Verve Therapeutics, Inc. (VERV): Business Model Canvas [Dec-2025 Updated]

You're digging into the nuts and bolts of Verve Therapeutics, Inc. (VERV) now that it's firmly under the Eli Lilly umbrella, and honestly, understanding the business model is key to seeing where the value lies post-deal. This isn't just another biotech; it's an R&D engine focused on a one-time, genetic fix for heart disease, aiming to replace chronic management. While they posted a $31.0 million net loss in Q1 2025, they still held $497.1 million in cash as of March 31, 2025, showing the runway Lilly provides. Below, I've broken down exactly how this new structure-from their proprietary base editing tech to their reliance on Lilly for revenue-works across all nine building blocks, so you can see the strategic pivot clearly.

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

You're looking at the core alliances that underpinned Verve Therapeutics, Inc. (VERV)'s value proposition, especially leading up to its acquisition by Eli Lilly and Company. These partnerships were crucial for funding development and providing the scale needed for late-stage clinical work.

Eli Lilly and Company (Parent Company/Acquirer)

The relationship with Eli Lilly and Company culminated in a definitive agreement in June 2025, fundamentally changing Verve Therapeutics, Inc.'s structure from an independent entity to a wholly-owned subsidiary. This transaction validates the in vivo gene editing platform.

The financial structure of the acquisition was significant:

• Upfront cash payment at closing: approximately $1 billion.
• Per-share cash purchase price: $10.50 per share.
• Total potential consideration: up to $1.3 billion.
• Contingent Value Right (CVR) potential: up to an additional $3.00 per share, totaling up to $300 million.

The CVR payment is contingent upon the initiation of a Phase III clinical trial for VERVE-102 in the United States on or prior to the tenth anniversary of closing. Prior to the acquisition, the partnership already included specific financial milestones. For instance, Verve Therapeutics received a milestone payment from Eli Lilly and Company in the first quarter of 2025 following the nomination of VERVE-301 as a development candidate. The collaboration for VERVE-301, targeting the Lp(a) gene, originally included a $60 million upfront payment, with an additional $465 million plus tiered royalties contingent on future milestones.

Collaboration revenue recognized by Verve Therapeutics, Inc. was $33.0 million for the first quarter of 2025. For the full year 2024, collaboration revenue was $32.3 million.

Academic medical centers for clinical trial execution

Clinical trial execution relies on a network of specialized centers across multiple jurisdictions. The lead asset, VERVE-102, is being tested in the Heart-2 Phase 1b trial, which is expanding its geographical footprint.

The clinical trial execution scope includes sites in the following countries:

• The United Kingdom
• Canada
• Israel
• Australia
• New Zealand

The Heart-2 trial progressed through several dose cohorts. Initial data reported in April 2025 included 14 participants across the first three cohorts, with doses at 0.3 mg/kg, 0.45 mg/kg, and 0.6 mg/kg. By April 2025, the trial was enrolling participants in the fourth dose cohort of 0.7 mg/kg. The company planned to dose the first patient in the subsequent Phase 2 clinical trial for VERVE-102 in the second half of 2025.

Contract Research Organizations (CROs) for global trial support

Global trial support, including logistics and site management across the five countries listed above, is managed through CROs. While specific CRO contracts and their financial values are not publicly detailed, the operational scale is defined by the trial structure.

The Phase 1b trial structure involved:

• 4 planned dose cohorts for VERVE-102.
• Each cohort comprised 3 to 9 participants.

Specialized manufacturing partners for gene editing components

Manufacturing expertise for the proprietary base editing components and the GalNAc-LNP delivery technology is critical. Following the acquisition, Eli Lilly and Company is set to integrate these capabilities.

Specifically, under the pre-acquisition collaboration for VERVE-301, Eli Lilly and Company was set to take over manufacturing and commercialization following Phase I clinical development. The VERVE-102 therapy utilizes a proprietary GalNAc-LNP coating.

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

You're managing the core scientific and strategic execution that underpins Verve Therapeutics, Inc.'s valuation, especially now with the pending acquisition by Eli Lilly and Company. The key activities center on advancing the lead programs through clinical milestones and leveraging the foundational delivery technology.

Advancing VERVE-102 (PCSK9) Phase 1b/2 clinical trials

The most immediate activity involves driving the VERVE-102 program forward in the Heart-2 Phase 1b trial. Initial data showed that a single infusion resulted in a mean reduction in LDL-C of 53% in the highest tested cohort (0.6 mg/kg dose level) after at least 28 days of follow-up, with a maximum drop of 69% observed in that group of four participants. The therapy was well-tolerated, reporting no treatment-related serious adverse events across the initial 14 participants. Verve Therapeutics is currently enrolling a fourth cohort at 0.7 mg/kg. Key milestones for the second half of 2025 include reporting the final data for the dose escalation portion of the Heart-2 trial and dosing the first patient in the Phase 2 clinical trial, which is subject to regulatory clearance. The company's current capital position is projected to fund operations into mid-2027, which covers the completion of the Phase 2 trial.

• FDA Fast Track designation granted for VERVE-102 in March 2025.
• Initial data showed blood PCSK9 protein fell by 60% on average in the 0.6 mg/kg cohort.
• Dose cohorts tested included 0.3 mg/kg, 0.45 mg/kg, and 0.6 mg/kg.

