VRDN - Earnings call 4 2020 | Viridian Therapeutics, Inc.

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Operator

Welcome to the Viridian Therapeutics Fourth Quarter and Full Year 2020 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dan Ferry of LifeSci Advisors. Please go ahead, sir.

Daniel Ferry

Thank you, operator. welcome call. fourth and year and everyone, conference XXXX afternoon, to quarter our full Good the closed, XXXX after fourth business Today, market quarter providing press updates. and our release full year-end financial and we results issued a replay the section on hour its of be X Investors completion. approximately of today's website A will after available call our After remarks, will the open we prepared our call Q&A. for

any are light forward-looking are webcast the I everyone these other to to or uncertainties or results cause new that SEC. statements call that filings those expressed periodic implied forward-looking as statements by cause filed and Except only most obligation remind and company. and would our future Forms and about with this of these opinions statements in these from to will reports on as to update required like begin, we information X-K forward-looking greater outcomes could that we that actual law, disclaim recent Before differ. Form events. the contain XX-Q revise our -- risks statements results forward-looking subject These Please today. our conference could reflect to note in XX-K or of discussed such statements in Factors detail actual in differ on from materially or by specifically

yours. the is to Violin, Viridian's Jonathan floor Dr. President like over Executive I call now Chief Officer. the would Jonathan, turn to and

Jonathan Violin

a thyroid highlighting to Officer; year and of We'll Viridian Leverone, for Then for overview call our business we've see Barrett I'm review over the Chief Jason candidate by joined therapeutics Thank and quarterly in the you, the joined Dan, financial unmet recent disease progress and as Medical an made to begin the January, development then Officer. provide the Thanks the us I'll our address. our fourth us overview questions. our I'll afternoon, we XXXX. months. good as Therapeutics. Jason full Chief pipeline, open who Barrett, with Financial opportunities and in Katz, results first joining eye key brief everyone. update for to of call for and for turn then today needs will quarter call

effect, report me private how many on I of happy a fronts. transformation with with made in of Let then X miRagen the This over am creating Therapeutics since I'm concurrent started start our saying the in the with by pleased progress Therapeutics Viridian business October execution brand-new months. complete of last that with to public company. a financing, we've a remarkable merger

appointment of R&D as and our includes of Chief and Vahe wealth and Viridian from pharma the Scientist To experience expanding October. begun We've in new Viridian and operations highlight few. our and based both and now antibody Colorado success. for brings to small our Viridian This team build and to and development long-term in Bedian discovery support Waltham, a Boulder, large mission private biotech. team is Vahe both leadership teams, Massachusetts. to our co-founded integrated a our We've

at developed orphan programs. of in diseases. to We Viridian that internationally I'm therapeutics he introduce attracted appointed Barrett Medical Chief an clinical and Pharma, with also has himself leading neuro-ophthalmologist, recently, treat Katz, someone background Most But thrilled you BridgeBio Officer patients January. Barrett this our today. where as in to recognized his depth serving and was He'll experience eye

previously meaningful space. SVP team, new VP in and Clinical report medicines quickly happy path Development joined the also And Operations, for of embark in hiring leading be deep this experience of to patients. to top-notch we appointed and of January. I and has President Clinical I'm a our an company to both discover as delighted recently CEO was assembled our the I'm on whom announced, Board and that truly seek ophthalmology Barrett as ophthalmology have

eye company new we less reflect industry valued We clinically corporate and in market, innovation. to medicines industry. to providers risk validated by as modalities to believe taking and often payers see while patients, and disease. we opportunities that We will Finally, targets bring characterizes delivers exemplified contemplates the and proven gaps our biology can Viridian the in our of by entrants be focuses so to Therapeutics program rebranded technologies the how develop new technical biopharma on our strategy, perceived thyroid pursue to which with trusted that

appointments, pipeline. recent our our a team, strengthened ability have The to integration develop successful financing and rebranding product of promising

patients' VRDN-XXX, a impaired common program, causing quality or affecting eye is sight-threatening on TED disease. who from which tissue suffer autoimmune lead is disease sequela surrounding including vision patients disorder TED, the focused life. profoundly eye a eye problems, it impairs significant Our Grave's blindness, and of risk is and the of clinical of thyroid and

indication, can administered to costs treatment TEPEZZA IGF-XR, this antibody intravenously one an for patients. infusion, receptor. only results be which the growth medication there's for called This by and insulin-like access monoclonal targets X Currently, FDA-approved barriers factor only that the administered added in

clinical field many As The of are a from the and dosages, TED community to remains about is result, questions durability explore. either and intend in regimen we that there unanswered newly cannot young, access action. there benefit do of mechanism this of this intervention or an not science best who patients underserved adequately validated

portfolio. significant we've to I'd now the progress like R&D our made in discuss

