Viridian Therapeutics(US:VRDN)2020-05-10 04:08Financial Data and Key Metrics Changes - The company ended Q1 2020 with $36.1 million in cash and cash equivalents, an increase from $26.8 million at the end of 2019 [29] - Revenue for the quarter was $0.8 million, up from $0.4 million in Q1 2019, primarily due to increases in grant revenue and collaboration agreements [30] - Net loss for Q1 2020 was $8 million, or $0.18 per share, compared to a net loss of $11.6 million, or $0.38 per share, in Q1 2019 [31] Business Line Data and Key Metrics Changes - Research and development expenses decreased to $6.1 million in Q1 2020 from $8.8 million in Q1 2019, attributed to reduced personnel costs and clinical activities [30] - General and administrative expenses were $2.7 million for the quarter, down from $3.4 million in the same period last year, mainly due to decreased personnel costs [30] Market Data and Key Metrics Changes - The company is facing challenges in clinical activities due to the COVID-19 pandemic, impacting patient visits and data collection for trials [11][14] - The SOLAR Phase II clinical trial for cobomarsen has completed enrollment of 37 patients, but the pandemic has affected data collection and patient dosing [12][14] Company Strategy and Development Direction - The company has streamlined its development strategy to focus on long-term shareholder value, adapting to the challenges posed by the COVID-19 pandemic [10] - There is an ongoing evaluation of cobomarsen for treating miR-155 elevated blood cancers, with plans to request a meeting with the FDA regarding expedited development for ATLL [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty caused by COVID-19 on clinical trials and the inability to predict milestone achievements [11][26] - The company remains confident in its ability to deliver important results from its programs despite the pandemic's impact [26] Other Important Information - The company is developing two distinct microRNA-29 mimics for treating various forms of pathological fibrosis, with a focus on MRG-229 for idiopathic pulmonary fibrosis [21][22] - The company plans to report additional preclinical safety and efficacy data for MRG-229 in Q2 2020 [23] Q&A Session Summary Question: How should we think about operating expenses in 2Q and the rest of the year versus Q1 given the COVID delays? - The CFO indicated that operating expenses are expected to decrease on a quarterly basis due to lower workforce expenses and reduced costs associated with the SOLAR trial [34] Question: What types of results could we see in the MRG-229 preclinical data, and could there be potential use for COVID-19? - Management discussed ongoing exploratory toxicology and efficacy studies, expressing interest in the antifibrotic activity of MRG-229 and cobomarsen in the context of COVID-19 [36][38] Question: Can you clarify the delays in the SOLAR trial and the FDA meeting timeline? - Management confirmed that while patient dosing continues, data collection has been impacted, and they cannot guarantee the timing of the FDA meeting due to COVID-19 prioritization [45][49]