WALTHAM, Mass. — Viridian Therapeutics reported a wider second-quarter loss as the biotechnology company increased spending to support the U.S. launch of Lumvoa, its newly approved treatment for thyroid eye disease.
The company reported a net loss of $127.1 million for the quarter ended June 30, compared with a loss of $100.7 million a year earlier.
Selling, general and administrative expenses rose to $55 million from $20.2 million, largely because of higher personnel costs and investments in commercial infrastructure for Lumvoa.
Research and development expenses declined to $71.6 million from $86.6 million as spending on veligrotug and elegrobart studies decreased. That decline was partially offset by investment in Viridian’s thyroid-stimulating hormone receptor program and higher personnel expenses.
The U.S. Food and Drug Administration approved Lumvoa, also known as veligrotug-vvze, on June 26 for the treatment of thyroid eye disease. Viridian launched the drug immediately after approval.
The company said the first doses were administered in July. As of July 31, its sales team had engaged with 95 percent of approximately 2,000 core prescribing physicians, while efforts to secure payer coverage were progressing as planned.
Viridian also launched ViridianCares, a patient-support program intended to help patients, physicians and infusion centers navigate insurance coverage and treatment access.
“We are very encouraged by the early indications from our recent launch of Lumvoa as we start a new chapter for Viridian as a commercial-stage company,” President and CEO Steve Mahoney said.
Viridian is also preparing a biologics license application for elegrobart, an experimental subcutaneous treatment for thyroid eye disease. The company expects to submit the application to the FDA in the first quarter of 2027.
Elegrobart met key goals in two Phase 3 studies involving patients with active and chronic thyroid eye disease. Viridian said the treatment produced reductions in eye bulging and improved double vision in some patients.
If approved, elegrobart could become the first low-volume, subcutaneous autoinjector for thyroid eye disease that patients could administer at home.
The company plans to submit an investigational new drug application in the fourth quarter for a separate antibody targeting the thyroid-stimulating hormone receptor. The program is being developed for thyroid eye disease and Graves’ disease.
Viridian also expects to report Phase 1 data in the second half of 2026 for VRDN-008, an experimental FcRn inhibitor. Development plans for another FcRn candidate, VRDN-006, are also expected this year.
Viridian ended the quarter with $981.5 million in cash, cash equivalents and marketable securities, up from $762.2 million at the end of March.
The company completed a convertible debt and equity financing in May that generated $394 million in gross proceeds. Viridian said its cash and anticipated future revenue from Lumvoa and elegrobart, if approved, are expected to fund its current business plan through profitability.
Viridian had approximately 125.3 million shares outstanding on an as-converted basis at the end of the quarter.
