• They are like a clinical-stage Regeneron, specializing in developing new treatments for autoimmune and inflammatory conditions such as Thyroid Eye Disease.
• Think of them as a biotech aiming to develop a superior drug for Thyroid Eye Disease, competing with treatments from larger companies like Amgen.

• VRDN-001: An investigational insulin-like growth factor-1 receptor (IGF-1R) antibody being developed as an intravenous therapy for active and chronic thyroid eye disease (TED).
• VRDN-002: A next-generation, longer-half-life investigational IGF-1R antibody designed for subcutaneous administration, aiming for less frequent dosing in active and chronic thyroid eye disease (TED).

Viridian Therapeutics (VRDN) is a clinical-stage biotechnology company. As such, it is focused on the research and development of drug candidates and does not currently have any approved products on the market that generate commercial sales.

Therefore, Viridian Therapeutics does not have major customers, either other companies or individual consumers, from the sale of products or services at this time.

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Steve Mahoney, President and Chief Executive Officer

Steve Mahoney has over two decades of experience in operational, financial, commercial, legal, and transactional roles, successfully scaling organizations from their founding through commercial stages. Before joining Viridian Therapeutics, he served as Chief Financial and Operating Officer of Magenta Therapeutics. He was also part of the founding team of Kiniksa Pharmaceuticals, where he held the position of President and Chief Operating Officer. Earlier in his career, Mr. Mahoney was the Chief Commercial Officer of Synageva Biopharma, a company focused on ultrarare diseases, where he managed operations, commercial launch preparations, legal, and corporate development. He also spent about ten years as a commercial attorney with Genzyme Corporation and was a corporate attorney with Mintz Levin.

Seth Harmon, Chief Financial Officer

Seth Harmon serves as the Chief Financial Officer of Viridian Therapeutics. Prior to this role, he was the Senior Vice President of Finance and Accounting at Viridian Therapeutics.

Tom Beetham, Chief Operating Officer

Tom Beetham joined Viridian Therapeutics as Chief Operating Officer in 2023. He brings over 20 years of experience in operations, business development, strategy, and legal within the biopharmaceutical industry. Previously, Mr. Beetham was the Chief Legal Officer of Magenta Therapeutics, Inc. He was also part of the founding team of Kiniksa Pharmaceuticals, where he served as Executive Vice President, Corporate Development and Operations, and Chief Legal Officer, overseeing multiple functions.

Shan Wu, Ph.D., Chief Business Officer

Shan Wu is the Chief Business Officer at Viridian Therapeutics. Dr. Wu has a background in business development within the biotechnology sector.

Radhika Tripuraneni, M.D., Chief Medical Officer

Dr. Radhika Tripuraneni joined Viridian Therapeutics in 2024 as a consultant and was appointed Chief Medical Officer in 2025. She has over 25 years of experience in drug development, covering clinical science, medical affairs, and business development. Most recently, Dr. Tripuraneni worked as an independent consultant, advising venture capital firms, investment funds, and biotech companies on strategic clinical development plans and investment diligence.

The key risks to Viridian Therapeutics (VRDN) are primarily centered around its nature as a biopharmaceutical company in clinical development.

1. Clinical Development and Regulatory Approval Risks: As a biopharmaceutical company, Viridian Therapeutics' success is heavily dependent on the successful outcome of its ongoing clinical trials for product candidates such as veligrotug (VRDN-001), VRDN-003, and VRDN-006. There is an inherent risk that clinical trials may fail to demonstrate sufficient safety and efficacy, or that preliminary data may not reflect final results. Any delays or failures in these trials, or in obtaining necessary regulatory approvals from bodies like the FDA, could materially harm the company's business prospects and significantly delay or prevent the commercialization of its product candidates. Even if approved, regulatory authorities may impose additional requirements or could withdraw approval if compliance or post-market issues arise.
2. Financial Risks and Need for Additional Capital: Viridian Therapeutics has a history of significant net losses and anticipates that these losses will continue. The company expects to require substantial additional capital to fund its operations, with previous reports indicating a need for funding beyond the second half of 2027. Should Viridian be unable to raise this necessary capital through equity offerings, debt financings, or strategic collaborations, it could be forced to delay, reduce, or even eliminate its critical research and development programs or future commercialization efforts. The company's financial health shows concerning profitability metrics, including negative revenue growth, operating margin, and net margin.
3. Competition and Market Risks: Viridian Therapeutics operates within a highly competitive and rapidly evolving biopharmaceutical landscape. The company faces significant market risks, including competition from existing therapies and other product candidates being developed by competitors. The success of Viridian's product candidates, even if approved, could be limited by the emergence of more effective or safer therapies, or by pricing pressures and changes in healthcare regulations.

