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Mar 31, 2021
Viridian Therapeutics Q1 2021 Earnings Report
Announced first quarter 2021 financial results and provided corporate updates.
Key Takeaways
Viridian Therapeutics reported its first quarter 2021 financial results, highlighting progress in its VRDN-001 and VRDN-002 programs for Thyroid Eye Disease (TED) and a cash position of $117 million. The company's net loss for the quarter was $18.5 million, with increased R&D and G&A expenses compared to the same period in 2020.
VRDN-001 and VRDN-002 programs for Thyroid Eye Disease (TED) are progressing as planned, with IND filings expected in the fourth quarter of 2021.
The company reported $117.1 million in cash, cash equivalents, and short-term investments as of March 31, 2021, providing a cash runway into 2024.
Research and development expenses increased to $13.8 million, driven by the advancement of lead programs.
Net loss for the quarter was $18.5 million, compared to $8.0 million for the same quarter in the previous year.
Viridian Therapeutics
Viridian Therapeutics
Forward Guidance
Viridian Therapeutics is focused on advancing its VRDN-001 and VRDN-002 programs for TED, with IND filings expected in Q4 2021 and clinical data anticipated in 2022. The company is also expanding its discovery pipeline and believes its current cash position will fund operations into 2024.
Positive Outlook
- On track for IND filings for VRDN-001 and VRDN-002 in Q4 2021.
- Initial proof of concept data for VRDN-001 in patients expected in Q2 2022.
- Phase 1 trial data for VRDN-002 expected in mid-year 2022.
- Dosing of patients in VRDN-002 trials expected to initiate in 2022.
- Cash runway sufficient to fund operations into 2024.
Challenges Ahead
- Uncertainty and potential delays related to clinical drug development.
- Impact of regulatory delays on clinical programs.
- Manufacturing risks associated with product candidates.
- Competition from other therapies or products.
- Effects from the COVID-19 pandemic on research, development, and business activities.