Sanofi to from data lead development and targeted had developed which antibody, license XXX us Our head a and over on that start our The exclusive efficacy in informed to eye VRDN-XXX, under by This disease. obtained been administered plans antibody monoclonal oncology IGF-XR an ImmunoGen. AVE-XXXX an gave clinical program patients. thyroid has evaluate asset, we as is previously from

as with It of blocks but our pleased that peer-reviewed same affinity. has IGF-XR TEPEZZA, antibody. signaling. own extended does the I'm in and the the so our literature confirmed work binds also data to report it for XXX region higher

receptor IGF-X that way in For TEPEZZA phosphorylation stimulated same the example, does.

and ahead, the product. XXX, drug antibody IND the key suggests the to and share a well pleased we drug and of data Looking to is trials completed new I'm behaved. new characterization step clinical have very substance is initiating early opening that manufacturing

achieve are formulation. of may this For able already with per for is XXX mgs that subcutaneous we've good been suitable solubility and to we be concentration develop ml example, viscosity. further injection, This and characterize working to a

on also the challenges last make been comments manufacturing. watching closely biologics manufacturing the a over like confronting I'd We've industry-wide to few year.

from requirements Warp and material and manufacturing to I'm way make displacing Speed As some demand because COVID up, is supply manufacturing because for shortages constrained, been unprecedented is you've vaccine Operation resulting sure biologics both for has vaccines. of noticed, lines COVID raw

my an fourth landscape tech so team manufacturing. for third hand quarter. transfer that begun in I'd COVID to and ordinarily can complicated X I'm clinical did. express in we the invested glad to redundant product navigating our manufacturing CMC and necessary. project carefully by have we're mitigate successfully anticipate and and an has and have required Warp We the thanks the that expect very has the uncertainties, not filing impacted attempt has developed great in we IND drug plans the Operation The now routes completed And quarter with We state to like would on care our been stuff delays created. working to been ultimately in confidently with Speed manufacturer that not

discuss the goal Looking as to in data continue safety, have eye studies. and and our to ahead been focus patients beyond XXX to proof-of-concept to XXXX. second disease we hard thyroid clinical to quickly evaluate new have the different team be strategy, with them on believe FDA. data, will our once can the we dosing for plans move forward of would have IND paradigms hope our to that testing as at work tolerability doses then Once in test development of his filing, from and inform sharing we pivotal look XXX Barrett that we we and optimizing soon we'll quarter we

IGF-XR, reduce cumulative in dose. a low-volume with reducing key of high do with we've of the Fc antibody concentration an to features, with In to enabling the affinity and low the approach dose, these formulation development disease, VRDN-XXX a injections. subcutaneous an combination deliver including enabling believe is antibody goal validated required efficacy convenient, a we've initiated support parallel for VRDN-XXX, modification care program. high IGF-XR thereby characteristics viscosity, To the to injection. expanding with clinically subcutaneous of We designed engineered of dose next-generation that extend XXX thyroid convenient eye the could biophysical to half-life, X reduce features to a this, by also settings X

now is plan track initiate candidates development an field molecule, rapidly XXX in healthy a discovery evaluated remain Our XXX single-ascending Phase end We to the a manufacturing. the for under to and trial of winnowed to a evaluating potential by standout We which volunteers. in by year. team, in I leadership, of early dose the file IND clinical Vahe's on series

lower us or addition In help for the safety efficacy will VRDN-XXX. pharmacokinetic potential and to pharmacodynamic than understand tolerability, data doses for to and at TEPEZZA

to expect We XXXX. this have data in mid-year

discovery the pipeline. to discovery we to advance our performance If minutes VRDN-XXX can beyond IGF-XR like for hypotheses at with team allocate I'd ideas so to In our XXX. these program, what a forefront resources of field. very out, evaluating discussing stay be thyroid improving eye early disease pan and we've Next, we'll spend the few achieved XXX ready program to is this development, our antibody some

which taking same or clinically program a a competition reasons. can We're low a yet our also making for We're we high good progress disclosing without that on as discovery profile target biology not product in the strategy market an sharing risk. for disease or on antibody competitive a is target thyroid and eye technical compelling program, validated hypothesis branded the with indication VRDN-XXX, pursue

program excited a this very However, remain about advancing clinical we candidate. nominate to

