Detailed financial statements for Viridian Therapeutics, Inc. (VRDN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Viridian Therapeutics, Inc. is a biotechnology firm committed to creating therapies for patients afflicted by serious illnesses. Its primary development efforts include VRDN-001, a humanized monoclonal anti-IGF-1R antibody currently advancing through Phase 1/2 clinical trials for thyroid eye disease (TED).
Analysis Summary
Viridian Therapeutics, Inc. reported revenue of $70.8M in the most recent fiscal year, growing at a 5-year CAGR of 132.2%.
Trailing-twelve-month margins: gross margin 99.6%, operating margin -5.7%, net margin -5.4%.
At $24.67 (closing price, October 30, 2026), VRDN has negative trailing earnings (P/E not meaningful) and an ROE of -61.35%. Market capitalisation stands at $2.8B.
Balance sheet quality for VRDN: current ratio of 12.6, net cash position of $824.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.3M | $4.0M | $8.4M | $4.5M | $1.1M | $3.0M | $1.8M | $314,000 | $302,000 | $70.8M |
| Cost of Revenue | $2.5M | $19.6M | $30.4M | 0 | $28.3M | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | $789,000 | -$15.6M | -$22.0M | $4.5M | -$27.3M | $3.0M | $1.8M | $314,000 | $302,000 | $70.8M |
| Research & Development | $888,000 | $19.6M | $30.4M | $34.8M | $28.3M | $56.9M | $100.9M | $159.8M | $238.3M | $338.9M |
| Selling, General & Admin | $9.6M | $10.9M | $11.0M | $11.6M | $13.3M | $25.8M | $35.2M | $95.0M | $61.1M | $95.3M |
| Operating Expenses | $10.5M | $30.5M | $41.5M | $46.4M | $83.1M | $82.7M | $136.1M | $254.8M | $299.3M | $434.2M |
| Operating Income | -$12.5M | -$26.5M | -$33.1M | -$42.0M | -$110.4M | -$79.7M | -$134.3M | -$254.4M | -$299.0M | -$363.4M |
| EBITDA | -$12.2M | -$25.8M | -$31.5M | -$40.8M | -$40.3M | -$79.3M | -$129.1M | -$235.4M | -$266.4M | -$337.2M |
| Interest Expense | $95,000 | $383,000 | $873,000 | $835,000 | $508,000 | $3,000 | $486,000 | $1.8M | $3.0M | $4.9M |
| Pre-tax Income | -$12.7M | -$26.5M | -$32.7M | -$41.9M | -$110.7M | -$79.4M | -$129.9M | -$237.7M | -$269.9M | -$342.6M |
| Income Tax | $95,000 | $95,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$12.7M | -$26.5M | -$32.7M | -$41.9M | -$110.7M | -$79.4M | -$129.9M | -$237.7M | -$269.9M | -$342.6M |
| EPS | $-17.57 | $-20.66 | $-16.57 | $-20.31 | $-31.20 | $-6.66 | $-3.91 | $-5.31 | $-3.98 | $-3.32 |
| EPS (Diluted) | $-17.57 | $-20.66 | $-16.57 | $-20.31 | $-31.20 | $-6.66 | $-3.91 | $-5.31 | $-3.98 | $-3.32 |
| Shares Outstanding (Diluted) | 721,410 | 1.3 M | 2.0 M | 2.1 M | 3.6 M | 11.9 M | 32.1 M | 44.8 M | 67.9 M | 84.8 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $70.6M | $132,000 | $141,000 | $284,000 |
| Gross Profit | $70.6M | -$188,000 | $141,000 | $284,000 |
| Operating Income | -$40.0M | -$122.7M | -$116.2M | -$126.3M |
| EBITDA | -$33.9M | -$113.6M | -$101.3M | -$118.7M |
| Net Income | -$34.6M | -$120.4M | -$104.9M | -$127.1M |
| EPS | $-0.34 | $-1.11 | $-1.03 | $-1.05 |
| EPS (Diluted) | $-0.34 | $-1.11 | $-1.03 | $-1.05 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.3M | $47.4M | $32.6M | $24.8M | $45.9M | $42.3M | $155.6M | $102.8M | $99.6M | $212.4M |
