Viridian Therapeutics, Inc. (NASDAQ: VRDN) revealed its key 2024 corporate priorities at the 42nd annual J.P. Morgan Healthcare Conference in San Francisco, California. The company's stock moved 1.6% and is now trading at a price of $21.56 per share.
Steve Mahoney, President and CEO of Viridian, expressed optimism about the company's prospects, saying, "2024 is poised to be a year with major catalysts for Viridian." He highlighted the progress of the company's anti-insulin-like growth factor 1 receptor (IGF-1R) programs in thyroid eye disease (TED) and its programs targeting Fc fragment neonatal receptor (FcRn).
Mahoney further stated, "We plan to initiate the VNRD-003 pivotal program in mid-2024, pending alignment with regulatory authorities, as we aim to decrease the treatment burden on patients and their families living with TED. We are equally excited by the progress in our FcRn portfolio."
The company's 2024 key program milestones include the following: - Mid-2024: Thrive phase 3 trial topline results in active TED for VNRD-001 IV - Initiate subcutaneous pivotal program for VNRD-003, pending regulatory alignment - Year end 2024: Thrive-2 phase 3 trial topline results in chronic TED for VNRD-001 IV - 2H 2024: IND submission for VNRD-006 by year end - VNRD-008 NHP data
Dr. Thomas Ciulla was promoted to Chief Medical Officer, succeeding Dr. Barrett Katz. Mahoney expressed gratitude to Dr. Katz for his service and welcomed him as an advisor to the company.
Additionally, the company announced the approval of the grant of non-qualified stock options to an employee, constituting an inducement material to the individual entering into employment with Viridian.
Viridian Therapeutics, Inc. is focused on engineering and developing potential best-in-class medicines for patients with serious and rare diseases, with expertise in antibody discovery and engineering. The company's goal is to advance VNRD-001 as a best-in-class IV therapy followed by VNRD-003 as a first- and best-in-class subcutaneous therapy for the treatment of TED. Additionally, Viridian is advancing a novel portfolio of FcRn inhibitors, VNRD-006 and VNRD-008, with the potential to be developed in multiple autoimmune diseases.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $8,386 | $4,461 | $1,050 | $2,963 | $1,772 | $347 |
| Revenue Growth | n/a | -46.8% | -76.46% | 182.19% | -40.2% | -80.42% |
| Operating Margins | -395% | -941% | -10512% | -2691% | -7579% | -66870% |
| Net Margins | -390% | -939% | -10544% | -2680% | -7329% | -62438% |
| Net Income (k) | -$32,703 | -$41,873 | -$110,715 | -$79,413 | -$129,874 | -$216,659 |
| Net Interest Expense (k) | $873 | $835 | $508 | $3 | $486 | $1,099 |
| Earnings Per Share | $29600332.0 | $31336409.0 | $3557065.0 | -$6.66 | -$4.05 | -$5.12 |
| Free Cash Flow (k) | -$27,289 | -$36,140 | -$29,821 | -$54,919 | -$94,635 | -$181,293 |
| Capital Expenditures | $445 | $84 | $42 | $338 | $797 | $1,081 |
| Current Ratio | 9.71 | 2.92 | 12.14 | 14.68 | 12.93 | 13.93 |
