Viridian Therapeutics Reports $100.7 Million Net Loss in Q2 2025

Viridian Therapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $100.7 million, compared to a net loss of $65.0 million for the same period in 2024. The company's revenue for the quarter was $75,000, a slight increase from $72,000 in the prior year, primarily derived from collaboration revenue related to its agreement with Zenas BioPharma. For the first half of 2025, the net loss totaled $187.6 million, up from $113.5 million in the first half of 2024, with total revenue for the period reaching $147,000, compared to $144,000 in the previous year.

The company's operating expenses surged to $106.8 million for the second quarter of 2025, a 48% increase from $72.3 million in the same quarter of 2024. This rise was largely driven by a significant increase in research and development expenses, which amounted to $86.6 million, up from $56.2 million year-over-year. The increase in R&D spending reflects ongoing clinical trials for its product candidates, particularly veligrotug and VRDN-003, as well as costs associated with the development of FcRn inhibitors. General and administrative expenses also rose to $20.2 million from $16.1 million, attributed to increased personnel costs and market research efforts in preparation for potential commercialization.

Viridian's cash and cash equivalents, along with short-term investments, totaled approximately $563.4 million as of June 30, 2025, providing a liquidity cushion expected to fund operations into the second half of 2027. The company has no products approved for commercial sale and has not generated revenue from product sales, leading to an accumulated deficit of $1.18 billion since its inception. The company anticipates continued operating losses as it advances its clinical development programs.

Strategically, Viridian is focused on developing therapies for thyroid eye disease (TED) and has made significant progress with its lead product candidates, veligrotug and VRDN-003. The company is conducting pivotal phase 3 trials for both candidates and expects to submit a Biologics License Application (BLA) for veligrotug in the second half of 2025, with a similar submission for VRDN-003 anticipated by the end of 2026. Additionally, Viridian has entered into a collaboration agreement with Kissei Pharmaceutical Co., Ltd., which includes an upfront payment of $70 million and potential milestone payments totaling $315 million, further enhancing its financial outlook.

Looking ahead, Viridian plans to continue its focus on clinical trials and product development while seeking additional capital to support its operations. The company remains committed to addressing unmet medical needs in rare diseases and expects to navigate the challenges of the biopharmaceutical landscape as it works towards bringing its innovative therapies to market.