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Viridian Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial performance, including a net loss of $76,689,000 for the three months ended September 30, 2024, compared to a net loss of $47,660,000 for the same period in 2023.
Research and development expenses increased to $69,158,000 from $30,385,000 in the prior year, primarily due to higher clinical trial costs and increased personnel-related costs.
General and administrative expenses decreased to $14,408,000 from $20,911,000, largely due to a reduction in personnel-related costs.
Viridian reported collaboration revenue of $86,000 for the quarter, attributed to its agreement with Zenas BioPharma.
Other income, net, was $6,791,000, driven by interest income from short-term investments.
As of September 30, 2024, Viridian had $753,240,000 in cash, cash equivalents, and short-term investments.
The company expects its current resources to fund operations into the second half of 2027, but acknowledges the need for additional capital to continue development of its product candidates.
Viridian's lead product candidate, veligrotug, is in global phase 3 clinical trials for the treatment of thyroid eye disease, with positive topline results announced from the THRIVE study.
Viridian is also advancing VRDN-003, a subcutaneous product candidate for thyroid eye disease, with global phase 3 trials initiated in August 2024.
The company continues to develop its portfolio of engineered anti-FcRn inhibitors, including VRDN-006 and VRDN-008, targeting autoimmune diseases.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Viridian Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.