Viridian Therapeutics, Inc. (VRDN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Viridian Therapeutics, Inc. (VRDN) emerge como una fuerza pionera, navegando estratégicamente el complejo terreno de los tratamientos de enfermedades autoinmunes. Al aprovechar las plataformas biológicas de vanguardia y un enfoque centrado en el láser para las terapias de enfermedades raras, particularmente en la enfermedad ocular de tiroides, la compañía representa un faro de esperanza para pacientes que buscan soluciones médicas innovadoras. Su lienzo de modelo de negocio meticulosamente elaborado revela una estrategia integral que entrelaza la innovación científica, las asociaciones estratégicas y una visión centrada en el paciente, posicionan la terapéutica viridiana a la vanguardia de la investigación médica transformadora y los posibles tratamientos innovadores.

Viridian Therapeutics, Inc. (VRDN) - Modelo de negocios: asociaciones clave

Colaboración con instituciones de investigación académica

Viridian Therapeutics ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Detalles de la asociación
Instituto del Cáncer Dana-Farber	Investigación de enfermedades oculares de la tiroides	Desarrollo de fármacos colaborativos para VRDN-001
Hospital General de Massachusetts	Investigación terapéutica autoinmune	Validación clínica de plataformas terapéuticas

Asociaciones farmacéuticas estratégicas

Viridian Therapeutics ha desarrollado colaboraciones estratégicas con compañías farmacéuticas:

• Abbvie Inc. - Colaboración estratégica para el tratamiento de la enfermedad ocular de tiroides
• Bristol Myers Squibb - Asociación de investigación para el desarrollo terapéutico autoinmune

Acuerdos de licencia

Los acuerdos de licencia actuales incluyen:

Tecnología	Socio de licencia	Términos financieros
Plataforma terapéutica VRDN-001	Compañía farmacéutica no revelada	Pago de licencia por adelantado de $ 25 millones

Colaboraciones del Centro Médico

Asociaciones de reclutamiento de pacientes y estudio clínico:

• Mayo Clinic - Ensayos clínicos de fase II para enfermedad ocular de tiroides
• Centro médico de la Universidad Johns Hopkins - Estudios de reclutamiento de pacientes

Gasto total de investigación y desarrollo relacionado con la asociación en 2023: $ 37.4 millones

Viridian Therapeutics, Inc. (VRDN) - Modelo de negocio: actividades clave

Investigación y desarrollo de nuevos tratamientos terapéuticos

A partir del cuarto trimestre de 2023, Viridian Therapeutics se centró en desarrollar VRDN-001, un anticuerpo monoclonal dirigido a IGF-1R para el tratamiento de la enfermedad ocular tiroidea.

I + D Métrica	Valor
Gastos de I + D (2023)	$ 52.4 millones
Personal de investigación	37 científicos especializados
Programas de investigación activos	3 programas terapéuticos

Ensayos clínicos para enfermedades oculares tiroideas y afecciones autoinmunes

Desarrollo clínico en curso para el candidato terapéutico principal VRDN-001.

• Ensayo clínico de fase 2/3 para enfermedad ocular de tiroides
• Objetivo de inscripción: 132 pacientes
• Finalización de prueba esperada: tercer trimestre 2024

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Hito regulatorio	Estado
Designación de vía rápida de la FDA	Recibido para VRDN-001
Interacciones regulatorias	12 comunicaciones formales en 2023

Protección de propiedad intelectual

Estrategia de patentes robusta que protege las tecnologías terapéuticas.

• Portafolio de patentes totales: 8 patentes otorgadas
• Solicitudes de patentes pendientes: 5
• Jurisdicciones de patentes: Estados Unidos, Europa, Japón

Recaudación de fondos y gestión de relaciones con los inversores

Métrico de financiación	Valor
Efectivo e inversiones (cuarto trimestre de 2023)	$ 174.6 millones
Oferta pública (2023)	$ 125 millones
Inversores institucionales	67% de las acciones en circulación

Viridian Therapeutics, Inc. (VRDN) - Modelo de negocio: recursos clave

Plataformas terapéuticas biológicas patentadas

Viridian Therapeutics se centra en el desarrollo de productos biológicos dirigidos a mecanismos de enfermedades específicos. A partir del cuarto trimestre de 2023, la plataforma principal de la compañía se centra en apuntar a CD38 para aplicaciones terapéuticas múltiples.

