SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2025

The Company manages its operations as one operating segment, focused on discovering, developing and commercializing potential best-in-class medicines for serious and rare diseases. The Company’s CODM is its Chief Executive Officer. The CODM reviews and evaluates consolidated net loss for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. Operating expenses are used to monitor budget versus actual results. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheet as “total assets.” All equipment, leasehold improvements, and other fixed assets are physically located within the United States and all agreements with the Company’s partners are denominated in U.S. dollars, except where noted. Segment asset information is not used by the CODM to allocate resources.

Significant segment expenses, as provided to the CODM, are presented below:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
		(in thousands)				(in thousands)
Segment research and development expense (a)		$	81,106	$	64,434	$	233,544	$	148,993
Segment general and administrative expense (a)		18,117		10,284		45,165		29,208
Share-based compensation expense (see Note 10)		11,250		8,720		32,314		33,176
Total operating expenses		110,473		83,438		311,023		211,377
License revenue		(70,000)		—		(70,000)		—
Other items (b)		(5,874)		(6,749)		(18,777)		(21,153)
Consolidated net loss		$	34,599	$	76,689	$	222,246	$	190,224

(a) Share-based payment expense of $5,107 and $4,673 related to research and development and $6,143 and $4,047 related to general and administrative have been excluded for the three months ended September 30, 2025 and 2024, respectively, and included within share-based compensation expense. Share-based payment expense of $16,029 and $17,142 related to research and development and $16,285 and $16,033 related to general and administrative have been excluded for the nine months ended September 30, 2025 and 2024, respectively, and included within share-based compensation expense.

(b) Other items consist primarily of collaboration revenue, interest income, interest expense and depreciation expense.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Viridian Therapeutics, Inc.\DE 10-Q