Viridian Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company’s total current assets increased to $767.4 million, up from $486.5 million at the end of 2023, driven by a rise in cash and cash equivalents to $200.3 million from $102.8 million. Short-term investments also saw a substantial increase, reaching $552.9 million compared to $374.5 million previously. Total assets rose to $771.9 million, while total stockholders’ equity climbed to $707.5 million from $442.0 million.

Despite these asset increases, Viridian reported a net loss of $76.7 million for Q3 2024, compared to a loss of $47.7 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $190.2 million, up from $170.9 million in the same period the previous year. The increase in losses was attributed to higher research and development expenses, which surged to $69.2 million in Q3 2024 from $30.4 million in Q3 2023, and totaled $166.3 million for the nine months, compared to $121.2 million in 2023. Key contributors to this rise included increased clinical trial costs and higher personnel-related expenses.

General and administrative expenses decreased to $14.4 million in Q3 2024 from $20.9 million in Q3 2023, reflecting a reduction in personnel-related costs. Other income, primarily from interest on investments, increased to $6.8 million in Q3 2024 from $3.6 million in the prior year.

Viridian's collaboration revenue from Zenas BioPharma remained relatively stable, totaling $230,000 for the nine months ended September 30, 2024, compared to $242,000 in the same period of 2023. The company has not generated any revenue from product sales, as it continues to focus on the development of its key product candidates, including veligrotug and VRDN-003, both targeting Thyroid Eye Disease (TED).

Strategically, Viridian has engaged in several financing activities, including a public offering in September 2024 that raised approximately $258.8 million. The company’s cash, cash equivalents, and short-term investments totaled $753.2 million as of September 30, 2024, which is expected to fund operations into the second half of 2027. However, the company anticipates needing additional capital to support ongoing research and development efforts, with future funding dependent on clinical development progress and market conditions.