Viridian Therapeutics reported third‑quarter 2025 revenue of $70.6 million, a 1,000‑fold increase over the $86,000 earned in the same period a year earlier, driven by licensing and collaboration income. The company posted a net loss of $34.6 million, up from a $76.7 million loss in Q3 2024, largely due to higher R&D and G&A expenses that reflect accelerated pipeline development and commercial preparation.
Operating loss of $3.1 million was offset by non‑cash items, resulting in the reported net loss. R&D spending rose to $86.3 million from $69.2 million, while G&A costs increased to $24.3 million from $14.4 million, underscoring the company’s investment in late‑stage trials and market‑entry activities.
Cash, cash equivalents and short‑term investments stood at $887.9 million as of October 31 2025, a substantial increase from the $600 million reported a year earlier. The liquidity boost is largely attributable to a comprehensive financing package completed in October 2025 that provides up to $889 million in potential capital across a $289 million public equity offering, a $300 million royalty financing with DRI Healthcare (including $55 million upfront), and a $300 million amended credit facility with Hercules Capital.
Regulatory milestones were highlighted by the submission of a Biologics License Application for veligrotug to the U.S. FDA in October 2025, and the completion of enrollment in both pivotal Phase 3 trials for VRDN‑003 (REVEAL‑1 and REVEAL‑2). Proof‑of‑concept data for the FcRn inhibitor VRDN‑006 were announced in September 2025, and an IND filing for VRDN‑008 is slated for year‑end 2025.
Management emphasized that the financing package and regulatory progress position Viridian to pursue commercial launch of veligrotug by mid‑2026 under a potential Priority Review designation, while the VRDN‑003 trials continue to generate data that could support a U.S. BLA submission later in 2026. The company’s cash runway now extends beyond 18 months, providing a buffer for continued clinical development and potential market entry.
Analysts noted that the earnings beat expectations, with revenue surpassing the consensus estimate of $30.33 million by $40.27 million and an EPS loss of $0.34 beating the consensus of $0.82 by $0.48. The beat reflects disciplined cost management amid aggressive R&D investment and a strong licensing revenue stream.
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