The firm lacks a sustainable commercial foundation, evidenced by a 2025Q4 operating margin of -929.9% driven by $89.2 million in quarterly R&D spending.
| 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 |
|---|
| Sales/Revenue | 70.92M | 70.85M | 302K | 314K | 1.77M | 2.96M | 1.05M | 4.46M | 8.39M | 4M | 3.34M | 2.54M | 4.32M | 4.32M | 4.41M |
| Revenue Growth % | 23382.78% | 23359.93% | -3.82% | -82.28% | -40.2% | 182.19% | -76.46% | -46.8% | 109.49% | 19.96% | 31.48% | -41.25% | 0.08% | -2.03% | - |
| Cost of Goods Sold | 441K | 0 | 0 | 0 | 0 | 0 | 28.3M | 0 | 30.42M | 19.62M | 2.55M | 2.47M | 3.24M | 2.5M | 3.04M |
| COGS % of Revenue | - | - | - | - | - | - | 2695.62% | - | 362.76% | 490.21% | 76.36% | 97.4% | 75.07% | 57.89% | 69.05% |
| Gross Profit | 70.48M | 70.85M | 302K | 314K | 1.77M | 2.96M | -27.25M | 4.46M | -22.04M | -15.62M | 789K | 66K | 1.08M | 1.82M | 1.36M |
| Gross Margin % | 99.38% | 100% | 100% | 100% | 100% | 100% | -2595.62% | 100% | -262.76% | -390.21% | 23.64% | 2.6% | 24.93% | 42.11% | 30.95% |
| Gross Profit Growth % | - | 23359.93% | -3.82% | -82.28% | -40.2% | 110.87% | -710.94% | 120.25% | -41.07% | -2079.72% | 1095.45% | -93.87% | -40.74% | 33.26% | - |
| Operating Expenses | 456.3M | 434.24M | 299.34M | 254.76M | 136.08M | 82.69M | 83.13M | 46.44M | 41.47M | 30.54M | 10.46M | 11.25M | 8.04M | 2.26M | 4.46M |
| OpEx % of Revenue | - | 612.91% | 99118.21% | 81135.03% | 7679.23% | 2790.79% | 7916.76% | 1041.02% | 494.51% | 762.8% | 313.55% | 443.38% | 186.2% | 52.44% | 101.19% |
| Selling, General & Admin | 116.89M | 95.31M | 61.08M | 95M | 35.18M | 25.8M | 13.27M | 11.65M | 11.05M | 10.91M | 9.57M | 10.25M | 7.75M | 2.17M | 4.23M |
| SG&A % of Revenue | - | 134.53% | 20226.16% | 30254.46% | 1985.44% | 870.91% | 1263.33% | 261.06% | 131.76% | 272.6% | 286.93% | 403.9% | 179.42% | 50.2% | 96.08% |
| Research & Development | 339.73M | 338.93M | 238.25M | 159.76M | 100.89M | 56.89M | 28.3M | 34.79M | 30.42M | 19.62M | 888K | 1M | 293K | 96.85K | 225.38K |
| R&D % of Revenue | - | 478.38% | 78892.05% | 50880.57% | 5693.79% | 1919.88% | 2695.62% | 779.96% | 362.76% | 490.21% | 26.61% | 39.48% | 6.78% | 2.24% | 5.12% |
| Other Operating Expenses | -320K | 0 | 0 | 0 | 0 | 0 | 41.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -385.7M | -363.39M | -299.04M | -254.45M | -134.3M | -79.73M | -110.38M | -41.98M | -33.08M | -26.53M | -12.51M | -11.19M | -6.87M | -196.21K | -4.03M |
| Operating Margin % | -543.86% | -512.91% | -99018.21% | -81035.03% | -7579.23% | -2690.79% | -10512.38% | -941.02% | -394.51% | -662.8% | -374.83% | -440.78% | -158.96% | -4.55% | -91.4% |
| Operating Income Growth % | - | -21.52% | -17.52% | -89.46% | -68.45% | 27.77% | -162.94% | -26.89% | -24.69% | -112.12% | -11.81% | -62.91% | -3399.77% | 95.13% | - |
| EBITDA | -385.69M | -362.94M | -297.8M | -253.93M | -134.05M | -79.61M | -110.14M | -41.69M | -32.8M | -26.22M | -12.17M | -11M | -6.72M | -47.9K | -3.88M |
| EBITDA Margin % | -543.86% | -512.27% | -98607.62% | -80868.79% | -7564.84% | -2686.74% | -10489.62% | -934.57% | -391.16% | -655.11% | -364.61% | -433.53% | -155.63% | -1.11% | -88.12% |
| EBITDA Growth % | -14.62% | -21.87% | -17.28% | -89.43% | -68.39% | 27.72% | -164.18% | -27.1% | -25.09% | -115.53% | -10.58% | -63.66% | -13936.08% | 98.77% | - |
| D&A (Non-Cash Add-back) | 4K | 460K | 1.24M | 522K | 255K | 120K | 239K | 288K | 281K | 308K | 341K | 184K | 144K | 148.31K | 144.29K |
| EBIT | -364.18M | -337.65M | -266.9M | -235.89M | -129.39M | -79.41M | -40.52M | -41.04M | -31.83M | -26.13M | -12.58M | -11.19M | -6.87M | -197K | -4.03M |
| Net Interest Income | 16.59M | 22.45M | 29.09M | 16.72M | 4.43M | 315K | -335K | 106K | 381K | 20K | -95K | -141K | -1.02M | -1.96M | -1.59M |
| Interest Income | 27.73M | 27.4M | 32.13M | 18.56M | 4.92M | 318K | 173K | 941K | 1.25M | 403K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 11.14M | 4.95M | 3.05M | 1.85M | 486K | 3K | 508K | 835K | 873K | 383K | 95K | 141K | 1.02M | 1.96M | 1.59M |
| Other Income/Expense | 25.11M | 20.79M | 29.09M | 16.72M | 4.43M | 315K | -335K | 106K | 381K | 20K | -166K | -141K | -1.02M | -1.71M | -1.59M |
| Pretax Income | -360.59M | -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 |
| Pretax Margin % | -508.46% | -483.56% | -89387.09% | -75711.46% | -7329.23% | -2680.16% | -10544.29% | -938.65% | -389.97% | -662.3% | -379.8% | -446.34% | -182.64% | -50.03% | -127.51% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 95K | 95K | 0 | 0 | 1.96M | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.36% | -0.75% | 0% | 0% | -90.91% | 0% |
| Net Income | -360.59M | -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 | -7.21M |