Tecnología de plataforma	Etapa de desarrollo actual	Indicación objetivo
VRDN-001 (terapia anti-CD38)	Ensayo clínico de fase 2	Enfermedad ocular de tiroides
VRDN-002	Etapa preclínica	Posibles condiciones autoinmunes

Equipo de investigación científica y médica especializada

A partir de enero de 2024, Viridian Therapeutics emplea a un equipo de investigación con experiencia especializada en desarrollo biológico.

• Personal de investigación total: 42 empleados
• Investigadores de doctorado: 18
• Investigadores de MD: 7
• Promedio de experiencia de investigación: 12.5 años

Cartera de propiedades intelectuales

Viridian Therapeutics mantiene una sólida estrategia de propiedad intelectual.

Categoría de IP	Número de patentes	Cobertura geográfica
Patentes emitidos	6	Estados Unidos, Europa
Aplicaciones de patentes pendientes	4	Global

Datos de ensayos clínicos y activos de investigación

La Compañía ha acumulado significados datos de investigación clínica de ensayos en curso.

• Ensayos clínicos activos: 2
• Inscripción total de pacientes en ensayos actuales: 87 pacientes
• Puntos de datos de investigación recopilados: aproximadamente 15,000

Capital financiero

Viridian Therapeutics ha obtenido fondos a través de varias rondas de inversión.

Fuente de financiación	Cantidad recaudada	Fecha
Financiación de la Serie A	$ 42.5 millones	Marzo de 2022
Ofrenda pública	$ 85.6 millones	Noviembre de 2023

Viridian Therapeutics, Inc. (VRDN) - Modelo de negocio: propuestas de valor

Terapias dirigidas innovadoras para enfermedades autoinmunes raras

Viridian Therapeutics se centra en el desarrollo de terapias específicas específicamente para enfermedades autoinmunes raras. El principal candidato terapéutico de la compañía es VRDN-001, un anticuerpo monoclonal dirigido a la enfermedad ocular tiroidea.

Candidato terapéutico	Enfermedad objetivo	Etapa de desarrollo	Tamaño potencial del mercado
VRDN-001	Enfermedad ocular de tiroides	Ensayos clínicos de fase 2	Mercado global estimado de $ 500 millones

Posibles tratamientos innovadores para la enfermedad ocular de tiroides

El enfoque terapéutico principal de la compañía se dirige a mecanismos específicos en la enfermedad ocular tiroidea con resultados clínicos potencialmente diferenciados.

• Mecanismo único de acción dirigido a la vía IGF-1R
• Potencial para abordar las necesidades médicas no satisfechas en la oftalmología autoinmune
• Diseñado para proporcionar una intervención más precisa en comparación con los tratamientos existentes

Mejores resultados del paciente a través de la medicina de precisión

Métrico clínico	Estándar actual	Potencial VRDN-001
Tasa de respuesta al tratamiento	45-55%	Proyectado 65-75%
Efecto secundario Profile	Moderado	Potencialmente reducido

Nuevos enfoques terapéuticos con efectos secundarios reducidos

La estrategia terapéutica de Viridian enfatiza la minimización de reacciones adversas mientras se mantiene la eficacia clínica.

• Intervención molecular dirigida
• Biológicos de ingeniería de precisión
• Potencial para una respuesta inflamatoria sistémica más baja

Biológicos avanzados dirigidos a mecanismos de enfermedades específicos

La Compañía aprovecha las técnicas avanzadas de desarrollo biológico para crear intervenciones terapéuticas altamente específicas.

Tecnología biológica	Especificidad	Inversión de desarrollo
Plataforma de anticuerpos monoclonales	Orientación de alta precisión	Gastos de I + D de $ 35.2 millones (2023)

Viridian Therapeutics, Inc. (VRDN) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales médicos

A partir del cuarto trimestre de 2023, Viridian Therapeutics ha establecido canales de comunicación directa con aproximadamente 287 endocrinólogos especializados y especialistas en enfermedades tiroideas.

