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Jun 30, 2022
Viridian Therapeutics Q2 2022 Earnings Report
Reported financial results for the second quarter ending June 30, 2022 and provided corporate updates.
Key Takeaways
Viridian Therapeutics reported positive initial clinical data from the Phase 1/2 trial of VRDN-001 in TED patients and VRDN-002 in healthy volunteers. The company ended the quarter with $161.2 million in cash, cash equivalents, and short-term investments, providing a cash runway into 2024.
Positive initial clinical data from Phase 1/2 trial of VRDN-001 in Thyroid Eye Disease (TED) patients.
VRDN-002 achieved an extended half-life of 30-40 days in healthy volunteers.
Ended 2Q 2022 with $161.2 million in cash, cash equivalents and short-term investments.
Entered into a debt financing agreement with Hercules Capital, Inc. for up to $75 million.
Viridian Therapeutics
Viridian Therapeutics
Viridian Therapeutics Revenue by Segment
Revenue by Segment
Collaboration Revenue - related party Revenue
CapyFin.com Forward Guidance
Viridian Therapeutics is focused on advancing its TED programs, with key milestones expected in the coming quarters. The company anticipates initiating a Phase 3 trial for VRDN-001 by the end of 2022 and selecting either VRDN-002 or VRDN-003 to advance into registrational trials by the end of 2023.
Positive Outlook
- VRDN-001 20mg/kg cohort data presentation planned for a medical meeting in the fourth quarter of 2022.
- VRDN-001 3mg/kg cohort is expected to deliver data in the fourth quarter of 2022.
- Additional VRDN-001 chronic TED proof-of-concept cohorts now planned to launch in the fourth quarter of 2022, with data expected in the first half of 2023
- First VRDN-001 double-blind, placebo-controlled Phase 3 trial (THRIVE), in active TED patients, expected to initiate by the end of 2022, with topline data expected in mid-year 2024.
- IND filing for VRDN-003 is planned for the second quarter of 2023 with proof-of-concept data expected in the fourth quarter of 2023.
Challenges Ahead
- Uncertainty and potential delays related to clinical drug development.
- The duration and impact of regulatory delays in the Company’s clinical programs.
- Manufacturing risks.
- Competition from other therapies or products.
- Effects from the COVID-19 pandemic on the Company’s research, development and business activities and operating results