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Mar 31, 2022
Viridian Therapeutics Q1 2022 Earnings Report
Reported financial results for the first quarter ending March 31, 2022 and provided corporate updates.
Key Takeaways
Viridian Therapeutics reported its first quarter 2022 financial results, highlighting the ongoing clinical trials for VRDN-001 and VRDN-002 and the expectation of top line data in the coming months. The company ended the quarter with $175 million in cash, cash equivalents, and short-term investments, expected to fund operations into 2024.
Phase 1/2 clinical trial for VRDN-001 is recruiting Thyroid Eye Disease (TED) patients, with top line proof of concept data expected in Q3 2022.
Interim results for VRDN-001 in healthy volunteers show saturation of IGF-1 response at doses as low as 3 mg/kg, supporting potential efficacy of lower doses in TED.
Adverse events reported for VRDN-001 in healthy volunteers are generally comparable to placebo, with no drug-related events of hyperglycemia, hearing loss, or muscle spasms.
VRDN-002 Phase 1 clinical trial dose escalation is complete, with top line data expected in Q3 2022.
Viridian Therapeutics
Viridian Therapeutics
Forward Guidance
Viridian Therapeutics is focused on advancing its clinical programs for VRDN-001 and VRDN-002, with anticipated data readouts in the coming quarters. The company believes its current cash position is sufficient to fund operations into 2024.
Positive Outlook
- VRDN-001: The company expects to announce top line proof of concept clinical data from two patient cohorts in the third quarter of 2022.
- VRDN-001: The Company expects to report top-line data from the 3 mg/kg cohort in the fourth quarter of 2022.
- VRDN-002: The Company has completed dose escalation and expects to announce top line data from this Phase 1 trial in the third quarter of 2022.
- The company believes a low-volume subcutaneous injection would improve convenience for patients and physicians, mitigate treatment burdens, and expand the settings of care for TED therapies.
- Excluding this $75 million credit facility, the Company believes that its current cash, cash equivalents and short-term investments will be sufficient to fund its operations into 2024.
Challenges Ahead
- Uncertainty and potential delays related to clinical drug development.
- The duration and impact of regulatory delays in our clinical programs.
- Manufacturing risks.
- Competition from other therapies or products.
- The effects from the COVID-19 pandemic on the Company’s research, development and business activities and operating results