Viridian Therapeutics Q3 2026 loss widens to $101M

Viridian Therapeutics, Inc. reported third-quarter 2026 total revenue of $25.752 million, including $24.7 million in Lumvoa net product revenue, with more than 100 patients on therapy at quarter-end.

Available on EDGAR 11/04/2026 - 07:11 AM EST Accepted by SEC EDGAR 11/04/2026 - 07:11 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Viridian Therapeutics, Inc. reported third-quarter 2026 total revenue of $25.752 million, including $24.7 million in Lumvoa net product revenue, with more than 100 patients on therapy at quarter-end. Total revenue was $70.570 million in Q3 2025, when license revenue was $70.000 million. Net loss was $101.209 million, compared with $34.599 million a year earlier.

Cash, cash equivalents and marketable securities totaled $955.206 million as of September 30, 2026, compared with $874.652 million at December 31, 2025. Quarterly research and development expense was $70.093 million versus $86.261 million; selling, general and administrative expense was $57.609 million versus $24.322 million.

Viridian said the elegrobart Biologics License Application for thyroid eye disease is on track for Q1 2027, and VRDN-008 Phase 1 data disclosure is on track for Q4 2026. It expects to initiate a Phase 1 trial of VRDN-292 in patients in Q4 2026.

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• Moderate pointQuarterly revenue was $25.752 million, versus $70.570 million in Q3 2025.
• Moderate pointQuarterly net loss was $101.209 million, versus $34.599 million in Q3 2025.

Filing Explained

The Q3 statements report 113,407,432 weighted-average common shares, versus 81,784,499 in Q3 2025, and a basic and diluted loss per share of $0.81 versus $0.34; the share counts are period averages, not quarter-end counts.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total revenue: $25.752 million Lumvoa net product revenue: $24.7 million Net loss: $101.209 million +3 more

6 metrics

Total revenue $25.752 million Three months ended September 30, 2026; $70.570 million in Q3 2025.

Lumvoa net product revenue $24.7 million Q3 2026; more than 100 patients were on therapy at quarter-end.

Net loss $101.209 million Three months ended September 30, 2026; $34.599 million in Q3 2025.

Cash, cash equivalents and marketable securities $955.206 million As of September 30, 2026; $874.652 million at December 31, 2025.

Research and development expense $70.093 million Q3 2026; $86.261 million in Q3 2025.

Selling, general and administrative expense $57.609 million Q3 2026; $24.322 million in Q3 2025.

Key Terms

Biologics License Application (BLA), IGF-1R antagonist, TSHR inhibitor, FcRn portfolio

4 terms

Biologics License Application (BLA) regulatory

"elegrobart Biologics License Application (BLA) submission for TED"

A biologics license application (BLA) is a formal request to a government agency seeking approval to sell a biological medicine, such as vaccines or gene therapies, in the market. It is similar to a detailed report that proves the product is safe, effective, and manufactured properly. For investors, a BLA signifies a critical step toward commercial availability, often impacting a company's valuation and market prospects.

IGF-1R antagonist medical

"a full IGF-1R antagonist approved"

A IGF-1R antagonist is a drug or biological agent that blocks the insulin-like growth factor 1 receptor (IGF-1R) on cells, preventing the receptor from receiving growth and survival signals. Because IGF-1R drives cell proliferation and resistance to cell death in some cancers and other diseases, blocking it is a targeted therapeutic strategy; clinical trial outcomes, safety data, and regulatory decisions for such agents can materially affect the value and prospects of companies developing them.

TSHR inhibitor medical

"a potential best-in-class TSHR inhibitor"

FcRn portfolio medical

"development plans for our FcRn portfolio"

Earnings Snapshot

Total revenue: $25.752 million

Q3 2026

Total revenue $25.752 million versus $70.570 million in Q3 2025

Net loss $101.209 million versus $34.599 million in Q3 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were VRDN's Q3 2026 revenue and net loss?

Viridian reported total revenue of $25.752 million for Q3 2026, versus $70.570 million in Q3 2025, and a net loss of $101.209 million versus $34.599 million. Lumvoa net product revenue was $24.7 million in Q3 2026.

How much cash and marketable securities did VRDN report?

Viridian reported $955.206 million in cash, cash equivalents and marketable securities as of September 30, 2026, compared with $874.652 million as of December 31, 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Viridian Therapeutics, Inc.\DE false 0001590750 0001590750 2026-11-04 2026-11-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 4, 2026

VIRIDIAN THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-36483		47-1187261
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

221 Crescent Street, Suite 103A Waltham, MA		02453
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (617) 272-4600

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value		VRDN		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On November 4, 2026, Viridian Therapeutics, Inc. issued a press release reporting financial results for the quarter ended September 30, 2026.

