VRDN posts -$127.1M net loss (-26%) on veligrotug launch, elegrobart pivotal wins, raised

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 6, 2025 · ~1 min read

Key Changes

• high

  Elegrobart met primary endpoints in both REVEAL-1 (54% proptosis response vs 18% placebo) and REVEAL-2 (50% vs 15%) pivotal trials. BLA submission planned Q1 2027, but autoinjector bioequivalence bridging study required—failure to demonstrate equivalence could delay or prevent approval.

  MD&A: elegrobart pivotal data; Risk Factors: autoinjector bridging verify on EDGAR →
• high

  Raised $394M in capital: $250M convertible notes (1.75%, 2032 maturity, $24.65 conversion price), $144M equity offering (8.5M shares at $17), and $75M DRI milestone.

  MD&A: financing activities; Notes: capital structure verify on EDGAR →
• high

  SG&A expenses surged 151% YoY to $94M for the six months as the company built commercial capabilities (sales, marketing, market access).

  MD&A: SG&A expense verify on EDGAR →