Viridian Therapeutics, Inc.\DE

Listed Company

VRDNCIK 0001590750NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-342.60M

Total Assets

$899.42M

Equity

$722.17M

Shares Out

102.21M

Op. Cash Flow

$-276.39M

Business

Viridian Therapeutics, Inc. is a biopharmaceutical company that discovers, develops, and seeks to commercialize potentially best-in-class biologic medicines for serious and rare diseases. It develops therapeutic proteins and antibodies, principally veligrotug (an IV anti‑IGF‑1R antibody), VRDN‑003 (a subcutaneous anti‑IGF‑1R antibody), and a portfolio of engineered FcRn inhibitors (including VRDN‑006 and VRDN‑008). Its key business activities are organized around clinical development programs for thyroid eye disease (TED) and engineered FcRn inhibitors, supported by antibody discovery, engineering, manufacturing and regulatory efforts. The company conducts global clinical trials and seeks regulatory approvals and commercial rights worldwide, retaining most global commercialization rights outside the greater China territory.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	71	302,000	314,000	2	3
Research and development	339	238	160	101	57
Selling, general and administrative	95	61	95	—	—
Total operating expenses	434	299	255	136	83
Loss from operations	−363	−299	−254	−134	−80
Interest income	27	32	18	—	—
Interest expense	−5	−2	−1	−486,000	—
Other expense, net	−2	−314,000	−193,000	—	—
Total other income, net	21	29	17	4	315,000
Net loss	−343	−270	−238	−130	−79
Unrealized gain (loss) on available-for-sale securities	457,000	−348,000	728,000	—	—
Total other comprehensive income (loss)	457,000	−348,000	728,000	−233,000	−149,000
Comprehensive loss	−342	−270	−237	−130	−80

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	212	100	103	156	42
Marketable securities	662	618	375	269	155
Prepaid expenses and other current assets	20	21	9	7	3
Total current assets	894	738	486	431	200
Property and equipment, net	1	1	2	1	375,000
Operating lease right-of-use assets	2	2	2	2	2
Other assets	2	501,000	604,000	982,000	1
Total assets	899	742	490	435	204
Accounts payable	9	2	2	14	2
Total accrued liabilities	62	46	24	19	11
Total current liabilities	71	48	27	33	14
Long-term debt, net	50	21	—	—	—
Derivative liability	20	0	—	—	—
Liability related to the sale of future revenue, net	34	0	—	—	—
Other liabilities	2	2	989,000	1	1
Total liabilities	177	71	48	40	16
Commitments and contingencies (Note 9)	—	—	—	—	—
Common stock, $0.01 par value; 200,000,000 shares authorized; 101,826,500 and 80,994,046 shares issued and outstanding as of December 31, 2025 and 2024, respectively	1	810,000	540,000	414,000	239,000
Additional paid-in capital	1,927	1,478	961	741	412
Accumulated other comprehensive income (loss)	447,000	−10,000	338,000	−390,000	−157,000
Accumulated deficit	−1,339	−996	−726	−488	−358
Total stockholders equity	722	672	442	395	188
Total liabilities and stockholders equity	899	742	490	435	204

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Share-based compensation expense	44	42	67	20	14
Accretion and amortization of available-for-sale securities	−7	−16	−11	−210,000	965,000
Non-cash interest expense	3	377,000	317,000	—	—
Depreciation and amortization	500,000	500,000	500,000	300,000	100,000
Issuance costs allocated to derivative liability	2	0	0	—	—
Change in fair value of derivative liability	700,000	0	0	—	—
Issuance of common stock under license agreement	0	0	6	0	8
Other non cash items	157,000	620,000	775,000	0	0
Prepaid expenses, other current assets and other assets	262,000	−12	−2	−3	−1
Accounts payable	7	−73,000	−12	12	2
Accrued liabilities and other liabilities	16	21	5	8	1
Net cash used in operating activities	−276	−232	−184	−94	−55
Purchases of marketable securities	−579	−695	−408	−223	−188
Maturities of marketable securities	542	467	315	109	114
Purchases of property and equipment	−495,000	−511,000	−898,000	−797,000	−338,000
Net cash used in investing activities	−38	−229	−94	−115	−74
Proceeds from issuance of common stock in offerings	289	384	110	—	—
Proceeds from the issuance of common stock	63	70	15	292	114
Proceeds from the issuance of Series B convertible preferred stock in offerings	0	25	76	44	17
Proceeds from the exercise of warrants	2	0	2	935,000	1
Proceeds from issuance of long-term debt, net	29	0	15	5	—
Payment of debt issuance costs	−478,000	0	−514,000	−446,000	0
Proceeds from sale of future revenue	55	0	0	—	—
Payment of issuance costs associated with sale of future revenue	−5	0	0	—	—
Proceeds from issuance of common stock upon exercise of stock options	12	5	19	3	1
Proceeds from the issuance of common stock for cash under employee stock purchase plan	1	674,000	580,000	183,000	39,000
Net cash provided by financing activities	427	458	226	322	125
Net increase (decrease) in cash and cash equivalents	113	−3	−53	113	−4
Interest paid	2	2	886,000	293,000	0
Issuance of common stock upon the conversion of convertible preferred stock	57	41	7	—	—
Right-of-use asset obtained in exchange for new lease liability	729,000	496,000	0	0	—
Remeasurement of right-of-use asset and lease liability for lease modifications	0	837,000	641,000	448,000	—
Extinguishment of long-term debt	20	0	5	0	0
Issuance of long-term debt	20	0	5	0	0

Filings

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