The press release is attached hereto as Exhibit 99.1, which is furnished under Item 2.02 of this Current Report on Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1		Press Release, dated November 4, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Viridian Therapeutics, Inc.
Date: November 4, 2026				By:		/s/ Stephen Mahoney
						Stephen Mahoney
						President and Chief Executive Officer

Exhibit 99.1

Viridian Therapeutics Reports Third Quarter 2026 Financial Results and Highlights Recent Business Progress

- $24.7 million in Lumvoa^™ (veligrotug-vvze) net product revenue with more than 100 patients on therapy at the end of Q3 2026 -

- Elegrobart Biologics License Application (BLA) submission on track for Q1 2027 -

- VRDN-008 phase 1 data disclosure on track for Q4 2026 -

- VRDN-292, a potential best-in-class TSHR inhibitor, expected to initiate a phase 1 clinical trial in patients in Q4 2026 -

- Cash, cash equivalents, and marketable securities of $955.2 million as of September 30, 2026 -

- Company to host webcast today, November 4, at 8:00 a.m. ET -

WALTHAM, Mass. – Nov. 4, 2026—Viridian Therapeutics, Inc. (Nasdaq: VRDN), a biotechnology company focused on discovering, developing, and commercializing potentially best-in-class medicines for autoimmune and rare diseases, today reported financial results and recent business updates for the third quarter ended September 30, 2026.

“We are highly encouraged by the strength of Lumvoa’s early launch in TED, which has exceeded expectations,” said Steve Mahoney, President and Chief Executive Officer of Viridian Therapeutics. “These strong early results are a testament to Lumvoa’s compelling clinical profile, the extraordinary execution of our Commercial and Medical teams, and the incredible support of our broader organization. We are excited about this early momentum and look forward to building on it as we continue to execute our launch strategy and strive to bring Lumvoa to more patients with TED. Our pipeline also continues to move forward as we advance elegrobart, our subcutaneously administered anti-IGF-1R, toward a planned BLA submission for TED in the first quarter of 2027. In addition, we look forward to several important milestones for the remainder of this year, including sharing clinical data for VRDN-008, development plans for our FcRn portfolio, and initiating a first-in-human clinical trial in patients for our TSHR program VRDN-292.”

Recent Business Highlights

THYROID EYE DISEASE

• Lumvoa: strong first quarter of launch, as of September 30, 2026:

• Lumvoa generated $24.7 million in net product revenue;

• More than 100 patients on therapy with Lumvoa;

• Significant market access progress made during the quarter;

• CMS has assigned Lumvoa a permanent J-code J3242, effective January 1, 2027; and

• Continued execution across field sales, medical, market access, and patient services to drive Lumvoa adoption.

• Elegrobart: BLA submission on track for Q1 2027

• Viridian expects to submit a BLA to the U.S. FDA for elegrobart in TED in Q1 2027.

• Viridian anticipates launching elegrobart, if approved, in a commercially available autoinjector with at-home, subcutaneous Q4W and Q8W dosing.

• The Lumvoa Commercial and Medical infrastructure is expected to support a potential elegrobart launch with limited incremental investment.

TSHR PROGRAM

• VRDN-292: IND on track to initiate a phase 1 clinical trial in patients in Q4 2026

• VRDN-292 IND on track to support phase 1 clinical trial initiation in Q4 2026, starting in patients with Graves’ disease.

• VRDN-292 is a potential best-in-class, half-life extended, monoclonal antibody targeting the thyroid-stimulating hormone receptor (TSHR), designed for subcutaneous delivery in an autoinjector with the potential to support extended dosing intervals for patient convenience.

FCRN PORTFOLIO

• VRDN-006: VRDN-006 is an Fc fragment that inhibits the neonatal Fc receptor (FcRn). In a phase 1 healthy volunteer clinical trial, VRDN-006 showed IgG reductions consistent with the FcRn inhibitor class, spared albumin and LDL, and was generally well-tolerated.

• VRDN-008: VRDN-008 is a bispecific, half-life extended FcRn inhibitor. In non-human primates, a single, high-dose of VRDN-008 showed a longer half-life and more sustained IgG reduction versus efgartigimod in a head-to-head study.

• FcRn update on track for Q4 2026: Viridian expects to announce VRDN-008 phase 1 healthy volunteer data and development plans for the FcRn portfolio in Q4 2026.