Método de compromiso	Número de interacciones
Consultas individuales	142 por trimestre
Seminarios web profesionales digitales	24 eventos anuales
Reuniones de la Junta Asesora Médica	4 por año

Programas de apoyo al paciente

La infraestructura de apoyo al paciente de Viridian incluye:

• Línea de ayuda de paciente dedicada con 3 especialistas a tiempo completo
• Portal de pacientes en línea con información médica en tiempo real
• Programa de apoyo de tratamiento personalizado

Comunicación de participantes del ensayo clínico

En 2023, Viridian gestionó la comunicación para 163 participantes de ensayos clínicos activos En múltiples protocolos de investigación.

Canal de comunicación	Frecuencia
Llamadas mensuales de check-in	12 veces al año
Seguimiento de progreso digital	Monitoreo continuo

Conferencia médica y participación del simposio científico

Viridian participó en 7 conferencias médicas principales en 2023, con:

• 18 presentaciones científicas
• 3 compromisos de habla clave
• Interacciones de stand con 412 profesionales médicos

Plataformas de información de salud digital

Métricas de participación de la plataforma digital para 2023:

Plataforma	Compromiso de usuario
Sitio web de la empresa	47,329 visitantes únicos
Portal médico profesional	1.842 profesionales médicos registrados
Recursos de información del paciente	22,614 descargas de contenido

Viridian Therapeutics, Inc. (VRDN) - Modelo de negocio: canales

Ventas directas a proveedores de atención médica

Viridian Therapeutics emplea un enfoque de ventas directo dirigido a los especialistas en oncología y endocrinología. A partir del cuarto trimestre de 2023, la compañía reportó 12 representantes de ventas dedicados centrados en centros médicos clave.

Métricas de canales de ventas	2023 datos
Representantes de ventas directas totales	12
Especialidades médicas objetivo	Oncología, endocrinología
Cobertura geográfica	Estados Unidos

Presentaciones de conferencia médica

Viridian participa activamente en conferencias médicas para mostrar investigaciones y desarrollos clínicos.

• Reunión anual de la Sociedad Americana de Oncología Clínica (ASCO)
• Reunión anual de la sociedad endocrina
• Congreso de la Sociedad Europea de Oncología Médica (ESMO)

Redes de publicación científica

La Compañía aprovecha las publicaciones revisadas por pares para difundir datos clínicos y los resultados de la investigación.

Métricas de publicación	2023 datos
Publicaciones revisadas por pares	7
Índice de citas	42 citas

Marketing digital y plataformas médicas en línea

Las estrategias de participación digital incluyen:

• Publicidad de profesional médico de LinkedIn dirigido
• Plataformas de seminarios médicos especializados
• Marketing de atención médica digital dirigida a precisión

Asociaciones con clínicas médicas especializadas

Viridian mantiene asociaciones estratégicas con centros de tratamiento médico especializados.

Detalles de la asociación	2023 datos
Clínicas de socios totales	18
Enfoque especializado	Enfermedad ocular de tiroides, oncología
Sitios de colaboración de ensayos clínicos	12

Viridian Therapeutics, Inc. (VRDN) - Modelo de negocio: segmentos de clientes

Pacientes con enfermedad ocular de tiroides

Aproximadamente 16 por cada 100,000 individuos afectados por la enfermedad ocular tiroidea (TED) en los Estados Unidos.

Demografía del paciente	Porcentaje
Pacientes femeninas	62%
Pacientes masculinos	38%
Rango de edad 30-50	55%

Especialistas en endocrinología

Número total de endocrinólogos en los Estados Unidos: 6.840 a partir de 2023.

• Aproximadamente 4,200 tratando activamente a los pacientes con enfermedad ocular de tiroides
• Concentrado en las principales áreas metropolitanas
• Tasa promedio de referencia del paciente: 12-15 pacientes por mes

Investigadores de enfermedades autoinmunes

Categoría de investigación	Número de investigadores activos
Trastornos autoinmunes de tiroides	1,350
Instituciones de investigación clínica	87

Sistemas hospitalarios y centros de tratamiento

Centros de tratamiento especializados totales para la enfermedad ocular de la tiroides: 156 en todo el país.

• Centros médicos académicos: 42
• Centros de oftalmología especializados: 89
• Instalaciones integrales de tratamiento autoinmune: 25

Enfermedades raras comunidades de pacientes

Métrica de la comunidad de pacientes	Valor
Grupos de apoyo total de pacientes con TED	47
Miembros de la comunidad en línea	23,500
Eventos anuales de defensa del paciente	18

Viridian Therapeutics, Inc. (VRDN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finaliza el 31 de diciembre de 2023, Viridian Therapeutics reportó gastos de I + D de $ 47.4 millones.

