Viridian Therapeutics Files Q2 2024 10-Q
Ticker: VRDN · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 1590750
Sentiment: neutral
Topics: 10-Q, biotech, financials
TL;DR
VRDN Q2 10-Q filed. Financials and ops update.
AI Summary
Viridian Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Signal Genetics, Inc. and Miragen Therapeutics, Inc., reported its financial status. Key financial data and operational details for the second quarter of 2024 are presented in this filing.
Why It Matters
This filing provides investors and stakeholders with an update on Viridian Therapeutics' financial health and operational performance for the second quarter of 2024.
Risk Assessment
Risk Level: medium — As a biotechnology company, Viridian Therapeutics is subject to inherent risks related to drug development, regulatory approvals, and market competition.
Key Numbers
- 20240630 — Period End Date (Financial reporting period)
- 2023-12-31 — Previous Year End Date (For comparative financial analysis)
Key Players & Entities
- Viridian Therapeutics, Inc. (company) — Filer
- 20240630 (date) — Period of Report
- 20240808 (date) — Filed as of Date
- Miragen Therapeutics, Inc. (company) — Former Company Name
- Signal Genetics, Inc. (company) — Former Company Name
- Waltham, MA (location) — Business Address
FAQ
What is the primary business of Viridian Therapeutics, Inc.?
Viridian Therapeutics, Inc. is classified under SERVICES-MEDICAL LABORATORIES [8071] according to its Standard Industrial Classification.
When was the company previously known as Miragen Therapeutics, Inc.?
The company's name changed from Miragen Therapeutics, Inc. on February 13, 2017.
What is the filing date for this 10-Q report?
This 10-Q report was filed on August 8, 2024.
What is the fiscal year end for Viridian Therapeutics, Inc.?
The company's fiscal year ends on December 31.
Where is Viridian Therapeutics, Inc. located?
The company's business address is 221 Crescent Street, Suite 103A, Waltham, MA 02453.
Filing Stats: 4,668 words · 19 min read · ~16 pages · Grade level 19.7 · Accepted 2024-08-08 08:01:11
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share VRDN The Nasdaq Sto
Filing Documents
- vrdn-20240630.htm (10-Q) — 1452KB
- exhibit101_watchfactoryvir.htm (EX-10.1) — 106KB
- ex311_2024-06.htm (EX-31.1) — 11KB
- ex312_2024-06.htm (EX-31.2) — 12KB
- ex321_2024-06.htm (EX-32.1) — 9KB
- image2a.jpg (GRAPHIC) — 108KB
- image3a.jpg (GRAPHIC) — 89KB
- 0001590750-24-000019.txt ( ) — 7617KB
- vrdn-20240630.xsd (EX-101.SCH) — 43KB
- vrdn-20240630_cal.xml (EX-101.CAL) — 58KB
- vrdn-20240630_def.xml (EX-101.DEF) — 294KB
- vrdn-20240630_lab.xml (EX-101.LAB) — 663KB
- vrdn-20240630_pre.xml (EX-101.PRE) — 462KB
- vrdn-20240630_htm.xml (XML) — 842KB
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 39
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 51
Controls and Procedures
Item 4. Controls and Procedures 51
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 51
Risk Factors
Item 1A. Risk Factors 51
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 97
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 97
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 97
Other Information
Item 5. Other Information 98
Exhibits
Item 6. Exhibits 98 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, convenience and number of indications 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, including our plans to commercialize products candidates as combination products, 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 initiat
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS VIRIDIAN THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 107,667 $ 102,827 Short-term investments 463,699 374,543 Prepaid expenses and other current assets (including related party of $ 596 and $ 0 as of June 30, 2024 and December 31, 2023, respectively) 10,298 9,006 Unbilled revenue - related party — 102 Total current assets 581,664 486,478 Property and equipment, net 1,514 1,672 Operating lease right-of-use asset 1,826 1,670 Other assets 659 604 Total assets $ 585,663 $ 490,424 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,140 $ 2,239 Accrued liabilities and other (including related party of $ 2,551 and $ 374 as of June 30, 2024 and December 31, 2023, respectively) 30,370 24,108 Current portion of long-term debt 2,964 — Current portion of deferred revenue - related party 288 288 Total current liabilities 36,762 26,635 Long-term debt, net of current portion 17,487 20,205 Deferred revenue - related party 428 573 Other liabilities 1,648 989 Total liabilities 56,325 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 June 30, 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 June 30, 2024 and December 31, 2023 128,281 128,281 Common stock, $ 0.01 par value; 200,000,000 shares authorized; 63,879,675 and 53,986,112 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 639 540 Additional paid-in capital 1,168,975 960,536 Accumulated other comprehensive (loss) gain ( 543 ) 338 Accumulated def