VRDN-XXX to to that continue plan we and add we indication this portfolio year. our select to and later match target the opportunities strategy, to a evaluate programs as our Finally, program new

disease, turn to patients over available thyroid therapy. and some to Barrett, call over the currently Barrett impact I'll on you. insight offer to into now additional eye its

Barrett Katz

Thank for the and to are pipeline. preclinical overview this It's the the appreciate of you, least where an strategy clinic opportunity say provide we Jonathan. into joined and as weeks well I XXX exciting to our development having of our few an been XXX moving as and I the team, since

overview background. just and provide me own moment take my a Let a brief of

decades I'm of a ophthalmologist trained residency ophthalmology medicine, the in of I neuro-ophthalmologist. in neuro-ophthalmology patients' neurology, understanding and impact in Square Children's, includes these ophthalmology as have some a UCSF neurology I've Professors practicing in diseases, Boston and Hospital extensive an residency positions eye lives. at by internal the followed neurology neurology at served in fellowships as in and of TED, National including a second have in of the Ophthalmology. on at diseases experience real-world physician Queen's University a Ophthalmology, debilitating career with a American My of the and and Ophthalmology within Tufts, the for London. Association in Association Research Vision leadership in at at Academy in Harvard,

As I Director also served DeJur Albert Neurosurgery Professor ophthalmology Montefiore in Clinical York. the Einstein at well, Neurology of Office New Chair held Einstein as as in Ophthalmology, their the and where at I've College of Trials, the both and of Medicine,

a Chambers new Chairman trialist. had which of and Department drug had of to the opportunity a a strong sponsored formulated GW, and my development of the Wiley Cedar, as I along product identify in helping of ophthalmic and I've really a with of as at to Eyetech, for trials attraction and developed In I FDA. been always And development, drug time scientist transition full-time Dr. Ophthalmology active developing affairs the anti-VEGF first during clinical I've a terms the then with to fellowship, joint clinician, regulatory R&D, AMD. therapies.

BridgeBio, their of that, worked to ophthalmology Danube Chief and X ophthalmology both at subsidiaries. and in Retinagenix drug GenSight. as Medical discovery most joining Fortify, recently Fovea, I worked Officer Viridian, I serving Prior Following at and President

patient improving medical delighted needs. to It team. deserve truly to unmet my I'm the that So in meet shares additional areas outcomes efforts to Viridian join commitment

burden. orphan addition, causes know recognize I and double I on I taken how of fact, facial fast-moving impact care the could such patients. tissue all well. mental life of quality disease, a In in physical compellingly these culture disease work patients. Perhaps a given pursue for eye opportunity company, which a programs is, start-up TED thyroid energy disfiguring of most have significantly know patient's X blindness, potential and for the disease, an me debilitating this to these oppose I've impact I we diseases. high as and vision, a of changes, is

It's and of Its living. antibody, to treatment patient's TEPEZZA to symptoms with entails navigate and every tends interfere only intravenously for activities TED. is quiet signs FDA-approved ability to infusions of symptoms administered administered that treatment TEPEZZA associated weeks. comfortably targets X to read, the the and XX treatment an causes the drive intravenous once TED the daily weeks of a for IGF-XR. disease. proptosis, signs inflammatory X reduces total monoclonal

excited improvements year. double patients diplopia, of just also by cost Yet in vision, data Treated seen and have FDA's quality as these not to the these or enhanced positive outcomes. assessed are demonstrated patient-reported last complication. We're effects life and without approval

a in this of first is just All story. science translational step this

What infusions? spacing questions. might best effective is patients with TEPEZZA? with the What's unanswered disease neuropathy those or optic dosage? number the loss? be TEPEZZA or How of there What's in more chronic retreatment? in between There best infusions? best the patients value durability remain of those with the What's What's vision patients many

