Efficacy and Safety of VB119 in Subjects With Membranous Nephropathy

Inclusion Criteria:

1. Is ≥ 18 years of age at the time of informed consent;

2. Has a kidney biopsy-proven diagnosis of primary MN within the past 10 years; Note:It is preferable that subjects enrolled have kidney biopsy tissue samples that arepositive for anti-PLA2R antibody staining. Subjects with kidney biopsy-provendiagnosis of primary MN >10 years and ≤20 years that meet all other eligibilitycriteria may be enrolled after discussion with the Medical Monitor.

3. 3. Has a documented laboratory history of nephrotic range proteinuria (defined aseither greater than or equal to 3.5 g total protein per 24-hour urine collection orgreater than or equal to 3.5 g/g UPCR by spot collection) AND has proteinuria with aUPCR greater than or equal to 2.0 g/g based on 2 consecutive spot urine (firstmorning void) sample collections obtained within 14 days of each other during theScreening Period. Both samples must qualify;

4. Has systolic blood pressure (BP) <160 mmHg or diastolic BP <100 mmHg after 5 minutesof rest at Screening;

5. Is willing and able to provide written informed consent prior to Screening;

6. Female subjects of non-childbearing potential must be either surgically sterile (hysterectomy, bilateral tubal ligation, salpingectomy, and/or bilateraloophorectomy at least 26 weeks before the Screening Visit) or postmenopausal,defined as spontaneous amenorrhea for at least 2 years, with follicle-stimulatinghormone in the postmenopausal range at Screening, based on the central laboratory'sranges;

7. Female subjects of childbearing potential (ie, ovulating, premenopausal, or notsurgically sterile) and all male subjects must use a medically accepted, highlyeffective contraceptive regimen during their participation in the study and for 125days after the last administration of study drug.

8. Male subjects must agree to abstain from sperm donation through 125 days afteradministration of the last dose of study drug.

Exclusion Criteria:

1. Has an eGFR <45 mL/min/1.73 m2 at Screening utilizing the Chronic Kidney DiseaseEpidemiology Collaboration formula confirmed by the central laboratory;

2. Has an absolute neutrophil count <1.5 x 10/L;

3. Has a white blood cell count <3.0 x 10/L;

4. Has secondary causes of MN (eg, malignancy, hepatitis B or C, human immunodeficiencyvirus [HIV], systemic lupus erythematosus [SLE], or other autoimmune diseases [eg,thyroiditis], drug-induced);

5. Has a diagnosis or history of SLE (including non renal disease);

6. Has type 1 or 2 diabetes mellitus;

7. Has an acute, chronic, or latent infection, including tuberculosis, hepatitis, HIV,or chronic urinary tract infections;