Viridian Therapeutics launches public offering of common stock

WALTHAM, Mass. - Viridian Therapeutics, Inc. (NASDAQ:VRDN), a biotechnology company with a market capitalization of approximately $2 billion and an impressive 84% stock price gain over the past six months, announced Tuesday that it has commenced an underwritten public offering of common stock and Series B non-voting convertible preferred stock.

The biotechnology company, which focuses on developing treatments for serious and rare diseases, plans to use the proceeds to fund commercial launch activities for its thyroid eye disease (TED) treatments veligrotug and VRDN-003, as well as for research and development activities, working capital, and general corporate purposes. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet, though it’s currently burning through cash reserves rapidly.

Each share of Series B preferred stock will be convertible into 66.67 shares of common stock at the holder’s election, subject to beneficial ownership conversion limits. The company intends to grant underwriters a 30-day option to purchase additional common stock shares.

Jefferies, Leerink Partners, Evercore ISI, and Stifel are acting as joint book-running managers for the offering, with Wedbush PacGrow serving as co-manager.

Viridian recently reported positive topline data from two global Phase 3 clinical trials (THRIVE and THRIVE-2) for veligrotug, meeting all primary and secondary endpoints. The company is also conducting two global Phase 3 pivotal clinical trials (REVEAL-1 and REVEAL-2) to evaluate VRDN-003 as a potential subcutaneous therapy for TED. While clinical progress continues, InvestingPro analysis reveals that six analysts have recently revised their earnings expectations downward for the upcoming period, with the company not expected to achieve profitability this year. Discover 14 additional exclusive insights about VRDN with an InvestingPro subscription.

In addition to its TED portfolio, Viridian is advancing a portfolio of neonatal Fc receptor inhibitors that could potentially be developed for multiple autoimmune diseases.

A registration statement for these securities was filed with the Securities and Exchange Commission and became effective on September 5, 2025, according to the company’s press release statement. Based on InvestingPro’s Fair Value analysis, the stock appears to be trading above its intrinsic value, with current price metrics showing elevated revenue and price-to-book multiples.

In other recent news, Viridian Therapeutics has been active with several significant developments. The company announced a royalty financing agreement with DRI Healthcare Acquisitions LP, securing up to $300 million in financing. This includes an upfront payment of $55 million and potential near-term milestone payments contingent on VRDN-003 data and FDA approval of veligrotug. Additionally, Viridian has completed enrollment for its Phase 3 REVEAL-1/2 trials of VRDN-003, exceeding initial patient targets, which led BTIG to reiterate its Buy rating with a $61.00 price target.

In a strategic move, Viridian has entered an exclusive licensing agreement with Kissei Pharmaceutical Co., Ltd. for the development and commercialization of its thyroid eye disease treatments in Japan. This agreement provides Viridian with a $70 million upfront payment and the possibility of up to $315 million in additional milestone payments. Furthermore, Jefferies has assumed coverage of Viridian with a Buy rating, citing the company’s potential in the thyroid eye disease market. H.C. Wainwright also reaffirmed its Buy rating, maintaining a $34.00 price target, following the royalty financing agreement announcement.

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