10-K · February 26, 2026
Viridian positions itself as a clinical‑stage biopharma focused on best‑in‑class antibody therapeutics for thyroid eye disease (TED) and autoimmune disorders, advancing veligrotug (IV) and elegrobart (SC) as lead IGF‑1R…
Earnings analysis · 10-Q
VRDN earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Viridian Therapeutics reported substantial financial losses in Q1 2026, with a revenue of only $6, a stark decline from prior periods, resulting in an EPS of -$0.90. The company highlighted the launch readiness for its…
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Viridian Therapeutics reported substantial financial losses in Q1 2026, with a revenue of only $6, a stark decline from prior periods, resulting in an EPS of -$0.90. The company highlighted the launch readiness for its therapy veligrotug, pending PDUFA approval scheduled for June 30, 2026. Management also noted a significant increase in SG&A expenses related to commercialization preparation.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.9
What stood out
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Minimal Revenue Reported
The company recorded revenues of $6, sharply down compared to $72 million in Q1 2025.
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Large Net Loss
Viridian incurred a net loss of $104.9 million in Q1 2026, increased from a net loss of $86.9 million in Q1 2025.
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Cash Reserves Increase
Total cash, cash equivalents and marketable securities stood at $762.2 million as of March 31, 2026.
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R&D Expenses Surge
R&D expenses totaled $77.6 million, slightly higher than $76.8 million in Q1 2025.
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Increased SG&A Expenses
SG&A expenses escalated to $38.7 million from $17.1 million year-over-year.
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Interest Income Up
Other income, net was reported at $11.3 million, an increase from $7.0 million in Q1 2025.
What to watch
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Operational Viability Concerns
The company reported an accumulated deficit of $1.444 billion as of March 31, 2026.
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Burn Rate
Operating cash flow was $(119.7) million in Q1 2026, worse than $(92.7) million for the same period last year.
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Regulatory Uncertainty
PDUFA for veligrotug is set for June 30, 2026, with uncertain outcomes affecting future sales.
Management's outlook
The company did not provide specific numeric guidance in the filing, focusing on upcoming regulatory timelines.
Earlier filings 4
10-Q · May 6, 2025
Viridian reported collaboration revenue of $72 for Q1 2025 and a net loss of $86,912, driven by a $76,835 R&D spend. The company holds approximately $636.6 million of cash, cash equivalents and short-term investments…
10-K · March 3, 2025
Viridian’s 10-K emphasizes a clinical-stage, fast-follower biologics strategy focused on thyroid eye disease (TED) and engineered FcRn inhibitors, with pivotal phase 3 successes for veligrotug (THRIVE and THRIVE-2) and…
10-Q · November 12, 2024
Viridian reported collaboration revenue of $86,000 for Q3 2024 and a GAAP net loss of $76,689,000 (EPS $(1.15)) for the three months ended September 30, 2024. Revenue rose modestly versus the prior-year quarter…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.