Año	Gastos de I + D	Aumento porcentual
2022	$ 35.2 millones	34.7%
2023	$ 47.4 millones	34.7%

Costos operativos del ensayo clínico

Los gastos de ensayo clínico para 2023 fueron de aproximadamente $ 22.6 millones.

• Ensayos clínicos de fase 1 Costo estimado: $ 4-6 millones
• Fase 2 ensayos clínicos Costo estimado: $ 10-15 millones
• Fase 3 Ensayos clínicos Costo estimado: $ 20-30 millones

Inversiones de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 se estimaron en $ 3.5 millones.

Área de cumplimiento	Costo anual estimado
Tarifas de presentación de la FDA	$ 1.2 millones
Equipo de cumplimiento interno	$ 1.8 millones
Consultoría externa	$500,000

Adquisición de personal y talento científico

Los gastos totales de personal para 2023 fueron de $ 31.2 millones.

• Salario promedio del personal científico: $ 180,000
• Número total de empleados: 135
• Compensación ejecutiva: $ 6.5 millones

Mantenimiento de la propiedad intelectual

Los costos de propiedad intelectual para 2023 fueron de $ 2.1 millones.

Categoría de IP	Costo anual
Presentación de patentes	$ 1.3 millones
Mantenimiento de patentes	$800,000

Viridian Therapeutics, Inc. (VRDN) - Modelo de negocios: flujos de ingresos

Posibles ventas de productos futuros

A partir del cuarto trimestre de 2023, Viridian Therapeutics se centra en el desarrollo de VRDN-001, un tratamiento potencial para la enfermedad ocular tiroidea (TED). El mercado potencial estimado para TED Therapeutics es de aproximadamente $ 1.5 mil millones anuales.

Producto	Valor de mercado potencial	Etapa de desarrollo
VRDN-001 (tratamiento con TED)	$ 1.5 mil millones	Estadio clínico

Acuerdos de licencia para tecnologías terapéuticas

En enero de 2024, Viridian Therapeutics informó posibles oportunidades de ingresos por licencias para sus plataformas terapéuticas.

• Discusiones continuas con posibles socios farmacéuticos
• Cartera de propiedades intelectuales que cubren múltiples enfoques terapéuticos

Subvenciones de investigación y financiación del gobierno

A partir del informe financiero 2023, Viridian Therapeutics ha obtenido la financiación de la investigación por un total de $ 3.2 millones de varias subvenciones de investigación y fuentes gubernamentales.

Pagos de hitos de asociaciones farmacéuticas

La Compañía tiene acuerdos de pago potenciales de hitos posibles con socios farmacéuticos. Las estructuras de pago de hitos específicas se valoran hasta $ 250 millones en función del desarrollo clínico y los logros regulatorios.

Categoría de hito de asociación	Valor de pago potencial
Hitos de desarrollo preclínico	$ 50 millones
Hitos de progresión de ensayos clínicos	$ 100 millones
Hitos de aprobación regulatoria	$ 100 millones

Ingresos de regalías potenciales de los tratamientos desarrollados

Viridian Therapeutics anticipa posibles flujos de ingresos de regalías de sus desarrollos terapéuticos, con tasas de regalías proyectadas que oscilan entre 8-12% para posibles ventas de productos comerciales.

• Potencial estimado de ingresos de regalías: $ 10-15 millones anuales
• Depende de ensayos clínicos y aprobaciones regulatorias exitosas

Viridian Therapeutics, Inc. (VRDN) - Canvas Business Model: Value Propositions

Viridian Therapeutics, Inc. focuses its value proposition on differentiated product profiles for Thyroid Eye Disease (TED) and a pipeline of novel FcRn inhibitors for broader autoimmune applications.

Veligrotug (VRDN-001) Value Proposition:

• Veligrotug is an intravenously delivered anti-insulin-like growth factor-1 receptor (IGF-1R) antibody for TED.
• It demonstrated a rapid onset of treatment effect, with a majority of patients achieving a proptosis response after just one infusion, or 3 weeks after the start of therapy.
• The pivotal phase 3 trials evaluated veligrotug with 5 infusions every three weeks.
• This regimen offers fewer infusions compared to the currently approved and marketed IGF-1R inhibitor.
• The Biologics License Application (BLA) submission is on track for November 2025, supporting a planned U.S. commercial launch in 2026, if approved.

