$VRDN
Viridian Therapeutics, Inc.\DE

2021 Q1 Form 10-Q Financial Statement

#000159075021000065 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $1.451M $828.0K
YoY Change 75.24% 122.58%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.160M $2.720M
YoY Change 126.47% -19.05%
% of Gross Profit
Research & Development $13.81M $6.103M
YoY Change 126.22% -30.26%
% of Gross Profit
Depreciation & Amortization $33.00K $68.00K
YoY Change -51.47% -6.85%
% of Gross Profit
Operating Expenses $19.97M $8.826M
YoY Change 126.22% -27.11%
Operating Profit -$18.52M -$7.998M
YoY Change 131.5% -31.85%
Interest Expense $60.00K -$50.00K
YoY Change -220.0% -145.45%
% of Operating Profit
Other Income/Expense, Net $55.00K $95.00K
YoY Change -42.11% -71.98%
Pretax Income -$18.46M -$8.040M
YoY Change 129.6% -30.87%
Income Tax
% Of Pretax Income
Net Earnings -$18.46M -$8.044M
YoY Change 129.49% -30.83%
Net Earnings / Revenue -1272.23% -971.5%
Basic Earnings Per Share -$2.91
Diluted Earnings Per Share -$2.91 -$2.653M
COMMON SHARES
Basic Shares Outstanding 6.336M shares 53.07M shares
Diluted Shares Outstanding 6.336M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $117.1M $36.10M
YoY Change 224.38% -29.22%
Cash & Equivalents $46.49M $36.10M
Short-Term Investments $70.60M $0.00
Other Short-Term Assets $3.100M $2.200M
YoY Change 40.91% -31.25%
Inventory
Prepaid Expenses
Receivables $1.400M $4.000K
Other Receivables $0.00 $0.00
Total Short-Term Assets $121.5M $38.34M
YoY Change 216.98% -29.27%
LONG-TERM ASSETS
Property, Plant & Equipment $148.0K $443.0K
YoY Change -66.59% -35.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000K
YoY Change
Total Long-Term Assets $1.298M $709.0K
YoY Change 83.07% -4.32%
TOTAL ASSETS
Total Short-Term Assets $121.5M $38.34M
Total Long-Term Assets $1.298M $709.0K
Total Assets $122.8M $39.05M
YoY Change 214.55% -28.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.384M $1.629M
YoY Change 107.73% 215.09%
Accrued Expenses $12.76M $3.055M
YoY Change 317.81% 0.36%
Deferred Revenue $288.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M
YoY Change 21.21%
Total Short-Term Liabilities $16.44M $8.661M
YoY Change 89.77% 26.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $3.400M
YoY Change -100.0% -52.11%
Other Long-Term Liabilities $33.00K
YoY Change
Total Long-Term Liabilities $33.00K $3.400M
YoY Change -99.03% 8192.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.44M $8.661M
Total Long-Term Liabilities $33.00K $3.400M
Total Liabilities $16.83M $12.05M
YoY Change 39.7% -13.89%
SHAREHOLDERS EQUITY
Retained Earnings -$297.3M -$176.2M
YoY Change 68.73% 27.75%
Common Stock $72.00K $531.0K
YoY Change -86.44% 71.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $106.0M $27.00M
YoY Change
Total Liabilities & Shareholders Equity $122.8M $39.05M
YoY Change 214.55% -28.94%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$18.46M -$8.044M
YoY Change 129.49% -30.83%
Depreciation, Depletion And Amortization $33.00K $68.00K
YoY Change -51.47% -6.85%
Cash From Operating Activities -$11.54M -$8.459M
YoY Change 36.41% -28.37%
INVESTING ACTIVITIES
Capital Expenditures $15.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $10.89M $2.000M
YoY Change 444.5% -171.94%
Cash From Investing Activities $10.87M $2.001M
YoY Change 443.33% -170.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.75M
YoY Change 14214.49%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.259M $17.72M
YoY Change -92.89% 8026.15%
NET CHANGE
Cash From Operating Activities -$11.54M -$8.459M
Cash From Investing Activities $10.87M $2.001M
Cash From Financing Activities $1.259M $17.72M
Net Change In Cash $592.0K $11.26M
YoY Change -94.74% -178.11%
FREE CASH FLOW
Cash From Operating Activities -$11.54M -$8.459M
Capital Expenditures $15.00K $0.00
Free Cash Flow -$11.55M -$8.459M
YoY Change 36.59% -28.59%

