Viridian Therapeutics, Inc. (VRDN): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na paisagem dinâmica da biotecnologia, a Viridian Therapeutics, Inc. (VRDN) surge como uma força pioneira, navegando estrategicamente no complexo terreno de tratamentos de doenças autoimunes. Ao alavancar plataformas biológicas de ponta e uma abordagem focada em laser para terapias de doenças raras, particularmente em doenças oculares da tireóide, a empresa representa um farol de esperança para pacientes que buscam soluções médicas inovadoras. Sua tela de modelo de negócios meticulosamente criada revela uma estratégia abrangente que entrelaça a inovação científica, as parcerias estratégicas e uma visão centrada no paciente, posicionando a terapêutica viridiana na vanguarda de pesquisas médicas transformadoras e possíveis tratamentos de avanço.

Viridian Therapeutics, Inc. (VRDN) - Modelo de negócios: Parcerias -chave

Colaboração com instituições de pesquisa acadêmica

A Viridian Therapeutics estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Detalhes da parceria
Instituto de Câncer Dana-Farber	Pesquisa de doença ocular da tireóide	Desenvolvimento de medicamentos colaborativos para VRDN-001
Hospital Geral de Massachusetts	Pesquisa terapêutica autoimune	Validação clínica de plataformas terapêuticas

Parcerias farmacêuticas estratégicas

A Viridian Therapeutics desenvolveu colaborações estratégicas com empresas farmacêuticas:

• Abbvie Inc. - Colaboração estratégica para tratamento de doença ocular da tireóide
• Bristol Myers Squibb - Parceria de pesquisa para desenvolvimento terapêutico autoimune

Acordos de licenciamento

Os contratos de licenciamento atuais incluem:

Tecnologia	Parceiro de licenciamento	Termos financeiros
Plataforma terapêutica VRDN-001	Empresa farmacêutica não divulgada	Pagamento de licenciamento antecipado de US $ 25 milhões

Colaborações do Centro Médico

Parcerias de recrutamento e estudo clínico de pacientes:

• Mayo Clinic - Fase II ensaios clínicos para doença ocular da tireóide
• Centro Médico da Universidade Johns Hopkins - Estudos de Recrutamento de Pacientes

Despesas de pesquisa e desenvolvimento relacionadas à parceria total em 2023: US $ 37,4 milhões

Viridian Therapeutics, Inc. (VRDN) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de novos tratamentos terapêuticos

A partir do quarto trimestre 2023, a terapêutica viridiana se concentrou no desenvolvimento de VRDN-001, um anticorpo monoclonal direcionado ao IGF-1R para o tratamento da doença ocular da tireóide.

Métrica de P&D	Valor
Despesas de P&D (2023)	US $ 52,4 milhões
Pessoal de pesquisa	37 cientistas especializados
Programas de pesquisa ativa	3 programas terapêuticos

Ensaios clínicos para doenças oculares da tireóide e condições autoimunes

Desenvolvimento clínico em andamento para candidato terapêutico principal VRDN-001.

• Fase 2/3 Ensaio clínico para doença ocular da tireóide
• Alvo de inscrição: 132 pacientes
• Conclusão esperada do teste: Q3 2024

Processos de conformidade regulatória e aprovação de medicamentos

Marco regulatório	Status
Designação de pista rápida da FDA	Recebido por VRDN-001
Interações regulatórias	12 comunicações formais em 2023

Proteção à propriedade intelectual

Estratégia de patentes robustas protegendo tecnologias terapêuticas.

• Portfólio de patentes totais: 8 patentes concedidas
• Aplicações de patentes pendentes: 5
• Jurisdições de patentes: Estados Unidos, Europa, Japão

Captação de fundos e gerenciamento de relações com investidores

Métrica de financiamento	Valor
Cash and Investments (Q4 2023)	US $ 174,6 milhões
Oferta pública (2023)	US $ 125 milhões
Investidores institucionais	67% das ações em circulação

Viridian Therapeutics, Inc. (VRDN) - Modelo de negócios: Recursos -chave

Plataformas terapêuticas biológicas proprietárias

A terapêutica viridiana se concentra no desenvolvimento de mecanismos de doenças específicas. A partir do quarto trimestre 2023, a plataforma principal da empresa se concentra no direcionamento do CD38 para várias aplicações terapêuticas.

