Viridian Therapeutics Reports Increased Losses of $86.9 Million in Q1 2025

Viridian Therapeutics, Inc. reported a significant increase in its financial losses for the first quarter of 2025, with a net loss of $86.9 million, compared to a net loss of $48.5 million for the same period in 2024. The company's revenue remained stable at $72,000, primarily derived from collaboration agreements, indicating no growth in revenue streams. Total operating expenses surged to $93.9 million, up from $56.0 million in the previous year, driven largely by a $35.9 million increase in research and development expenses, which reached $76.8 million. This increase reflects the company's ongoing investment in clinical trials and development activities for its product candidates, particularly in the treatment of thyroid eye disease (TED).

The substantial rise in operating expenses is attributed to heightened clinical trial costs associated with the ongoing global phase 3 trials for its lead product, veligrotug, and the development of its subcutaneous candidate, VRDN-003. The company reported a notable increase in costs related to its TED portfolio, which rose by $25.8 million, and an $8.4 million increase in expenses for its FcRn inhibitor portfolio. General and administrative expenses also increased by $2.1 million, reflecting the company's efforts to prepare for potential commercialization activities.

As of March 31, 2025, Viridian's total assets amounted to $661.0 million, a decrease from $742.4 million at the end of 2024. The company had approximately $636.6 million in cash, cash equivalents, and short-term investments, which it expects will be sufficient to fund operations into the second half of 2027. The company has also secured access to additional undrawn funds under its Hercules Loan and Security Agreement, which could provide further financial flexibility.

In terms of strategic developments, Viridian is advancing its clinical programs, with 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. The company is also conducting pivotal studies for both candidates, with topline data for VRDN-003 expected in the first half of 2026. The company’s focus on developing therapies for TED and its FcRn inhibitors positions it to address significant unmet medical needs in the biopharmaceutical market.

Looking ahead, Viridian anticipates continued operating losses as it invests heavily in research and development. The company acknowledges the need for additional capital to support its ongoing clinical trials and operational activities, emphasizing that its ability to secure funding will be critical to its future success. The company remains committed to its goal of developing best-in-class therapies for serious and rare diseases, despite the inherent risks and uncertainties associated with the biopharmaceutical industry.