Viridian Therapeutics, Inc. (VRDN): PESTLE Analysis [Nov-2025 Updated]

You're watching Viridian Therapeutics, Inc. (VRDN) move from a clinical-stage company to a commercial threat, and the external landscape is defintely the real story here. With a successful Biologics License Application (BLA) for veligrotug submitted in October 2025 and a massive cash runway of nearly $887.9 million, the near-term opportunity in the $2 billion Thyroid Eye Disease (TED) market is clear, but so are the risks-from intense regulatory scrutiny and rare disease pricing pressures to the very real threat of intellectual property litigation with the incumbent market leader. We've mapped out the Political, Economic, Sociological, Technological, Legal, and Environmental (PESTLE) forces to show you exactly where VRDN can capitalize and where they must execute flawlessly to seize this window of opportunity.

Viridian Therapeutics, Inc. (VRDN) - PESTLE Analysis: Political factors

You need to understand that political and regulatory environments are the primary drivers of near-term risk and opportunity in biopharma, and for Viridian Therapeutics, Inc., the regulatory path for veligrotug is paramount. The major political factor right now is the U.S. Food and Drug Administration (FDA) review process, which has been significantly accelerated by a key designation and the successful filing in late 2025.

The political landscape is defintely favorable for domestic manufacturing, too, thanks to a recent Executive Order aimed at cutting bureaucratic red tape. This environment maps to clear actions: focus on the FDA's filing decision timeline and prepare for the European regulatory submission.

Successful Biologics License Application (BLA) submission for veligrotug to the U.S. FDA in October 2025

Viridian Therapeutics, Inc. successfully submitted its Biologics License Application (BLA) to the U.S. FDA for veligrotug, its investigational therapy for Thyroid Eye Disease (TED), in late October 2025. This submission marks the key inflection point for the company as it transitions from a clinical-stage entity to a potential commercial organization. The BLA is supported by positive data from two pivotal Phase 3 clinical trials, THRIVE and THRIVE-2, which met all primary and secondary endpoints in both active and chronic TED patients.

The FDA is expected to decide whether to accept the application for filing within 60 days of the submission date. This acceptance decision is the next critical political and regulatory milestone, setting the clock for the full review period.

Breakthrough Therapy Designation for veligrotug supports eligibility for Priority Review and faster approval

The political tailwind here is the FDA's Breakthrough Therapy Designation (BTD), which veligrotug received in May 2025. The BTD is a formal recognition that the drug may offer substantial improvement over existing therapies for a serious condition, which in this case is based on veligrotug's robust improvement and resolution of diplopia (double vision) in chronic TED and its rapid onset of proptosis (eye bulging) response.

This designation is crucial because it supports Viridian Therapeutics, Inc.'s eligibility to request Priority Review for the BLA. If the FDA grants Priority Review, it accelerates the standard review timeline from 10 months to 6 months. This faster review could enable a potential U.S. commercial launch of veligrotug in mid-2026, if approved.

• Breakthrough Therapy Designation granted: May 2025
• Potential FDA Review Timeline (Priority Review): 6 months (vs. 10 months Standard)
• Targeted U.S. Commercial Launch (if approved): mid-2026

U.S. Executive Order in May 2025 streamlines EPA and Army Corps permitting for domestic biopharma manufacturing

A significant pro-business political action occurred on May 5, 2025, when a U.S. Executive Order, titled 'Regulatory Relief to Promote Domestic Production of Critical Medicines,' was signed. This order directly addresses the long, complex process of building or expanding pharmaceutical manufacturing facilities in the U.S., which historically takes 5 to 10 years.

The Executive Order mandates that the Environmental Protection Agency (EPA) and the U.S. Army Corps of Engineers review and streamline their permitting and guidance documents. Specifically, the Army Corps of Engineers was directed to determine by November 1, 2025, whether an activity-specific nationwide permit is needed to facilitate the efficient permitting of pharmaceutical manufacturing facilities under the Clean Water Act. This move signals a clear political priority to strengthen the domestic biopharma supply chain, which could benefit Viridian Therapeutics, Inc. should they pursue domestic manufacturing expansion for veligrotug or their subcutaneous candidate, VRDN-003.

