VRDNViridian Therapeutics, Inc.\DE
Pharmaceutical Preparations
- Revenue
- $71M
- 23360% YoY
- Operating margin
- -512.9%
- 99% YoY
- EBITDA
- −$363M
- 22% YoY
- Market cap
- $2.8B
- Employees
- 252
- $281K revenue each
- Net debt / EBITDA
- —
- −$5M net debt
- AI in 10-K
- 1.6
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes63% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo83% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$281K · 42nd pctBottom quartile of its SIC industry
- Quiet on AINo1.6 per 10K words · 47th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$20M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $3M | $2M | $314K | $302K | $71M | 23360% |
| Operating income | −$80M | −$134M | −$254M | −$299M | −$363M | 22% |
| Net income | −$79M | −$130M | −$238M | −$270M | −$343M | 27% |
| Operating cash flow | −$55M | −$94M | −$184M | −$232M | −$276M | 19% |
| Capex | $338K | $797K | $898K | $511K | $495K | 3.1% |
| Stock-based comp | $14M | $20M | $67M | $42M | $44M | 5.1% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 13, 2026 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 14.0% | Passive |
| Oct 27, 2025 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 15.1% | Passive |
| Sep 17, 2024 | Fairmount Funds Management LLC | SC 13D/A | 17.9% | Passive |
| Apr 1, 2024 | Fairmount Funds Management LLC | SC 13D/A | 18.6% | Passive |
| Jan 24, 2024 | Fairmount Funds Management LLC | SC 13D/A | 23.4% | Passive |
| Nov 3, 2023 | Fairmount Funds Management LLC | SC 13D/A | 24.7% | Passive |
| Jun 14, 2023 | Atlas Venture Fund VII L P | SC 13D/A | — | Passive |
| Aug 19, 2022 | Fairmount Funds Management LLC | SC 13D/A | 20.0% | Passive |
| Sep 23, 2021 | Fairmount Funds Management LLC | SC 13D/A | 20.0% | Passive |
| Jan 5, 2021 | Fairmount Funds Management LLC | SC 13D | 20.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $20M · 1
- Open-market sells, 12 mo
- $419K · 3
- Net
- $20M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 189 | 125 |
| FY2024 | — | — | 117 | 93 |
| FY2023 | — | — | 132 | 94 |
| FY2022 | — | — | 178 | 90 |
| FY2021 | — | — | 120 | 100 |