Short answer
Viridian Therapeutics, Inc.\DE (VRDN) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $71M (+23359.9% year over year) and net income of −$343M.
- Top risk flagged: Regulatory risk: FDA may require additional patients or steps for veligrotug and elegrobart phase 3 trials, risking approval delays or denials
FY2025 key financial metrics · XBRL
- Revenue
- $71M
- +23359.9% YoY
- Net income
- −$343M
- −26.9% YoY
- Operating margin
- -512.9%
- +98505.3 pp YoY
- ROE
- -47.4%
- −7.2 pp YoY
- Operating cash flow
- −$276M
- −19.0% YoY
Source: XBRL data from the Viridian Therapeutics, Inc.\DE (VRDN) FY2025 10-K on SEC EDGAR. USD.
Viridian Therapeutics, Inc.\DE FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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
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