Free cash flow remains deeply negative, with a peak quarterly burn of $119.7 million in 2026Q1, necessitating continued reliance on external financing to maintain operations.
Viridian Therapeutics, Inc. (VRDN) cash flow statement — 14-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -453M | -276.39M | -232.32M | -184.17M | -93.84M | -54.58M | -29.78M | -36.06M | -26.84M | -28.17M | -7.23M | -6.9M | -2.21M | -1.17M | -6.22M |
| Operating CF Margin % | - | -390.11% | -76926.82% | -58652.87% | -5295.6% | -1842.09% | -2836.1% | -808.25% | -320.1% | -703.65% | -216.69% | -271.79% | -51.23% | -27.05% | -141.28% |
| Operating CF Growth % | -184.99% | -18.97% | -26.14% | -96.26% | -71.92% | -83.29% | 17.41% | -34.32% | 4.7% | -289.53% | -4.83% | -211.7% | -89.5% | 81.24% | - |
| Net Income | -386.97M | -342.6M | -269.95M | -237.73M | -129.87M | -79.41M | -110.72M | -41.87M | -32.7M | -26.51M | -12.67M | -11.33M | -7.89M | -2.16M | -5.62M |
| Depreciation & Amortization | -399K | -6.76M | 540K | 522K | 255K | 120K | 239K | 288K | 281K | 308K | 189K | 184K | 144K | 148.31K | 144.29K |
| Stock-Based Compensation | 67M | 44.3M | 42.15M | 67.17M | 19.77M | 14.46M | 3.65M | 3.97M | 3.68M | 2.41M | 2.11M | 3.02M | 4.3M | 0 | 7.96K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 56K | -432K | -416K | 0 | 868K | 0 | 177K | 0 | -1.64M |
| Other Non-Cash Items | -4.71M | 5.63M | -14.66M | -4.71M | 54K | 8.52M | 72.57M | 340K | 376K | 94K | 93K | 132K | 953K | 1.49M | 2.49M |
| Working Capital Changes | -23.02M | 23.03M | 9.6M | -9.43M | 15.96M | 1.72M | 4.43M | 1.65M | 1.94M | -4.47M | 2.18M | 1.1M | 105K | -649.45K | -1.61M |
| Change in Receivables | -70M | 0 | 102K | 0 | 349K | -451K | 99K | -84K | 1.43M | -1.44M | -130K | 694K | -271K | 201.59K | -369.58K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -57.8M | -50.9M | 123K | -8K | 178K | -187.1K | 166.39K |
| Change in Payables | 4.22M | 6.56M | -73K | -12.04M | 11.52M | 1.66M | -426K | 525K | -335K | -101K | 2.03M | 633K | 383K | -279.73K | -1.29M |
| Cash from Investing | -289.98M | -37.56M | -228.65M | -94.25M | -115.13M | -74.29M | -50.48M | 28.23M | -29.91M | 1.03M | -3K | -95K | -274K | 5.68K | -119.43K |
| Capital Expenditures | -1.72M | -495K | -511K | -898K | -797K | -338K | -42K | -84K | -445K | -246K | -3K | -123K | -266K | -4.77K | -106.91K |
| CapEx % of Revenue | 2.42% | 0.7% | 169.21% | 285.99% | 44.98% | 11.41% | 4% | 1.88% | 5.31% | 6.15% | 0.09% | 4.85% | 6.16% | 0.11% | 2.43% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 29.37M | -28.31M | 0 | 1.28M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 79K | -3K | 28.31M | -29.46M | 1.28M | 0 | 28K | -8K | 10.45K | -12.52K |
| Cash from Financing | 754.6M | 426.74M | 457.74M | 225.67M | 322.24M | 125.28M | 101.31M | 70K | 41.92M | 52.47M | -257K | 12.71M | 7.4M | 1.26M | 5.81M |
| Debt Issued (Net) | 224.18M | 28.88M | 0 | 15M | 5M | 0 | -8.57M | -2.33M | 0 | 5.33M | -333K | -76K | 753K | 2.04M | 6.58M |
| Equity Issued (Net) | 495.76M | 348.33M | 478.66M | 201.26M | 335.87M | 131.2M | 116.1M | 2.4M | 44.53M | 48.56M | 0 | 12.73M | 6.64M | -500K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -285K | -720K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -173K | -363K | 0 | -500K | 0 |
| Other Financing | 34.66M | 49.54M | -20.92M | 9.41M | -18.63M | -5.93M | -6.22M | 0 | -2.61M | -1.43M | 76K | 50K | 0 | -78 | -50K |
| Net Change in Cash | 11.63M | 112.79M | -3.23M | -52.75M | 113.28M | -3.6M | 21.05M | -7.76M | -14.84M | 25.34M | -7.49M | 5.71M | 4.91M | 96.81K | -538.66K |
| Free Cash Flow | -454.72M | -276.89M | -232.83M | -185.07M | -94.64M | -54.92M | -29.82M | -36.14M | -27.29M | -28.41M | -7.23M | -7.02M | -2.48M | -1.17M | -6.33M |
