Viridian Therapeutics, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Viridian Therapeutics, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial status and operations.</b>

AI Summary

Viridian Therapeutics, Inc.\DE (VRDN) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Viridian Therapeutics, Inc. filed a 10-Q report for the period ending March 31, 2024. The company's principal executive offices are located in Waltham, MA. The filing indicates a fiscal year end of December 31. Previous company names include Miragen Therapeutics, Inc. and Signal Genetics, Inc. The filing covers the first quarter of 2024.

Why It Matters

For investors and stakeholders tracking Viridian Therapeutics, Inc.\DE, this filing contains several important signals. This 10-Q filing provides investors with an updated view of Viridian Therapeutics' financial health and operational progress during the first quarter of 2024. Understanding the company's financial position and any changes in its capital structure, as detailed in this report, is crucial for assessing its ongoing viability and future prospects.

Risk Assessment

Risk Level: medium — Viridian Therapeutics, Inc.\DE shows moderate risk based on this filing. The company's financial performance and cash burn rate, which are detailed in the 10-Q, are critical factors in assessing its risk profile, especially for a biotechnology company reliant on future funding and product development.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis in the 10-Q to understand Viridian Therapeutics' current financial health and operational performance.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-08 — Filing Date (Filed As Of Date)
• 1231 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• Viridian Therapeutics, Inc. (company) — Filer
• Waltham, MA (location) — Business Address City, State
• Miragen Therapeutics, Inc. (company) — Former Company Name
• Signal Genetics, Inc. (company) — Former Company Name
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-08 (date) — Filed As Of Date

FAQ

Industry Context

Viridian Therapeutics operates in the biotechnology sector, focusing on the development of therapeutics. This sector is characterized by high research and development costs and significant regulatory hurdles.

Regulatory Implications

As a publicly traded company, Viridian Therapeutics is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to disclose financial and operational information.

What Investors Should Do

1. Analyze the financial statements within the 10-Q to assess Viridian Therapeutics' revenue, expenses, and cash flow for Q1 2024.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into the company's performance drivers and outlook.
3. Examine any disclosures regarding ongoing clinical trials, regulatory updates, or strategic partnerships that could impact future performance.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing an update from the previous year-end report (10-K).

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share VRDN The Nasdaq Sto

Filing Documents

• vrdn-20240331.htm (10-Q) — 1318KB
• ex311_2024-03.htm (EX-31.1) — 11KB
• ex312_2024-03.htm (EX-31.2) — 12KB
• ex321_2024-03.htm (EX-32.1) — 9KB
• 0001590750-24-000012.txt (&nbsp;) — 6829KB
• vrdn-20240331.xsd (EX-101.SCH) — 44KB
• vrdn-20240331_cal.xml (EX-101.CAL) — 54KB
• vrdn-20240331_def.xml (EX-101.DEF) — 281KB
• vrdn-20240331_lab.xml (EX-101.LAB) — 644KB
• vrdn-20240331_pre.xml (EX-101.PRE) — 455KB
• vrdn-20240331_htm.xml (XML) — 787KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 48

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 49

Risk Factors

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 94

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 94

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 94

Other Information

Item 5. Other Information 94

Exhibits

Item 6. Exhibits 94 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q ("Quarterly Report") contains forward-looking statements that involve risks and uncertainties. We make such forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. The words "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward looking statements contained in this Quarterly Report include, but are not limited to, statements about: the ability of our clinical trials to demonstrate safety and efficacy of our product candidates and other positive results; the potential utility, efficacy, potency, safety, clinical benefits, half-life, clinical response and convenience of our product candidates; the timing and focus of our ongoing and future preclinical studies and clinical trials and the reporting of data from those studies and trials; supply chain disruptions, enrollment in clinical trials involving our product candidates or other delays in such trials; our plans relating to commercializing our product candidates, if approved, including the geographic areas of focus and sales strategy; the size of the market opportunity for our product candidates, including our estimates of the number of patients who suffer from the diseases we are targeting; the rate and degree of market acceptance and clinical utility for our product candidates; the success of competing therapies that are or may become available; expectations regarding the initiation of clinical trials and interactions and alignment with regulatory authorities; the timing or likeliho

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS VIRIDIAN THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 91,641 $ 102,827 Short-term investments 521,546 374,543 Prepaid expenses and other current assets (including related party of $ 1,137 and $ 0 as of March 31, 2024 and December 31, 2023, respectively) 13,529 9,006 Unbilled revenue - related party 102 102 Total current assets 626,818 486,478 Property and equipment, net 1,526 1,672 Operating lease right-of-use asset 1,482 1,670 Other assets 555 604 Total assets $ 630,381 $ 490,424 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,676 $ 2,239 Accrued liabilities and other (including related party of $ 637 and $ 374 as of March 31, 2024 and December 31, 2023, respectively) 23,163 24,108 Current portion of deferred revenue - related party 288 288 Total current liabilities 26,127 26,635 Long-term debt, net 20,328 20,205 Deferred revenue - related party 500 573 Other liabilities 896 989 Total liabilities 47,851 48,402 Commitments and contingencies Stockholders' equity: Preferred stock, series A non-voting convertible preferred stock, $ 0.01 par value; 435,000 shares authorized; 157,435 and 172,435 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 71,429 78,235 Preferred stock, series B non-voting convertible preferred stock, $ 0.01 par value; 500,000 shares authorized; 143,522 shares issued and outstanding as of March 31, 2024 and December 31, 2023 128,281 128,281 Common stock, $ 0.01 par value; 200,000,000 shares authorized; 63,798,536 and 53,986,112 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 638 540 Additional paid-in capital 1,156,999 960,536 Accumulated other comprehensive (loss) gain ( 367 ) 338 Accumulated deficit ( 774,450 ) ( 725,908 ) Total stockholders' equity

View Full Filing

View this 10-Q filing on SEC EDGAR