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Saturday, December 9, 2023

Viridian Therapeutics Inc. (VRDN) Stock Exhibits Volatility Following Pricing of Underwritten Public Offering

Viridian Therapeutics Inc. (VRDN) stock prices were up by 17.96% as of the market closing on September 21st, 2021. This brought the price per share up to USD$12.61 at the end of the trading day. Subsequent premarket fluctuations saw the stock dip by 8.41%, bringing it down to USD$11.55.

VRDN Stocks Public Offering

September 21st, 2021 saw the biopharmaceutical company announce the pricing of its underwritten public offering. Gross proceeds generated from the offering are expected to be roughly USD$85 million. VRDN stock is selling a total of 6,185,454 shares of its common stock, with each share being priced at USD$11.00 per share. The company will also be selling 23,126 shares of series B preferred stock, with each share being priced at USD$733.37 per share. The series B shares are convertible into roughly 1,541,810 shares of common stock. Furthermore, the company has granted underwriters a 30-day option to purchase an additional 1,159,089 shares of its common stock at the public offering price.

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VRDN Stock’s Liquidity Position

The company reported a solid liquidity position as of June 30th 2021, the end of the second quarter of fiscal 2021. VRDN stock reported having USD$109.3 million in cash, cash equivalents, and short-term investments. This is comparable to the USD$127.6 million reported as of December 31st, 2021. The company’s existing cash, cash equivalents, and short-term investments are believed to be enough to fund the company’s operations through to fiscal 2024.

Research and Development Costs

VRDN stock reported research and development expenses in the amount of USD$12.6 million during the second quarter of fiscal 2021. This is a USD$8.8 million increase from the USD$3.8 million reported in the prior-year quarter. The year over year increase was largely driven by the advancement of the company’s lead programs. This includes the expenses related to manufacturing and IND enabling studies. The increase was partially offset by a decrease in clinical trial expenses during the second quarter of fiscal 2021.

Future Outlook for VRDN Stock

The company reported a promising first half of fiscal 2021, with future strategies building on this success. VRDN stock is stockpiling the capital necessary to effectively implement its strategies over the upcoming several quarters. Current and potential investors are hopeful management will be able to leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value.

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