MeritValue

Viridian Therapeutics, Inc.\DE

VRDNdata completeness 88%13 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Viridian Therapeutics, Inc.\DE earns about -43% on equity, but has diluted owners by 754% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.96M1$1.77M2$314,0003$302,0003$70.8M3
Net income−$79.4M4−$129.9M5−$237.7M6−$269.9M6−$342.6M6
Operating cash flow−$54.6M7−$93.8M8−$184.2M9−$232.3M9−$276.4M9
Capital expenditure$338,00010$797,00011$898,00012$511,00012$495,00012
Free cash flow (derived)−$54.9M7−$94.6M8−$185.1M9−$232.8M9−$276.9M9
Total debt$013$4.65M14$40.4M15$20.6M15—
Cash & equivalents$42.3M16$155.6M17$102.8M17$99.6M17$212.4M17
Diluted shares11.9M32.1M44.8M81.0M101.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$70.92
your share of equity
Profit it earned you last year
−$33.65
Free cash flow it threw off
−$27.19
Debt you’d be carrying
—

10 shares is a claim on $70.92 of net worth that earned you −$33.65 and generated −$27.19 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-43% avg · 5y
FY21 -42%FY22 -33%FY23 -54%FY24 -40%FY25 -47%

It earned an average -43% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+754% shares · 5y

Share count is up 754% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001590750-24-000007 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001590750-25-000004 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001590750-26-000007 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001590750-24-000007 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001590750-25-000004 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001590750-26-000007 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001590750-24-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001590750-25-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001590750-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001590750-24-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001590750-25-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001590750-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001590750-23-000002 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001590750-24-000007 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001590750-25-000004 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001590750-25-000004 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2022-12-31 · accession 0001590750-26-000007 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)