Viridian Therapeutics Files Q3 2024 10-Q
Ticker: VRDN · Form: 10-Q · Filed: Nov 12, 2024 · CIK: 1590750
Sentiment: neutral
Topics: 10-Q, financials, biotech
Related Tickers: VRDN
TL;DR
VRDN 10-Q filed for Q3 2024. Financials and operations update.
AI Summary
Viridian Therapeutics, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Miragen Therapeutics, Inc. and Signal Genetics, Inc., is incorporated in Delaware and headquartered in Waltham, MA. The filing details financial information and business operations for the third quarter of 2024.
Why It Matters
This filing provides investors with an update on Viridian Therapeutics' financial health and operational status as of the end of the third 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 Players & Entities
- Viridian Therapeutics, Inc. (company) — Filer
- Miragen Therapeutics, Inc. (company) — Former company name
- Signal Genetics, Inc. (company) — Former company name
- 20240930 (date) — Period of report
- 20241112 (date) — Filing date
- Waltham, MA (location) — Business address
FAQ
What is the reporting period for this 10-Q filing?
The conforming period of report is 20240930, meaning the period ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20241112.
What were Viridian Therapeutics' former company names?
Viridian Therapeutics was formerly known as Miragen Therapeutics, Inc. and Signal Genetics, Inc.
Where is Viridian Therapeutics, Inc. headquartered?
The company's business address is located at 221 Crescent Street, Suite 103A, Waltham, MA 02453.
What is the Standard Industrial Classification (SIC) code for Viridian Therapeutics?
The SIC code listed is 8071, which corresponds to SERVICES-MEDICAL LABORATORIES.
Filing Stats: 4,739 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-11-12 07:15:36
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share VRDN The Nasdaq Sto
Filing Documents
- vrdn-20240930.htm (10-Q) — 1555KB
- exhibit101_bi-watchfactory.htm (EX-10.1) — 92KB
- viridian-paragonamendedand.htm (EX-10.2) — 390KB
- ex311_2024-09.htm (EX-31.1) — 11KB
- ex312_2024-09.htm (EX-31.2) — 12KB
- ex321_2024-09.htm (EX-32.1) — 9KB
- image_0.jpg (GRAPHIC) — 1311KB
- image_1.jpg (GRAPHIC) — 51KB
- image_2.jpg (GRAPHIC) — 158KB
- 0001590750-24-000023.txt ( ) — 10167KB
- vrdn-20240930.xsd (EX-101.SCH) — 45KB
- vrdn-20240930_cal.xml (EX-101.CAL) — 61KB
- vrdn-20240930_def.xml (EX-101.DEF) — 311KB
- vrdn-20240930_lab.xml (EX-101.LAB) — 677KB
- vrdn-20240930_pre.xml (EX-101.PRE) — 472KB
- vrdn-20240930_htm.xml (XML) — 878KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements 7
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 50
Controls and Procedures
Item 4. Controls and Procedures 50
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 98
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 98
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 98
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 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 timing of reporting 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 rate and degree of market acceptance and clinical utility for our product candidates; expectations regarding the initiation of clinical trials and interactions and alignment with regulatory authorities; the timing or likelihood of regulatory filings and approvals, including our expectation to seek an accelerated approval pathway and special designati
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS VIRIDIAN THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 200,317 $ 102,827 Short-term investments 552,923 374,543 Prepaid expenses and other current assets 14,103 9,006 Unbilled revenue - related party 14 102 Total current assets 767,357 486,478 Property and equipment, net 1,290 1,672 Operating lease right-of-use asset 2,400 1,670 Other assets 853 604 Total assets $ 771,900 $ 490,424 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 6,338 $ 2,239 Accrued liabilities and other (including related party of $ 3,725 and $ 374 as of September 30, 2024 and December 31, 2023, respectively) 34,738 24,108 Current portion of deferred revenue - related party 288 288 Total current liabilities 41,364 26,635 Long-term debt 20,523 20,205 Deferred revenue - related party 356 573 Other liabilities 2,161 989 Total liabilities 64,404 48,402 Commitments and contingencies Stockholders' equity: Preferred stock, series A non-voting convertible preferred stock, $ 0.01 par value; 435,000 shares authorized; 134,864 and 172,435 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 61,188 78,235 Preferred stock, series B non-voting convertible preferred stock, $ 0.01 par value; 500,000 shares authorized; 145,160 and 143,522 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 127,697 128,281 Common stock, $ 0.01 par value; 200,000,000 shares authorized; 79,181,445 and 53,986,112 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 792 540 Additional paid-in capital 1,433,019 960,536 Accumulated other comprehensive gain 932 338 Accumulated deficit ( 916,132 ) ( 725,908 ) Total stockholders' equity 707,496 442,022 Total liabilities and stockholders' equity $ 771,90