Viridian Therapeutics (VRDN) Q4 2025 earnings summary

Executive summary

• PDUFA target action date for veligrotug for thyroid eye disease (TED) set for June 30, 2026, with U.S. commercial launch preparations underway.

• Marketing Authorization Application for veligrotug submitted to the EMA in January 2026.

• Phase 3 topline data for subcutaneous elegrobart (VRDN-003) expected in Q1 and Q2 2026 for active and chronic TED.

• Advanced VRDN-008 into phase 1 clinical trial; data expected in 2H 2026.

• Strong cash position supports business plans through anticipated profitability if key products are approved.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $874.7 million as of December 31, 2025, up from $717.6 million a year earlier.

• Research and development expenses rose to $338.9 million for 2025, compared to $238.3 million in 2024.

• Selling, general, and administrative expenses increased to $95.3 million in 2025 from $61.1 million in 2024.

• Net loss for 2025 was $342.6 million, compared to $269.9 million in 2024.

Outlook and guidance

• Anticipates funding current business plans through profitability based on existing cash, milestone payments, and potential commercial revenues from veligrotug and elegrobart, if approved.

• REVEAL-1 and REVEAL-2 topline data for elegrobart expected in Q1 and Q2 2026.

• IND submission for TSHR program anticipated in Q4 2026.

• VRDN-008 phase 1 data expected in 2H 2026.