Viridian Therapeutics(US:VRDN)2020-05-08 20:17Revenue and Financial Performance - Revenue for the three months ended March 31, 2020, was $0.8 million, an increase from $0.4 million in the same period of 2019, primarily due to a $0.1 million increase in grant revenue and a $0.3 million increase in reimbursable research and development activities under the Servier Collaboration Agreement[188][189] - The net loss for the three months ended March 31, 2020, was $8.0 million, compared to a net loss of $11.6 million for the same period in 2019[188] - Net cash used in operating activities was $8.5 million for the three months ended March 31, 2020, a decrease of $3.3 million compared to $11.8 million in the same period of 2019[204] - Net cash provided by investing activities was $2.0 million for the three months ended March 31, 2020, compared to a net cash outflow of $2.8 million in the same period of 2019[205] - Net cash provided by financing activities was $17.7 million for the three months ended March 31, 2020, significantly higher than $0.2 million in the same period of 2019[206] - As of March 31, 2020, the company had $36.1 million in cash and cash equivalents, which is expected to fund operations into the third quarter of 2021[192] - The company generated an accumulated deficit of $176.2 million through March 31, 2020, with substantial operating losses primarily from research and development expenses[198] Expenses - Research and development expenses for the three months ended March 31, 2020, were $6.1 million, a decrease from $8.8 million in the same period of 2019[188] - General and administrative expenses for the three months ended March 31, 2020, were $2.7 million, down from $3.4 million in the same period of 2019[188] - Research and development expenses decreased to $6.1 million for the three months ended March 31, 2020, down from $8.8 million in the same period of 2019, a reduction of approximately 30.7%[190] - General and administrative expenses were $2.7 million for the three months ended March 31, 2020, compared to $3.4 million in the same period of 2019, reflecting a decrease of about 20.6%[191] Clinical Development and Research - Cobomarsen is being developed for the treatment of patients with certain cancers, including cutaneous T-cell lymphoma and adult T-cell leukemia/lymphoma, with ongoing clinical trials impacted by the COVID-19 pandemic[171] - MRG-110 has shown potential in increasing angiogenesis and is being evaluated for heart failure and wound healing applications, with data from Phase 1 trials indicating safety and tolerability[175] - Remlarsen is being evaluated for ocular fibrotic indications, with preclinical studies showing faster healing of corneal injuries[174] - MRG-229 is focused on idiopathic pulmonary fibrosis, with ongoing preclinical studies supported by a grant from the NIH and Yale University[178] - The company anticipates an increase in research and development expenses as it continues clinical trials and preclinical research programs[182] - The company expects to incur significant expenses and increased operating losses for at least the next several years as it continues clinical development and seeks regulatory approval for its product candidates[200] Impact of COVID-19 - The COVID-19 pandemic may adversely affect the company's liquidity and results of operations, with potential delays in clinical trials and financing[197] Cost Restructuring - The company began implementing a cost restructuring plan in August 2019, identifying approximately 44 positions for elimination, or about 50% of its workforce[202] Future Revenue Expectations - Future revenue generation is expected to fluctuate based on the timing of achieving clinical and regulatory milestones, as well as the success of product commercialization[179]