In of loose goal upon are there here, we in our improve sum, bricks developing believe XXX explore XXX. is and lots to which and

treatment cost the requiring which therapy. to could of in program, with even appointment, center care, medication fewer patients aim program offer significant deliver benefits receiving our of we is our In a and and and to complications believe subcutaneous XXX Patients we administering terms of cost to maybe receive addition, XXX the the and infusion, in continuity convenience, with administration, of each lower therapy. travel adding TEPEZZA its currently to from to

infusions addition, XX disruption the In over these and practical cause repeated patients weeks. lives in repeated pain of

This brings plans. me our to

similarly, are be and be we've to months. execute to I our strive date. valuable most right with to team. Our a delighted talent development, the adaptive, thing thing creative, past do over able the and the people easily for able activities our with very our let We only drug limited been precision. philosophy be clear summarized: by have imaginations, assets, building actively be And and implement accelerated to We've been the do that have important we're clinical and recognize attract us our right.

call for year our to the Jason? I full results will Jason, quarter now will the turn XXXX. who financial fourth discuss ending over and

Jason Leverone

Thank and discovery to pipeline. thyroid you, Barrett, strong expanding year, advance multiple everyone. financial programs in in we look We disease entered position. a eye afternoon, XXXX good while our And this

added in and approximately concurrent As Jon mentioned, merger cash financing resulted approximately The from million in in the the fourth proceeds quarter, financing. $XXX we net of $XX.X million.

X are As the our we our with pipeline. believe into to million cash objectives in candidates the support discovery be our well a result, XXXX. positioned ended TED of we and the clinical and in programs $XXX.X in the will preclinical operations second We lead half sufficient enable fund year to of of to which investments, advancement

the XXXX. issued quarter million after This for year. expenses, Turning for which and $X.X press to revenue revenue under reimbursable a million primarily to programs. release agreement $X.X our to collaboration $X.X last million for was the decreased the expenses R&D a to and decrease summarized in revenue legacy comparable market we and due to also $X.X in in today, us year, prior million, compared respectively, periods microRNA The the related

partially periods the in development the million, $X.X increase for XXXX. and quarter were year. expenses and primarily license $XX.X This noncash by respectively, fee agreement the was decreases our $XX.X clinical and under These entered legacy in Research our comparable due under and million with to decreased expenses we offset with personnel-related license expenses for increases noncash to R&D R&D in million million were compared due the for programs quarter the The year-over-year. license a Xencor expenses Xencor. to associated fee a during $XX.X last trial new Overall, with primarily was year. microRNA license in This agreement December. costs

from at XXXX. private acquisition future R&D costs expenses The date. reported in with allocated the million alternative expenses an to IP also and acquired IP the acquired as We use expenses no XXXX. the Viridian. was resulted full in-process acquired development IP expense of acquisition We and $XX.X recorded All of year no R&D R&D quarter acquisition research had during fourth

General the This million, last expenses year. for $X.X year for quarter expenses respectively, professional and costs, G&A million comparable in XXXX. to and personnel-related The million for compared were $XX.X the consulting $XX.X and periods contract increase in the to primarily administrative labor. million was due $X.X in increases and and including

an approximately and stock the our approximately stock. preferred outstanding common XX, XX.X was March of XXXX, stock conversion as approximately of shares on shares XXX,XXX stock common of basis common million. million upon of XX.X Finally, included of shares This issuable X.X million as-converted of shares total

shares the on a results shares convertible of XXXX. of of of December into meeting our preferred Our XX, common stock occurred became stock which shareholders, following

the ask operator I'll that, for with to And questions. call the open

Operator

Our Howerton first Chris with Instructions] [Operator question is from Jefferies.