| Net Margin % | -508.46% | -483.56% | -89387.09% | -75711.46% | -7329.23% | -2680.16% | -10544.29% | -938.65% | -389.97% | -662.3% | -379.8% | -446.34% | -182.64% | -50.03% | -163.67% |
| Net Income Growth % | -16.95% | -26.91% | -13.55% | -83.05% | -63.54% | 28.27% | -164.41% | -28.04% | -23.35% | -109.18% | -11.88% | -43.57% | -265.33% | 70.05% | - |
| Net Income (Continuing) | -360.59M | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.53 | -3.32 | -3.98 | -5.31 | -3.91 | -6.66 | -31.20 | -20.31 | -16.57 | -20.66 | -17.57 | -21.00 | -52.46 | -11.48 | -38.75 |
| EPS Growth % | 9.61% | 16.58% | 25.05% | -35.81% | 41.29% | 78.65% | -53.62% | -22.57% | 19.8% | -17.59% | 16.33% | 59.97% | -356.97% | 70.37% | - |
| EPS (Basic) | - | -3.32 | -3.98 | -5.31 | -3.91 | -6.66 | -31.20 | -20.31 | -16.57 | -20.66 | -17.57 | -21.00 | -52.46 | -11.48 | -38.75 |
| Diluted Shares Outstanding | 102.21M | 84.8M | 67.89M | 44.76M | 32.09M | 11.92M | 3.56M | 2.09M | 1.97M | 1.28M | 721.41K | 539.46K | 150.39K | 188.12K | 186.09K |
| Basic Shares Outstanding | 102.21M | 84.8M | 67.89M | 44.76M | 32.09M | 11.92M | 3.56M | 2.09M | 1.97M | 1.28M | 721.41K | 539.45K | 150.39K | 188.12K | 186.09K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As indicated by the company's financial statements, revenue remains entirely dependent on sporadic milestone payments, with a 2025Q3 spike to $70.6 million masking a baseline of negligible product sales that suggests no underlying commercial growth trajectory for the firm's current IGF-1R therapeutic portfolio.
The extreme volatility in top-line figures reflects the binary nature of milestone-based revenue rather than organic market adoption. Investors should interpret these figures as a reflection of deal timing, which provides no reliable indicator of future revenue durability or commercial scale.
Based on reported figures, the company's cost structure is dominated by research and development, which reached $89.2 million in 2025Q4, illustrating a high-burn model that prioritizes clinical trial execution over immediate expense discipline as the firm advances its late-stage pipeline.
The concentration of spending in clinical programs suggests that the firm is aggressively scaling its infrastructure ahead of potential commercialization. This heavy reliance on R&D funding creates a structural operating loss that will likely persist until a successful product launch can offset these fixed development costs.
According to recent SEC filings, the company's operating margin of -929.9% in 2025Q4 highlights a lack of operating leverage, as the firm continues to scale its clinical trial infrastructure without the benefit of recurring revenue to absorb rising overhead and development expenses.
The absence of a scalable revenue base means that every incremental dollar spent on clinical trials directly deepens the operating deficit. This suggests that the firm is currently in a phase of maximum capital intensity, where efficiency gains are secondary to the speed of clinical development.
As reported in financial statements, the company consistently utilizes stock-based compensation, with $13.4 million recorded in 2026Q1, which serves to preserve cash but simultaneously dilutes existing shareholders while the firm continues to report significant net losses across all observed periods.
The reliance on equity-based incentives suggests a strategy to manage cash outflows during the pre-commercial phase. However, investors should monitor the impact of this dilution on future earnings per share, as the persistent net losses indicate that the current compensation structure is not yet offset by operational profitability.
Based on the provided data, the firm's reliance on a single therapeutic mechanism creates significant risk, as the -512.91% operating margin suggests that any delay in clinical trial enrollment could rapidly exhaust the current cash position before a commercial product is realized.
Short-term observers may focus on the potential for clinical failure or regulatory hurdles, which would render the current R&D investment largely unrecoverable. The lack of a diversified revenue stream leaves the company vulnerable to sector-specific capital market downturns that could restrict future financing options.
Quick answers to the most common questions about buying VRDN stock.
For fiscal year 2025, Viridian Therapeutics, Inc. (VRDN) reported total revenue of $70.8M. This represents a 1508.0% increase compared to $4.4M in 2012.
Viridian Therapeutics, Inc. (VRDN) reported a net loss of $342.6M for the fiscal year ending 2025.
Viridian Therapeutics, Inc. (VRDN) reported an operating income of $-363.4M, resulting in an operating profit margin of -512.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Viridian Therapeutics, Inc. (VRDN) generated $70.8M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.