Viridian Therapeutics(VRDN) - 2025 Q3 - Quarterly Results

Financial Position - Viridian Therapeutics reported a cash position of approximately $887.9 million as of October 31, 2025, following a comprehensive financing package[5] - Cash, cash equivalents, and short-term investments decreased to $490.90 million as of September 30, 2025, down from $717.58 million at the end of 2024[26] - Total assets decreased to $577.14 million as of September 30, 2025, compared to $742.40 million at the end of 2024[26] - Total stockholders' equity fell to $502.97 million as of September 30, 2025, down from $671.64 million at the end of 2024[26] Revenue and Expenses - Total revenue for Q3 2025 was $70.57 million, a significant increase from $86,000 in Q3 2024[24] - License revenue for Q3 2025 was $70 million, while collaboration revenue from related parties was $570,000[24] - Total operating expenses for Q3 2025 were $110.58 million, compared to $83.57 million in Q3 2024, reflecting a 32.3% increase[24] - The net loss for Q3 2025 was $34.60 million, an improvement from a net loss of $76.69 million in Q3 2024[24] - Research and development expenses increased to $86.3 million for the three months ended September 30, 2025, compared to $69.2 million for the same period in 2024, driven by ongoing clinical trials[11] - General and administrative expenses rose to $24.3 million for the three months ended September 30, 2025, up from $14.4 million in the prior year, primarily due to preparatory activities for veligrotug[11] - Research and development expenses for the nine months ended September 30, 2025, were $249.72 million, up from $166.29 million for the same period in 2024[24] - General and administrative expenses for the nine months ended September 30, 2025, were $61.64 million, compared to $45.50 million for the same period in 2024[24] Clinical Trials and Product Development - Enrollment in pivotal clinical trials REVEAL-1 and REVEAL-2 for VRDN-003 exceeded targets, with 132 and 204 patients enrolled, respectively[11] - The Biologics License Application (BLA) for veligrotug was submitted to the FDA in October 2025, with a request for Priority Review and a potential U.S. commercial launch anticipated in mid-2026[5] - VRDN-006 demonstrated proof-of-concept IgG reduction in a phase 1 clinical trial, while VRDN-008 is on track for an Investigational New Drug (IND) filing by year-end 2025[11] - The company anticipates topline data readouts for VRDN-003 from REVEAL-1 in Q1 2026 and REVEAL-2 in Q2 2026, with a BLA submission planned for year-end 2026[11] Financing Activities - The company completed a public equity offering in October 2025, raising total gross proceeds of $289.1 million by selling 13,138,750 shares at $22.00 per share[4] - The company secured a royalty financing agreement with DRI Healthcare for up to $300 million, including $55 million upfront and $115 million in near-term milestones[8] Market Focus - Viridian is focused on a core group of approximately 2,000 prescribers in the $2 billion annual TED market, with strong enthusiasm for veligrotug among key opinion leaders[6]