| FCF Margin % | -639.3% | -390.81% | -77096.03% | -58938.85% | -5340.58% | -1853.49% | -2840.1% | -810.13% | -325.41% | -709.79% | -216.78% | -276.64% | -57.38% | -27.16% | -143.71% |
| FCF Growth % | -46.87% | -18.92% | -25.81% | -95.56% | -72.32% | -84.16% | 17.48% | -32.43% | 3.96% | -292.77% | -3.03% | -183.22% | -111.42% | 81.48% | - |
| FCF per Share | -4.21 | -3.27 | -3.43 | -4.14 | -2.95 | -4.61 | -8.38 | -17.30 | -13.83 | -22.15 | -10.03 | -13.01 | -16.48 | -6.23 | -34.03 |
| FCF Conversion (FCF/Net Income) | 1.18x | 0.81x | 0.86x | 0.77x | 0.72x | 0.69x | 0.27x | 0.86x | 0.82x | 1.06x | 0.57x | 0.61x | 0.28x | 0.54x | 0.86x |
| Interest Paid | 457K | 0 | 1.82M | 0 | 293K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying VRDN stock.
Viridian Therapeutics, Inc. (VRDN) generated $-276.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Viridian Therapeutics, Inc. (VRDN) reported negative free cash flow of $276.9M in 2025, indicating capital requirements exceeded cash from operations.
Viridian Therapeutics, Inc. (VRDN) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Clinical trial execution failure
Metrics are mathematically derived from official filings.
Earnings Disconnect Reflects R&D Intensity
As reported in financial statements, the company's operating cash flow consistently trails net income, with OCF/NI ratios fluctuating significantly, such as the 1.14 observed in 2026Q1, indicating that non-cash items and working capital swings are the primary drivers of the firm's reported cash position.
The lack of a stable relationship between net income and operating cash flow suggests that the company's financial results are heavily influenced by the timing of milestone payments and clinical trial expenditures. Investors should monitor this volatility, as it implies that reported earnings provide little insight into the underlying cash burn required to sustain the R&D pipeline.
Persistent Negative Free Cash Flow
Based on reported figures, the company's free cash flow remains deeply negative across all observed periods, with a peak burn of $119.7 million in 2026Q1, highlighting the firm's total dependence on external financing to fund its ongoing clinical development programs and operational overhead.
The consistent FCF margin contraction underscores the high-cost nature of late-stage biotechnology development. This trajectory suggests that the firm is currently in a capital-intensive phase where cash outflows are decoupled from any meaningful revenue generation, necessitating a disciplined approach to future capital raises.
Volatile Working Capital Obscures Burn
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $81.3 million inflow in 2025Q4 to a $60.3 million outflow in 2025Q3, which complicates the assessment of the company's true operational efficiency and underlying cash consumption patterns.
These significant fluctuations in working capital appear to be driven by the timing of milestone-related receivables and the settlement of clinical trial liabilities. Such volatility warrants further investigation, as it may mask the underlying rate at which the company is consuming cash to support its core research activities.
SBC Masks True Operational Costs
Based on the provided data, stock-based compensation remains a material component of the company's expense structure, reaching $13.4 million in 2026Q1, which effectively serves to preserve cash while simultaneously diluting shareholders during this critical phase of clinical trial execution and development.
The reliance on equity-based compensation suggests that management is attempting to mitigate cash burn, yet this practice obscures the true economic cost of talent acquisition and retention. Investors should consider the long-term impact of this dilution on per-share value, especially given the absence of a clear path to self-sustaining cash flow.