Viridian Therapeutics’ thyroid eye disease (TED) program delivered a phase 3 win, though investors still face questions about commercial positioning. In the REVEAL-1 study of 132 patients, elegrobart met the primary endpoint of proptosis responder rate (PRR) with a 54% response rate in the monthly dosing cohort versus 18% with placebo. Viridian also reported a 63% PRR in the eight-week dosing subgroup and meaningful improvements across secondary endpoints, including complete resolution of diplopia in 51% of patients on monthly dosing compared with 16% on placebo. Viridian CEO Steve Mahoney framed REVEAL-1 as the largest pivotal TED trial conducted in active disease to date. Despite the endpoint success, the company’s ability to win versus Amgen’s Tepezza remains the key debate, particularly because elegrobart’s differentiation claim centers on subcutaneous administration rather than the existing intravenous regimen.