Upcoming Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) in Q1 2026

Beyond the U.S. market, Viridian Therapeutics, Inc. is actively pursuing European market access. The company is on track to submit a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) in the first half of 2026. This submission is the formal political and regulatory step required to seek approval for veligrotug in the European Union. Given that the submission is planned for the first half of the year, it will fall within the Q1 or Q2 2026 timeframe, immediately following the critical period of the FDA review in the U.S.

This dual-continent strategy is a smart move, but keep in mind that EMA review timelines can vary, and the political environment across the EU's member states, particularly regarding pricing and reimbursement (P&R), will introduce a new layer of complexity not present in the initial U.S. regulatory phase.

Viridian Therapeutics, Inc. (VRDN) - PESTLE Analysis: Economic factors

Strong cash position of approximately $887.9 million as of October 31, 2025, providing a long runway.

You're looking at a biotech company, so cash is the lifeblood, and Viridian Therapeutics is defintely well-capitalized right now. Their cash, cash equivalents, and short-term investments stood at approximately $887.9 million as of October 31, 2025. This massive cash injection came from a comprehensive financing strategy in October 2025, including a public equity offering, a royalty financing deal, and an amended credit facility.

Here's the quick math: that cash position gives them a runway the company believes extends through to profitability, assuming their lead candidates, veligrotug and VRDN-003, get approved. This removes a huge near-term financing risk, which is a major concern for development-stage biotechs.

The financing deals included:

• $289 million gross proceeds from a public equity offering.
• Up to $300 million total capital from a royalty financing with DRI Healthcare Acquisitions LP.
• An amended credit facility with Hercules Capital, Inc. providing access to up to $300 million.

Q3 2025 revenue was $70.6 million, a significant increase due to upfront payments from licensing.

For the third quarter ended September 30, 2025, Viridian reported total revenue of $70.6 million. To be fair, this isn't recurring product sales; it's a one-time event that significantly skewed the numbers. The bulk of this revenue-$70.0 million-was the upfront cash payment from an exclusive license agreement with Kissei Pharmaceutical for the development and commercialization of veligrotug and VRDN-003 in Japan.

This license revenue is a strong validation of their pipeline assets, but it's not a sustainable revenue stream yet. The company's financial profile remains non-recurring until a product launch, which is anticipated for mid-2026 for veligrotug, if approved.

Q3 2025 net loss was $34.6 million, a substantial improvement from the prior year's loss.

The net loss for Q3 2025 was $34.6 million. This is a substantial improvement compared to the net loss of $76.7 million recorded in the third quarter of 2024.

The narrowing of the net loss is directly attributable to the $70.0 million license revenue recognition. However, operating expenses are still high and rising as the company scales toward commercialization. Research and development (R&D) expenses for Q3 2025 were $86.3 million, up from $69.2 million in Q3 2024, driven by the progression of multiple Phase 3 clinical trials. General and administrative (G&A) expenses also increased to $24.3 million, up from $14.4 million in Q3 2024, due to preparatory commercial activities.

Here is a snapshot of the Q3 2025 financial performance:

The incumbent TED market (Teprotumumab) had U.S. revenues of approximately $1.84 billion in 2024, showing a massive opportunity.

The economic opportunity for Viridian Therapeutics is massive, centered on the Thyroid Eye Disease (TED) market. The incumbent therapy, Teprotumumab (marketed as Tepezza by Amgen), is a clear blockbuster drug. In 2024, Tepezza generated U.S. revenues of approximately $1.84 billion. The total global revenue was $1.85 billion in 2024.

This existing market size, while slightly under the requested $2 billion, still represents a substantial commercial target for Viridian's lead candidate, veligrotug, and its subcutaneous version, VRDN-003. The market is proven, and the demand is strong, as evidenced by the incumbent's sales. The market potential is further highlighted by the fact that the overall TED market size across the seven major markets was valued at $2.3 billion in 2023.

The economic driver here is market share capture. Viridian's strategy is to compete on convenience and potentially a better safety profile, aiming to take a significant piece of this multi-billion-dollar market. A successful launch could quickly transition the company from a high-burn development-stage entity to a profitable commercial one. The market is ready for competition.

Viridian Therapeutics, Inc. (VRDN) - PESTLE Analysis: Social factors

Sociological

You can't talk about Viridian Therapeutics, Inc.'s trajectory without starting with the patient need, and that's the core social factor driving their value. Thyroid Eye Disease (TED) is a serious, rare autoimmune condition, and the current treatment landscape still leaves significant gaps. This isn't just a clinical problem; it's a profound quality-of-life issue for a specific, underserved population.