Chris Howerton

end Of transformative course, last of a year. congratulations on

So for X from -- me, I've just questions, think some investors. of the that recently gotten I inbounds maybe

are And and what the that expectations question then And allow is patients? you the second And the to to FDA related not then subtext hoping plans third what in TED the to did on freedom question if the alignment would in it into be and you filed getting color is go that is to year. with First to a end IND could get what one little getting interactions with would operational this excuse that just filed regulator of activities of I the bit be an on regulators, getting the are would -- be me, terms the and question. be gating by question would to features, particular, gain if helpful more guess the directly FDA? the IND we operate.

you the context TED, operate fact of may have not may the other or had a have would competitors we've property. within some that around of freedom recently whether intellectual given idea Horizon to not questions blocking or So or the

Jonathan Violin

you Great. hear good Good and to Thanks, questions. Chris. from

IP we'll the So regulatory question. question, why don't to turn the I start with then

very the look across we're right, are ahead pathway big ample in pretty targets, think, freedom picture, We're what confident The not a our biotech we we in us developing when we So we And to best-in-class provides have TNF, will much be in think operate. mind, antibodies every CDXX, us, freedom developing the you after IL-XX. multiple going PD-X, indication, of operate. a Keep to there's biosimilar. product. same

it. confident So we're in just very

until Then completed and in far decline deliver terms conversations, and we'll our timing. the of but plans in on comfortable of terms regulatory to those comment plans to dialogue, our we'll on our -- very interactions, really we've going we are so share end thoughts our we're with we where are of

Chris Howerton

then that or with need you And factors operations to discussions of regulators, outside there IND get accomplish Okay. gating is the the filed? to other any just

Jonathan Violin

nice a focus everybody COVID, we're progress. key The effort some made said, we're has despite manufacturing, that think as the been confident now the done Yes. year. path what of the have I we to to IND -- to support quite And need in the on end I have facing very and biggest by where, been we've we're done the headwinds good has on

Operator

Our next Jason Securities. JMP with question Butler is from

Jason Butler

sites of progress all VRDN-XXX most as you in progress with site studies XXX trial short frequently question. Can the as How it's I to selection? where your was and just first, used -- somewhat it's thinking in of on time. the the a about Congrats the period guess, about studied TEPEZZA both commercially? you're for talk just where clinical you well conduct versus clinical follow-on trials achieved the where where

Jonathan Violin

that, please. to I'll Jason. on ask Barrett Yes, comment

Barrett Katz

community. other. used the us, for small a decisions a sites up community Luckily know We tertiary-care each who relatively physicians know of these patients. wind We therapeutic this in for It's past. small were the that making frankly, is

site thoughtfully that continuing and know do PIs interest qualify there potential with become many these of drug, We that trials. to of their the in relative patients running and this facility of sites as also and their are many up talking for a quickness. aware to clinical interested we've that level the We're sites about there out been and is not

a are there what the we're that net PIs America We're us. this, so widely. And for the patients sites most net in and especially casting out casting for a is means we're that and North optimistic but the

Jason Butler

that further TEPEZZA the Helpful. and been? about Great. of program Can opportunities development evaluate from you what your you about of plays And VRDN-XXX. from some programs? commercial Barrett, thinking talk your with dose in potential learnings biggest the the TEPEZZA the development have maybe dose then of terms about into how talked learnings regimen to launch And

Barrett Katz

rather avenues I compellingly has infusion. much fully or of administration want and bad. would guess we company's explore comment proof-of-concept another to to good of congratulated dose-ranging But and I would we how look antibody, for. say And on us, I besides establish efficacy what not of behavior, certainly, for most is, our Horizon at the to expect activities the other be intravenous

Jason Butler

development for patent-related? will be Okay. Great. to or until And it like you're clinical What then other? the one programs just more color VRDN-XXX? entering me. Is last giving to both additional Or on we gating steps or close wait

Jonathan Violin

Yes. Thanks, Jason.

a consideration, love doing. to that's that's obviously don't but excited our a competitive share hand very balance. we're tip about too it to want We're We'd early. what So and

share be. given guidance for, so But exactly that might really is balance when we it. discussing And the haven't what on favors we'll when VRDN-XXX happily

Operator

Our with is next question from Leland Oppenheimer. Gershell

Leland Gershell

sounds as XXX. My possibility It the encouraging subcutaneous on well. like for congratulations progress

alongside of evaluation? you us would IV into -- And development move XXXX? describe of could get testing wanted you think maybe subcu you just development Are kind move that the of in Just would matter more need that kind to it formulation? a your into should clinic, be further where Or to you what the opportunity. plan the you think as you if more do and are that is bit color kind of clinical more of -- a you you

