The company maintains a conservative capital structure with a 0.08 debt-to-equity ratio as of 2026Q1, though this is offset by an accumulated deficit of $1.4 billion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 784.74M | 894.23M | 738.46M | 486.48M | 424.55M | 200.16M | 129.61M | 29.74M | 65.37M | 51.87M | 4.26M | 11.73M | 6.79M | 2.05M | 1.66M |
| Cash & Short-Term Investments | 762.18M | 874.65M | 717.58M | 477.37M | 424.55M | 196.97M | 127.64M | 26.84M | 62.48M | 47.44M | 3.34M | 10.83M | 5.12M | 209.35K | 112.53K |
| Cash Only | 176.35M | 212.38M | 99.59M | 102.83M | 155.58M | 42.3M | 45.9M | 24.85M | 32.61M | 47.44M | 3.34M | 10.83M | 5.12M | 209.35K | 112.53K |
| Short-Term Investments | 585.84M | 662.27M | 617.99M | 374.54M | 268.97M | 154.67M | 81.74M | 2M | 29.88M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 102K | 102K | 451K | 0 | 108K | 24K | 1.46M | 524K | 394K | 1.09M | 994.01K | 1.2M |
| Days Sales Outstanding | 90.07 | - | - | 118.57 | 21.01 | 55.56 | - | 8.84 | 1.04 | 132.76 | 57.31 | 56.66 | 91.93 | 84.05 | 99.04 |
| Inventory | 0 | 0 | 0 | 0 | -6.62M | 0 | 0 | 0 | 0 | 0 | 64K | 187K | 179K | 356.64K | 169.54K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | 9.17 | 27.61 | 20.15 | 52.09 | 20.34 |
| Other Current Assets | 22.56M | 19.58M | 20.88M | 9.01M | 6.52M | 0 | 0 | -108K | 2.87M | 2.97M | 170K | 321K | 0 | 50K | 56.21K |
| Total Non-Current Assets | 4.27M | 5.18M | 3.94M | 3.95M | 10.54M | 3.55M | 1.64M | 523K | 777K | 613K | 883K | 1.17M | 1.3M | 1.62M | 1.12M |
| Property, Plant & Equipment | 3.38M | 3.65M | 3.44M | 3.34M | 2.94M | 2.06M | 787K | 523K | 727K | 563K | 625K | 1.15M | 1.21M | 928.03K | 1.07M |
| Fixed Asset Turnover | 20.54x | 19.42x | 0.09x | 0.09x | 0.60x | 1.44x | 1.33x | 8.53x | 11.54x | 7.11x | 5.34x | 2.20x | 3.56x | 4.65x | 4.11x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 888K | 1.54M | 501K | 604K | 7.61M | 1.49M | 857K | 0 | 50K | 50K | 258K | 15K | 90K | 690.05K | 45.58K |
| Total Assets | 789.02M | 899.42M | 742.4M | 490.42M | 435.09M | 203.71M | 131.25M | 30.26M | 66.15M | 52.48M | 4.26M | 12.9M | 8.09M | 3.67M | 2.78M |
| Asset Turnover | 0.10x | 0.08x | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.15x | 0.13x | 0.08x | 0.78x | 0.20x | 0.53x | 1.18x | 1.58x |
| Asset Growth % | 14.72% | 21.15% | 51.38% | 12.72% | 113.58% | 55.2% | 333.73% | -54.25% | 26.04% | 1132.24% | -66.99% | 59.5% | 120.25% | 32.08% | - |
| Total Current Liabilities | 51.8M | 70.7M | 47.87M | 26.64M | 33.35M | 13.64M | 10.67M | 10.18M | 6.73M | 3.9M | 4.58M | 2.47M | 1.99M | 1.39M | 23.6M |
| Accounts Payable | 13.31M | 8.68M | 2.14M | 2.24M | 14.23M | 2.33M | 670K | 1.1M | 571K | 906K | 159K | 242K | 255K | 100K | 26.66K |
| Days Payables Outstanding | 8.4K | - | - | - | - | - | 8.64 | - | 6.85 | 16.85 | 22.78 | 35.73 | 28.7 | 14.61 | 3.2 |
| Short-Term Debt | 738K | 753K | 0 | 0 | 0 | 0 | 0 | 3.98M | 2.29M | 0 | 0 | 1.1M | 80K | 697.06K | 22.59M |
| Deferred Revenue (Current) | 934K | 0 | 288K | 288K | 288K | 289K | 301K | 0 | 3.79M | 0 | 3.38M | 1.02M | 0 | 76.41K | 788.19K |
| Other Current Liabilities | 29.12M | 61.26M | 10.74M | 12.75M | 4.87M | 3.75M | 7.29M | 674K | 239K | 353K | 1.17M | 295K | 1.4M | 194.31K | 200K |
| Current Ratio | 15.15x | 12.65x | 15.43x | 18.26x | 12.73x | 14.68x | 12.14x | 2.92x | 9.71x | 13.31x | 0.93x | 4.75x | 3.41x | 1.48x | 0.07x |
| Quick Ratio | 15.15x | 12.65x | 15.43x | 18.26x | 12.93x | 14.68x | 12.14x | 2.92x | 9.71x | 13.31x | 0.91x | 4.68x | 3.32x | 1.22x | 0.06x |
| Cash Conversion Cycle | -8.31K | - | - | - | - | - | - | - | - | - | 43.71 | 48.54 | 83.37 | 121.54 | 116.19 |
| Total Non-Current Liabilities | 101.2M | 106.56M | 22.89M | 21.77M | 6.68M | 2.36M | 544K | 4.33M | 8.07M | 10.07M | 2.82M | 24K | 109K | 259.35K | 620.85K |
| Long-Term Debt | 50.44M | 49.94M | 20.58M | 20.2M | 4.64M | 0 | 0 | 4.33M | 8M | 9.92M | 2.82M | 0 | 0 | 0 | 42.05K |
| Capital Lease Obligations | 2.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 50.77M | 56.62M | 2.02M | 989K | 1.17M | 1.21M | 544K | 0 | 66K | 152K | 0 | 24K | 109K | 259.35K | 578.8K |
| Total Liabilities | 153.01M | 177.25M | 70.76M | 48.4M | 40.03M | 15.99M | 11.22M | 14.51M | 14.8M | 13.97M | 4.58M | 2.49M | 2.1M | 1.65M | 24.22M |
| Total Debt | 51.17M | 50.69M | 21.09M | 21.05M | 5.26M | 520K | 455K | 8.3M | 10.3M | 9.92M | 1.04M | 1.1M | 80K | 697.06K | 22.63M |
| Net Debt | -125.17M | -161.69M | -78.5M | -81.78M | -150.32M | -41.78M | -45.44M | -16.54M | -22.31M | -37.52M | -2.3M | -9.73M | -5.04M | 487.72K | 22.52M |