The clear emerging threat to Viridian Therapeutics (VRDN) is the potential approval and market penetration of **efgartigimod (Vyvgart)** for Thyroid Eye Disease (TED), developed by argenx. Efgartigimod is an FcRn antagonist, a mechanism of action distinct from Viridian's IGF-1R inhibitors (VRDN-001 and VRDN-002).

Efgartigimod is currently in a Phase 3 clinical trial (ADHERE trial) for TED. If successful, it would introduce a new, effective therapeutic option that competes directly with the IGF-1R class. Unlike Viridian, which aims to improve upon an existing mechanism (teprotumumab/Tepezza), efgartigimod offers a fundamentally different approach to addressing the autoimmune pathology of TED. This could disrupt the market by providing an alternative that may offer different benefits in terms of efficacy, safety, or patient preference, potentially capturing significant market share and challenging the dominance of IGF-1R inhibitors in the TED treatment landscape.

Viridian Therapeutics' primary products in development, VRDN-001 (veligrotug) and VRDN-003, are focused on treating Thyroid Eye Disease (TED). The company is also developing VRDN-006 and VRDN-008, a portfolio of neonatal Fc receptor (FcRn) inhibitors for autoimmune diseases.

The addressable market for Thyroid Eye Disease (TED) is substantial and is projected to grow globally:

• The global thyroid eye disease market was valued at $2.3 billion in 2023 across seven major markets (United States, EU4, United Kingdom, and Japan), with anticipated continued growth through 2034.
• Another estimate places the global thyroid eye disease market size at $2,122.9 million in 2023, with projections to reach $4,139.7 million by 2034, demonstrating a compound annual growth rate (CAGR) of 6.26% during the 2024-2034 period.
• Similarly, the market size was valued at $2.26 billion in 2024 and is predicted to reach $4.02 billion by 2034, with a 6.0% CAGR between 2025 and 2034.
• Specifically for the top 7 markets (US, EU4, UK, and Japan), the market reached $2,255.8 million in 2024 and is expected to grow to $4,458.8 million by 2035, at a CAGR of 6.40% from 2025 to 2035.

The United States represents the largest segment of the Thyroid Eye Disease market. The North American TED treatment market was valued at $0.85 billion in 2024 and is expected to reach $1.5 billion by 2035.

While Viridian Therapeutics is also developing FcRn inhibitors for other autoimmune diseases, specific addressable market sizes for these broader autoimmune indications were not distinctly quantified in the provided search results.

Share Issuance

• In October 2025, Viridian Therapeutics completed a public offering of common stock, generating gross proceeds of approximately $289.1 million from the sale of 13,138,750 shares.
• The proceeds from this offering are intended to support commercial launch activities for veligrotug and VRDN-003, fund ongoing research and development efforts, and cover general corporate purposes.
• A proposed underwritten public offering in October 2025 also included Series B non-voting convertible preferred stock, designed to raise capital without immediate common shareholder dilution, though it introduces potential future dilution upon conversion.

Inbound Investments

• In October 2025, Viridian secured a royalty financing agreement with DRI Healthcare Acquisitions LP, providing up to $300 million in total capital, which included an upfront payment of $55 million and $115 million in near-term milestones.
• The company amended its credit facility with Hercules Capital, Inc. in October 2025, making up to $300 million available and providing $30 million in immediate proceeds after repaying a prior facility.
• In July 2025, Viridian entered an exclusive license agreement with Kissei Pharmaceutical for veligrotug and VRDN-003 in Japan, receiving an upfront payment of $70 million and potential future milestones up to $315 million.

Capital Expenditures

• Viridian Therapeutics' net cash used for investing activities was $(1.37) million for the 2024 fiscal year.
• Research and development expenses significantly increased, reaching $86.3 million in Q3 2025, up from $69.2 million in Q3 2024, primarily driven by the advancement of its clinical pipeline.
• The primary focus of these expenditures is the progression of multiple ongoing phase 3 clinical trials for veligrotug and VRDN-003, and a phase 1 clinical trial for VRDN-006, along with increased personnel costs.