Viking Therapeutics (VKTX) announced its first-quarter financial results on Wednesday after the bell, reporting a 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, primarily due to 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. In after-hours trading on Wednesday, Viking Therapeutics shares were down 3.95% at $62.50, according to Benzinga Pro.
Viking Therapeutics Reports Q1 Loss, Beats Analyst Estimates
