Shares of Viking Therapeutics (“VKTX”) experienced a decline of approximately 4% in after-hours trading on Wednesday, despite the company’s financial results for the first quarter of 2024 exceeding expectations in terms of earnings per share. Notably, Viking did not report any revenue during this period. The company’s net loss widened to $27.4 million, compared to $19.5 million in the corresponding quarter of the previous year. Both basic and diluted net loss per share amounted to -$0.26, a marginal increase from the -$0.25 reported in Q1 2023.
During the quarter, Viking’s total assets grew substantially, reaching $967.5 million as of March 31. This represented a significant increase compared to the $368.5 million reported on December 31, 2023. Furthermore, the company indicated that it is on schedule to release data later this quarter from the secondary and exploratory objectives of the VOYAGE study, which is evaluating the efficacy of VK2809 in treating non-alcoholic steatohepatitis (NASH).
