Viridian Therapeutics, Inc. reported its financial results for the third quarter of 2025, revealing a total revenue of $70.6 million, a significant increase from $86,000 in the same period last year. This revenue was primarily driven by a $70 million license revenue from a collaboration agreement with Kissei Pharmaceutical Co., Ltd. The company also recorded collaboration revenue of $570,000 from related parties, compared to $86,000 in the previous year. Despite this revenue growth, Viridian continues to operate at a loss, reporting a net loss of $34.6 million for the quarter, a decrease from a net loss of $76.7 million in the third quarter of 2024.
In terms of operational expenses, Viridian's research and development costs rose to $86.3 million, up from $69.2 million year-over-year, reflecting increased clinical trial costs associated with its ongoing global phase 3 trials for its lead product candidates, veligrotug and VRDN-003. General and administrative expenses also increased to $24.3 million from $14.4 million, largely due to higher personnel costs and market research expenses in preparation for potential commercialization of its products. The total operating expenses for the quarter amounted to $110.6 million, compared to $83.6 million in the prior year.
Viridian's total assets as of September 30, 2025, were reported at $577.1 million, a decrease from $742.4 million at the end of 2024. The decline in assets was attributed to a reduction in short-term investments and cash equivalents, which totaled $490.9 million, sufficient to fund operations for at least the next twelve months. The company’s accumulated deficit has now reached $1.2 billion, reflecting its ongoing investment in research and development without any products currently approved for commercial sale.
Strategically, Viridian has made significant advancements in its clinical programs. The company is focused on developing therapies for thyroid eye disease (TED) and has two product candidates in pivotal clinical trials. Veligrotug, an intravenous monoclonal antibody, has shown promising results in phase 3 trials, achieving all primary and secondary endpoints with a favorable safety profile. The company anticipates submitting a Biologics License Application (BLA) for veligrotug by October 2025 and plans to submit a BLA for VRDN-003 by the end of 2026. Additionally, Viridian has entered into a Purchase and Sale Agreement with DRI Healthcare Acquisitions LP, which could provide up to $300 million in funding based on the achievement of certain milestones.
Looking ahead, Viridian remains optimistic about its product candidates and their potential market impact. The company is actively pursuing regulatory approvals and plans to expand its clinical development programs, particularly in the FcRn inhibitor space, which could address a broader range of autoimmune diseases. However, the company acknowledges the inherent risks and uncertainties associated with drug development and the need for additional capital to support its ongoing operations and growth initiatives.
About Viridian Therapeutics, Inc.DE
Viridian Therapeutics is a biopharmaceutical company developing innovative biologic medicines for serious and rare diseases, primarily focusing on thyroid eye disease (TED). Its pipeline includes monoclonal antibodies targeting IGF-1R and engineered FcRn inhibitors to improve efficacy, safety, and convenience. The company aims to address unmet medical needs, advance clinical trials globally, and secure regulatory approvals for differentiated therapies in autoimmune and ophthalmic conditions.
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