| Debt / Equity | 0.08x | 0.07x | 0.03x | 0.05x | 0.01x | 0.00x | 0.00x | 0.53x | 0.20x | 0.26x | - | 0.11x | 0.01x | 0.34x | - |
| Debt / EBITDA | -0.13x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.32x | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -32.68x | -68.24x | -87.62x | -127.71x | -266.23x | -26470.00x | -79.76x | -49.15x | -36.46x | -68.22x | -132.41x | -79.34x | -6.71x | -0.10x | -2.53x |
| Total Equity | 636.01M | 722.17M | 671.64M | 442.02M | 395.06M | 187.72M | 120.04M | 15.75M | 51.34M | 38.51M | -326K | 10.41M | 5.99M | 2.03M | -21.44M |
| Equity Growth % | -18.85% | 7.52% | 51.95% | 11.89% | 110.46% | 56.38% | 661.95% | -69.32% | 33.33% | 11912.88% | -103.13% | 73.76% | 195.63% | 109.45% | - |
| Book Value per Share | 6.22 | 8.52 | 9.89 | 9.88 | 12.31 | 15.75 | 33.75 | 7.54 | 26.02 | 30.02 | -0.45 | 19.30 | 39.84 | 10.77 | -115.23 |
| Total Shareholders' Equity | 636.01M | 722.17M | 671.64M | 442.02M | 395.06M | 187.72M | 120.04M | 15.75M | 51.34M | 38.51M | -326K | 10.41M | 5.99M | 2.03M | -21.44M |
| Common Stock | 1.02M | 1.02M | 810K | 540K | 414K | 239K | 42K | 23K | 308K | 226K | 7K | 106K | 38K | 27.91K | 0 |
| Retained Earnings | -1.44B | -1.34B | -995.86M | -725.91M | -488.17M | -358.3M | -278.89M | -168.17M | -126.3M | -93.59M | -30.64M | -17.97M | -6.64M | -25.89M | -21.44M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.15M | 0 | 0 | 0 | 0 |
| Accumulated OCI | -558K | 447K | -10K | 338K | -390K | -157K | -8K | 0 | -3K | -2.83M | 0 | -739K | -555K | -411.05K | -262.74K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, Viridian's total equity has fluctuated from $442.0 million in 2023Q4 to $636.0 million in 2026Q1, reflecting a pattern of periodic equity financing that offsets the persistent accumulation of retained losses, which have deepened to -$1.4 billion over the same period.
The trajectory of the balance sheet is defined by the necessity of external capital to fund R&D, as the company lacks internal cash generation. Investors should monitor whether the current equity base can sustain the firm through the completion of Phase 3 trials without further dilutive events.
According to recent SEC filings, the company's cash and equivalents stood at $176.3 million in 2026Q1, a decline from the $212.4 million reported in 2025Q4, which suggests a tightening liquidity buffer as the firm accelerates its clinical trial spending across multiple late-stage programs.
While the current ratio of 15.15 appears robust, it is largely a function of the company's asset-light model and lack of significant short-term liabilities. The true liquidity risk lies in the burn rate relative to the remaining cash, which may necessitate additional capital raises in the near term.
Based on reported figures, Viridian maintains a conservative capital structure with a debt-to-equity ratio of 0.08 in 2026Q1, indicating that the firm has avoided significant reliance on debt financing to fund its high-cost clinical development activities during this pre-commercial phase.
The low leverage profile is appropriate for a clinical-stage biotech firm that lacks the stable cash flows required to service traditional debt. This suggests that management is prioritizing financial flexibility, though it leaves the company entirely dependent on equity markets for future funding needs.
As indicated by the company's balance sheet, the accumulated deficit of $1.4 billion in 2026Q1 highlights the substantial capital required to reach this stage, suggesting that the firm's book value may not accurately reflect the binary nature of its underlying clinical assets.
The absence of goodwill or significant intangible assets on the balance sheet implies that the company's value is almost entirely tied to the potential success of its pipeline. Investors should be aware that the book value provides little protection against the risk of clinical trial failure.
Quick answers to the most common questions about buying VRDN stock.
As of 2025, Viridian Therapeutics, Inc. (VRDN) had total assets of $899.4M including $894.2M in current assets.
Viridian Therapeutics, Inc. (VRDN) carries total debt of $50.7M, offset by $874.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Viridian Therapeutics, Inc. (VRDN) has total shareholders' equity (book value) of $722.2M ($8.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Viridian Therapeutics, Inc. (VRDN) reported a current ratio of 12.65x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.