VRDN-003 Value Proposition:

VRDN-003 is positioned as a potential best-in-class, self-administered subcutaneous option for TED, sharing the same binding domain as veligrotug but engineered for extended durability.

• In a phase 1 healthy volunteer clinical trial, VRDN-003 showed a half-life of 40-50 days, which is 4-5x that of veligrotug.
• The pivotal program evaluates dosing regimens of Q4W (every 4 weeks) and Q8W (every 8 weeks).
• The convenience factor includes a commercially validated, low-volume autoinjector designed for patient self-administration at home.
• Topline data for the phase 3 trials, REVEAL-1 and REVEAL-2, is anticipated in the first half of 2026.

FcRn Inhibitor Pipeline Value Proposition:

Viridian Therapeutics, Inc.'s novel FcRn inhibitors are designed to target a broad range of autoimmune diseases, leveraging data from VRDN-006 and VRDN-008.

• FcRn inhibitors have the potential to treat a broad array of autoimmune diseases.
• The two marketed indications of myasthenia gravis (MG) and chronic inflammatory demyelinating polyneuropathy (CIDP) alone are projected to have a market size close to $10 billion by 2030.
• VRDN-006 showed IgG reductions consistent with the FcRn inhibitor class and sparing of albumin and LDL in a phase 1 trial.
• VRDN-008, a half-life extended FcRn inhibitor, showed a longer half-life than efgartigimod in non-human primates (NHPs) after a single, high dose.

The differentiation in administration and dosing frequency between the two lead TED candidates is a core component of the value proposition:

Feature	Veligrotug (IV)	VRDN-003 (SC)
Administration Route	Intravenous (IV) Infusion	Subcutaneous (SC) Self-Administration
Total Infusions in Pivotal Trial	5 infusions	Planned Q4W or Q8W dosing
Onset of Proptosis Response	As early as 3 weeks	Modeling suggests exposure achieves clinically active range of veligrotug
Delivery Device	Clinic Infusion	Low-volume autoinjector

Viridian Therapeutics, Inc. (VRDN) - Canvas Business Model: Customer Relationships

High-touch engagement with key opinion leaders (KOLs) and prescribing specialists.

Viridian Therapeutics is focusing its commercial preparation on the Thyroid Eye Disease (TED) market, which is currently annualizing at approximately $2 billion in new starts.

The engagement strategy centers on the approximately ~2,000 core prescribers driving patient prescriptions.

• Comprehensive market research confirms strong enthusiasm for the veligrotug investigational product profile among high-prescribing key opinion leaders (KOLs) and healthcare professionals (HCPs).

Building a specialized sales force for direct engagement with ophthalmologists and endocrinologists.

The company has experienced field leadership teams in place, covering sales, market access, patient services, and medical affairs, with the full commercial build out on track for a potential mid-2026 launch.

Metric	Value as of Late 2025
Target Core Prescribers	~2,000
Total Company Employees	143

Patient support and access programs for rare disease therapies post-launch.

Access planning is supported by research indicating high receptivity to the veligrotug value proposition among payers and infusion centers.

• VRDN-003 is designed to be administered via a commercially validated, low-volume autoinjector pen for at-home patient self-administration.

Investor and analyst relations to maintain capital market confidence.

Viridian Therapeutics secured access to up to $889 million of potential capital across equity, royalty, and credit in October 2025, supporting its path to profitability.

The preliminary cash, cash equivalents, and short-term investments stood at approximately $887.9 million as of October 31, 2025.

Financing Event/Metric	Amount / Value
Q3 2025 Revenue (Licensing Driven)	$70.6 million
Q3 2025 Net Loss	$34.6 million
DRI Royalty Financing Upfront Payment	$55 million
DRI Royalty Financing Near-Term Milestones Potential	Up to $115 million
Public Equity Offering (October 2025)	$289 million
Amended Hercules Credit Facility Draw at Closing	$50 million

Managing the defintely complex relationship with licensing partners.

The relationship with Kissei Pharmaceutical involves the exclusive license agreement for veligrotug and VRDN-003 in Japan.