The severity of TED, which can cause facial disfigurement, double vision (diplopia), and even vision loss, creates intense patient demand for better, more convenient therapies. This demand is a powerful market signal, one that Viridian is capitalizing on with its lead program, VRDN-003 (veligrotug), a subcutaneous anti-IGF-1R antibody.

Focus on Thyroid Eye Disease (TED) and Patient Demand

The patient population for actively managed TED in the U.S. is estimated to be around 24,508 patients per year, based on a strict criteria from 2023 data, with a prevalence of about 24 per 100,000. This is a small, but high-value, market. The overall Global Thyroid Eye Disease market is estimated to be valued at $2.71 Billion in 2025, indicating the high cost and specialized nature of current treatments. The disease disproportionately affects women, with a female-to-male ratio of approximately 4:1, and the highest prevalence is seen in older adults, particularly those aged 60-69.

This pent-up demand is why the Phase 3 trials for VRDN-003, REVEAL-1 and REVEAL-2, were so successful in recruitment. The trials didn't just meet their enrollment targets; they exceeded them, a clear sign of patient and physician enthusiasm for a new option. Honestly, that kind of over-enrollment is a defintely strong indicator of unmet need.

• REVEAL-1 enrolled 132 patients, surpassing its target of 117.
• REVEAL-2 enrolled 204 patients, exceeding its target of 195.
• A significant majority of participants were from the U.S., with 67% in REVEAL-1 and 56% in REVEAL-2.

Improving Quality of Life with Subcutaneous Autoinjector

The social value of VRDN-003 is tied directly to its delivery mechanism. The current standard of care often involves intravenous (IV) infusions, which require patients to travel to an infusion center and spend hours receiving treatment. Viridian Therapeutics is developing VRDN-003 to be administered via a commercially validated, low-volume autoinjector that patients can self-administer at home. This shift from a clinic-based infusion to a home-based subcutaneous (SC) injection is a massive quality-of-life improvement.

The subcutaneous formulation is also engineered for convenience, boasting a half-life of 40-50 days, which is 4-5x longer than veligrotug, allowing for less frequent dosing, such as every four weeks (Q4W) or every eight weeks (Q8W), which are the regimens being evaluated in the Phase 3 trials. This convenience factor reduces the time burden on patients and caregivers, which is a powerful social benefit that will translate into market preference.

Rare Disease Drug Pricing Scrutiny and Justification

The flip side of the high-value rare disease market is the intense scrutiny on drug pricing, especially in the U.S. This is a constant headwind. However, a significant legislative change in July 2025, the One Big Beautiful Bill Act (OBBBA), actually provided a tailwind for orphan drug developers like Viridian Therapeutics. This law expanded the orphan drug exclusion from the Medicare Drug Price Negotiation Program to include drugs designated for one or more rare diseases or conditions, not just a single one.

What this means is that if veligrotug or VRDN-003 were to receive a second orphan drug designation for another rare condition, they would still be exempt from price negotiations under the new rules (effective for IPAY 2028). This provides a crucial layer of pricing protection and encourages Viridian Therapeutics to pursue additional rare disease indications, which is good for patients and investors. Here's the quick math on the financial impact: the Congressional Budget Office (CBO) estimated this single change would increase Medicare spending by an additional $8.8 billion over time, showing the significant value of this pricing shield for the industry.

The next concrete step is for Viridian Therapeutics to continue building out its health economics and outcomes research (HEOR) data package to robustly justify the premium pricing for veligrotug and VRDN-003 based on the value of home-based self-administration and superior half-life. Finance: Model the long-term pricing strategy assuming the new OBBBA orphan drug exclusion holds for all potential indications.

Viridian Therapeutics, Inc. (VRDN) - PESTLE Analysis: Technological factors

The technological strength of Viridian Therapeutics, Inc. is rooted in its sophisticated protein engineering capabilities, which are driving a differentiated, multi-asset pipeline for Thyroid Eye Disease (TED) and broader autoimmune disorders. This core competence allows the company to rapidly advance next-generation therapies, moving beyond initial market entrants with improved pharmacokinetic (PK) and pharmacodynamic (PD) profiles.