Preclinical development of VERVE-301 (Lp(a)) and VERVE-201 (ANGPTL3)

Verve Therapeutics is simultaneously advancing its next pipeline assets, which are critical for long-term pipeline depth. For VERVE-301, targeting the LPA gene to reduce Lipoprotein(a) [Lp(a)], the key activity was the nomination of the asset as the development candidate in January 2025. This triggered a milestone payment from Eli Lilly in Q1 2025. Lp(a) is a major risk factor, with an estimated 1.4 billion people worldwide having concentrations above ≥ 125 nmol/L. Meanwhile, VERVE-201, targeting the ANGPTL3 gene for refractory hypercholesterolemia and HoFH, continues in the Pulse-1 Phase 1b clinical trial, with a program update expected in the second half of 2025.

Continuous optimization of the proprietary GalNAc-LNP delivery platform

The success of the clinical pipeline hinges on the proprietary delivery technology. The VERVE-102 therapy uses the improved GalNAc-LNP formulation, which is designed to access liver cells via asialoglycoprotein receptors or LDL receptors. This platform change appears to have addressed prior safety concerns, as the GalNAc-LNP demonstrated a potentially best-in-class safety profile in Phase 1b trials, with no clinically significant laboratory abnormalities like liver enzyme spikes or low platelets observed. In preclinical work for the ANGPTL3 program, the GalNAc-LNP achieved mean liver editing between 61 to 64% and blood ANGPTL3 protein knockdown of 89 to 90%.

Integrating R&D and regulatory strategy with Eli Lilly's global infrastructure

A major activity involves managing the strategic relationship with Eli Lilly and Company, which is set to acquire Verve Therapeutics for up to $1.3 Billion. The deal structure includes an upfront payment of almost $1 billion, based on a cash offer of $10.50 per share, plus a further $300 million contingent on clinical milestones. This acquisition is expected to close in Q3 2025. Prior to the acquisition, the R&D strategy included delivering an opt-in data package for the PCSK9 program to Lilly, with a decision expected in the second half of 2025. The company's first quarter 2025 financial performance showed R&D expenses totaled $54.5 million, against a total cash, cash equivalents, and marketable securities balance of $497.1 million at the end of that quarter.

The Lilly deal terms included a 33% contribution share for Lilly on worldwide development expenses if the opt-in occurred, and a 50/50 profit/expense split for US commercialization.

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

You're building a company on the absolute frontier of medicine, so your key resources aren't factories or inventory; they're pure intellectual property and the people who create it. For Verve Therapeutics, Inc., this means owning the foundational science and having the cash to see it through the clinic.

Proprietary base editing technology and intellectual property portfolio

The core asset here is the proprietary base editing technology itself, which aims to transform cardiovascular disease treatment from chronic care to a one-dose future. This technology is protected by a growing portfolio of intellectual property.

As of late 2025, Verve Therapeutics, Inc. has accumulated a patent portfolio consisting of 90 application patents and 20 granted patents, all spread across 10 patent families. This IP is being aggressively defended globally, with filings pursued in 13 different countries, including key markets like the UK, United States, Canada, Australia, and Korea. The company's IP is dominated by two main families covering the base editing mechanism and the RNA delivery systems. It's defintely worth noting that the intellectual property landscape is subject to ongoing patent interference proceedings, which could affect future licensing rights.

Here's a quick look at the IP scope:

GalNAc-LNP (Lipid Nanoparticle) liver-targeting delivery platform

The delivery vehicle is just as critical as the editing payload, so the proprietary GalNAc-LNP platform is a major resource. This system is specifically designed for efficient and potent liver editing, which is where the target genes for their lead programs reside. This technology was developed to overcome limitations of standard LNPs, particularly by optimizing binding to the asialoglycoprotein receptor (ASGPR) rather than relying on the low-density lipoprotein receptor (LDLR).

The formulation work has been precise. In one demonstration leveraging this delivery approach in an LDLR knockout model, the proprietary GalNAc-LNP achieved maximal liver editing with a low GalNAc-lipid content of just 0.05 mol%. Furthermore, preclinical data in non-human primates showed that the GalNAc-LNP could deliver its ANGPTL3 base editor, resulting in an observed 98% reduction of plasma ANGPTL3 after just 15 days. This pivot to VERVE-102, which uses this GalNAc-LNP, is central to their current clinical strategy.

Cash and equivalents of $497.1 million as of March 31, 2025

Financial runway is a non-negotiable resource for a clinical-stage biotech. Verve Therapeutics, Inc. reported cash, cash equivalents, and marketable securities totaling $497.1 million as of March 31, 2025. This strong position, bolstered by a milestone payment received in February 2025, was projected to be sufficient to fund operations into mid-2027. This capital directly fuels the progression of their clinical trials.

The cash position supports ongoing development:

• Cash, cash equivalents, and marketable securities as of March 31, 2025: $497.1 million.
• Projected cash runway into: mid-2027.
• Collaboration Revenue for Q1 2025: $33.0 million.
• Research & Development Expenses for Q1 2025: $54.5 million.

Highly specialized scientific and clinical development talent

The expertise of the team is the engine that translates the IP into viable medicines. Verve Therapeutics, Inc. relies on its specialized personnel to navigate complex gene editing and clinical trial execution. As of September 2025, the company employed approximately 302 employees, with team members located across 3 continents. This talent pool includes the leadership necessary to advance their three lead programs targeting PCSK9, ANGPTL3, and LPA. The company actively recruits, as evidenced by granting equity awards to four new employees in June 2025 to bolster its development efforts.

The team's output is impressive, having progressed three in vivo gene editing products, with two currently in the clinic, in just seven years since the company's founding in 2018. Attracting and retaining this high-quality personnel is a continuous focus, supported by incentive plans.

Finance: draft 13-week cash view by Friday.

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:

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:

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.

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:

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:

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:

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:

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.