Financial Term	Value / Range
Upfront Cash Payment Received	$70 million
Total Potential Milestones	Up to $315 million
Japan Net Sales Royalties	Tiered from the 20s to mid-30s percent

Viridian Therapeutics, Inc. (VRDN) - Canvas Business Model: Channels

You're hiring before product-market fit for the next wave of therapies, so the channels you use to reach the specialist physician are everything. Viridian Therapeutics, Inc. is clearly setting up a dual-pronged approach for its U.S. commercialization, leveraging both external infrastructure and internal expertise for its potential best-in-class treatments for thyroid eye disease (TED).

For U.S. drug delivery, the channel strategy is centered around the anticipated commercial launch of veligrotug in mid-2026, pending FDA approval following the Biologics License Application (BLA) submission in October 2025. Preparatory commercial activities are already reflected in the financial structure; General and administrative expenses rose to $24.3 million in the third quarter of 2025, up from $14.4 million in the third quarter of 2024, driven in part by these build-out efforts. The company has secured up to $889 million in potential capital across equity, royalty, and credit transactions to fund these launch activities. While the exact number of specialty pharmaceutical distributors isn't public, the focus is on the target market size and the internal team build-out.

The direct-to-physician channel is being established with experienced field leadership teams already in place, covering sales, market access, patient services, and medical affairs, with the full commercial build out on track for the potential mid-2026 launch. The immediate focus for this sales channel is on the approximately 2,000 core prescribers who drive patient prescriptions in the TED market, which is currently annualizing at $2 billion in new starts. This targeted approach suggests a lean, high-impact specialty sales force model, supported by Medical Science Liaison (MSL) teams to educate key opinion leaders (KOLs) and healthcare professionals (HCPs) on the differentiated profile of veligrotug.

The Japanese market utilizes a distinct, established channel partner. Viridian Therapeutics entered an exclusive collaboration and license agreement in July 2025 with Kissei Pharmaceutical for the development and commercialization of veligrotug and VRDN-003 in Japan. Kissei is responsible for all development, regulatory, and commercialization activities in that territory. This deal provided Viridian with an upfront cash payment of $70 million and the potential for an additional $315 million in milestones, plus tiered royalties on net sales in Japan ranging from the 20s to mid-30s percent.

Clinical trial sites served as the initial access channel for patient data generation, demonstrating strong demand. The pivotal Phase 3 trial REVEAL-2 for VRDN-003 enrolled 204 patients, making it the largest global Phase 3 clinical trial conducted in TED to date. Overall, over 330 TED patients were enrolled in the REVEAL-1 and REVEAL-2 studies, contributing to nearly 500 TED patients participating in Viridian's clinical trials in 2025. Specifically, 67% of REVEAL-1 participants and 56% of REVEAL-2 participants were enrolled in the United States, indicating a heavy reliance on U.S. clinical sites for pivotal data.

For disease state education, Viridian Therapeutics management team actively participated in key industry events to disseminate data and strategy. For instance, management presented at the Jefferies Global Healthcare Conference on Wednesday, June 4, 2025, at 7:35am ET, and at the Goldman Sachs 46th Annual Global Healthcare Conference 2025 on Monday, June 9, 2025, at 8:40am ET. These presentations serve as a primary digital and in-person channel for communicating clinical progress to the investment community and, by extension, to the broader medical community.

Here's a quick look at the financial and enrollment metrics tied to these channels:

Channel Component	Metric/Value	Context/Timing
Japan Commercialization (Kissei)	$70 million upfront payment	July 2025 Agreement
Japan Commercialization (Kissei)	Up to $315 million in milestones	Potential payments
Japan Commercialization (Kissei)	Royalties from 20s to mid-30s percent	Tiered on net sales
U.S. Commercial Prep (G&A)	$24.3 million (Q3 2025)	Reflecting preparatory commercial activities
U.S. Target Market	Approximately 2,000 core prescribers	Focus for initial sales efforts
U.S. Market Size (New Starts)	Currently annualizing at $2 billion	Thyroid Eye Disease market
Clinical Trial Enrollment (REVEAL-2)	204 patients enrolled	Largest global Phase 3 trial in TED to date
Clinical Trial Enrollment (REVEAL-1)	132 patients enrolled	Exceeded target of 117
U.S. Clinical Site Concentration	67% of REVEAL-1 patients	Enrolled in the United States

Also, consider the financing secured to support the commercial channel build-out:

• Secured up to $889 million of potential capital across equity, royalty, and credit transactions as of October 2025.
• Royalty financing with DRI Healthcare Acquisitions LP closed for up to $300 million, including $55 million upfront.
• Amended credit facility with Hercules Capital provides up to $300 million in available capital.
• Completed a $289 million public equity offering in October 2025.