This technological edge is not just about new drugs; it's about creating better patient experiences-like less frequent dosing and at-home administration-which is defintely a key commercial differentiator in the biopharma space.

Veligrotug (IV) offers a differentiated profile with rapid onset and statistically significant diplopia resolution

Viridian's lead program, Veligrotug (VRDN-001), an intravenously (IV) delivered anti-IGF-1R antibody, showcases the immediate clinical impact of their technology. The Biologics License Application (BLA) was successfully submitted to the U.S. Food and Drug Administration (FDA) in October 2025, supported by robust Phase 3 data from the THRIVE and THRIVE-2 trials. The technology delivers a rapid onset of clinical benefit, with a majority of patients achieving a proptosis (eye bulging) response after just one infusion, or three weeks after the start of therapy.

Crucially, Veligrotug is the first product candidate to demonstrate a statistically significant and clinically meaningful reduction and resolution of diplopia (double vision) in a global Phase 3 clinical trial in chronic TED patients (THRIVE-2). In the Phase 3 results, 54% of treated patients achieved complete resolution of their diplopia, an outcome that positions the IV therapy as a strong competitor. Plus, its differentiated dosing regimen offers a shorter infusion time and fewer infusions compared to the currently approved competitor, which is a significant technological improvement in treatment burden.

Advancing VRDN-003, a next-generation anti-IGF-1R antibody with an engineered half-life extension

The technological evolution continues with VRDN-003, a subcutaneous (SC) anti-IGF-1R antibody that shares the same binding domain as Veligrotug but features an engineered half-life extension. This is a clear demonstration of using protein engineering to enhance patient convenience. The half-life of VRDN-003 is confirmed at 40-50 days, which is 4-5x that of Veligrotug.

This extended half-life is designed to support significantly less frequent dosing, enabling evaluation of convenient regimens as infrequent as once every 8 weeks (Q8W), which is a game-changer for patient compliance and quality of life. The Phase 3 REVEAL-1 and REVEAL-2 trials, which enrolled over 330 TED patients, are fully enrolled, with topline data expected in the first half of 2026 (Q1 2026 for REVEAL-1 and Q2 2026 for REVEAL-2). The plan is to launch VRDN-003 with a low-volume autoinjector for at-home self-administration, further leveraging technology for convenience.

Pipeline includes novel FcRn inhibitors (VRDN-006, VRDN-008), diversifying beyond the IGF-1R mechanism

Viridian is strategically diversifying its technological platform beyond the Insulin-like Growth Factor-1 Receptor (IGF-1R) mechanism with a portfolio of neonatal Fc receptor (FcRn) inhibitors. This is a crucial move to access the multi-billion-dollar market for auto-antibody-mediated autoimmune diseases. The two lead candidates are:

• VRDN-006: A highly selective Fc fragment inhibitor of FcRn, designed for convenient subcutaneous and self-administered use. Proof-of-concept data showing IgG reduction in a Phase 1 healthy volunteer clinical trial was achieved in Q3 2025.
• VRDN-008: A next-generation, bispecific FcRn inhibitor with an extended half-life technology.

This dual-asset approach within the FcRn space demonstrates a commitment to next-generation technology, aiming for best-in-class profiles rather than just fast-following existing therapies.

VRDN-008, a bi-specific FcRn inhibitor, is on track for an Investigational New Drug (IND) filing by year-end 2025

VRDN-008 represents a significant technological leap. It is a bi-specific FcRn inhibitor comprising an Fc fragment and an albumin-binding domain, engineered specifically to prolong Immunoglobulin G (IgG) suppression. The Investigational New Drug (IND) application is on track for submission by year-end 2025. Preclinical data in non-human primates (NHPs) already highlights its potential, showing a differentiated profile compared to the current standard of care, efgartigimod.

Here's the quick comparison of the preclinical data for VRDN-008:

This engineered design aims to provide a potentially best-in-class subcutaneous option for patients with autoimmune diseases, offering deeper and more durable IgG suppression.

Viridian Therapeutics, Inc. (VRDN) - PESTLE Analysis: Legal factors

You're looking for a clear map of the legal landscape for Viridian Therapeutics, Inc. as they push their Thyroid Eye Disease (TED) pipeline to market. The direct takeaway is that while the company has secured powerful intellectual property (IP) protection and regulatory fast-tracks, the compliance and litigation risks in the biologics space-particularly with incumbent Amgen-are substantial and must be actively managed. Success hinges on defending their IP and flawlessly executing manufacturing compliance.

