Results for: VKTX

Viking Therapeutics (“VKTX”) reported financial results for Q1 2024, showing a wider net loss despite beating estimates on the bottom line. The company’s net loss widened to $27.4 million, compared to $19.5 million a year ago. Basic and diluted net loss per share was -$0.26, a slight increase from the previous quarter’s -$0.25. Viking’s total assets increased significantly to $967.5 million as of March 31, up from $368.5 million on December 31, 2023. The company plans to release data from the secondary and exploratory objectives of its VOYAGE study on the effectiveness of VK2809 for non-alcoholic steatohepatitis (NASH) later this quarter.

Viking Therapeutics (VKTX) reported a first-quarter loss per share of 26 cents, beating analyst estimates of 28 cents by 7.14%. The company’s research and development expenses increased significantly to $24.1 million from $11 million in the same period last year, driven by increased expenses related to drug manufacturing, pre-clinical and clinical studies, and third-party consulting services. As of March 31, 2024, Viking had cash, cash equivalents, and short-term investments of $963 million, compared to $362 million on December 31, 2023. The increase reflects proceeds from a public offering of common stock that closed on March 4, 2024. Viking’s president and CEO, Brian Lian, stated that the company reported positive results from its Phase 2 VENTURE study of subcutaneous VK2735 in obesity and encouraging data from a Phase 1 study of a tablet formulation of the compound. The company plans to discuss further development of both programs with regulators later this year.