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VIRIDIAN Viridian Therapeutics Reports First Quarter 2021 Financial Results and Provides Corporate Updates May 6 , 2021 • VRDN - 001 and VRDN - 002 programs for Thyroid Eye Disease ( TED ) progressing ; on track for IND filings in fourth quarter of 2021 • Reported $ 117 million in cash , cash equivalents and short - term investments as of March 31 , 2021 ; cash runway into 2024 BOULDER , Colo . , May 06 , 2021 ( GLOBE NEWSWIRE ) -- Viridian Therapeutics , Inc. ( NASDAQ : VRDN ) , a biopharmaceutical company advancing new treatments for patients suffering from serious diseases but underserved by current therapies , today announced financial results for the first quarter of 2021 and provided corporate updates . " The first quarter saw significant milestones both for our TED programs and for our corporate growth , " said Jonathan Violin , Ph.D. , President and Chief Executive Officer of Viridian . " Following the addition of Dr. Barrett Katz as our Chief Medical Officer earlier this quarter , we have assembled our development and clinical operations team and are prepared to rapidly advance the clinical development of VRDN - 001 and VRDN - 002 . " First Quarter 2021 and Recent Operational Highlights VRDN - 001 : Viridian's most advanced product candidate is VRDN - 001 , a monoclonal antibody targeting the insulin - like growth factor - 1 receptor ( IGF - 1R ) , a clinically and commercially validated target for the treatment of Thyroid Eye Disease ( TED ) . This antibody had previously been developed in oncology as AVE - 1642 and studied in over 100 patients . The pharmacokinetics , pharmacodynamics , safety , and tolerability data from that clinical program has informed the Company's plans to evaluate VRDN - 001 in TED . IND - enabling activities remain on track and the Company plans to file an IND in the fourth quarter of 2021 , with initial proof of concept data in patients expected in the second quarter of 2022 , followed by dose exploration to inform potential intravenous and subcutaneous dosing paradigms . VRDN - 002 : Viridian's second product candidate , VRDN - 002 , is a distinct anti - IGF - 1R antibody that incorporates half - life extension technology and is designed to support administration as a convenient , low volume , subcutaneous injection . IND - enabling activities remain on track and the Company plans to file an IND by the end of 2021. The Company expects to initiate clinical development with a Phase 1 single ascending dose trial to explore safety , tolerability , pharmacokinetics , and target engagement of VRDN - 002 in healthy volunteers . Data from this trial is expected in mid - year 2022 ; the Company also expects to initiate the dosing of patients in 2022 . Discovery Pipeline : Viridian's development strategy includes expanding its discovery pipeline beyond IGF - 1R and TED , with a focus on opportunities that will leverage validated mechanisms , technologies , and modalities to bring new therapeutic options to patients underserved by today's options . The most advanced of these programs is VRDN - 004 , a therapeutic antibody program currently in discovery stage . First Quarter 2021 Financial Results Cash Position : Cash , cash equivalents and short - term investments were $ 117.1 million as of March 31 , 2021 , compared to $ 127.6 million as of December 31 , 2020. The Company believes that its current cash , cash equivalents and short - term investments will be sufficient to fund its operations into 2024 . R & D Expenses : Research and development expenses increased by $ 7.7 million to $ 13.8 million during the first quarter of 2021 , compared to $ 6.1 million during the first quarter of 2020. The increase in research and development expenses was primarily driven by the advancement of the Company's lead programs , including expenses related to manufacturing and IND enabling studies . This increase was partially offset by a decrease in clinical trial expenses in the first quarter of 2021 . G & A Expenses : General and administrative expenses increased by $ 3.4 million to $ 6.2 million during the first quarter of 2021 , compared to $ 2.7 million during the first quarter of 2020. The increase in general and administrative expenses was driven by increases in personnel related costs , including severance , share - based compensation charges , and consulting expenses . Net Loss : The Company's net loss was $ 18.5 million for the first quarter of 2021 , compared to $ 8.0 million for the first quarter of 2020 . Shares Outstanding : As of May 4 , 2021 , Viridian had approximately 31,291,175 shares of common stock outstanding on an as - converted basis , which included 8,429,644 shares of common stock and approximately 22,861,531 shares of common stock issuable upon the conversion of 342,906 shares of preferred stock . About Viridian Therapeutics , Inc. Viridian Therapeutics is a biotechnology company advancing new treatments for patients suffering from serious diseases but underserved by today's therapies . Viridian's most advanced program , VRDN - 001 , is an anti - IGF - 1R monoclonal antibody in development for TED , a debilitating auto - immune disease that causes inflammation and fibrosis within the orbit of the eye which can cause double vision , pain , and potential blindness . Patients with severe disease often require multiple remedial surgeries to the orbit , eye muscles , and eyelids . Viridian is based in Boulder , Colorado , and Waltham , Massachusetts . Learn more about Viridian and its programs at www.viridiantherapeutics.com . Follow us on Twitter @Viridian Thera and on LinkedIn . Note Regarding Forward - Looking Statements