Viridian Therapeutics Reports Third Quarter 2022 Financial Results and Provides Corporate Updates

WALTHAM, Mass., Nov. 14, 2022 (GLOBE NEWSWIRE) — Viridian Therapeutics, Inc. (NASDAQ: VRDN), a biotechnology company advancing new treatments for patients suffering from serious diseases underserved by current therapies, today announced financial results for the third quarter ending September 30, 2022 and provided corporate updates.

Earlier today in a separate news release, the Company announced topline clinical data from the first two cohorts in its ongoing Phase 1/2 clinical trial of VRDN-001, an IGF-1R antibody, in patients with thyroid eye disease (TED).

“The positive VRDN-001 clinical data reported today reinforces our conviction in the potential for VRDN-001 to deliver improved care for patients suffering with TED. Across all efficacy measures, VRDN-001 continues to deliver a rapid, compelling, and clinically meaningful improvement for patients after just two infusions,” said Jonathan Violin, Ph.D., President and CEO of Viridian Therapeutics. “We have continued our rapid momentum with the recent initiation of our Phase 3 THRIVE program as we accelerate our portfolio of IV and SC TED assets towards approval.”

Third Quarter 2022 Financial Results

Cash Position: Cash, cash equivalents, and short-term investments were $431.3 million as of September 30, 2022, compared with $197 million as of December 31, 2021. The Company believes that its current cash, cash equivalents, and short-term investments will be sufficient to fund its operations into the second half of 2025.

In August 2022, the Company offered and sold 11,352,640 shares of the Company’s common stock at a public offering price of $23.50 per share, and 28,084 shares of Series B non-voting convertible preferred stock, par value $0.01 per share, at a public offering price of $1,566.745 per share. The gross proceeds to the Company from the offering were approximately $311.0 million, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

Earlier in 2022, the Company entered into a debt financing agreement with Hercules Capital, Inc. for up to $75 million. Under the terms of the agreement, Viridian drew an initial $5 million at closing. An additional $20 million is available at the Company’s request through June 15, 2023, with an additional $25 million available upon the Company’s achievement of certain milestones, and the remaining $25 million available subject to final lender approval. The Company is under no obligation to draw funds in the future.

R&D Expenses: Research and development expenses were $22.1 million during the third quarter of 2022, compared with $8.1 million for the same period last year. The increase in research and development expenses was primarily driven by personnel related costs, clinical trial costs for VRDN-001 and VRDN-002, as well as costs related to our preclinical programs and manufacturing costs for all of our programs. Research and development expenses were $61.6 million during the nine months ended September 30, 2022, compared with $34.5 million for the same period last year. The increase in research and development expenses was primarily driven by personnel related costs, license fees, clinical trial costs for VRDN-001 and VRDN-002, as well as costs related to our preclinical programs.

G&A Expenses: General and administrative expenses were $8.9 million during the third quarter of 2022, compared with $6.2 million for the same period last year. The increase in general and administrative expenses was driven by increases in personnel-related costs, including share-based compensation charges, as well as higher consulting expenses, and professional and license fees.

General and administrative expenses were $25.3 million during the nine months ended September 30, 2022, compared with $18.9 million for the same period last year. The increase in general and administrative expenses was driven by increases in personnel-related costs, including share-based compensation charges, as well as an increase in consulting expenses and professional service fees.

Net Loss: The Company’s net loss was $28.9 million for the third quarter of 2022, compared with $14.0 million for the same period last year. The increase in net loss was driven by increased operating costs, as described above.

Shares Outstanding: As of September 30, 2022, Viridian had approximately 56,217,886 shares of common stock outstanding on an as-converted basis, which included 40,244,355 shares of common stock outstanding and an aggregate of approximately 15,973,531 shares of common stock issuable upon the conversion of 188,381 and 51,210 shares of Series A and Series B preferred stock, respectively.

About Viridian Therapeutics
Viridian Therapeutics is a biotechnology company advancing new treatments for patients suffering from serious diseases underserved by current therapies. Viridian’s most advanced program, VRDN-001, is a differentiated monoclonal antibody targeting insulin-like growth factor-1 receptor (IGF-1R), a clinically and commercially validated target for the treatment of thyroid eye disease (TED). VRDN-002 is a distinct anti-IGF-1R antibody and incorporates half-life extension technology. VRDN-003 is an extended half-life version of VRDN-001. Both VRDN-002 and VRDN-003 are designed for administration as convenient, low-volume, subcutaneous injections. TED is a debilitating autoimmune disease that causes inflammation and fibrosis within the orbit of the eye which can cause double vision, pain, and potential blindness. Viridian is based in Waltham, Massachusetts.