| Short-term Investments | 0 | 0 | $29.9M | $2.0M | $81.7M | $154.7M | $269.0M | $374.5M | $618.0M | $662.3M |
| Receivables | $524,000 | $1.5M | $24,000 | $108,000 | 0 | $451,000 | $102,000 | $102,000 | 0 | 0 |
| Inventory | $64,000 | 0 | 0 | 0 | 0 | 0 | -$6.6M | 0 | 0 | 0 |
| Total Current Assets | $4.3M | $51.9M | $65.4M | $29.7M | $129.6M | $200.2M | $424.6M | $486.5M | $738.5M | $894.2M |
| Property, Plant & Equipment | $625,000 | $563,000 | $727,000 | $523,000 | $787,000 | $2.1M | $2.9M | $3.3M | $3.4M | $3.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $4.3M | $52.5M | $66.1M | $30.3M | $131.3M | $203.7M | $435.1M | $490.4M | $742.4M | $899.4M |
| Accounts Payable | $159,000 | $906,000 | $571,000 | $1.1M | $670,000 | $2.3M | $14.2M | $2.2M | $2.1M | $8.7M |
| Short-term Debt | 0 | 0 | $2.3M | $4.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $4.6M | $3.9M | $6.7M | $10.2M | $10.7M | $13.6M | $33.3M | $26.6M | $47.9M | $70.7M |
| Long-term Debt | $2.8M | $9.9M | $8.0M | $4.3M | 0 | 0 | $4.6M | $20.2M | $20.6M | $49.9M |
| Total Liabilities | $4.6M | $14.0M | $14.8M | $14.5M | $11.2M | $16.0M | $40.0M | $48.4M | $70.8M | $177.3M |
| Retained Earnings | -$30.6M | -$93.6M | -$126.3M | -$168.2M | -$278.9M | -$358.3M | -$488.2M | -$725.9M | -$995.9M | -$1.34B |
| Total Equity | -$326,000 | $38.5M | $51.3M | $15.8M | $120.0M | $187.7M | $395.1M | $442.0M | $671.6M | $722.2M |
| Total Debt | $1.0M | $9.9M | $10.3M | $8.3M | $455,000 | $1.0M | $5.3M | $21.0M | $21.1M | $50.7M |
| Net Debt | -$2.3M | -$37.5M | -$52.2M | -$18.5M | -$127.2M | -$195.9M | -$419.3M | -$456.3M | -$696.5M | -$824.0M |
| Working Capital | -$326,000 | $48.0M | $58.6M | $19.6M | $118.9M | $186.5M | $391.2M | $459.8M | $690.6M | $823.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $169.6M | $212.4M | $176.3M | $165.0M |
| Total Assets | $577.1M | $899.4M | $789.0M | $1.10B |
| Total Liabilities | $74.2M | $177.3M | $153.0M | $435.1M |
| Total Equity | $503.0M | $722.2M | $636.0M | $662.1M |
| Total Debt | $23.8M | $50.7M | $51.2M | $242.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$12.7M | -$26.5M | -$32.7M | -$41.9M | -$110.7M | -$79.4M | -$129.9M | -$237.7M | -$269.9M | -$342.6M |
| Depreciation & Amortization | $341,000 | $308,000 | $281,000 | $288,000 | $239,000 | $120,000 | $255,000 | $522,000 | $540,000 | $460,000 |
| Stock-based Compensation | $2.1M | $2.4M | $3.7M | $4.0M | $3.6M | $14.5M | $19.8M | $67.2M | $42.1M | $44.3M |
| Change in Working Capital | $2.2M | -$4.5M | $1.9M | $1.7M | $4.4M | $1.7M | $16.0M | -$9.4M | $9.6M | $23.0M |
| Operating Cash Flow | -$7.2M | -$28.2M | -$26.8M | -$36.1M | -$29.8M | -$54.6M | -$93.8M | -$184.2M | -$232.3M | -$276.4M |
| Capital Expenditure | -$3,000 | -$246,000 | -$445,000 | -$84,000 | -$42,000 | -$338,000 | -$797,000 | -$898,000 | -$511,000 | -$495,000 |
| Acquisitions | 0 | $1.3M | 0 | -$28.3M | $29.4M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$173,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$7.2M | -$28.4M | -$27.3M | -$36.1M | -$29.8M | -$54.9M | -$94.6M | -$185.1M | -$232.8M | -$276.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$84.6M | -$23.8M | -$119.7M | -$105.3M |
