Viridian Therapeutics (VRDN) Q3 2026 earnings summary

Executive summary

• Lumvoa generated $24.7M in Q3 2026 net product revenue, its first launch quarter; more than 100 patients had started therapy by September 30.

• Q3 net loss was $101.2M, compared with $34.6M a year earlier; cash, cash equivalents and marketable securities totaled $955.2M at quarter-end.

• Pipeline priorities include elegrobart, VRDN-008 and VRDN-292, with milestones expected through Q4 2026 and Q1 2027.

Financial highlights

• Q3 total revenue was $25.8M versus $70.6M a year earlier; the prior-year period included a one-time $70.0M Kissei upfront license payment.

• Q3 operating expenses were $129.2M, including $70.1M R&D and $57.6M SG&A; operating loss was $103.5M.

• Q3 net loss was $101.2M versus $34.6M; 9M net loss was $333.2M versus $222.2M.

• 9M revenue was $26.2M versus $70.7M; 9M R&D was $219.3M versus $249.7M, while SG&A was $151.3M versus $61.6M.

• Q3 R&D fell to $70.1M from $86.3M, while SG&A rose to $57.6M from $24.3M, reflecting lower late-stage study costs and commercial launch investment.

Outlook and guidance

• Elegrobart BLA submission for TED remains on track for Q1 2027; planned delivery, if approved, is via an at-home autoinjector with subcutaneous Q4W or Q8W dosing.

• VRDN-008 Phase 1 data and FcRn portfolio development plans are expected in Q4 2026; VRDN-292 Phase 1 initiation in Graves’ disease patients is also planned for Q4.

• Existing cash and anticipated Lumvoa revenue, plus potential elegrobart revenue if approved, are expected to fund current plans through profitability; September 30 liquidity was $955.2M.

• Broad Lumvoa payer coverage remains a target within six to nine months of launch; a permanent J-code takes effect January 1, 2027.

• A veligrotug MAA was submitted to the EMA in January 2026; review and approval timing remains subject to regulatory uncertainty.