Viridian's Lumvoa Launch Generates First Product Revenue

The Tip Desk · November 10, 2026 · 3 min read

The biotechnology company recorded $24.7 million of Lumvoa net product revenue in the third quarter as more than 100 patients were on therapy at quarter-end.

Viridian Therapeutics, Inc. (VRDN), a biotechnology company focused on autoimmune and rare diseases, recorded $24.7 million of Lumvoa (veligrotug-vvze) net product revenue in the three months ended September 30, 2026, after the U.S. Food and Drug Administration approved the full IGF-1R antagonist for thyroid eye disease on June 26, 2026.

The company said it recorded no Lumvoa product revenue in the same period a year earlier. More than 100 patients were on therapy at the end of the quarter. Chief Executive Officer Steve Mahoney said the early launch in TED “has exceeded expectations.”

Total revenues were $25.8 million in the three months ended September 30, 2026, down from $70.6 million a year earlier, as license revenue fell to $0.1 million from $70.0 million. Collaboration revenue from related parties was $1.0 million. Cost of revenues was $1.5 million.

Selling, general and administrative expenses were $57.6 million, compared with $24.3 million a year earlier. The company attributed the increase to personnel-related costs and professional services to support commercial activities for Lumvoa and a growing organization. Research and development expenses were $70.1 million, compared with $86.3 million a year earlier. Viridian said the R&D decline was driven by reduced expenses related to veligrotug and elegrobart clinical studies, partly offset by additional investment in the TSHR program and FcRn portfolio and higher personnel costs from headcount increases.

Net loss was $101.2 million, or $0.81 a share, compared with $34.6 million, or $0.34 a share, a year earlier. Loss from operations was $103.5 million.

Cash, cash equivalents, and marketable securities were $955.2 million as of September 30, 2026, down from $982 million as of June 30, 2026. The company said existing cash and anticipated future commercial revenues from Lumvoa and elegrobart, if approved, are expected to fund current business plans through profitability. Accounts receivable were $29.8 million. Common shares outstanding on an as-converted basis were 125.6 million.

Market access continued during the quarter. CMS assigned Lumvoa a permanent J-code, J3242, effective January 1, 2027. Viridian said it continued execution across field sales, medical, market access, and patient services.

The company reiterated that it expects to submit a Biologics License Application for elegrobart in TED in the first quarter of 2027. It anticipates launching elegrobart, if approved, in a commercially available autoinjector with at-home subcutaneous Q4W and Q8W dosing, and said the Lumvoa commercial and medical infrastructure is expected to support that launch with limited incremental investment.

Pipeline milestones remain scheduled for the fourth quarter. Viridian expects to share VRDN-008 phase 1 healthy-volunteer data and development plans for its FcRn portfolio, and said the VRDN-292 IND is on track to support a phase 1 clinical trial in patients in the fourth quarter of 2026, starting in Graves’ disease. VRDN-292 is described as a potential best-in-class, half-life extended monoclonal antibody targeting the thyroid-stimulating hormone receptor, designed for subcutaneous delivery in an autoinjector.