Viridian Therapeutics Reports $269.9 Million Net Loss for Fiscal Year 2024

Viridian Therapeutics, Inc. reported a net loss of $269.9 million for the fiscal year ending December 31, 2024, an increase from a loss of $237.7 million in the previous year. The company's revenue remained relatively stable at $0.3 million, primarily derived from a collaboration agreement with Zenas BioPharma. Research and development expenses surged to $238.3 million, up from $159.8 million in 2023, largely due to increased clinical trial costs associated with its product candidates, particularly for thyroid eye disease (TED) therapies, veligrotug and VRDN-003. General and administrative expenses decreased to $61.1 million from $95.0 million, mainly due to reduced severance costs and a decrease in personnel-related expenses.

In terms of strategic developments, Viridian is advancing its clinical programs for TED, with veligrotug and VRDN-003 currently in pivotal phase 3 trials. The THRIVE and THRIVE-2 trials for veligrotug have shown statistically significant results, achieving all primary and secondary endpoints. The company plans to submit a Biologics License Application (BLA) for veligrotug in the second half of 2025 and for VRDN-003 by the end of 2026. Additionally, Viridian is developing FcRn inhibitors, VRDN-006 and VRDN-008, which are expected to address a range of autoimmune diseases.

Operationally, Viridian employed 143 full-time staff as of December 31, 2024, and is focused on expanding its workforce to support ongoing research and development efforts. The company has also made significant investments in its clinical trial infrastructure, with a notable increase in personnel-related costs attributed to hiring and retaining skilled employees. The company anticipates that its current cash reserves of $717.6 million will be sufficient to fund operations into the second half of 2027, although it will need to raise additional capital to support ongoing and future development activities.

Looking ahead, Viridian faces several risks, including the need for substantial additional capital to fund its operations and the potential for delays in clinical trials or regulatory approvals. The company is also subject to intense competition in the biopharmaceutical sector, particularly in the treatment of TED and autoimmune diseases. The success of its product candidates will depend on their ability to demonstrate safety and efficacy in clinical trials, as well as the market acceptance and reimbursement from third-party payors. The company remains committed to its mission of developing best-in-class therapies for serious and rare diseases, while navigating the complexities of the regulatory landscape and market dynamics.