Viridian Therapeutics, Inc. (VRDN), a biotechnology company, reported financial results for the first quarter ended March 31, 2026, reflecting a wider net loss. In addition, the firm highlighted recent business developments and a near-term milestone for its development pipeline.
In a separate announcement, Viridian reported positive results from the Phase 3 REVEAL-2 study of its lead investigational candidate, Elegrobart, in patients with chronic thyroid eye disease, as the study met its primary endpoint.
Following the news, VRDN is surging 25% at $17.54.
Company Profile
Viridian focuses on developing medicines and antibodies for patients with autoimmune and rare diseases.
The firm's lead investigational candidates include,
- Veligrotug, which is in Phase 3 trials for active and chronic Thyroid Eye Disease (TED).
- Elegrobart, which is an investigational subcutaneously delivered antibody via autoinjector for the treatment of TED.
- Viridian is also developing an anti-thyroid-stimulating hormone receptor (TSHR) program for TED and Graves' disease.
-In addition, Viridian is advancing a portfolio of neonatal Fc receptor (FcRn) inhibitors, including VRDN-006 and VRDN-008, which have the potential to be developed for multiple autoimmune diseases.
First Quarter Results
In the first quarter of 2026, net loss was $104.9 million, compared with $86.9 million for the same period in 2025.
As of March 31, 2026, cash and cash equivalents totalled $762.2 million.
Near-term Milestones
The firm's lead investigational candidate, Veligrotug, for Thyroid Eye Disease (TED), is under Priority Review at the U.S. Food and Drug Administration (FDA) with a Prescription Drug User Fee Act (PDUFA) target action date of June 30, 2026.
Meanwhile, following the positive pivotal Phase 3 data in TED for Elegrobart (VRDN-003), Viridian plans to submit a BLA to the FDA in the first quarter of 2027 and seek approval for both 4-week and 8-week Elegrobart dosing regimens.
In addition, the thyroid-stimulating hormone receptor (TSHR) antibody program, with expected clinical potential in TED and Graves disease, is in development, and Viridian plans to submit an Investigational New Drug (IND) application in the fourth quarter of 2026.
For VRDN-006, the firm anticipated sharing development plans in 2026.
For VRDN-008, the firm has initiated a phase 1 clinical trial in healthy volunteers, which is ongoing; the data are on track for the second half of 2026.
VRDN has traded between $11.76 and $34.29 over the last year. The stock closed Monday's trade at $14.06.
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