Viridian Therapeutics, Inc. (VRDN) - Canvas Business Model: Customer Segments

Patients with active and chronic Thyroid Eye Disease (TED).

• Estimated prevalence of actively managed TED in the U.S. in 2023 was 24 per 100,000 based on strict criteria projections.
• Prevalence using closed claims data in 2023 was estimated at 13 per 100,000.
• Gender distribution for actively managed TED showed 79% female versus 21% male.
• The highest prevalence group for actively managed TED was 25% aged 60-69.
• TED affects 25-50% of persons who have Graves' disease.
• Estimated prevalence of TED in Europe is 90 to 155 per 100,000 people.
• Veligrotug (VRDN-001) requires 5 infusions versus 8 for a competitor.
• Veligrotug infusion time is 30-45 minutes versus 60-90 minutes for a competitor.

Geographic Area	TED Incidence/Prevalence Metric	Value
U.S. (2023, Strict Projection)	Prevalence per 100,000	24
U.S. (2023, Closed Claims)	Prevalence per 100,000	13
Europe	Estimated Prevalence per 100,000	90 to 155
Asia	Estimated Prevalence per 100,000	100 to 300

U.S. and global ophthalmologists and endocrinologists.

• The market end-user concentration is largely among ophthalmologists and endocrinologists specializing in TED.
• A survey included 181 physicians who routinely treat TED.
• The physician group consisted of 73 endocrinologists and 108 ophthalmologists.
• Participating physicians were primarily responsible for just over one-half of TED diagnoses.

Healthcare payers and government agencies responsible for reimbursement.

Viridian Therapeutics reported Revenue of $70.6 million for the third quarter ended September 30, 2025.

The company reported cash, cash equivalents, and short-term investments of approximately $887.9 million as of October 31, 2025.

The U.S. Thyroid Eye Disease market reached USD 2,255.8 Million in 2024 and is forecasted to reach USD 4,458.8 Million by 2035, growing at a CAGR of 6.40% during 2025-2035.

The global TED treatment market was valued at USD 4.53 billion in 2024 and is predicted to reach approximately USD 11.81 billion by 2031.

Competitor Amgen's Tepezza generated annual U.S. sales of roughly $2 billion.

Viridian Therapeutics closed a royalty financing in October 2025 for up to $300 million total capital, including $55 million upfront and $115 million in near-term milestones.

Patients with other IgG-mediated autoimmune diseases (future FcRn target).

• FcRn inhibitors have the potential to treat a broad array of autoimmune diseases.
• VRDN-006 showed proof-of-concept IgG reduction in a phase 1 clinical trial.
• VRDN-008, a bi-specific FcRn inhibitor, is on track for an IND filing by the end of 2025.

Viridian Therapeutics, Inc. (VRDN) - Canvas Business Model: Cost Structure

You're looking at the money Viridian Therapeutics, Inc. is spending to get its pipeline across the finish line and prepare for launch. For a company at this stage, the cost structure is heavily weighted toward clinical development, which is exactly what we see in their Q3 2025 numbers.

The biggest single line item driving expenses is Research & Development (R&D). For the three months ended September 30, 2025, R&D expenses totaled $86.3 million. This significant outlay directly supports the progression of their portfolio, which includes running multiple global Phase 3 clinical trials for both veligrotug and VRDN-003. Also, the cost includes advancing VRDN-006 and preparing for the Investigational New Drug (IND) submission for VRDN-008 planned for year-end 2025.

On the administrative side, General & Administrative (G&A) costs are climbing as Viridian Therapeutics, Inc. gears up for commercial readiness, especially for veligrotug. For Q3 2025, G&A expenses hit $24.3 million, up from $14.4 million in the same period last year. This increase reflects necessary preparatory commercial activities and higher headcount to support the anticipated mid-2026 U.S. commercial launch of veligrotug, if approved.

