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Sep 30, 2024
Viridian Therapeutics Q3 2024 Earnings Report
Reported positive phase 3 data for veligrotug from THRIVE and initiated two global phase 3 clinical trials of subcutaneous VRDN-003.
Key Takeaways
Viridian Therapeutics reported positive topline phase 3 data for veligrotug and initiated two global phase 3 clinical trials of subcutaneous VRDN-003. The company's cash runway extends into the second half of 2027, supported by net proceeds of $243.2 million from a public offering.
Reported positive topline phase 3 data for veligrotug from THRIVE in patients with active thyroid eye disease (TED).
Initiated two global phase 3 clinical trials of subcutaneous VRDN-003, REVEAL-1 and REVEAL-2 in August, in active and chronic TED, respectively.
New non-human primate (NHP) data for VRDN-008 demonstrates a potential best-in-class pharmacokinetic (PK) and pharmacodynamic (PD) profile.
Net proceeds of $243.2 million from public offering in September 2024 extends cash runway into the second half of 2027; cash, cash equivalents, and short-term investments of $753.2 million as of September 30, 2024.
Viridian Therapeutics
Viridian Therapeutics
Forward Guidance
Viridian anticipates several milestones in its TED and FcRn portfolios, including topline data readouts, IND submissions, and BLA submissions. The company expects its cash reserves to fund operations into the second half of 2027.
Positive Outlook
- THRIVE-2 Topline Data Readout on Track for December 2024
- Veligrotug BLA on Track for Second Half 2025
- IND on Track for Year-End 2024 for VRDN-006
- IND Submission Expected Year-End 2025 for VRDN-008
- Cash runway extends into the second half of 2027
Challenges Ahead
- Clinical development is subject to uncertainty and potential delays
- Regulatory approvals may not be obtained or maintained
- Manufacturing risks could impact product supply
- Competition from other therapies or products
- Future operating results and financial performance are subject to risks