Financial Results

• Cash Position: Cash, cash equivalents, and marketable securities were $955.2 million as of September 30, 2026. Existing cash and anticipated future commercial revenues from Lumvoa and elegrobart, if approved, are expected to be able to fund Viridian’s current business plans through profitability.

• Net Product Revenue: Net product revenue for Lumvoa was $24.7 million during the three months ended September 30, 2026. Viridian did not record net product revenue for the same period in 2025.

• R&D Expenses: Research and development expenses were $70.1 million during the three months ended September 30, 2026, compared to $86.3 million during the three months ended September 30, 2025. The decrease in research and development expenses was driven by reduced expenses related to veligrotug and elegrobart clinical studies, partially offset by additional investment in advancing our TSHR program and FcRn portfolio, as well as increased personnel-related costs as a result of headcount increases.

• SG&A Expenses: Selling, general and administrative expenses for the three months ended September 30, 2026 were $57.6 million, compared with $24.3 million for the three months ended September 30, 2025. The increase in selling, general and administrative expenses was driven by increased personnel-related costs and professional services to support commercial activities for Lumvoa and our growing organization.

• Net Loss: Net loss for the three months ended September 30, 2026 was $101.2 million, compared with $34.6 million for the same period in 2025.

• Shares Outstanding: As of September 30, 2026, Viridian had 125,636,093 shares of common stock outstanding on an as-converted basis, which included 113,525,222 shares of common stock and an aggregate 12,110,871 shares of common stock issuable upon the conversion of 133,191 and 48,463 shares of Series A and Series B preferred stock, respectively.

Conference Call and Webcast Information

Viridian will host a conference call and webcast today, November 4, at 8:00 a.m. ET to discuss third quarter 2026 financial results and recent business updates. The dial-in number for the conference call is +1 833-461-5787 for domestic participants and +1 585-542-9983 for international participants. The conference ID is 599668655.

A live webcast of the conference call can be accessed under “Events & Presentations” on the Investors section of the Viridian website at viridiantherapeutics.com. Following the live webcast, an archived version of the call will also be available on the Viridian website.

Upcoming Investor Conferences

Viridian will participate in the following upcoming investor conferences. Live webcasts of the presentations can be accessed under “Events & Presentations” on the Investors section of the Viridian website at viridiantherapeutics.com. Replays of the webcasts will be available following each event on the Viridian website.

• Jefferies Global Healthcare Conference in London: Fireside chat on November 16, 2026, at 11:30 AM GMT in London, UK

• UBS Global Biopharma London Conference: Fireside chat on November 17, 2026, at 4:40 PM GMT in London, UK

About Viridian Therapeutics

Viridian Therapeutics is a biotechnology company dedicated to developing better medicines for patients with autoimmune and rare diseases. Utilizing our expertise in antibody discovery and protein engineering, we aim to build on proven science to develop innovative medicines that address unmet needs and improve patient outcomes.

With an immediate focus in thyroid eye disease (TED), we developed Lumvoa^TM, a full IGF-1R antagonist approved by the U.S. FDA for the treatment of thyroid eye disease. We are also advancing elegrobart, a late-stage investigational subcutaneous therapy designed to further address unmet needs in TED and improve patient convenience. Beyond TED, we are advancing a pipeline of potential best-in-class medicines to address multiple serious autoimmune diseases.

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

Forward Looking Statements

This press release contains forward-looking statements. These statements may be identified by the use of words such as, but not limited to, “anticipate,” “believe,” “become,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or other similar terms or expressions that concern our expectations, plans and intentions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations, and assumptions. Forward-looking statements include, without limitation, statements regarding: that the company’s current commercial and medical affairs infrastructure will support an elegrobart launch; preclinical development, clinical development, and anticipated commercialization of Viridian’s product candidates, including the company’s intention to communicate development plan updates for Viridian’s FcRn portfolio in Q4 2026 and plans to initiate a phase 1 clinical trial for VRDN-292 in Q4 2026; anticipated data results and timing of their disclosure, including VRDN-008 phase 1 healthy volunteer data expected in Q4 2026; Viridian’s expectations regarding the anticipated timing or likelihood of regulatory submissions and approvals, including a BLA submission for elegrobart in the first quarter of 2027; elegrobart’s potential to be a subcutaneous therapy for the treatment of

TED with Q4W and Q8W dosing; Viridian’s product candidates potentially being best-in-class; Viridian’s expectations regarding the potential commercialization, market size, and market opportunities of veligrotug and elegrobart, if approved; and that Viridian’s cash and anticipated commercial revenues from Lumvoa and, if approved, elegrobart, will be sufficient to fund its business plans through profitability.

