Viridian Therapeutics, Inc.\DE

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

VRDN$30.86+2.2%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Year EndedDecember 31,
	2025	2024	2023
Cash flows from operating activities:
Net loss	$(342,601)	$(269,949)	$(237,734)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	44,303	42,150	67,172
Accretion and amortization of available-for-sale securities	(6,758)	(15,655)	(11,490)
Non-cash interest expense	2,566	377	317
Depreciation and amortization	460	540	522
Issuance costs allocated to derivative liability	1,751	—	—
Change in fair value of derivative liability	700	—	—
Issuance of common stock under license agreement	—	—	5,693
Other non cash items	157	620	775
Changes in operating assets and liabilities:
Prepaid expenses, other current assets and other assets	262	(11,666)	(2,107)
Accounts payable	6,562	(73)	(12,040)
Accrued liabilities and other liabilities	16,207	21,337	4,722
Net cash used in operating activities	(276,391)	(232,319)	(184,170)
Cash flows from investing activities:
Purchases of marketable securities	(579,276)	(695,068)	(407,880)
Maturities of marketable securities	542,208	466,928	314,526
Purchases of property and equipment	(495)	(511)	(898)
Net cash used in investing activities	(37,563)	(228,651)	(94,252)
Cash flows from financing activities:
Proceeds from issuance of common stock in offerings	289,052	383,749	109,808
Proceeds from the issuance of common stock in at-the-market offerings	63,145	69,911	15,261
Payments of issuance costs associated with the sale of common stock	(18,661)	(25,442)	(7,213)
Proceeds from the issuance of Series B convertible preferred stock in offerings	—	25,001	76,192
Payments of issuance costs associated with the sale of convertible preferred stock	—	(1,500)	(4,588)
Proceeds from the exercise of warrants	1,618	—	1,881
Proceeds from issuance of long-term debt, net	28,875	—	15,000
Payment of debt issuance costs	(478)	—	(514)
Proceeds from sale of future revenue	55,000	—	—
Payment of issuance costs associated with sale of future revenue	(4,981)	—	—
Proceeds from issuance of common stock upon exercise of stock options	12,053	5,344	19,263
Proceeds from the issuance of common stock for cash under employee stock purchase plan	1,119	674	580
Net cash provided by financing activities	426,742	457,737	225,670
Net increase (decrease) in cash and cash equivalents	112,788	(3,233)	(52,752)
Cash and cash equivalents at beginning of period	99,594	102,827	155,579
Cash and cash equivalents at end of period	$212,382	$99,594	$102,827
Supplemental disclosure of cash flow information
Interest paid	$2,150	$1,820	$886
Supplemental disclosure of non-cash investing and financing activities
Issuance of common stock upon the conversion of convertible preferred stock	$56,829	$41,132	$7,235
Right-of-use asset obtained in exchange for new lease liability	$729	$496	$—

Remeasurement of right-of-use asset and lease liability for lease modifications	$—	$837	$641
Extinguishment of long-term debt	$20,000	$—	$4,707
Issuance of long-term debt	$20,000	$—	$5,000

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