Viridian Therapeutics, Inc. reported a net loss of $342.6 million for the year ended December 31, 2025, compared to a net loss of $269.9 million for the previous year. The company's revenue for 2025 was $70.8 million, primarily from a license agreement with Kissei Pharmaceutical Co., Ltd., while no revenue was reported in 2024. Research and development expenses increased to $338.9 million in 2025 from $238.3 million in 2024, driven by the progression of its TED portfolio and FcRn inhibitor programs. Selling, general, and administrative expenses also rose to $95.3 million from $61.1 million, mainly due to increased personnel costs and preparatory commercial activities.
The company's increased research and development expenses in 2025 were primarily due to the advancement of its TED portfolio, including multiple ongoing phase 3 clinical trials for veligrotug and elegrobart, and increased chemistry, manufacturing, and controls costs. The FcRn inhibitor portfolio also contributed to the increase, with higher clinical trial costs for VRDN-006 and IND-enabling activities. These increases were partially offset by a decrease in nonclinical research due to the timing and stage of development of the FcRn inhibitor portfolio.
Strategic developments for Viridian in 2025 included the submission of a Biologics License Application (BLA) for veligrotug to the FDA, which was accepted for filing and granted Priority Review, and the submission of a Marketing Authorization Application (MAA) to the EMA. The company also announced the completion of enrollment for the REVEAL-1 and REVEAL-2 clinical studies for elegrobart. In July 2025, Viridian entered into a Collaboration and License Agreement with Kissei Pharmaceutical Co., Ltd., granting Kissei an exclusive license to develop and commercialize products containing veligrotug and elegrobart in Japan. In October 2025, Viridian entered into a Purchase and Sale Agreement with DRI Healthcare Acquisitions LP, selling rights to certain revenue streams in the U.S. in exchange for up to $300.0 million in consideration.
Looking ahead, Viridian anticipates topline data for REVEAL-1 in the first quarter of 2026 and REVEAL-2 in the second quarter of 2026. The company expects that the THRIVE and THRIVE-2 phase 3 clinical trials, together with a safety database comprising 300 treated patients, will support global health authority registration for marketing approval in both active and chronic TED. Viridian also expects that the REVEAL-1 and REVEAL-2 phase 3 trials, together with a safety database of 300 treated patients, will support global health authority registration for marketing approval in both active and chronic TED, respectively. The company anticipates submitting an IND for its TSHR program in the fourth quarter of 2026. Viridian believes its current cash, cash equivalents, marketable securities, potential near-term milestone payments, and anticipated commercial revenues, if both veligrotug and elegrobart are approved, will be sufficient to fund its future anticipated operating expenses and capital expenditure requirements.
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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