Viridian Therapeutics, Inc.\DE (VRDN) FY2025 10-K Annual Report
Viridian Therapeutics, Inc.\DE (VRDN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Viridian Therapeutics, Inc.\DE FY2025 10-K Analysis
Business Overview
- • Core biopharma focus on autoimmune and rare diseases, emphasizing best-in-class therapies for thyroid eye disease (TED) and related conditions
- • New subcutaneous IGF-1R antibody elegrobart in pivotal phase 3 (REVEAL-1/2) for TED with potential auto-injector, complementing intravenous veligrotug
- • Strategic shift to commercial launch prep for veligrotug post-BLA acceptance (Priority Review, PDUFA June 30, 2026) and building U.S. commercial infrastructure
- • Over 300 patients enrolled in safety databases for veligrotug and elegrobart exceeding targets; phase 3 TED trial enrollment higher than anticipated (>330 total)
- • Introduction of TSHR inhibitor program targeting Graves’ disease and TED, with IND planned for Q4 2026, expanding pipeline beyond IGF-1R and FcRn inhibitors
Management Discussion & Analysis
- • Revenue $70.8M in 2025 vs $0.3M in 2024; increase driven by $70M upfront license payment from Kissei and related party collaborations
- • Research & Development expenses $338.9M in 2025 vs $238.3M in 2024; TED portfolio R&D up $78.3M, driven by phase 3 trials and milestone fees
- • Selling, General & Administrative expenses $95.3M in 2025 vs $61.1M in 2024; increased by $34.2M to support commercial infrastructure buildout
- • Net loss $342.6M in 2025 vs $269.9M in 2024; loss widened by $72.7M reflecting increased R&D and SG&A spend
- • No cash flow or capital allocation details disclosed; management highlights FDA Priority Review of veligrotug with PDUFA date June 30, 2026 and upcoming phase 3 data in 2026 as key catalysts
Risk Factors
- • Regulatory risk: FDA may require additional patients or steps for veligrotug and elegrobart phase 3 trials, risking approval delays or denials
- • Geopolitical exposure: Clinical trial operations in Israel and China vulnerable to adverse regulatory actions or unrest impacting progress
- • Operational vulnerability: Dependence on third-party CDMOs and CROs for manufacturing and trial conduct risks delays or non-compliance (cGMP, cGCP)
- • Competitive risk: Delays or failures in clinical trials could allow competitors to market similar therapies earlier, impairing commercial prospects
- • Financial risk: Net loss $342.6M in 2025, cash $874.7M enabling operations ~12 months; inability to raise capital may force program scale-backs or bankruptcy
Viridian Therapeutics, Inc.\DE FY2025 Key Financial MetricsXBRL
Revenue
$71M
▲ +23359.9% YoY
Net Income
-$343M
▼ -26.9% YoY
Operating Margin
-512.9%
▲ +9850530bp YoY
Net Margin
-483.6%
▲ +8890352bp YoY
ROE
-47.4%
▼ -725bp YoY
Total Assets
$899M
▲ +21.1% YoY
Operating Cash Flow
-$276M
▼ -19.0% YoY
Source: XBRL data from Viridian Therapeutics, Inc.\DE FY2025 10-K filing on SEC EDGAR. All figures in USD.
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