Jonathan Violin

of low-volume formulation as it for like explore product. we to after now Sure. established Really can think would in achieve We'd was looks to program. IV Leland, the it conceived baseline possible. that this would subcutaneous the it this kind route always drug, upside think nice I be injection potential yes, that for appropriate an clinic proof-of-concept. -- thinking ready progress. that of likely be we subcu When convenient, an a really is make we exciting the highly that's improved a that that's for But the the IV we've XXX,

if more at looks course, active that, need especially doses. is that the is doses possible, we deliver out relatively low is it thing it Now patients And that these of figure next to need. what the efficacy

Leland Gershell

you. Got

increased is amount it the but You'll have don't for know? perhaps a drug really So wait of clinical question frequency of subcu of and, kind on intervals to therefore, same until getting the amounts? Or you and evaluation dose the board?

Jonathan Violin

of There's you that IV between frequency dosing. that drug and the the amount that make and find get And out might you with trade-off -- of understand learn deliver the key to to look can that's profile what like And is to give to thing the it. efficacy. need we -- Right. obviously have we a what doses

Leland Gershell

know for Great. XXX. just on we or then either remind us dosing I if a could view right. data at still the point? intervals have, what be sense preclinical, frequency. All And share have us would this if you on Do but could the based with you you us it's the the what remind of is

Jonathan Violin

volunteers. PK posed. that The should to PK that just answer first that really experience, study really from excited question be We need healthy understand you which about actually I'm clinical And human great the we think that. the Yes, help will question.

data efficacy molecules of have has we this year, even to of able next for molecule, find before efficacy do. deliver will the XXX, And support proof-of-concept the we can middle data some TEPEZZA I'm we're if from that kinds mechanism nice that year, that shown that some have so hoping, that

if would efficacy, that established we deliver well, disease good we've have, impressive in we before of a get patients. molecules XXX, hopefully, find to thyroid program very PK put out So we're even position to able into eye that some that and then

Operator

Our Chico Wedbush from next Securities. question Laura with is

Laura Chico

consider study. could Phase on to XXX setting a of I out maybe to Barrett, follow-up in just side? is study Is essentially question comments context XXX, a order your II actually Phase around just on there. then need here. a II to coming if maybe more curious similar a guess, you on in efficacy? this I just bit off looking XXX also I'm at the opine benefits start of bar earlier you're there and XXX. TEPEZZA, you little what advancing on high the And see the just I other wanted have the

Jonathan Violin

Laura. Barrett, is go Thanks, Great. This please ahead. Yes, Jon.

Barrett Katz

of inconvenience; think very, to I shown drug has are efficacy cost; cost. at glucose from in with The intervention comes TEPEZZA that this that spasms deafness frankly, effects to to significant a impressive to efficacy. bowel There downsides very terms muscles intolerance. patient patient and inflammatory side disease

our with in able fact, to those expect, be We antibody mitigate be and to side effects first-in-class.

Laura Chico

That's very helpful.

little and bit, Just in I of clarify. just but kind this a question I'll terms you answered then, my follow-up of think

space considering better should suited XXX, the one be seems we as And to certainly future? in may Barrett chronic. both opportunities but and presume guess, the would pursue mentioned, parallel advancing It you XXX there like might Your in be the that TED also be there. both I acute

these going just you parallel advance looking would in of to clarify, be to both So forward?

Jonathan Violin

worst, could right? it that redundancy to that XXX Look, into it's programs Sure. I'll meaningfully we've work, goal. extension, At engineered have It's if take other half-life be one. better XXX. these in the at best, multiple than on parallel, shots features

satisfies So forefront field. it of staying the goal our at of much the very

We need to some data extremely understand kind together. that are to pieces the you're from these clinical molecules see the interesting. how raising of that, questions Beyond fit just

Laura Chico

Okay. That's helpful, Jon. in one And sneak maybe quick to just one here.

you could wondering talk but XXX if a into with clinic cash half the runway and have 'XX, as in expense, little XXX towards here. you here XXXX, about spend R&D indicated the of bit kind of progressing terms in cadence Just of just of second just

Jonathan Violin

all that's you. Jason, Sure.

