Pipeline and Milestones - Viridian aims to be a leading autoimmune company, starting with thyroid eye disease (TED)[6] - Viridian plans to submit a MAA for veligrotug in Q1 2026 and anticipates a PDUFA target date of June 30, 2026[19] - Topline data for REVEAL-1 (active TED) is expected in Q1 2026, and REVEAL-2 (chronic TED) in Q2 2026 for elegrobart[19] - An IND submission for an anti-TSHR subcutaneous product is anticipated in Q4 2026[10, 16, 19] - VRDN-008 healthy volunteer data is expected in 2H 2026[16, 19] Veligrotug (Anti-IGF-1R; Intravenous) - Veligrotug has a PDUFA target date of June 30, 2026, with Priority Review designation[10, 16, 18, 25] - In the THRIVE trial for active TED, veligrotug showed a 70% proptosis responder rate compared to 5% for placebo (p < 00001)[33, 95, 97] - In the THRIVE-2 trial for chronic TED, veligrotug showed a 56% proptosis responder rate compared to 8% for placebo (p < 00001)[35, 118] - 70% of proptosis responders in the THRIVE trial maintained their response at Week 52[33, 110, 111] Elegrobart (VRDN-003; Anti-IGF-1R; Subcutaneous) - Pivotal readouts for elegrobart in active TED REVEAL-1 study in Q1 2026 and chronic TED REVEAL-2 study in Q2 2026[10] - Phase 1 data showed an extended half-life of 40-50 days and approximately 4-fold increase in IGF-1 levels with subcutaneous elegrobart[134, 135] Financials - Viridian had $888 million in cash as of October 31, 2025, which, along with near-term DRI milestones and anticipated future revenues, is expected to fund current business plans through profitability[20] - The company secured access to up to approximately $900 million in capital in 2025[13] Market Opportunity - The annualized TED market is approximately $2 billion[10, 43] - The market sizes of MG and CIDP alone are projected to be over $112 billion by 2030[84, 85]