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VRDN

Viridian Therapeutics, Inc.

VRDN

Viridian Therapeutics, Inc. • NASDAQ
$31.95 ▲ 0.74% (+0.23)
Market Cap $2.59 B
52w High $32.54
52w Low $9.90
Dividend Yield 0%
P/E -10.55
Volume 651.61K
Outstanding Shares 81.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $70.57M ▲ $110.583M ▲ $-34.599M ▲ -49.028% ▲ $-0.34 ▲ $-33.929M ▲
Q2-2025 $75K ▲ $106.842M ▲ $-100.735M ▼ -134.313K% ▼ $-1 ▼ $-100.108M ▼
Q1-2025 $72K $93.938M ▲ $-86.912M ▼ -120.711K% ▼ $-0.87 ▼ $-86.209M ▼
Q4-2024 $72K ▼ $87.544M ▲ $-79.725M ▼ -110.729K% ▼ $-0.81 ▲ $-78.744M ▼
Q3-2024 $86K $83.566M $-76.689M -89.173K% $-1.15 $-75.555M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $490.901M ▼ $577.138M ▼ $74.168M ▲ $502.97M ▼
Q2-2025 $563.356M ▼ $582.324M ▼ $67.155M ▲ $515.169M ▼
Q1-2025 $636.633M ▼ $660.981M ▼ $56.508M ▼ $604.473M ▼
Q4-2024 $717.584M ▼ $742.403M ▼ $70.764M ▲ $671.639M ▼
Q3-2024 $753.24M $771.9M $64.404M $707.496M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-34.599M ▲ $-84.611M ▼ $126.077M ▲ $10.857M ▲ $52.323M ▲ $-84.738M ▼
Q2-2025 $-100.735M ▼ $-75.373M ▲ $75.718M ▼ $764K ▼ $1.109M ▼ $-75.415M ▲
Q1-2025 $-86.912M ▼ $-92.653M ▼ $100.062M ▲ $9.212M ▼ $16.621M ▲ $-92.739M ▼
Q4-2024 $-79.725M ▼ $-73.332M ▼ $-62.915M ▲ $35.524M ▼ $-100.723M ▼ $-73.446M ▼
Q3-2024 $-76.689M $-67.706M $-84.667M $245.023M $92.65M $-67.999M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Collaboration
Collaboration
 $0 ▲$0 ▲$0 ▲$0 ▲
License
License
 $0 ▲$0 ▲$0 ▲$70.00M ▲
Collaboration Revenue
Collaboration Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Viridian is still a pure research-stage biotech: it has essentially no product revenue yet, so its income statement is dominated by research and operating expenses. Losses have widened over the past five years as the company has advanced more programs into expensive mid- and late-stage clinical trials. This pattern is typical for a clinical-stage biotech, but it also means results are very sensitive to trial timing, success, and partnership activity. Earnings per share look especially volatile, largely due to share-count changes and past reverse splits rather than any change in the underlying business model, which remains focused on spending to build future products rather than generating current profits.

Balance Sheet

Balance Sheet The balance sheet shows a company funded mainly by equity rather than debt, which is common for early-stage biotech. Total assets and shareholders’ equity have grown meaningfully over the last few years, indicating repeated capital raises to support R&D. Cash has increased compared with earlier years and sits at the core of the asset base, while debt remains low relative to equity. This gives some financial flexibility but also highlights dependence on capital markets to keep funding development if clinical and regulatory milestones are delayed or if spending rises faster than expected.

Cash Flow

Cash Flow Viridian is consistently burning cash from operations, and the size of that burn has grown as the pipeline has expanded and clinical trials have become more complex. Free cash flow closely tracks operating cash flow because the company spends very little on physical assets; most cash goes directly into research, development, and overhead. This creates a clear trade-off: the company is investing heavily in potential future therapies, but it will likely need additional funding over time unless it can secure partnerships, non-dilutive financing, or eventually transition to commercial revenue.

Competitive Edge

Competitive Edge Viridian is positioning itself as a focused challenger in thyroid eye disease, going up against an established incumbent therapy. Its edge is centered on patient convenience (moving from infusions to infrequent, at-home injections), potential safety advantages, and coverage of both active and chronic forms of the disease, where current options are more limited. Beyond thyroid eye disease, its FcRn inhibitor programs aim at a broad range of autoimmune conditions, where competition is intense but the market is large and growing. The company’s competitive standing will depend on delivering clear clinical benefits, securing regulatory approvals on time, differentiating against large pharmaceutical players, and building or partnering for commercial capabilities.

Innovation and R&D

Innovation and R&D Viridian’s strategy is to innovate on known biological targets with smarter engineering rather than to discover entirely new pathways. It is enhancing antibodies to last longer in the body, making dosing less frequent and more convenient, and developing subcutaneous versions of drugs that today require intravenous infusions. The pipeline includes multiple shots on goal: an intravenous therapy to compete directly with the current leader in thyroid eye disease, a long-acting injectable follow-on aimed at being best-in-class for convenience, and a next wave of FcRn inhibitors designed to provide deeper and more durable immune modulation. The R&D story is compelling but still mostly in the clinical and preclinical stage, so a lot hinges on upcoming trial readouts, regulatory filings, and the ability to translate promising early data into real-world benefit.

Summary

Viridian is a classic clinical-stage biotech: no revenue yet, growing losses, and a balance sheet built from repeated equity raises, with cash as the lifeblood of the business. The company is concentrating its efforts on a well-defined niche—thyroid eye disease—where it believes better dosing convenience and safety can help it challenge an existing standard of care, and it is extending that platform into broader autoimmune diseases via FcRn inhibitors. The opportunity is significant if its drugs prove superior and win regulatory and commercial traction, but execution risk is high: success depends on positive trial outcomes, timely approvals, competitive dynamics against much larger peers, and maintaining sufficient funding while the business remains loss-making. Overall, the story is one of high scientific ambition and potential upside, balanced by the usual clinical, regulatory, and financing uncertainties that characterize early-stage biotechnology companies.

NEWS

November 7, 2025 · 7:00 AM UTC

Viridian Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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November 5, 2025 · 7:01 AM UTC

Viridian Therapeutics Reports Third Quarter 2025 Financial Results and Highlights Recent Progress

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November 3, 2025 · 7:01 AM UTC

Viridian Therapeutics Announces Successful October Submission of Biologics License Application (BLA) to U.S. FDA for Veligrotug in Thyroid Eye Disease

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October 21, 2025 · 11:24 PM UTC

Viridian Therapeutics Announces Pricing of $251 Million Public Offering of Shares of Common Stock

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October 21, 2025 · 4:01 PM UTC

Viridian Therapeutics Announces Proposed Underwritten Public Offering

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