Viridian Therapeutics Inc. (VRDN) reported fourth‑quarter 2025 results on February 26, 2026. Revenue for the quarter was $132,000, a far shortfall from the consensus estimate of $15.75 million. The company posted a net loss of $1.08 per share, missing the consensus of $-0.90. For the full year, revenue totaled $70.8 million, up from $0.3 million in 2024, while the company recorded a net loss of $342.6 million, translating to an earnings per share loss of $4.04.
The revenue miss reflects the fact that Viridian has not yet generated product sales. The company remains in the development phase for its lead candidate, veligrotug, and has not yet entered the commercial market. As a result, the $132,000 of revenue likely represents a small licensing or milestone payment rather than sales volume.
The earnings miss is driven by the company’s continued investment in clinical development and commercialization preparation. R&D and general‑administrative expenses remained high, while the lack of product revenue left the company with a net loss of $1.08 per share, a larger loss than the consensus of $-0.90.
Despite the quarterly miss, Viridian’s revenue trajectory has accelerated. Q3 2025 revenue of $70.6 million eclipsed Q3 2024’s $86,000, and the full‑year 2025 revenue of $70.8 million represents a dramatic increase over the $0.3 million reported in 2024. The company’s cash position of $874.7 million as of December 31, 2025, provides a strong runway to fund ongoing development and potential commercialization.
CEO Steve Mahoney said, “We enter 2026 with the momentum of our continued execution. With the veligrotug BLA filing under Priority Review and a PDUFA target date of June 30, 2026, we are well‑prepared for our potential first commercial launch, a significant milestone for the company and for patients with TED. The submission of our MAA to the EMA supports the long‑term, global opportunity for veligrotug.” He added, “We made tremendous progress in 2024 which was capped off by the positive and better‑than‑expected pivotal data for our lead TED program veligrotug in active and chronic TED, and advancing towards the clinic with an IND submission for our lead FcRn inhibitor program VRDN‑006.”
Investors reacted positively to the earnings release, focusing on the company’s pipeline progress and upcoming regulatory milestones. The FDA’s priority review of veligrotug, the June 30 PDUFA target, and the expected topline data for elegrobart in 2026, combined with a robust cash balance, have bolstered confidence in Viridian’s long‑term prospects.
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