Facts In Submission

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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46489000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36103000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
0 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
61000 USD
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-297300000 USD
CY2021Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
117100000 USD
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s condensed consolidated financial statements are prepared in accordance with U.S. GAAP, which requires it to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates and assumptions.</span></div>
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, which include short-term investments that have maturities of less than three months. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts. The Company invests its excess cash primarily in deposits and money market funds held with one financial institution.</span></div>
CY2020Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0 USD
CY2021Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2020Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 USD
CY2021Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-13000 USD
CY2021Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
4000 USD
CY2020Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0 USD
CY2021Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0 USD
CY2020Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0 USD
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1913000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3752000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1765000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3443000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
148000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
309000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
33000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
68000 USD
CY2021Q1 mgen Accrued Outsourcing Clinicaland Preclinical Studies
AccruedOutsourcingClinicalandPreclinicalStudies
8642000 USD
CY2020Q4 mgen Accrued Outsourcing Clinicaland Preclinical Studies
AccruedOutsourcingClinicalandPreclinicalStudies
5400000 USD
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2721000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1963000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
355000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
455000 USD
CY2021Q1 mgen Accrued Legal Fees Current
AccruedLegalFeesCurrent
286000 USD
CY2020Q4 mgen Accrued Legal Fees Current
AccruedLegalFeesCurrent
380000 USD
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
252000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
796000 USD
CY2021Q1 mgen Accrued Liabilityof Warrantson Temporary Equity
AccruedLiabilityofWarrantsonTemporaryEquity
100000 USD
CY2020Q4 mgen Accrued Liabilityof Warrantson Temporary Equity
AccruedLiabilityofWarrantsonTemporaryEquity
100000 USD
CY2021Q1 mgen Accrued License Agreement Liability
AccruedLicenseAgreementLiability
78000 USD
CY2020Q4 mgen Accrued License Agreement Liability
AccruedLicenseAgreementLiability
86000 USD
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
330000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
523000 USD
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
12764000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9703000 USD
CY2021Q1 mgen Lessee Operating Lease Number Of Renewal Terms
LesseeOperatingLeaseNumberOfRenewalTerms
2 renewal_term
CY2021Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
400000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
400000 USD
CY2020Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.06
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12M
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
100000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
100000 USD
CY2020Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.06
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
400000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
400000 USD
CY2020Q1 mgen Operating Leases Operating Expense
OperatingLeasesOperatingExpense
100000 USD
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
33000 USD
CY2021Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
100000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
100000 USD
CY2021Q1 mgen Operating Leases Operating Expense
OperatingLeasesOperatingExpense
35000 USD
CY2021Q1 mgen Capital Stock Shares Authorized
CapitalStockSharesAuthorized
205000000 shares
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q1 mgen Common Stock Voteper Share
CommonStockVoteperShare
1 vote
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2021Q1 mgen Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights Net
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRightsNet
441545 shares
CY2020Q4 mgen Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights Net
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRightsNet
498500 shares
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
15.94
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
498500 shares
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
16.00
CY2021Q1 mgen Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
56955 shares
CY2021Q1 mgen Class Of Warrant Or Right Exercised In Period Weighted Average Grant Date Fair Value
ClassOfWarrantOrRightExercisedInPeriodWeightedAverageGrantDateFairValue
16.50
CY2021Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
441545 shares
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
15.94
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3153624 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2431561 shares
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3175000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
664000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
48400000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y7M28D
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27251218 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
822720 shares

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