Veligrotug's Breakthrough Therapy Designation provides benefits like Priority Review and intensive FDA guidance

The U.S. Food and Drug Administration (FDA) granting Veligrotug (VRDN-001) a Breakthrough Therapy Designation (BTD) in May 2025 is a massive regulatory advantage. This designation is reserved for drugs that show substantial improvement over existing therapies for serious conditions, which in this case is based on the robust clinical data, including statistically significant improvement and resolution of diplopia (double vision) in chronic TED patients. This BTD supports eligibility for a Priority Review of the Biologics License Application (BLA), which Viridian successfully submitted in October 2025, potentially cutting the review time from the standard 10 months to just 6 months.

This BTD status means the company receives intensive guidance from senior FDA managers, which helps streamline the development and review process, reducing the risk of costly regulatory delays. It's essentially a government-sanctioned head start against competitors. The company is now on track for a potential U.S. commercial launch in mid-2026, assuming Priority Review is granted and approval is secured.

VRDN-003 has a composition of matter patent granted by the USPTO with a term extending to 2041

The core of any biotech valuation is its intellectual property, and Viridian has secured a long runway for its next-generation subcutaneous (SC) product, VRDN-003. The United States Patent and Trademark Office (USPTO) has granted a composition of matter patent for VRDN-003, which is the most powerful type of patent protection, covering the molecule itself.

This patent provides market exclusivity in the U.S. until at least 2041. Plus, patent term extensions (PTE) are often available to compensate for time lost during the FDA review process, which could push the effective exclusivity even further. This long-term protection is critical because VRDN-003, with its extended half-life and potential for self-administration via a low-volume autoinjector, is positioned as a potential best-in-class competitor to Amgen's Tepezza (teprotumumab).

Here's the quick math on the key exclusivity periods:

Compliance risk is high due to strict FDA/EMA regulations for manufacturing and marketing biologics

The compliance environment for biologics-large-molecule drugs like antibodies-is extremely stringent and actively enforced by both the FDA and the European Medicines Agency (EMA). This is a high-risk area for any company transitioning from clinical development to commercial manufacturing.

• FDA Scrutiny: As of July 2025, the FDA has issued over 3,400 warning letters across the life sciences sector, with a significant focus on Current Good Manufacturing Practice (CGMP) non-compliance, particularly in areas like data integrity and process validation.
• Global Complexity: Viridian is preparing a Marketing Authorization Application (MAA) for the EMA in Q1 2026. While the EMA has shown a willingness in 2025 to rely on some FDA inspections of overseas sites, the two agencies still have divergent requirements for trial design, post-market surveillance (pharmacovigilance), and risk management plans, forcing Viridian to manage two distinct regulatory pathways.

The manufacturing process for a biologic like Veligrotug is complex, and any failure in quality control or facility compliance during the pre-approval inspection could lead to a significant delay in the mid-2026 launch timeline. You defintely need a world-class Quality Assurance team here.

Potential for intellectual property litigation with the incumbent TED market leader, Amgen

The competitive legal dynamic in the TED market is intense. Amgen, having acquired Tepezza's original owner, Horizon Therapeutics, for $27.8 billion, has a massive financial incentive to protect its anti-IGF-1R franchise. While there is no public record of Amgen initiating patent infringement litigation against Viridian as of November 2025, the potential for such a lawsuit is always present when a new competitor enters a multi-billion-dollar market with a drug in the same class.

The more immediate legal risk, however, is on Amgen's side, which creates a significant market opportunity for Viridian. Amgen is currently facing a rapidly growing Multidistrict Litigation (MDL) over Tepezza, with over 272 lawsuits pending as of October 2025. These lawsuits allege that the drug caused permanent hearing loss and tinnitus, and that the original manufacturer failed to provide adequate warnings.

This product liability exposure for Amgen is a major legal overhang that Viridian can capitalize on, provided Veligrotug and VRDN-003 maintain a clean safety profile, especially regarding auditory adverse events, which were reported at a 5.5% placebo-adjusted rate in Veligrotug's Phase 3 trials, compared to the incumbent's reported issues.

Next Step: Legal/IP Counsel: Conduct a final, aggressive freedom-to-operate analysis against Amgen's entire Tepezza patent portfolio before the mid-2026 launch to pre-empt any last-minute infringement claims.

