CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (222,246)	$ (190,224)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	32,314	33,175
Non-cash interest expense	308	318
Depreciation and amortization	340	417
Accretion and amortization of available-for-sale securities	(5,005)	(12,448)
Non-cash lease expense	(30)	188
Net loss on disposal of equipment	0	449
Changes in operating assets and liabilities:
Unbilled revenue	(70,000)	0
Prepaid expenses and other assets	8,849	(5,256)
Accounts payable	7,942	3,850
Accrued and other liabilities	(5,109)	10,544
Net cash used in operating activities	(252,637)	(158,987)
Cash flows from investing activities:
Purchases of short-term investments	(141,084)	(513,289)
Maturities of short-term investments	443,196	347,950
Purchase of property and equipment	(255)	(397)
Net cash provided by (used in) investing activities	301,857	(165,736)
Cash flows from financing activities:
Proceeds from sale of common stock in public offering	0	383,749
Proceeds from sale of common stock in at-the-market offerings	14,904	36,265
Proceeds from the issuance of Series B preferred stock, pursuant to September 2024 Public Offering	0	25,001
Proceeds from issuance of common stock upon exercises of warrants	1,618	0
Proceeds from issuance of common stock upon exercises of stock options	3,607	2,157
Proceeds from issuance of common stock under employee stock purchase plan	1,120	673
Net cash provided by financing activities	20,833	422,213
Net increase in cash and cash equivalents	70,053	97,490
Cash and cash equivalents at beginning of period	99,594	102,827
Cash and cash equivalents at end of period	169,647	200,317
Supplemental disclosure of cash flow information
Cash paid for interest	1,362	1,367
Supplemental disclosure of non-cash investing and financing activities
Issuance of common stock upon the conversion of convertible preferred stock	0	41,132
Deferred issuance costs included in accounts payable and accrued liabilities	528	370
Purchase of property and equipment included in accounts payable and accrued liabilities	17	88
Right-of-use asset obtained in exchange for new lease liability	729	0
Common Stock
Cash flows from financing activities:
Payments of issuance costs associated with sale of common stock	(416)	(24,132)
Preferred Stock
Cash flows from financing activities:
Payments of issuance costs associated with sale of common stock	$ 0	$ (1,500)

Viridian Therapeutics, Inc.\DE 10-Q