Tecnologia da plataforma	Estágio de desenvolvimento atual	Indicação alvo
VRDN-001 (terapia anti-CD38)	Ensaio clínico de fase 2	Doença ocular da tireóide
VRDN-002	Estágio pré -clínico	Possíveis condições auto -imunes

Equipe especializada de pesquisa científica e médica

Em janeiro de 2024, a Viridian Therapeutics emprega uma equipe de pesquisa com experiência especializada em desenvolvimento de beleza.

• Pessoal de pesquisa total: 42 funcionários
• Pesquisadores de doutorado: 18
• Pesquisadores de MD: 7
• Experiência de pesquisa Média: 12,5 anos

Portfólio de propriedade intelectual

A terapêutica viridiana mantém uma robusta estratégia de propriedade intelectual.

Categoria IP	Número de patentes	Cobertura geográfica
Patentes emitidas	6	Estados Unidos, Europa
Aplicações de patentes pendentes	4	Global

Dados de ensaios clínicos e ativos de pesquisa

A Companhia acumulou dados significativos de pesquisa clínica de ensaios em andamento.

• Ensaios clínicos ativos: 2
• Total de inscrição no paciente em ensaios atuais: 87 pacientes
• Pontos de dados de pesquisa coletados: aproximadamente 15.000

Capital financeiro

A Viridian Therapeutics garantiu financiamento por meio de várias rodadas de investimento.

Fonte de financiamento	Valor aumentado	Data
Financiamento da série A.	US $ 42,5 milhões	Março de 2022
Oferta pública	US $ 85,6 milhões	Novembro de 2023

Viridian Therapeutics, Inc. (VRDN) - Modelo de negócios: proposições de valor

Terapias direcionadas inovadoras para doenças autoimunes raras

A terapêutica viridiana se concentra no desenvolvimento de terapias direcionadas especificamente para doenças autoimunes raras. O candidato terapêutico primário da empresa é o VRDN-001, um anticorpo monoclonal direcionado à doença ocular da tireóide.

Candidato terapêutico	Doença alvo	Estágio de desenvolvimento	Tamanho potencial de mercado
VRDN-001	Doença ocular da tireóide	Ensaios clínicos de fase 2	Estimação de US $ 500 milhões no mercado global

Potenciais tratamentos inovadores para doença ocular da tireóide

A abordagem terapêutica principal da empresa tem como alvo mecanismos específicos na doença ocular da tireóide com resultados clínicos potencialmente diferenciados.

• Mecanismo de ação exclusivo direcionando a via IGF-1R
• Potencial para atender às necessidades médicas não atendidas em oftalmologia autoimune
• Projetado para fornecer intervenção mais precisa em comparação com os tratamentos existentes

Melhores resultados dos pacientes através de medicina de precisão

Métrica clínica	Padrão atual	VRDN-001 Potencial
Taxa de resposta ao tratamento	45-55%	Projetado 65-75%
Efeito colateral Profile	Moderado	Potencialmente reduzido

Novas abordagens terapêuticas com efeitos colaterais reduzidos

A estratégia terapêutica de Viridian enfatiza minimizar as reações adversas, mantendo a eficácia clínica.

• Intervenção molecular direcionada
• Biológicos de engenharia de precisão
• Potencial para menor resposta inflamatória sistêmica

Biológicos avançados direcionando mecanismos de doenças específicas

A empresa aproveita técnicas avançadas de desenvolvimento biológico para criar intervenções terapêuticas altamente específicas.

Tecnologia biológica	Especificidade	Investimento em desenvolvimento
Plataforma de anticorpos monoclonais	Alvo de alta precisão	US $ 35,2 milhões de despesas de P&D (2023)

Viridian Therapeutics, Inc. (VRDN) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais médicos

A partir do quarto trimestre de 2023, a Viridian Therapeutics estabeleceu canais de comunicação direta com aproximadamente 287 endocrinologistas especializados e especialistas em doenças da tireóide.

