Viridian reports Q3; has cash through 2024

BOULDER — Viridian Therapeutics Inc. (Nasdaq: VRDN) spent more on research and development and general and administrative costs in its third quarter ended Sept. 30. It reported a net loss of $14 million — up from $5.5 million in the same period last year.

R&D expenses were $8.1 million versus $3.1 million; G&A costs rose to $6.2 million from $3.9 million.

The clinical stage drug developer said in a press release summarizing its quarter that it had $213.8 million at the end of September, up from $127.6 million year-over-year and enough to fund operations into 2024.

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Viridian raised $97.7 million in gross proceeds from a September public offering of 7.3 million shares of common stock at $11 a share and about 23,000 preferred shares at about $733 apiece. The preferred stock can be converted into 1.5 million common shares.

The company keeps a significant presence in Boulder and is headquartered in Waltham, Massachusetts.

Its trials for two different antibodies, both targeting thyroid eye disease, are expected to produce top-line results by mid-2022.

Viridian in the quarter hired Kristian Humer as CFO and chief business officer. His experience includes partnerships and mergers and acquisitions. He was most recently managing director of banking, capital markets and advisory for a global health care business unit at Citigroup Inc.

Its shares traded recently at a $330 million market cap.

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