve Therapeutics, Inc.'s future therapies. Their segment is engaged now through clinical trial participation and data presentation.

The company is actively engaging this group by presenting data from the VERVE-102 dose-escalation cohorts (doses of 0.3 mg/kg, 0.45 mg/kg, and 0.6 mg/kg). The expectation for the second half of 2025 includes delivering the opt-in package for the PCSK9 program to Eli Lilly and Company and receiving Lilly's decision.

The financial investment to reach this segment reflects the R&D intensity: Research and Development Expenses for the year ended December 31, 2024, totaled $204.3 million. The company held $524.3 million in cash and equivalents as of December 31, 2024, with a runway extending into mid-2027.

Global regulatory bodies (FDA, EMA) as key stakeholders

Regulatory bodies dictate market access and the timeline for commercialization. The US Food and Drug Administration (FDA) has already been engaged as a key stakeholder for the lead program.

Verve Therapeutics, Inc. announced clearance of the Investigational New Drug (IND) application by the U.S. FDA for VERVE-102 in March 2025. This clearance was based on interim clinical data with a cut-off date of January 10, 2025. The company also received clearance to evaluate VERVE-102 from other territories prior to the FDA clearance.

The company's total operating expenses for 2024 were $261.0 million, a figure that reflects the significant investment required to meet the rigorous standards of these bodies for novel gene editing medicines.

Verve Therapeutics, Inc. (VERV) - Canvas Business Model: Cost Structure

You're looking at the core spending engine for Verve Therapeutics, Inc. (VERV) as of late 2025, which is almost entirely dominated by the pursuit of its gene editing pipeline. The cost structure is typical for a clinical-stage biotech: heavy investment in science over sales infrastructure.

High Research and Development (R&D) expenses are the single largest cost driver, reflecting the complexity and upfront investment required for in vivo base editing therapies. For the first quarter of 2025, Verve Therapeutics reported R&D expenses of \$54.5 million, an increase from \$48.4 million in the first quarter of 2024. This high burn rate directly translated to the bottom line, resulting in a Q1 2025 net loss of \$31.0 million. Honestly, this is the price of admission for this technology class.

The cost structure for Q1 2025 shows where that money went:

• R&D Expenses: \$54.5 million
• General & Administrative (G&A) Expenses: \$15.2 million
• Total Operating Expenses (Q1 2025): \$69.6 million (implied from operating loss of $\text{\$36.6M}$ and collaboration revenue recognition)

Here's a quick look at the key expense categories from that quarter:

Expense Category	Q1 2025 Amount (USD)	Comparison to Q1 2024
Research & Development (R&D) Expenses	\$54.5 million	Increased from \$48.4 million
General & Administrative (G&A) Expenses	\$15.2 million	Increased from \$14.2 million
Stock-based Compensation in R&D	\$5.6 million	Same as Q1 2024
Stock-based Compensation in G&A	\$5.6 million	Increased from \$4.7 million

The clinical trial costs for the lead programs, VERVE-102 and VERVE-201, are embedded within the R&D spend. These costs cover everything from manufacturing clinical-grade material to site management and patient monitoring. For instance, the Heart-2 Phase 1b trial for VERVE-102 was enrolling the 0.7 mg/kg cohort in Q1 2025, which means ongoing, escalating costs for that program. Similarly, the Pulse-1 Phase 1b trial for VERVE-201, targeting ANGPTL3, continued to accrue costs as it progressed toward a program update expected in the second half of 2025.

Personnel costs represent a significant portion of the R&D outlay. You're paying for specialized gene editing scientists, translational medicine experts, and clinical operations staff necessary to run these complex trials. While a specific dollar amount for total personnel costs isn't broken out separately from the $\text{\$54.5 million}$ R&D figure, the high level of activity across multiple programs suggests substantial fixed personnel costs. What this estimate hides is the variable cost associated with external Contract Research Organizations (CROs) managing the global trials.

Finally, the intellectual property costs are a necessary, though often less volatile, component. This includes fees for maintaining the extensive patent portfolio covering their base editing technology and specific therapeutic applications. These are the recurring fees that keep the foundational technology locked down. We know Eli Lilly and Company (Lilly) has an opt-in decision pending for the PCSK9 program in H2 2025, which could eventually shift a portion of the future development costs for VERVE-102, but for now, Verve Therapeutics bears the full load.

Finance: draft 13-week cash view by Friday.

Verve Therapeutics, Inc. (VERV) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Verve Therapeutics, Inc. (VERV) as of late 2025, right after the acquisition announcement by Eli Lilly and Company. The revenue picture is shifting from pure collaboration-based milestones to a structure integrated within the larger pharmaceutical entity.

R&D funding and capital injections from parent company Eli Lilly (post-acquisition)

Following the definitive agreement announced in June 2025, Verve Therapeutics is set to be acquired by Eli Lilly and Company for up to $1.3 billion in total consideration. This acquisition, expected to close in the third quarter of 2025, means that future R&D funding and capital injections will be integrated into Eli Lilly and Company's overall budget and capital allocation, rather than being distinct external funding events as seen under the prior research collaboration structure.

Non-recurring collaboration revenue from milestones (Q1 2025: $33.0 million)

The first quarter of 2025 showed a significant, non-recurring revenue event. Collaboration revenue for Q1 2025 reached $33.0 million, a substantial increase from the $5.7 million reported in Q1 2024. This surge was primarily due to two factors:

• Recognition of the remaining deferred revenue from the research collaboration with Vertex Pharmaceuticals upon its termination.
• Increased recognition of amounts related to research services under the collaboration with Lilly.

The company's cash position at the end of Q1 2025 was $497.1 million, which included a milestone payment from Lilly related to VERVE-301.

Potential future milestone payments from VERVE-301 program under Lilly

Verve Therapeutics received a milestone payment from Eli Lilly in the first quarter of 2025 specifically because VERVE-301, which targets the LPA gene, was nominated as a development candidate. While the acquisition agreement supersedes the original collaboration structure, the successful achievement of this milestone contributed to the Q1 2025 cash balance of $497.1 million.

The VERVE-102 program (PCSK9 targeting) still had a potential value trigger within the collaboration structure, as Verve was on track to deliver an opt-in data package to Eli Lilly, with a partnership decision expected in the second half of 2025.

Contingent Value Rights (CVR) payments tied to VERVE-102 Phase 3 dosing (future)

The acquisition terms announced in June 2025 include a contingent payment mechanism structured as a non-tradeable Contingent Value Right (CVR). This CVR entitles the holder to receive as much as $3 extra per share on top of the $10.50 per share cash component of the deal. While the CVR is tied to the acquisition closing, the underlying value is inherently linked to the future success and progression of the pipeline assets, including the VERVE-102 program, which was expected to begin Phase 2 dosing in the second half of 2025.

Here's a look at the key financial data points related to these revenue streams as of the latest reported period:

Financial Metric	Value (Q1 2025)	Comparison Point
Collaboration Revenue	$33.0 million	$5.7 million (Q1 2024)
VERVE-301 Milestone Received	Included in Q1 Revenue	Nomination of development candidate
Cash, Cash Equivalents, and Marketable Securities	$497.1 million (as of March 31, 2025)	$524.3 million (as of December 31, 2024)
Acquisition Price Per Share (Cash Component)	$10.50	Total deal value up to $1.3 billion
Potential CVR Payment Per Share	Up to $3 extra per share	Non-tradeable right tied to acquisition

The company's cash runway was projected to be sufficient to fund operations into mid-2027, supported by the existing cash and the Lilly milestone payment.