Viridian Therapeutics Highlights Recent Progress and Reports First Quarter 2024 Financial Results

WALTHAM, Mass.–(BUSINESS WIRE)–Viridian Therapeutics, Inc. (NASDAQ: VRDN), a biotechnology company focused on discovering and developing potential best-in-class medicines for serious and rare diseases, today reported recent business highlights and financial results for the first quarter ending March 31, 2024.

“It has been a remarkable first quarter of execution as we made progress across our TED and neonatal Fc receptor (FcRn) inhibitor programs,” said Steve Mahoney, Viridian President and Chief Executive Officer. “Rapidly completing and exceeding enrollment in THRIVE demonstrates the demand for new therapeutic options in TED and reflects our team’s ability to execute as we look forward to delivering on the exciting catalysts in the year ahead. We remain on track for our key milestones across the portfolio as we aim to deliver on our corporate priorities for the benefit of patients and our other stakeholders.”


Thyroid Eye Disease Portfolio

VRDN-001an intravenously delivered anti-insulin-like growth factor-1 receptor (IGF-1R) antibody

  • THRIVE Enrollment Completed in March 2024, Topline Data Expected September 2024: The THRIVE phase 3 clinical trial in patients with active TED completed enrollment in March 2024, meeting and exceeding its enrollment target of 90 patients with patient demand driving a total enrollment of 113 patients. Approximately half of the enrolled patients were from the US and half from Europe.
  • THRIVE-2 Topline Data On Track for Year-End 2024: The THRIVE-2 phase 3 clinical trial in patients with chronic TED continues to enroll and remains on track for topline readout by year-end 2024.
  • VRDN-001 Safety Database and Preparation For Second Half 2025 Biologics License Application (BLA) Filing: To meet the safety database requirement for BLA filing, Viridian is actively enrolling patients into the recently initiated STRIVE clinical trial. STRIVE is a global study of VRDN-001 in TED patients that utilizes broad inclusion criteria (e.g., any severity or duration of disease) and is randomized 3:1 (10 mg/kg IV with an active control of 3 mg/kg IV). Viridian is also enrolling patients in an open label extension study for non-responders in THRIVE and THRIVE-2. Viridian anticipates filing a BLA in the second half of 2025, pending data, for marketing approval in TED and expects that its data package will support a marketing authorization application in Europe.

VRDN-003, a potential best-in-class, subcutaneous, half-life extended anti-IGF-1R product candidate designed to be a low-volume and infrequent subcutaneous injection

  • Pivotal Program On Track For Mid-Year 2024 Initiation Following Positive FDA Meeting: Viridian completed a positive Type C meeting with the FDA to discuss the VRDN-003 pivotal development plan. The pivotal program remains on track to start mid-year 2024, and Viridian plans to provide additional details, including study designs, prior to the start of the program.

FcRn Inhibitor Portfolio

VRDN-006a highly selective anti-FcRn Fc fragment designed to be a convenient subcutaneous and self-administered option for patients

  • IND On Track for Year-End 2024: Viridian is on track to submit an IND application for VRDN-006 by year-end 2024.

VRDN-008a half-life extended FcRn inhibitor designed to prolong IgG suppression and provide a potentially best-in-class subcutaneous option for patients

  • NHP Data On Track for Second Half 2024: Viridian is on track to provide VRDN-008 non-human primate data, including PK and PD data, in the second half of 2024.
  • Potential Best-in-Class Profile: As a half-life extended FcRn inhibitor, VRDN-008 has the potential to enable deeper and more durable suppression than existing therapies targeting FcRn.


  • Cash Position: Cash, cash equivalents, and short-term investments were $613.2 million as of March 31, 2024, compared with $477.4 million as of December 31, 2023. 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 2026.
  • R&D Expenses: Research and development expenses were $40.9 million during the quarter ended March 31, 2024, compared to $50.7 million during the quarter ended March 31, 2023. The decrease in research and development expenses was driven by a $15 million license fee incurred during the quarter ending March 31, 2023. This decrease was partially offset by increased clinical trials costs associated with our ongoing THRIVE and THRIVE-2 clinical trials, as well as increased personnel costs.
  • G&A Expenses: General and administrative expenses were $15.0 million during the quarter ended March 31, 2024, compared to $21.8 million during the quarter ended March 31, 2023. The decrease in general and administrative expenses was driven by a reduction in severance and share-based compensation costs related to separation agreements with former executive officers entered into during the quarter ending March 31, 2023.
  • Net Loss: The company’s net loss was $48.5 million for the first quarter ended March 31, 2024, compared with $68.2 million for the same period last year.
  • Shares Outstanding: As of March 31, 2024, Viridian had approximately 83,863,339 shares of common stock outstanding on an as-converted basis, which included 63,798,536 shares of common stock and an aggregate of approximately 20,064,803 shares of common stock issuable upon the conversion of 157,435 and 143,522 shares of Series A and Series B preferred stock, respectively.

About Viridian Therapeutics

Viridian is a biopharmaceutical company focused on engineering and developing potential best-in-class medicines for patients with serious and rare diseases. Viridian’s expertise in antibody discovery and protein engineering enables the development of differentiated therapeutic candidates for previously validated drug targets in commercially established disease areas.

Viridian is advancing multiple candidates in the clinic for the treatment of patients with thyroid eye disease (TED). The company is conducting a pivotal program for VRDN-001, including two global phase 3 clinical trials (THRIVE and THRIVE-2) to evaluate its efficacy and safety in patients with active and chronic TED. Viridian’s goal is to advance VRDN-001 as a potential best-in-class intravenous therapy followed by VRDN-003 as a potential best-in-class subcutaneous therapy for the treatment of TED.

In addition to its TED portfolio, Viridian is advancing a novel portfolio of neonatal Fc receptor (FcRn) inhibitors, including VRDN-006 and VRDN-008, which has the potential to be developed in multiple autoimmune diseases.

Viridian is based in Waltham, Massachusetts. For more information, please visit Follow Viridian on LinkedIn and X.