VRDN · Viridian Therapeutics, Inc.

Viridian Therapeutics reported its first quarter 2026 financial results, marked by significant operational progress and increased spending in preparation for the commercial launch of veligrotug. The company reported a net loss of $104.9 million, an increase from $86.9 million in the prior year period, driven primarily by escalated commercial preparatory activities. R&D expenses remained relatively flat at $77.6 million, as increased manufacturing and personnel costs for the TSHR program offset decreased clinical trial costs for the TED portfolio. Conversely, SG&A expenses more than doubled to $38.7 million from $17.1 million year-over-year, reflecting the hiring of field teams and infrastructure buildout for the anticipated veligrotug launch.

Operationally, the company is 'launch-ready' for veligrotug, which has a PDUFA target action date of June 30, 2026. Management emphasized that sales, market access, and patient services teams are fully deployed. Additionally, the company reported positive topline data from the REVEAL-1 and REVEAL-2 phase 3 trials for elegrobart, a subcutaneous autoinjector candidate. Both trials met primary endpoints with statistically significant treatment effects in active and chronic TED. Viridian plans to submit a BLA for elegrobart in Q1 2027. The company maintains a strong liquidity position with $762.2 million in cash and investments as of March 31, 2026, compared to $874.7 million at the end of 2025, supporting its ongoing launch activities and pipeline development, including the FcRn inhibitor portfolio and TSHR program.