New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to: that the company has historically incurred losses and may not be able to secure additional capital when needed; that the company has a limited history of generating revenue from product sales; that the company may be unable to maintain commercial manufacturing, sales and marketing capabilities or enter into agreements with third parties to commercially manufacture, market and sell veligrotug; market acceptance of veligrotug; potential utility, efficacy, potency, safety, clinical benefits, clinical response, and convenience of veligrotug and Viridian’s product candidates; that results or data from completed or ongoing clinical trials may not be representative of the results of ongoing or future clinical trials; that preliminary data may not be representative of final data; the timing, progress and plans for ongoing or future research, preclinical, and clinical development programs; changes to trial protocols for ongoing or new clinical trials; expectations and changes regarding the timing for regulatory filings; regulatory interactions; expectations and changes regarding the timing for enrollment and data; uncertainty and potential delays related to clinical drug development; the duration and impact of regulatory delays in Viridian’s clinical programs; the timing of and Viridian’s ability to obtain and maintain regulatory approvals for its therapeutic candidates; manufacturing risks; competition from other therapies or products; estimates of market size and market opportunity; other matters that could affect the sufficiency of existing cash, cash equivalents, and short-term investments to fund operations; Viridian’s financial position; Viridian’s future operating results and financial performance; Viridian’s intellectual property position; the timing of preclinical and clinical trial activities and reporting results from same; that Viridian’s product candidates may not be commercially successful, if approved; and other risks described from time to time in the “Risk Factors” section of our filings with the Securities and Exchange Commission, including those described in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, and supplemented from time to time by our Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it was made. Neither the company, nor its affiliates, advisors, or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the company’s views as of any date subsequent to the date hereof.

Viridian Therapeutics, Inc.

Condensed Consolidated Statements Of Operations

(In thousands, except share and per share data)

(Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenues:
Product revenue, net		$	24,671			$	—			$	24,671			$	—
License revenue			125				70,000				364				70,000
Collaboration revenue - related parties			956				570				1,142				717
Total revenues			25,752				70,570				26,177				70,717
Operating expenses:
Cost of revenues			1,527				—				1,527				—
Research and development			70,093				86,261				219,301				249,721
Selling, general and administrative			57,609				24,322				151,263				61,642
Total operating expenses			129,229				110,583				372,091				311,363
Loss from operations			(103,477	)			(40,013	)			(345,914	)			(240,646	)
Total other income, net			2,268				5,414				12,685				18,400
Net loss		$	(101,209	)		$	(34,599	)		$	(333,229	)		$	(222,246	)
Net loss allocated to common stock		$	(91,444	)		$	(28,169	)		$	(296,528	)		$	(180,856	)
Net loss per share, basic and diluted, common stock		$	(0.81	)		$	(0.34	)		$	(2.75	)		$	(2.22	)
Weighted-average common shares outstanding, basic and diluted			113,407,432				81,784,499				107,875,408				81,576,987
Net loss allocated to Series A convertible preferred stock		$	(7,160	)		$	(3,097	)		$	(24,605	)		$	(19,934	)
Net loss per share, basic and diluted, Series A convertible preferred stock		$	(53.76	)		$	(22.96	)		$	(183.26	)		$	(147.81	)
Weighted-average Series A convertible preferred stock outstanding, basic and diluted			133,191				134,864				134,263				134,864
Net loss allocated to Series B convertible preferred stock		$	(2,605	)		$	(3,333	)		$	(12,096	)		$	(21,456	)
Net loss per share, basic and diluted, Series B convertible preferred stock		$	(53.76	)		$	(22.96	)		$	(183.26	)		$	(147.81	)
Weighted-average Series B convertible preferred stock outstanding, basic and diluted			48,463				145,160				66,004				145,160

Viridian Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

		September 30, 2026				December 31, 2025
Cash, cash equivalents, and marketable securities		$	955,206			$	874,652
Accounts receivable, net			29,782				—
Other assets			43,682				24,766
Total assets		$	1,028,670			$	899,418
Total liabilities			447,972				177,251
Total stockholders’ equity			580,698				722,167
Total liabilities and stockholders’ equity		$	1,028,670			$	899,418

Contacts

Investors

Greg Rossino

grossino@viridiantherapeutics.com

Media

Lisa Lopez

llopez@viridiantherapeutics.com

Source: Viridian Therapeutics, Inc.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 80.0 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 17.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.0 KB