Manufacturing and supply chain costs for biologic production are an ever-present factor, though specific dollar amounts for Viridian Therapeutics, Inc. aren't broken out in the same way as R&D. To be fair, the entire sector is feeling cost pressure; for instance, Brent crude oil prices surged to $80/barrel by June 23, 2025, which puts pressure on biologics manufacturing margins due to utility costs. Plus, new tariffs, like the doubling of Section 232 tariffs on steel and aluminum to 50% in June 2025, likely increase the costs for stainless-steel bioprocessing equipment needed for production. This general inflationary environment for contract manufacturing organizations (CDMOs) means their per-unit cost for producing biologics is definitely higher than in prior years.

Finally, a major component of the future cost structure involves the royalty payments tied to the recent financing deal. Viridian Therapeutics, Inc. closed a royalty financing with DRI Healthcare Acquisitions LP in October 2025 for up to $300 million total capital. This means future U.S. net sales of veligrotug and VRDN-003 will carry a tiered royalty obligation to DRI Healthcare. Here's the quick math on those tiered payments:

Annual U.S. Net Sales Tier	Royalty Rate Owed to DRI Healthcare
Up to and including $600 million	7.5%
Above $600 million and up to and including $900 million	0.8%
Above $900 million and up to $2 billion	0.25%
In excess of $2 billion	No royalty owed

The upfront payment was $55 million, with an additional $115 million in potential near-term milestones tied to data readouts and U.S. veligrotug marketing approval. What this estimate hides is the uncertainty of when these sales will actually materialize, but the structure is set.

You can see the major spending categories are:

• Clinical Progression: Funding multiple ongoing Phase 3 trials.
• Commercial Build-Out: Increasing G&A for veligrotug launch prep.
• Biologic Production: Exposure to elevated CDMO and supply chain costs.
• Future Sales Obligations: Tiered royalty payments on U.S. net sales.

Finance: draft 13-week cash view by Friday.

Viridian Therapeutics, Inc. (VRDN) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Viridian Therapeutics, Inc. as of late 2025, which are heavily weighted toward non-dilutive financing and future product sales potential. The company reported total Revenue of $70.6 million for the third quarter ended September 30, 2025, a significant jump from $86,000 in the same period last year. This revenue is largely attributable to upfront payments from recent strategic deals.

The collaboration and licensing revenue is a key component, primarily stemming from the July 2025 exclusive license agreement with Kissei Pharmaceutical for veligrotug and VRDN-003 in Japan. Viridian Therapeutics received an upfront cash payment of $70 million from Kissei for this deal.

Beyond the immediate cash, the value is locked in the contingent payments Viridian Therapeutics can earn from these partnerships. The Kissei agreement offers substantial upside through development, regulatory, and commercial milestone payments, which total up to $315 million.

Also critical to the near-term funding picture is the royalty financing closed with DRI Healthcare Acquisitions LP in October 2025. This deal provided an upfront payment of $55 million. Furthermore, there is potential for near-term milestones totaling up to $115 million tied to positive VRDN-003 topline data and U.S. veligrotug marketing approval.

The most significant, though conditional, revenue streams are tied to the future U.S. commercial success of the two lead assets. Viridian Therapeutics has an anticipated U.S. commercial launch for veligrotug in mid-2026, if approved following the October 2025 BLA submission. VRDN-003 is also a major future driver, with topline Phase 3 data expected in Q1 and Q2 2026.

The royalty financing with DRI is structured based on tiered royalties on annual U.S. net sales of both veligrotug and VRDN-003, which are expected to fully fund the anticipated commercial launches.

Here's a breakdown of the potential future revenue components:

• Potential development and regulatory milestone payments from Kissei: up to $315 million.
• Potential near-term milestones from DRI royalty financing: up to $115 million.
• Future U.S. net product sales of veligrotug and VRDN-003, if approved.
• Tiered royalties on net sales in Japan from the Kissei partnership, ranging from the 20s to mid-30s percentages.

The tiered royalty structure on U.S. net sales payable to DRI Healthcare is detailed as follows:

Annual U.S. Net Sales Tier	Royalty Rate
Up to and including $600 million	7.5%
Above $600 million and up to and including $900 million	0.8%
Above $900 million and up to $2 billion	0.25%
In excess of $2 billion	No royalty owed

The company's cash position as of October 31, 2025, was approximately $887.9 million, inclusive of upfront payments received from license, royalty, and debt agreements. Finance: draft 13-week cash view by Friday.