Key Highlights

• Lumvoa generated $24.7 million in net product Revenue in Q3 2026 with more than 100 patients on therapy

• Cash, cash equivalents, and marketable securities totaled $955.2 million as of September 30, 2026

• BLA submission for elegrobart in thyroid eye disease remains on track for Q1 2027

• VRDN-292, a potential TSHR inhibitor, expected to enter Phase 1 clinical trial in Q4 2026

Viridian Therapeutics, Inc. (NASDAQ:VRDN), a biotechnology company focused on autoimmune and rare diseases, has reported its third quarter 2026 financial results, headlined by $24.7 million in net product revenue from Lumvoa (veligrotug-vvze) during its first full quarter on the commercial market. The company also provided updates on its pipeline, including plans to file a BLA for its second thyroid eye disease therapy in early 2027.

Lumvoa's Launch Performance

Lumvoa, approved for the treatment of thyroid eye disease (TED), generated $24.7 million in net product revenue during the three months ended September 30, 2026, with more than 100 patients on therapy by the end of the quarter. The company highlighted significant market access progress during the period, and the Centers for Medicare and Medicaid Services has assigned Lumvoa a permanent J-code (J3242), effective January 1, 2027, which is expected to further facilitate reimbursement.

Viridian noted continued execution across its field sales, medical, market access, and patient services teams to drive adoption of the new therapy among ophthalmologists and endocrinologists treating TED patients.

Pipeline Developments Across Multiple Programs

The company's second thyroid eye disease candidate, elegrobart, a subcutaneously administered anti-IGF-1R antibody, is progressing toward a BLA submission to the FDA in Q1 2027. If approved, Viridian anticipates launching elegrobart in a commercially available autoinjector with at-home dosing on both Q4W and Q8W schedules. The existing Lumvoa commercial and medical infrastructure is expected to support an elegrobart launch with limited incremental investment.

In its TSHR program, VRDN-292 is on track to initiate a Phase 1 clinical trial in patients with Graves' disease in Q4 2026. The candidate is described as a half-life extended monoclonal antibody targeting the thyroid-stimulating hormone receptor, designed for subcutaneous delivery with the potential for extended dosing intervals.

Viridian's FcRn portfolio includes two programs. VRDN-006, an Fc fragment that inhibits the neonatal Fc receptor, showed IgG reductions consistent with the FcRn inhibitor class in a Phase 1 healthy volunteer trial while sparing albumin and LDL. VRDN-008, a bispecific half-life extended FcRn inhibitor, demonstrated a longer half-life and more sustained IgG reduction versus efgartigimod in a head-to-head non-human primate study. Phase 1 healthy volunteer data and development plans for the FcRn portfolio are expected in Q4 2026.

Q3 2026 Financial Results

Cash, cash equivalents, and marketable securities stood at $955.2 million as of September 30, 2026. The company indicated that its existing cash and anticipated future commercial revenues from Lumvoa and elegrobart, if approved, are expected to fund current business plans through profitability.

Research and development expenses decreased to $70.1 million from $86.3 million in the year-ago period, reflecting reduced expenses related to veligrotug and elegrobart clinical studies, partially offset by increased Investment in the TSHR program and FcRn portfolio.

Selling, general and administrative expenses grew to $57.6 million from $24.3 million in Q3 2025, reflecting increased personnel-related costs and professional services to support Lumvoa's commercial launch.

Net loss for the quarter was $101.2 million, compared to $34.6 million in Q3 2025. As of September 30, 2026, Viridian had 125,636,093 shares of common stock outstanding on an as-converted basis.

What It All Means

Viridian enters the final quarter of 2026 with a commercialized asset gaining traction, a near-term BLA submission for its follow-on TED therapy, and multiple clinical readouts expected before year-end. The company's cash position of nearly $1 billion provides financial flexibility to fund both its commercial expansion and a diversifying pipeline that extends beyond thyroid eye disease into autoimmune conditions.