Viridian Therapeutics, Inc. (VRDN)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$71.1M

Revenue growth

23220.3%

Net income, last twelve months

-$387.0M

Operating margin

-569.7%

Net margin

-544.1%

Free cash flow

-$335.0M

Return on equity

-58.4%

Market value

$2.7B

Cash

$165.0M

Debt

$355.8M

Debt to equity

0.54

Shares outstanding

113.2M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Lumvoa approved ahead of PDUFA. The FDA approved Lumvoa for TED on June 26, 2026, ahead of the June 30 PDUFA target date, and the product was launched in the U.S. immediately.
• Physician engagement reached 95 percent. As of July 31, 2026, the field sales team had engaged 95% of the 2,000 core prescribing physicians, with early feedback reported as positive.
• First Lumvoa doses given in July. The first Lumvoa doses were administered in July, and patient enrollment forms to date indicate demand, according to management.
• Payer coverage efforts on track. Market access efforts to gain payer coverage were reported as on track as of the release date.
• ViridianCares patient support activated. The ViridianCares patient support program was activated at approval to help patients, physician offices and infusion centers with insurance coverage and treatment navigation.
• Elegrobart filing still set for Q1 2027. The company continues toward a planned elegrobart BLA submission and reported positive topline results from the REVEAL-1 and REVEAL-2 pivotal trials.
• Elegrobart as home autoinjector. Elegrobart is described as potentially the first low-volume subcutaneous autoinjector for TED that patients can self-administer at home, if approved.
• Launch to use existing infrastructure. Management anticipates that current commercial and medical affairs infrastructure will support and accelerate a potential elegrobart launch with limited incremental investment.
• Week 24 proptosis reductions reported. At week 24 in both REVEAL trials, Q4W and Q8W elegrobart reduced proptosis rapidly and robustly, and Q4W also showed diplopia benefit in active TED.
• VRDN-008 phase 1 trial ongoing. The VRDN-008 phase 1 healthy volunteer trial is ongoing, and VRDN-008 is a bi-specific, half-life extended FcRn inhibitor.
• VRDN-008 longer half-life than efgartigimod. In a single high-dose head-to-head study in non-human primates, VRDN-008 showed a longer half-life and more sustained IgG reduction than efgartigimod.
• VRDN-006 phase 1 results recapped. VRDN-006 showed IgG reductions consistent with the FcRn class, spared albumin and LDL, and was generally well-tolerated in a phase 1 healthy volunteer trial.
• TSHR antibody designed for autoinjector. The TSHR antibody is half-life extended and designed for subcutaneous delivery in an autoinjector, with potential for extended dosing intervals.
• Revenue remained minimal. Total revenues were $284 thousand, made up of $233 thousand license revenue and $51 thousand related-party collaboration revenue, against $75 thousand a year earlier.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 176 held.

Every filing

The newest filings with the SEC of 388 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

270 funds held it at 30 Jun 2026: 136 added and 49 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Viridian Therapeutics is a biopharmaceutical company that discovers, develops and commercialises medicines for serious and rare diseases. It does not yet have a commercial product. Its pipeline targets the insulin-like growth factor 1 receptor (IGF-1R) in thyroid eye disease (TED), the neonatal Fc receptor (FcRn) in autoimmune disorders, and the thyroid-stimulating hormone receptor (TSHR) in TED and Graves' disease. Its most advanced candidate, veligrotug, has a Biologics License Application (BLA) under FDA review with a target action date of 30 June 2026.

What it works on

It can lead to bulging eyes, redness and swelling, double vision, pain and potential blindness. The company estimates approximately 190,000 patients in the United States have moderate to severe TED, with similar epidemiology in Europe. The only FDA-approved medicine for TED is Tepezza (teprotumumab), an intravenous antibody that targets IGF-1R and is marketed in the United States by Amgen Inc.

Its thyroid eye disease candidates

Veligrotug is an intravenous antibody against IGF-1R. Its two global phase 3 trials, THRIVE (active TED, 113 patients) and THRIVE-2 (chronic TED, 188 patients), each compared five doses of 10 mg/kg given three weeks apart with placebo. Both trials met their primary and all secondary endpoints. A further trial, STRIVE, enrolled 231 patients to build the 300 patient safety database. The FDA granted Breakthrough Therapy designation in May 2025. The BLA was submitted in October 2025 and accepted with Priority Review in December 2025. A marketing authorisation application went to the EMA in January 2026.

Elegrobart is a subcutaneous antibody with the same binding domain as veligrotug. In a phase 1 study in healthy volunteers its half-life was 40 to 50 days. Its phase 3 trials, REVEAL-1 (132 patients) and REVEAL-2 (204 patients), test dosing every four weeks or every eight weeks against placebo. A safety study enrolled 321 patients and an auto-injector study enrolled 87.

Other programmes

Viridian is developing two engineered FcRn inhibitors. VRDN-006 is an Fc fragment designed for subcutaneous self-administration, and phase 1 data in healthy volunteers showed it spared albumin and LDL. VRDN-008 is a half-life extended bispecific molecule. It received FDA clearance of its IND in January 2026. In non-human primate studies it showed three times the half-life of efgartigimod, the active ingredient in Argenx's Vyvgart.

The TSHR program is a half-life extended monoclonal antibody for subcutaneous use by autoinjector, with potential in Graves' disease and TED. The company says it anticipates submitting an IND in the fourth quarter of 2026.

How it earns and shares economics

- ImmunoGen: Viridian holds an exclusive worldwide licence for veligrotug in non-oncology, non-radiopharmaceutical uses. It owes royalties in the mid-single digits as a percentage of net sales. - Paragon Therapeutics: a research and licence relationship covers certain therapeutic proteins and antibodies, with royalties in the mid-single digits. - Zenas BioPharma: holds rights to certain IGF-1R antibodies in the greater area of China and sublicensed them to Zai Lab in January 2025. Viridian is eligible for milestones and royalties. - Kissei Pharmaceutical: since July 2025 it holds rights to veligrotug and elegrobart in Japan. Viridian is eligible for milestones and tiered royalties, and generally supplies the product. - DRI Healthcare Acquisitions LP: bought rights to certain United States revenue streams in October 2025. Viridian pays tiered royalties on United States net sales of veligrotug, elegrobart and certain related products.

Apart from Japan and the greater area of China, Viridian holds worldwide commercialisation rights to veligrotug and elegrobart.

Preparing to sell

The company is building sales and marketing, market access, patient services and commercial operations functions in the United States. It is also expanding its medical, clinical, regulatory, quality, and supply chain and distribution capabilities. Outside the United States, it says it can commercialise products itself or enter collaborations.

Competition and protection

Amgen is developing an on-body subcutaneous formulation of Tepezza. Vyvgart, Rystiggo from UCB, and Imaavy from Johnson and Johnson are the FDA-approved anti-FcRn therapies. No anti-TSHR therapy is approved by the FDA.

As of January 2026, Viridian's in-licensed and owned patents and applications comprised approximately three United States issued patents, approximately twenty-two United States pending applications, one issued patent in China, and approximately one hundred nineteen pending applications outside the United States. The issued patents are expected to expire no earlier than 2041.

*From Viridian Therapeutics's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1590750/000159075026000007/vrdn-20251231.htm)*

From the company's 10-K.