Viridian Therapeutics
Enters commercial stage with Lumvoa, an intravenous IGF-1R antibody for thyroid eye disease.
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Profile
Markets Lumvoa, an intravenous IGF-1R antibody approved for thyroid eye disease in the US, while its subcutaneous next-generation follow-on elegrobart has completed Phase 3 trials. Two early-stage FcRn inhibitors extend the pipeline into autoimmune conditions beyond TED; Japan rights to both lead assets are out-licensed to Kissei Pharmaceutical.
Lumvoa (veligrotug-vvze) is administered as five intravenous infusions over twelve weeks; its label covers both active and chronic forms of thyroid eye disease. The mechanism — blocking the insulin-like growth factor-1 receptor (IGF-1R) — was established in the US market before Lumvoa's approval.
Elegrobart, a subcutaneous half-life-extended IGF-1R antibody, completed Phase 3 trials with positive topline results and is targeted for a BLA filing in 2027. Two early-stage FcRn inhibitors, VRDN-006 and VRDN-008, address autoimmune conditions driven by elevated IgG.
Japan rights to veligrotug and elegrobart are out-licensed to Kissei Pharmaceutical; global rights elsewhere remain with the company. Revenue depends on the US Lumvoa launch and on EMA and other ex-Japan regulatory outcomes for the veligrotug MAA currently under review.
Company facts
Key statistics
Year to date −24.7% · Average volume (30d) 1.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 7, 2026 | Truist Financial | Target | $38 | $39 | ||
| Aug 7, 2026 | RBC Capital | Reiterate | Outperform | $34 | $36 | |
| Jun 30, 2026 | Truist Financial | Target | $35 | $38 | ||
| Jun 30, 2026 | Goldman Sachs | Reiterate | Buy | $40 | $39 | |
| Jun 29, 2026 | Wedbush | Reiterate | Outperform | $31 | $43 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$1.03 | −$1.05 | −1.9% | $56.4K | $284.0K | +403.9% | +6.83% |
| Aug 5, 2026Q2 FY26 | −$1.02 | −$1.05 | −2.9% | $30.5K | $284.0K | +829.8% | +1.10% |
| May 5, 2026Q1 FY26 | −$1.06 | −$0.90 | +15.1% | $36.1K | $141.0K | +290.8% | −6.51% |
| Feb 26, 2026Q4 FY25 | −$0.90 | −$1.08 | −20.0% | $18.4M | $132.0K | −99.3% | −0.37% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $72.0K | $75.0K | $70.6M | $132.0K | $141.0K | $284.0K | |
| Gross profit | $72.0K | $75.0K | $70.6M | −$188.0K | $141.0K | $284.0K | |
| Operating income | −$93.9M | −$106.8M | −$40.0M | −$122.7M | −$116.2M | −$126.3M | |
| Net income | −$86.9M | −$100.7M | −$34.6M | −$120.4M | −$104.9M | −$127.1M | |
| Diluted EPS | −$0.87 | −$1.23 | −$0.34 | −$1.11 | −$1.03 | −$1.05 | |
| Gross margin | 100.0% | 100.0% | 100.0% | -142.4% | 100.0% | 100.0% | |
| Operating margin | -130,369.4% | -142,356.0% | -56.7% | -92,991.7% | -82,389.4% | -44,460.6% |
Fiscal years (4-quarter sums)FY21 $3.0M · FY22 $1.8M · FY23 $314.0K · FY24 $302.0K · FY25 $70.8M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $981.5M · Total debt $242.9M · Total assets $1.10B · Shareholders' equity $662.1M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 113.29M · Float 105.16M · 92.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Fairmount Healthcare Fund II GP LLC | 17.20M | 14.04% | 13D | May 13, 2026 |
| FMR LLC | 16.60M | 14.66% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 8.55M | 7.55% | 13F | Aug 7, 2026 |
| Bellevue Group AG | 6.73M | 5.94% | 13F | Aug 14, 2026 |
| Paradigm Biocapital Advisors LP | 6.72M | 5.93% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | Jennifer Tousignant | officer: Chief Legal Officer | −10,000 | $24.50 |
| May 11, 2026 | Fairmount Funds Management LLC | director, 10 percent owner: | +1,176,470 | $17.00 |
| Dec 31, 2025 | Jennifer Tousignant | officer: Chief Legal Officer | −2,272 | $31.16 |
| Oct 23, 2025 | Fairmount Funds Management LLC | director, 10 percent owner: | +454,545 | $22.00 |
Peers
- Amgen
Tepezza incumbency dominates the head-to-head TED battlefield against Lumvoa.
- argenx (ADR)
FcRn class pioneer with efgartigimod also entering TED development.
- Johnson & Johnson
FcRn rival via IMAAVY, with broad autoimmune indication ambitions.
- United Community Banks
Approved subcutaneous FcRn Rystiggo sets a second commercial benchmark in gMG.
- Immunovant
Pure-play FcRn peer pivoting to IMVT-1402 after batoclimab discontinuation.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Viridian Therapeutics | $23.08 | −0.04% | $2.61B | — | — | 36.8 | +278.7% |
| Amgen | $430.27 | −0.49% | $233.38B | 26.9 | 18.4 | 6.1 | +9.7% |
| argenx (ADR) | $1,023.21 | −0.02% | $63.63B | 37.3 | — | 12.4 | — |
| Johnson & Johnson | $268.40 | +0.13% | $645.95B | 31.1 | 22.4 | 6.6 | +6.6% |
| United Community Banks | $35.18 | −0.01% | $4.21B | 11.5 | 11.6 | 2.7 | +9.8% |
| Immunovant | $40.58 | −1.48% | $8.50B | — | — | 1,198.6 | — |
| Median | 29.0 | 18.4 | 6.6 | +9.7% |