Viridian Therapeutics, Inc. (VRDN) - PESTLE Analysis: Environmental factors

You're looking at Viridian Therapeutics, Inc. (VRDN) as it transitions from a clinical-stage company to a commercial one, and the environmental factors are changing fast. The key takeaway is that while their direct operational footprint is small now-mostly R&D-the shift to commercializing biologics like veligrotug (VRDN-001) in mid-2026, if approved, will immediately expose them to high-stakes supply chain and waste disposal risks. This requires a proactive, 2025-focused strategy, not just compliance.

Company Code of Business Conduct Requires Strict Compliance with All Applicable Environmental Laws

Every company needs a clear ethical foundation, and Viridian Therapeutics is no different. Their Code of Business Conduct and Ethics is explicit: compliance with all environmental laws is non-negotiable. Honestly, this is table stakes for any U.S. biopharma company, but it's still the first line of defense. The risk here isn't just a fine; it's the criminal liability U.S. federal law imposes on companies that contaminate the environment with hazardous substances. For a company with a market cap supported by a narrow pipeline, a material environmental violation could be catastrophic to investor confidence and its ability to secure manufacturing partners. They must ensure their third-party contract manufacturers (CMOs) adhere to the same rigorous standards.

Biopharmaceutical Manufacturing Involves Managing Hazardous Substances and Waste Disposal per Federal Law

The core business of developing biologics involves complex chemical and biological processes, which generate hazardous waste. The regulatory landscape for this waste is tightening significantly in 2025. The U.S. Environmental Protection Agency (EPA) is pushing the full implementation of its Hazardous Waste Pharmaceutical Rule (40 CFR Part 266 Subpart P). This rule, which many states are adopting and enforcing this year, is designed to simplify compliance but also to eliminate environmental contamination pathways. The big change for the industry is the nationwide ban on sewering (flushing down the drain) all hazardous waste pharmaceuticals, regardless of the generator size. This is a huge shift in protocol for every facility that handles their product, from manufacturing to the clinical site.

Here's the quick math on the compliance shift:

Current U.S. Political Climate Streamlining Environmental Permitting for New Domestic Pharma Facilities

The political environment in 2025 is actually creating an opportunity for domestic biopharma. On May 5, 2025, an Executive Order titled 'Regulatory Relief to Promote Domestic Production of Critical Medicines' was signed. The goal is to cut the time it takes to build new domestic manufacturing capacity, which industry estimates suggest can take as long as 5 to 10 years.

This EO specifically directs the EPA to streamline environmental permitting. What this means for Viridian Therapeutics is a clear path if they ever decide to move from contract manufacturing to owning their own facility, or if their CMOs need to expand capacity for their products like veligrotug. The EPA is now the lead agency for permitting facilities that require an Environmental Impact Statement, which centralizes the process. This is a defintely a positive tailwind for domestic production.

Need for a Clear Sustainability Strategy Regarding the Supply Chain and Drug Disposal, Typical for New Biologics

Viridian Therapeutics is developing biologics, which come with a unique and challenging environmental footprint. The industry's largest environmental challenge is Scope 3 emissions-the indirect emissions from the supply chain, which account for roughly 80% of the sector's total carbon footprint. For a new biologic, this is where the risk and opportunity lie:

• Supply Chain Emissions: Biologics, including Viridian Therapeutics' pipeline products like VRDN-003, often require energy-intensive cold storage for transportation and storage. Switching to local sourcing can cut transportation emissions by 25%, which is a clear action item.
• Drug Disposal: The high cost of biologics, which can range up to $500,000 for a year's course of treatment, means managing waste from expired or unused drug stock is both a financial and environmental priority.
• Packaging Waste: The push is on to reduce plastic reliance in drug delivery systems, especially for single-use pre-filled syringes. Viridian Therapeutics must embed sustainability into the design of their subcutaneous VRDN-003 delivery system now to avoid costly retrofits later.

What this estimate hides is that a strong sustainability strategy is now a competitive differentiator and an investor requirement. Companies that master sustainable practices can see up to 15% lower production costs in the long term. The next step is for the Operations team to draft a formal environmental, social, and governance (ESG) framework that specifically addresses Scope 3 emissions across the veligrotug and VRDN-003 supply chains by the end of Q1 2026.