| Capital Expenditure | -$127,000 | -$240,000 | -$23,000 | -$1.3M |
| Free Cash Flow | -$84.7M | -$24.0M | -$119.7M | -$106.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $11.2M | $12.0M | $13.4M | $17.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.0% | +109.5% | -46.8% | -76.5% | +182.2% | -40.2% | -82.3% | -3.8% | +23,359.9% | |
| Net Income Growth (YoY) | -109.2% | -23.4% | -28.0% | -164.4% | +28.3% | -63.5% | -83.0% | -13.6% | -26.9% | |
| EPS Growth (YoY) | -17.6% | +19.8% | -22.6% | -53.6% | +78.7% | +41.3% | -35.8% | +25.0% | +16.6% | |
| Shares Change (YoY) | +77.8% | +53.8% | +5.9% | +70.3% | +235.1% | +169.2% | +39.5% | +51.7% | +24.9% | |
| FCF Growth (YoY) | -292.8% | +4.0% | -32.4% | +17.5% | -84.2% | -72.3% | -95.6% | -25.8% | -18.9% | |
| Gross Margin | 23.6% | -390.2% | -262.8% | 100.0% | -2,595.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -374.8% | -662.8% | -394.5% | -941.0% | -10,512.4% | -2,690.8% | -7,579.2% | -81,035.0% | -99,018.2% | -512.9% |
| EBITDA Margin | -366.7% | -645.0% | -376.2% | -913.5% | -3,836.2% | -2,676.0% | -7,287.4% | -74,957.0% | -88,199.7% | -475.9% |
| Net Margin | -379.8% | -662.3% | -390.0% | -938.6% | -10,544.3% | -2,680.2% | -7,329.2% | -75,711.5% | -89,387.1% | -483.6% |
| FCF Margin | -216.8% | -709.8% | -325.4% | -810.1% | -2,840.1% | -1,853.5% | -5,340.6% | -58,938.9% | -77,096.0% | -390.8% |
| Effective Tax Rate | -0.7% | -0.4% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-10.03 | $-22.15 | $-13.83 | $-17.30 | $-8.38 | $-4.61 | $-2.95 | $-4.14 | $-3.43 | $-3.27 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 721,410 | 1.3 M | 2.0 M | 2.1 M | 3.6 M | 11.9 M | 32.1 M | 44.8 M | 67.9 M | 84.8 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -61.35% |
| Return on Invested Capital | -39.18% |
| Return on Assets | -35.27% |
| Gross Margin | 99.55% |
| Operating Margin | -569.68% |
| Net Margin | -544.06% |
Financial Health
| Debt / Equity | 0.37 |
| Current Ratio | 16.95 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 6.69 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -4.28 | -7.57 | -2.74 | -0.35 | -0.53 | -2.97 | -7.47 | -4.10 | -4.82 | -9.37 |
| P/B | -166.30 | 5.21 | 1.75 | 0.95 | 0.49 | 1.26 | 2.37 | 2.21 | 1.94 | 3.65 |
| P/S | 16.25 | 50.14 | 10.70 | 3.37 | 55.73 | 79.53 | 528.93 | 3,104.38 | 4,309.19 | 37.25 |
| Gross Margin | 23.6% | -390.2% | -262.8% | 100.0% | -2,595.6% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -374.8% | -662.8% | -394.5% | -941.0% | -10,512.4% | -2,690.8% | -7,579.2% | -81,035.0% | -99,018.2% | -512.9% |
| Net Margin | -379.8% | -662.3% | -390.0% | -938.6% | -10,544.3% | -2,680.2% | -7,329.2% | -75,711.5% | -89,387.1% | -483.6% |
Related companies: VRTX · 0QZU.L · REGN · MRNA · 0R2M.L · ARGX · 0QNO.L · RVMD
Explore sector: Healthcare · Biotechnology
More sections of VRDN: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method today · Companies that pass the Lynch method today · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks