Viridian Therapeutics(US:VRDN)2020-08-05 21:08Revenue and Expenses - Revenue decreased to $0.2 million during the three months ended June 30, 2020, from $2.5 million during the same period in 2019, primarily due to reduced research and development activities reimbursable by Servier[167]. - Research and development expenses were $3.8 million for the three months ended June 30, 2020, down from $8.6 million in the same period in 2019, reflecting a $4.8 million decrease attributed to reduced clinical activities[168]. - General and administrative expenses were $2.7 million for the three months ended June 30, 2020, compared to $2.9 million in the same period in 2019, mainly due to decreased personnel-related costs[169]. - For the six months ended June 30, 2020, revenue was $1.0 million, down from $2.9 million in the same period in 2019, again primarily due to decreased reimbursable research and development activities[171]. - Research and development expenses for the six months ended June 30, 2020, were $9.9 million, compared to $17.4 million in the same period in 2019, a decrease of $7.5 million attributed to reduced clinical and manufacturing activities[173]. - General and administrative expenses for the six months ended June 30, 2020, were $5.4 million, down from $6.2 million in the same period in 2019, primarily due to decreased personnel-related costs[174]. Cash Flow and Financial Position - As of June 30, 2020, the company had $30.6 million in cash and cash equivalents, expected to fund operations into Q3 2021[175]. - Net cash used in operating activities was $15.2 million for the six months ended June 30, 2020, a decrease of $3.8 million compared to the same period in 2019[188]. - Net cash provided by investing activities was $2.0 million for the six months ended June 30, 2020, down from $10.2 million in the same period in 2019[189]. - Net cash provided by financing activities was $19.0 million for the six months ended June 30, 2020, compared to $0.2 million in the same period in 2019[190]. - The company generated an accumulated deficit of $182.7 million since inception, primarily due to research and development expenses[181]. Restructuring and Operational Changes - The company implemented a cost restructuring plan in August 2019, eliminating approximately 44 positions, or 50% of its workforce[186]. - Cumulative restructuring expenses recorded through June 30, 2020, amounted to approximately $2.3 million, with an expected additional $0.1 million[186]. - The company expects to incur significant expenses and increased operating losses for several years as it continues clinical development[183]. Product Development and Clinical Trials - Cobomarsen is currently being evaluated for the treatment of patients with miR-155 elevated hematological malignancies, including CTCL and ATLL[148]. - MRG-229 is a miR-29 mimic being developed for the treatment of pathological fibrosis, with preclinical data showing efficacy in various fibrotic conditions[149]. - The company plans to meet with the FDA to discuss the development path for cobomarsen in ATLL before the end of 2020[149]. - The company anticipates that research and development expenses may increase in the foreseeable future as it continues ongoing clinical trials and initiates new ones[159]. - The company has not generated any revenue from product sales and has no products approved for commercial sale[181]. Impact of COVID-19 - The COVID-19 pandemic may adversely affect the company's liquidity and operational results, impacting clinical trial enrollments and financing capabilities[180].