Viridian Therapeutics, Inc.\DE VRDN
We are a biopharmaceutical company focused on discovering, developing, and commercializing potential best-in-class medicines for serious and rare diseases. We target therapeutic areas in which current treatments leave room for improvements in efficacy, safety, and/or dosing convenience. We believe there is significant potential in these areas, for better medicines that address unmet needs, improve outcomes, and expand treatment options for patients. We aim to develop differentiated, potential best-in-class medicines that could lead to improved patient outcomes, reduced side effects, improved quality of life, and expanded market access.
Our pipeline targets validated pathways and disease-driving mechanisms in autoimmune and rare diseases. These include product candidates directed at the insulin-like growth factor 1 receptor ("IGF‑1R") for the treatment of thyroid eye disease ("TED"), inhibitors of the neonatal Fc receptor ("FcRn") with potential application across multiple autoimmune disorders, and a TSHR inhibitor program with potential in TED and Graves' disease. We develop therapeutics through internal research and discovery, as well as through in-licensing opportunities that align with our strategic focus. Our capabilities span protein and antibody discovery and engineering, biologics manufacturing, nonclinical and clinical development, commercial planning, and commercialization in these therapeutic areas.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $70.8M | $302.0K | $314.0K | $1.8M | $3.0M | $1.1M | $4.5M | $8.4M | $4.0M | $3.5M |
| Cost of revenue | — | — | — | — | — | — | — | — | — | $2.5M |
| Gross profit | — | — | — | — | — | — | — | — | — | $929.0K |
| R&D | — | — | — | — | — | — | $34.8M | $30.4M | $19.6M | $13.7M |
| SG&A | $95.3M | $61.1M | $95.0M | $35.2M | $25.8M | $13.3M | $11.6M | $11.0M | $10.9M | $6.8M |
| Total operating expenses | $434.2M | $299.3M | $254.8M | $136.1M | $82.7M | $111.4M | $46.4M | $41.5M | $30.5M | $20.5M |
| Operating income | -$363.4M | -$299.0M | -$254.4M | -$134.3M | -$79.7M | -$110.4M | -$42.0M | -$33.1M | -$26.5M | -$17.0M |
| Interest expense | $4.9M | $2.2M | $1.3M | $486.0K | — | — | — | — | — | $95.0K |
| Pre-tax income | -$342.6M | — | — | — | — | — | — | — | — | — |
| Income tax | $0 | — | — | — | — | — | — | — | — | — |
| Net income | -$342.6M | -$269.9M | -$237.7M | -$129.9M | -$79.4M | -$110.7M | -$41.9M | -$32.7M | -$26.5M | -$17.3M |
| EPS, basic | — | — | -5.31 | -4.05 | -6.66 | -31.13 | — | — | — | — |
| EPS, diluted | — | — | -5.31 | -4.05 | -6.66 | -31.13 | -20.04 | -1.10 | -1.38 | -28.21 |
| Shares, diluted (wtd. avg.) | — | — | $44.8M | $32.1M | $11.9M | $3.6M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $212.4M | $99.6M | $102.8M | $155.6M | $42.3M | $45.9M | $24.8M | $32.6M | $47.4M | $22.1M |
| Short-term investments | $662.3M | $618.0M | $374.5M | $269.0M | $154.7M | $81.7M | $2.0M | $29.9M | $0 | — |
| Receivables | — | — | — | — | — | — | $108.0K | $24.0K | $1.5M | $20.0K |
| Inventory | — | — | — | — | — | — | — | — | — | $64.0K |
| Total current assets | $894.2M | $738.5M | $486.5M | $431.2M | $200.2M | $129.6M | $29.7M | $65.4M | $51.9M | $23.9M |
| Property, plant and equipment | $1.2M | $1.2M | $1.7M | $1.3M | $375.0K | $309.0K | $523.0K | $727.0K | $563.0K | $625.0K |
| Total assets | $899.4M | $742.4M | $490.4M | $435.1M | $203.7M | $131.3M | $30.3M | $66.1M | $52.5M | $24.8M |
| Accounts payable | $8.7M | $2.1M | $2.2M | $14.2M | $2.3M | $670.0K | $1.1M | $571.0K | $906.0K | $1.0M |
| Total current liabilities | $70.7M | $47.9M | $26.6M | $33.3M | $13.6M | $10.7M | $10.2M | $6.7M | $3.9M | $6.9M |
| Long-term debt | — | $20.6M | $20.2M | $4.6M | $0 | — | $7.7M | $10.0M | $10.0M | — |
| Total liabilities | $177.3M | $70.8M | $48.4M | $40.0M | $16.0M | $11.2M | $14.5M | $14.8M | $14.0M | $9.7M |
| Retained earnings | -$1.34B | -$995.9M | -$725.9M | -$488.2M | -$358.3M | -$278.9M | -$168.2M | -$126.3M | -$93.6M | -$67.1M |
| Total equity | $722.2M | $671.6M | $442.0M | $395.1M | $187.7M | $120.0M | $15.8M | $51.3M | $38.5M | -$61.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$276.4M | -$232.3M | -$184.2M | -$93.8M | -$54.6M | -$29.8M | -$36.1M | -$26.8M | -$28.2M | -$14.8M |
| Depreciation and amortisation | $460.0K | $540.0K | $522.0K | $255.0K | $120.0K | $239.0K | $288.0K | $281.0K | $308.0K | $341.0K |
| Stock-based compensation | $44.3M | $42.1M | $67.2M | $19.8M | $14.5M | $3.6M | $4.0M | $3.7M | $2.4M | $198.0K |
| Capital expenditure | $495.0K | $511.0K | $898.0K | $797.0K | $338.0K | $42.0K | $84.0K | $445.0K | $246.0K | $250.0K |
| Investing cash flow | -$37.6M | -$228.7M | -$94.3M | -$115.1M | -$74.3M | -$50.5M | $28.2M | -$29.9M | $1.0M | -$250.0K |
| Financing cash flow | $426.7M | $457.7M | $225.7M | $322.2M | $125.3M | $101.3M | $70.0K | $41.9M | $52.5M | $15.9M |
| Buybacks | — | — | — | — | — | — | — | — | — | $2.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-160344.
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