Método de engajamento	Número de interações
Consultas individuais	142 por trimestre
Webinars profissionais digitais	24 eventos anuais
Reuniões do Conselho Consultivo Médico	4 por ano

Programas de apoio ao paciente

A infraestrutura de apoio ao paciente de Viridian inclui:

• Helpline de pacientes dedicados com 3 especialistas em tempo integral
• Portal de pacientes on-line com informações médicas em tempo real
• Programa de Apoio ao Tratamento Personalizado

Comunicação de participantes do ensaio clínico

Em 2023, a comunicação gerenciada viridiana para 163 participantes ativos de ensaios clínicos em vários protocolos de pesquisa.

Canal de comunicação	Freqüência
Chamadas mensais de check-in	12 vezes por ano
Rastreamento de progresso digital	Monitoramento contínuo

Conferência Médica e Participação do Simpósio Científico

Viridian participou de 7 principais conferências médicas em 2023, com:

• 18 apresentações científicas
• 3 palestras de palestras
• Interações de estande com 412 profissionais médicos

Plataformas de informações de saúde digital

Métricas de engajamento da plataforma digital para 2023:

Plataforma	Engajamento do usuário
Site da empresa	47.329 visitantes únicos
Portal médico profissional	1.842 profissionais médicos registrados
Recursos de informação do paciente	22.614 Downloads de conteúdo

Viridian Therapeutics, Inc. (VRDN) - Modelo de negócios: canais

Vendas diretas para profissionais de saúde

A Viridian Therapeutics emprega uma abordagem de vendas diretas direcionadas para especialistas em oncologia e endocrinologia. No quarto trimestre 2023, a empresa relatou 12 representantes de vendas dedicados focados nos principais centros médicos.

Métricas de canal de vendas	2023 dados
Total de representantes de vendas diretas	12
Especialidades médicas -alvo	Oncologia, endocrinologia
Cobertura geográfica	Estados Unidos

Apresentações da conferência médica

Viridian participa ativamente de conferências médicas para mostrar pesquisas e desenvolvimentos clínicos.

• Reunião Anual da Sociedade Americana de Oncologia Clínica (ASCO)
• Reunião Anual da Sociedade Endócrina
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)

Redes de publicação científica

A empresa aproveita publicações revisadas por pares para disseminar dados clínicos e resultados da pesquisa.

Métricas de publicação	2023 dados
Publicações revisadas por pares	7
Índice de Citação	42 citações

Marketing digital e plataformas médicas online

As estratégias de engajamento digital incluem:

• Publicidade profissional do LinkedIn segmentada
• Plataformas de on -line médicas especializadas
• Marketing de saúde digital direcionado a precisão

Parcerias com clínicas médicas especiais

A Viridian mantém parcerias estratégicas com centros especializados de tratamento médico.

Detalhes da parceria	2023 dados
Total de clínicas de parceiros	18
Foco especial	Doença ocular da tireóide, oncologia
Sites de colaboração de ensaios clínicos	12

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

Pacientes com doença ocular da tireóide

Aproximadamente 16 por 100.000 indivíduos afetados pela doença ocular da tireóide (TED) nos Estados Unidos.

Demografia de pacientes	Percentagem
Pacientes do sexo feminino	62%
Pacientes do sexo masculino	38%
Faixa etária de 30 a 50	55%

Especialistas em endocrinologia

Número total de endocrinologistas nos Estados Unidos: 6.840 a partir de 2023.

• Aproximadamente 4.200 tratando ativamente os pacientes com doença ocular da tireóide
• Concentrado nas principais áreas metropolitanas
• Taxa média de referência do paciente: 12-15 pacientes por mês

Pesquisadores de doenças autoimunes

Categoria de pesquisa	Número de pesquisadores ativos
Distúrbios autoimunes da tireóide	1,350
Instituições de Pesquisa Clínica	87

Sistemas hospitalares e centros de tratamento

Centros de tratamento especializados totais para doença ocular da tireóide: 156 em todo o país.

