Viridian Therapeutics’ stock surged nearly 39% to $18.75 on Tuesday after REVEAL-2 Phase 3 data showed elegrobart achieved a 50% proptosis responder rate (PRR) versus 15% for placebo at 24 weeks in thyroid eye disease. The every-eight-week dosing arm hit 54% PRR. Both results were statistically significant.
Proptosis, or abnormal eye protrusion, is a common symptom of thyroid eye disease (TED). Elegrobart also delivered positive results for diplopia. William Blair analysts told investors the drug “looks approvable and commercially competitive” with two positive Phase 3 studies now in hand, citing “IV-like efficacy in a convenient, self-administered subcutaneous therapy with as few as four administrations” for a complete course.
The commercial opportunity centers on Amgen’s Tepezza. Truist Securities noted approximately 30% of Tepezza candidate patients opt to stay off therapy given logistical and administrative burden. Elegrobart’s self-administered subcutaneous profile, if approved, could pull that group off the sidelines.
REVEAL-1, which read out in March, crashed Viridian’s stock by as much as 33% when placebo-adjusted PRR came in at 36% to 45%, well short of investor expectations of 51% to 73%. Tuesday’s REVEAL-2 data don’t erase that loss: the 39% jump still doesn’t fully recoup March’s hit, but the program’s path to filing is clearer. Viridian plans to submit an approval package in Q1 2027.
Sarah Chen