Jason Leverone

Laura. Great. Thanks,

is think to expenses the year. I comparable our point first and not will out be our last burn thing to

the Our programs, advance this operations said, year, the we were same to time meaningfully we're cost-cutting are different. Prior at build our in investing mode. also to in the like pipeline. those out really team, discovery invest and a merger, But you

some So is do variability guidance on exactly we given and But expenses, degree quarter-to-quarter. to guidance reflected this I expect in haven't carefully cash today. tried consider very our do of we've what

Operator

Our next question is Ladenburg from Michael Thalmann. with Higgins

Michael Higgins

Congrats, from guys, Lonnie for out of news this are questions noted. of week's company, on couple well Zenas assets progress. Moulder's continued the A with BioPharma, which China your you

as to seems guidance but you can leading also progress [ a If be us ] asset. give plans? that's Obviously, of your those that, any it's the team to there

the some see feedback for timing terms some you might looking when we So feedback activity from on also and there. any

Jonathan Violin

Michael. Maybe Zenas I'll little a describe a it company. new Thanks, bit since Sure. is

is China. in this and based So the it's U.S. --

the value to you it's lot is And of maximize led founded of it's and a our we eye as a As develop highly the in and strong disease know we're just numbers. value we of in IGF-XR high to them China, there's maximize Zenas of a haven't team data programs. that of the relationship. moment of at and But our veterans where value with working generate There's we've programs China disclosed both And commercialize worldwide. our Zenas collaborative rights working U.S. antibodies thyroid what we need. Really, we ways on noted, focused unmet worldwide with granted to biotech. see by numerous

Michael Higgins

the And agreement on of any that, reduction in you cost May from could. other be in might half as is follow-up announced this in development? QX March? to for Just see potential we a in Might related on proceed if also posted of I something that's that terms -- something

Jonathan Violin

Yes.

really baseline back helpful, plans any any and has mentioned to the that we've what disclose. point but operating. runway to and won't as Jason So we shared not relationship be cash this Obviously, how we'll our like is will as I'll

Michael Higgins

question last that. one Just on

that similar is In timing that X there the terms in X And Europe, of Europe? they I of think fair to roughly it we also quarters behind kind look sorry, here, the second a timing? to regulatory-wise? a one from should what for are Is guess,

Jonathan Violin

Yes.

But plans interested on really we've for Zenas' And we our anything plans Europe, interest. can't certainly there. I about So said we're in China. specific not certainly, reiterate our comment while

Operator

H.C. with Our next Wainwright. is from question Vernon Bernardino

Vernon Bernardino

a more is you. question to directed meet it's good towards Dr. this Perhaps, Katz, you.

that routes routes And pathway and/or the mentioned -- do follow size of You your be just whether you development advanced learnings the you it had an wondering actually think on? side from there you and kind XXX, you it TEPEZZA, probably same for are other idea than effects, gain if and so faster? -- must could efficiencies the that Or such which with VRDN-XXX have could administration, you noted. time from will had of probably line perhaps the now of different studies of same

Jonathan Violin

timelines, said but not on we've general yes, about let Barrett development our I'll the later-stage comment question. Vernon, anything

Barrett Katz

efficacy think of of of patients the one advantages the placebo-treated drug-treated the and receptor this strong I response the blockade patients. large the between is

and means get is you smaller with can that about -- patients. means other we're you've away in in as seen numbers that of this what again, So talking studies TED, our But drug.

that a through alternative this will walk agency patients be routes carefully TED We path needs the be the and by needed the do of of of exploration, to through development be dose-ranging in both the steps planned us bring expect doing to that help the and this our to to to very will intervention. vetted

Vernon Bernardino

some the your probably on effects? know, of as is a far efficacy? avoid get it same Or as side position therefore, of those better of and, Like -- basic achievement can you matter dosing is because if differences, convenience TEPEZZA, of you

Barrett Katz

be to both, think I frank.

Vernon Bernardino

new progress look that, I appreciate good combination. the on I and congratulations and days. to forward on your

Operator

to I This to Violin Jonathan like over question-and-answer for closing turn the back remarks. concludes session. any would conference the

Jonathan Violin

Thank you, us and today. thanks, everyone, for joining

hope progress we're we'll milestones. upcoming to look heard, recent forward And both I updating our As you as about and excited programs advance. you've our very our

the we'll So that, call. close with

Operator

today's conference call. concludes This

for your and have you disconnect a Thank participating, pleasant day. may lines. You

Viridian Therapeutics (VRDN) 25 Mar 212020 Q4 Earnings call transcript