Viridian Therapeutics, Inc. (VRDN): Business Model Canvas [Dec-2025 Updated]

You're looking at Viridian Therapeutics, Inc. right now, and the big question is how they bridge the gap from clinical success to commercial reality for their Thyroid Eye Disease (TED) treatment, veligrotug. Honestly, this Business Model Canvas maps out that crucial pivot, showing a company with about $887.9 million in cash as of late October 2025, ready to fund the final push, even as Q3 R&D costs hit $86.3 million. We need to see the mechanics: how they are using that Kissei upfront payment of $70.6 million, managing the high cost of global Phase 3 trials, and building out the sales force required for a mid-2026 U.S. launch. Dive into the nine blocks below to see the precise strategy they are betting on to deliver on their value proposition of better patient convenience.

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

You're looking at the structure Viridian Therapeutics, Inc. has built to support its late-stage pipeline, especially as they push toward anticipated commercial launches for veligrotug and VRDN-003. The key partnerships here are all about securing non-dilutive capital and establishing global commercial reach.

The financing ecosystem Viridian Therapeutics, Inc. established in October 2025 is significant for funding operations through anticipated profitability.

• DRI Healthcare Acquisitions LP royalty financing: up to $300 million total capital secured.
• Hercules Capital, Inc. credit facility: Amended agreement providing access to up to $300.0 million in a New Term Loan.

The DRI Healthcare Acquisitions LP royalty financing, closed in October 2025, provided immediate non-dilutive capital.

Viridian Therapeutics, Inc. received an upfront payment of $55 million upon execution of the DRI agreement. An additional $115 million is available through potential near-term milestones, contingent on positive topline data from the REVEAL-1 and REVEAL-2 Phase 3 studies for VRDN-003 and U.S. marketing approval for veligrotug. The expected proceeds from this and other transactions were stated to fully fund the anticipated commercial launches of both veligrotug and VRDN-003.

The royalty structure Viridian Therapeutics, Inc. owes to DRI Healthcare is tiered based on annual U.S. net sales:

The amended Hercules Capital, Inc. credit facility replaced the prior facility and provides access to capital at Viridian Therapeutics, Inc.'s discretion upon milestone achievements. The New Term Loan has an aggregate principal amount of up to $300.0 million. At closing, a $50 million draw was required, which yielded $30 million in immediate proceeds after repaying the prior Hercules facility. The New Term Loan bears interest at a floating rate, the greater of 8.95% or 1.45% above the Prime Rate, capped at a per annum rate of 9.45%. The prior facility, established in April 2022, was for up to $75 million.

The exclusive development and commercialization agreement with Kissei Pharmaceutical for Japan is a major component for global ex-U.S. revenue potential.

Viridian Therapeutics, Inc. granted Kissei Pharmaceutical an exclusive license for veligrotug and VRDN-003 in Japan. Viridian Therapeutics, Inc. received an upfront cash payment of $70 million from Kissei Pharmaceutical. There is potential to receive an additional $315 million in development, regulatory, and commercial milestone payments. Furthermore, Viridian Therapeutics, Inc. is set to receive tiered royalties on net sales in Japan ranging from the 20s to mid-30s percentage.

For manufacturing and clinical execution, Viridian Therapeutics, Inc. relies on external specialized partners.

• Contract Manufacturing Organizations (CMOs) are essential for biologic drug supply for both veligrotug and VRDN-003.
• Global clinical research sites and principal investigators are currently engaged for the Phase 3 trials, REVEAL-1 and REVEAL-2, for VRDN-003.

Enrollment for both REVEAL-1 (active TED) and REVEAL-2 (chronic TED) Phase 3 trials for VRDN-003 has been completed, with each study exceeding its enrollment target. Topline data readouts for these trials are anticipated in Q1 2026 for REVEAL-1 and Q2 2026 for REVEAL-2.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving Viridian Therapeutics, Inc. right now-the heavy lifting in the lab and the regulatory office that will determine its near-term value. Here's the quick math on what the company is actively doing as of late 2025, grounded in their Q3 results.

Executing multiple global Phase 3 clinical trials for VRDN-003.

Viridian Therapeutics, Inc. has successfully completed enrollment in both pivotal Phase 3 trials for VRDN-003, which is their subcutaneously delivered, half-life extended anti-IGF-1R antibody candidate. This is a major operational hurdle cleared. The company is now in the waiting period for data, which is a key inflection point for the stock. The enrollment numbers show strong patient demand for this subcutaneous option.

The details on these trials are concrete:

• REVEAL-1 (Active TED) enrolled 132 patients, exceeding the target of 117.
• REVEAL-2 (Chronic TED) enrolled 204 patients, exceeding the target of 195.
• 67% of REVEAL-1 and 56% of REVEAL-2 participants were enrolled in the United States.

