Name: Viridian Therapeutics, Inc.\DE Q2 2025 Earnings Call
Start: 2025-08-06T00:00:00.000Z

Executive Summary

Q2 2025 was execution-heavy ahead of veligrotug’s BLA in 2H 2025, highlighted by Breakthrough Therapy Designation (BTD) and a Japan out-licensing to Kissei ($70M upfront, up to $315M milestones, tiered royalties in the 20s–mid-30s) .
Results: revenue of $75k and GAAP EPS of $(1.00); revenue beat S&P Global consensus ($47k)* while EPS missed (consensus $(0.98)*) .
Operating spend rose as multiple late-stage programs advanced: R&D $86.6M (+54% y/y) and G&A $20.2M (+26% y/y), reflecting phase 3 activity and commercial buildout .
Liquidity remains solid: $563.4M cash/short-term investments (runway into 2H 2027), providing capacity to file and prepare for a potential 2026 U.S. launch .
Near-term stock catalysts: BLA filing in 2H 2025 (BTD supports eligibility for Priority Review), 52-week durability data (70% maintained proptosis response), and VRDN-006 phase 1 healthy volunteer readout in Q3 2025 .

What Went Well and What Went Wrong

Regulatory momentum: FDA BTD for veligrotug in May supports Priority Review eligibility and accelerates launch timing if received .
Partner validation and non-dilutive capital: Kissei deal secured $70M upfront, up to $315M milestones, and 20s–mid-30s tiered royalties; Kissei funds Japan development/commercialization .
Durability and tolerability: 70% of proptosis responders at week 15 maintained response at week 52 (40 weeks after last dose); veligrotug “generally well-tolerated” in pivotal trials .
CEO tone: “We are making extraordinary progress on our commercial preparation and we plan to be launch-ready on a Priority Review designation timeline, if we receive it” .

EPS modestly missed consensus given high OpEx into multiple phase 3s; GAAP net loss widened to $(100.7)M vs $(65.0)M y/y as trials and commercial prep ramped .
Cash burn increased sequentially (cash/short-term investments down from $636.6M in Q1 to $563.4M in Q2), reflecting program cadence before potential revenue generation .
Limited revenue line (collaboration revenue only) means margins are not yet a meaningful indicator; investors remain reliant on regulatory and clinical catalysts to underwrite the path to commercialization .

P&L highlights ($USD Thousands, except per-share)

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue	72	72	75
R&D Expense	56,193	76,835	86,626
G&A Expense	16,066	17,103	20,216
Total Operating Expenses	72,259	93,938	106,842
Net Loss	(64,993)	(86,912)	(100,735)
EPS (GAAP, Common, $)	(0.77)	(0.87)	(1.00)

Balance sheet and KPIs

Metric	Dec 31, 2024	Mar 31, 2025	Jun 30, 2025
Cash, Cash Equivalents & Short-term Investments ($USD Millions)	717.6	636.6	563.4
Shares Outstanding (as-converted)	99,663,246	100,258,627	100,320,386
Cash Runway	2H 2027	2H 2027	2H 2027

Q2 2025 vs. S&P Global consensus

Metric	Actual	Consensus	Beat/Miss
Revenue ($USD Thousands)	75	47*	Beat
EPS (GAAP, $)	(1.00)	(0.98)*	Miss

Values marked with * retrieved from S&P Global.

Metric	Period	Previous Guidance (Q1 2025)	Current Guidance (Q2 2025)	Change
Veligrotug BLA submission (U.S.)	Timing	2H 2025	2H 2025	Maintained
Veligrotug U.S. commercial launch	Timing	2026, if approved	2026, if approved	Maintained
Veligrotug MAA (EU)	Timing	1H 2026	1H 2026	Maintained
VRDN-003 topline data (REVEAL-1/2)	Timing	1H 2026	1H 2026	Maintained
VRDN-003 BLA	Timing	By YE 2026	By YE 2026	Maintained
VRDN-006 phase 1 HV data	Timing	Q3 2025	Q3 2025	Maintained
VRDN-008 IND	Timing	YE 2025	YE 2025	Maintained
Cash runway	Liquidity	Into 2H 2027	Into 2H 2027	Maintained
FDA Breakthrough Therapy Designation	Regulatory	Not disclosed	BTD granted in May 2025	New
Japan licensing economics (Kissei)	Partnership	Not disclosed	$70M upfront; up to $315M milestones; 20s–mid-30s royalties	New

Topic	Previous Mentions (Q4’24 and Q1’25)	Current Period (Q2’25)	Trend
Regulatory/designations	BLA on track 2H’25; no BTD noted	BTD for veligrotug; eligibility for Priority Review	Positive acceleration
Commercial readiness	Early commercial preparations underway (U.S. 2026 launch goal)	“Launch-ready” on Priority Review timeline if received	Building momentum
Clinical durability/safety	Robust phase 3 data; low hearing AEs noted	70% proptosis durability at week 52; generally well-tolerated	Strengthening dataset
Partnerships/BD	None highlighted	Kissei deal in Japan (upfront/milestones/royalties)	New external validation
FcRn portfolio	VRDN-006 PoC Q3’25; VRDN-008 IND YE’25	Timelines reiterated; NHP data supports VRDN-008 profile	On track
EU path	MAA planned 1H’26	MAA still 1H’26	Unchanged

“Veligrotug’s recent Breakthrough Therapy Designation … showcase the momentum Viridian is building as we approach our planned BLA filing and expected commercial launch.” — Steve Mahoney, President & CEO .
“We are making extraordinary progress on our commercial preparation and we plan to be launch-ready on a Priority Review designation timeline, if we receive it.” — Steve Mahoney .
“We are thrilled to partner with Kissei to bring these potential best-in-class medicines to TED patients in Japan.” — Steve Mahoney (Kissei agreement) .

We did not locate a Q2 2025 earnings call transcript in company filings or the investor news archive; third-party calendars indicated a call around early August, but no transcript was accessible from the company’s site as of our review .

Q2 2025: Revenue $75k vs S&P Global consensus $47k* (beat); GAAP EPS $(1.00) vs $(0.98)* (miss) .
Street models are likely to emphasize regulatory timing and potential revenue recognition from partnerships; the Kissei upfront, recognized in Q3, materially affects near-term revenue baselines versus prior expectations .
Values marked with * retrieved from S&P Global.

Regulatory de-risking: BTD plus strong durability and safety profile improve the probability and potential pace of approval; watch for BLA submission in 2H 2025 and Priority Review designation .
Commercial readiness: Management aims to be “launch-ready” for an expected 2026 U.S. launch, suggesting continued G&A build and investment in market access and medical affairs .
Non-dilutive funding/validation: The Kissei deal adds upfront cash and future potential milestones/royalties while validating veligrotug/VRDN-003 in a key ex-U.S. market .
Cash runway into 2H 2027 provides sufficient liquidity to reach multiple catalysts (BLA, VRDN-006 PoC, VRDN-003 phase 3 toplines) without near-term financing pressure .
Near-term catalyst map: BLA filing (2H 2025), VRDN-006 HV data (Q3 2025); monitor for potential Priority Review and updates on EU MAA timing .
Risk lens: Elevated OpEx continues as late-stage programs progress; absence of product revenue keeps P&L leverage muted until approval/launch .
Positioning: The TED profile (IV veligrotug with durable effect; SC VRDN-003 following) targets a broad patient set, potentially supporting meaningful share capture upon launch if approved .