Biotech Distilled
Substack ↗ Subscribe
Subscribe Substack ↗ About

Home › Companies › VRDN

Viridian Therapeutics

VRDN Lead: Approved 10 Biotech Distilled articles ↓ 30 filings & releases ↓ Cash $173M (Sep 30, 2026) ↓ 10 verdicts ↓ 5 timing quotes ↓
ImmunologyOphthalmology Protein

Market cap $3.24B 113.6M shares (10-Q, Nov 2, 2026) × $28.49 close Nov 6, 2026

Most recent annual filing: 2026-02-15

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. VRDN-006 corporate update2026VRDN-006 corporate update, 2026, routine
  2. VRDN-008 Ph1 readout4Q 2026VRDN-008 Ph1 readout, 4Q 2026, material
  3. Anti-TSHR Antibody IND filing4Q 2026Anti-TSHR Antibody IND filing, 4Q 2026, notable
  4. TSHR program IND filing4Q 2026TSHR program IND filing, 4Q 2026, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (7 active programs)

Capital (as filed)

Cash
$173M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$782M Sep 30, 2026
Operating cash flow
−$92.8M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$955M cash per the update of Nov 4, 2026 — the company's own words as read there, not the filed figure

Offering documents (2)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (10)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (10 calls)

Every verdict Biotech Distilled has published on Viridian Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-02-05 Buy core Viridian Therapeutics (VRDN): Scientific Deep Dive for Veligrotug, Elegrobart, and Pipeline Products De-risked IGF-1R biology, strong cash runway, and the convenience of an SC auto-injector in a $2B+ TED market create compelling upside with manageable execution risk.
  2. 2026-03-01 Buy core UPDATE: Viridian (VRDN) - FY25 Update Thesis holds with strong cash position, but WuXi manufacturing pivot and auto-injector bridging study add CMC execution risk heading into the REVEAL-1 binary event.
  3. 2026-03-31 Hold UPDATE: Viridian Therapeutics (VRDN) REVEAL-1 Update REVEAL-1 delivered 54%/63% proptosis responder rates vs. 18% placebo — statistically significant but well below Tepezza's ~83% benchmark — breaking the bio-better premium valuation thesis and relegating elegrobart to a niche product.
  4. 2026-05-06 Speculative buy speculative UPDATE: Viridian Therapeutics (VRDN) - The Chronic TED Redemption Arc, Now With a Dilution Chaser REVEAL-2 in chronic TED delivered statistically significant proptosis and diplopia data, rescuing the bio-better thesis in a greenfield market Tepezza barely touches, though a concurrent $250M dilution raise tempers conviction.
  5. 2026-05-08 Speculative buy speculative UPDATE: Viridian Therapeutics (VRDN) - The Dilution Prints The $350M raise priced at $17 with a tight 1.75%/45%-premium convert, signaling institutional credit appetite; the dilution overhang has resolved and the $17 offering floor sets the entry point ahead of the June 30 PDUFA.
  6. 2026-05-14 Speculative buy speculative UPDATE: Viridian Therapeutics (VRDN) - Fairmount Doubles Down at $17 Fairmount's $20M add at the $17 offering price with a 60-day lock-up is a third independent institutional confirm of the recut chronic-TED thesis heading into the June 30 PDUFA.
  7. 2026-05-26 Speculative buy speculative UPDATE: Viridian Therapeutics (VRDN) - The WuXi Doubling Down Signing a 5-year commercial supply deal with WuXi cleans up the FDA manufacturing package for the June 30 PDUFA but re-opens geopolitical tail risk; thesis intact with an added annotation.
  8. 2026-06-26 Buy core UPDATE: Viridian Therapeutics (VRDN) - Lumvoa Lands Four Days Early FDA approved Lumvoa four days early with a full active-plus-chronic label and a shorter 12-week course, retiring regulatory risk on the IV franchise and unlocking the $75M DRI milestone as the commercial launch begins.
  9. 2026-08-07 Buy core UPDATE: Viridian Therapeutics (VRDN) - The Launch Quarter With No Launch Revenue Lumvoa is approved and launching with $981.5M cash and an assembled elegrobart BLA package, but zero disclosed revenue means the +25.8% stock move has priced a successful launch before any scripts are counted, making fresh entry less attractive.
  10. 2026-11-05 Buy core UPDATE: Viridian Therapeutics (VRDN) - The Scoreboard Lights Up $24.7M in first-quarter Lumvoa revenue and 100+ patients validates the commercial thesis, but the stock at $29 is pricing a sustained ramp with convert dilution near the $32 trigger and channel-fill uncertainty ahead.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (5 quotes from 5 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (30)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 27, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

12 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)