The expected topline data readouts are scheduled for the first half of 2026, specifically Q1 2026 for REVEAL-1 and Q2 2026 for REVEAL-2. This entire clinical progression is reflected in the Research and Development expenses, which hit $86.3 million for the third quarter ended September 30, 2025.

Here is a snapshot of the Phase 3 execution:

Advancing the FcRn inhibitor pipeline (VRDN-006, VRDN-008) through early-stage trials.

Viridian Therapeutics, Inc. is actively building out its neonatal Fc receptor (FcRn) inhibitor franchise, which targets multiple autoimmune diseases beyond Thyroid Eye Disease (TED). This work is running in parallel to the late-stage TED programs. VRDN-006, the Fc fragment inhibitor, has already shown proof-of-concept IgG reductions in its Phase 1 trial in healthy volunteers. The IND for VRDN-006 was submitted in December 2024.

For the next-generation asset, VRDN-008, the focus is on hitting the next regulatory gate. The Investigational New Drug (IND) submission is on track for year-end 2025.

Preparing for the U.S. commercial launch of veligrotug in mid-2026.

The transition from clinical development to commercial readiness is a massive undertaking. You see this expense reflected in the General and Administrative (G&A) costs, which were $24.3 million for Q3 2025, a significant jump from $14.4 million in Q3 2024. This increase is explicitly tied to preparatory commercial activities for veligrotug and increased headcount to support that launch. The company is preparing for a potential U.S. commercial launch in mid-2026, contingent on regulatory approval.

Managing regulatory submissions, including the veligrotug BLA to the FDA.

This key activity was executed in October 2025 with the successful submission of the Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for veligrotug in TED. Viridian Therapeutics, Inc. included a request for Priority Review, leveraging the Breakthrough Therapy Designation granted in May 2025. If Priority Review is granted, it could accelerate the FDA's review timeline, supporting that mid-2026 launch window.

Protecting and extending the intellectual property portfolio (e.g., VRDN-003 patent to 2041).

Securing the exclusivity runway is critical for recouping R&D investment. For the subcutaneous candidate, the VRDN-003 composition of matter patent was granted by the USPTO with a term extending to 2041. Furthermore, a new patent was granted for veligrotug method of use, extending exclusivity potential out to 2042. This IP strategy is designed to protect the multi-billion-dollar market opportunity in TED.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Viridian Therapeutics, Inc. (VRDN) is banking on as they move toward a potential commercial launch. The most immediate resource is the balance sheet strength achieved through recent capital raises. As of October 31, 2025, Viridian Therapeutics, Inc. (VRDN) reported cash, cash equivalents, and investments of approximately $887.9 million. This robust position was solidified by comprehensive financing transactions completed in October 2025, securing access to up to $889 million of potential capital across equity, royalty, and credit agreements. Specifically, this included a public equity offering that yielded gross proceeds of approximately $289.1 million and a royalty financing with DRI Healthcare Acquisitions LP for up to $300 million, which included $55 million upfront.

The true value, however, lies in the intellectual property protecting their differentiated anti-IGF-1R antibody pipeline. These patented assets are the engine for future revenue streams. The company's key resources center on two primary candidates targeting Thyroid Eye Disease (TED).

The clinical data for veligrotug provides strong validation for its differentiated profile, which is a critical resource for market positioning against existing therapies. The data supports its potential as the IV treatment-of-choice. The company is also advancing its FcRn inhibitor portfolio, which represents future diversification.

• Positive Phase 3 clinical data supporting veligrotug's differentiated profile, including a sustained proptosis response in 70% of patients at week 52 in the THRIVE trial.
• Breakthrough Therapy Designation granted by the FDA for veligrotug, which enables eligibility for Priority Review, potentially expediting the path to market following the BLA submission in the second half of 2025.
• VRDN-003 Phase 3 topline data readouts are accelerated to Q1 2026 for REVEAL-1 and narrowed to Q2 2026 for REVEAL-2.
• VRDN-006 (FcRn inhibitor) Phase 1 healthy volunteer data showing proof-of-concept IgG reduction anticipated in Q3 2025.
• VRDN-008 (half-life extended FcRn inhibitor) Investigational New Drug (IND) filing on track for year-end 2025.

Underpinning this pipeline execution is specialized human capital. Research and development expenses were $86.3 million for the three months ended September 30, 2025, reflecting the progression of multiple Phase 3 and Phase 1 trials, alongside increased headcount. General and administrative expenses increased to $24.3 million in Q3 2025, largely driven by preparatory commercial activities for veligrotug and headcount growth, signaling investment in commercial-focused human capital, including the appointment of Seth Harmon as Chief Financial Officer in January 2025.

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:

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.

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.

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.

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:

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.

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:

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:

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.