Viridian Therapeutics, Inc. (VRDN) reported Q2 EPS of ($1.06), $0.16 worse than the analyst estimate of ($0.90). Revenue for the quarter came in at $256 thousand versus the consensus estimate of $270.33 thousand.
Cash, cash equivalents and short-term investments were $161.2 million as of June 30, 2022, compared with $197 million as of December 31, 2021. The Company believes that its current cash, cash equivalents and short-term investments, in addition to its $75M credit facility, will be sufficient to fund its operations into 2024.
During the second quarter 2022, the Company entered into a debt financing agreement with Hercules Capital, Inc. for up to $75 million. Under the terms of the agreement, Viridian drew an initial $5 million at closing. An additional $20 million is available at the Company’s request through June 15, 2023, with an additional $25 million available upon the Company’s achievement of certain milestones, and the remaining $25 million available subject to final lender approval. The Company is under no obligation to draw funds in the future.