Viridian loses $18M in Q2, continues to advance drug through trials

BOULDER — Viridian Therapeutics’ (NASDAQ: VRDN) $18 million net loss for the second quarter of 2021 was nearly triple year-over-year the $6.4 million the biopharmaceutical company lost in the second quarter of 2020, according to an earnings report filed Wednesday.

Research and development expenses were up more than 200% in the second quarter, from $3.8 million in 2020 to $12.6 million this year. General and administrative expenses were also up, increasing 140% from $2.7 million to $6.5 million. In both cases, the company attributed the increased spending to advancement of Viridian’s drugs through testing programs.

Viridian is on track to submit to the FDA an investigational new drug filing for its lead drug candidate, VRDN-001, by the fourth quarter of 2021. Tests for the drug, which is designed to treat Thyroid Eye Disease, are expected to deliver proof of concept clinical data by the second quarter of 2022.

Viridian stock closed Wednesday at $12.05 per share, down nearly 13% from open. 

© 2021 BizWest Media LLC

on Facebook on LinkedIn