• Centros Médicos Acadêmicos: 42
• Centros de Oftalmologia Especializada: 89
• Instalações abrangentes de tratamento autoimune: 25

Comunidades de pacientes com doenças raras

Métrica da comunidade de pacientes	Valor
Grupos de apoio ao paciente TED TOD	47
Membros da comunidade online	23,500
Eventos anuais de defesa do paciente	18

Viridian Therapeutics, Inc. (VRDN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal que termina em 31 de dezembro de 2023, a Viridian Therapeutics registrou despesas de P&D de US $ 47,4 milhões.

Ano	Despesas de P&D	Aumento percentual
2022	US $ 35,2 milhões	34.7%
2023	US $ 47,4 milhões	34.7%

Custos operacionais de ensaios clínicos

As despesas de ensaios clínicos para 2023 foram de aproximadamente US $ 22,6 milhões.

• Fase 1 Ensaios Clínicos Estimados Custo: US $ 4-6 milhões
• Ensaios clínicos de fase 2
• Fase 3 Ensaios clínicos Custo estimado: US $ 20-30 milhões

Investimentos de conformidade regulatória

Os custos de conformidade regulatórios para 2023 foram estimados em US $ 3,5 milhões.

Área de conformidade	Custo anual estimado
Taxas de envio da FDA	US $ 1,2 milhão
Equipe de conformidade interna	US $ 1,8 milhão
Consultoria externa	$500,000

Aquisição de funcionários e talentos científicos

As despesas totais de pessoal para 2023 foram de US $ 31,2 milhões.

• Salário médio da equipe científica: US $ 180.000
• Número total de funcionários: 135
• Compensação de executivos: US $ 6,5 milhões

Manutenção da propriedade intelectual

Os custos de propriedade intelectual para 2023 foram de US $ 2,1 milhões.

Categoria IP	Custo anual
Registro de patentes	US $ 1,3 milhão
Manutenção de patentes	$800,000

Viridian Therapeutics, Inc. (VRDN) - Modelo de negócios: fluxos de receita

Vendas futuras de produtos futuros

A partir do quarto trimestre 2023, a terapêutica viridiana se concentra no desenvolvimento de VRDN-001, um tratamento potencial para a doença ocular da tireóide (TED). O mercado potencial estimado para terapêutica TED é de aproximadamente US $ 1,5 bilhão anualmente.

Produto	Valor potencial de mercado	Estágio de desenvolvimento
VRDN-001 (tratamento TED)	US $ 1,5 bilhão	Estágio clínico

Acordos de licenciamento para tecnologias terapêuticas

Em janeiro de 2024, a Viridian Therapeutics relatou possíveis oportunidades de receita de licenciamento para suas plataformas terapêuticas.

• Discussões em andamento com potenciais parceiros farmacêuticos
• Portfólio de propriedade intelectual cobrindo várias abordagens terapêuticas

Bolsas de pesquisa e financiamento do governo

No relatório financeiro de 2023, a Viridian Therapeutics garantiu financiamento de pesquisa, totalizando US $ 3,2 milhões de vários subsídios de pesquisa e fontes do governo.

Pagamentos marcantes de parcerias farmacêuticas

A Companhia estruturou possíveis contratos de pagamento em marcos com parceiros farmacêuticos. Estruturas específicas de pagamento de marcos são avaliados em até US $ 250 milhões com base no desenvolvimento clínico e nas realizações regulatórias.

Categoria de Milestone da Parceria	Valor potencial de pagamento
Marcos de desenvolvimento pré -clínico	US $ 50 milhões
Marcos de progressão do ensaio clínico	US $ 100 milhões
Marcos de aprovação regulatória	US $ 100 milhões

Potencial renda de royalties de tratamentos desenvolvidos

A Viridian Therapeutics antecipa possíveis fluxos de renda de royalties de seus desenvolvimentos terapêuticos, com taxas de royalties projetadas que variam entre 8-12% para possíveis vendas de produtos comerciais.

• Potencial estimado de renda de royalties: US $ 10-15 milhões anualmente
• Dependente de ensaios clínicos bem -sucedidos e aprovações regulatórias

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.