Viking Therapeutics Q2 2024 Financial Results and Corporate Update

Viking Therapeutics, a clinical-stage biopharmaceutical company based in San Diego, announced its financial results for the second quarter and six months ending June 30, 2024. The company also provided updates on its clinical pipeline and corporate developments.

Dr. Brian Lian, CEO of Viking, highlighted the company's progress in the first half of 2024, which included successful outcomes from three clinical trials and preparations for subsequent phases. The company is advancing its VK2735 compound, a dual agonist of glucagon-like peptide-1 (GLP-1) and glucose-dependent insulinotropic polypeptide (GIP) receptors, for obesity treatment. The Phase 2 VENTURE study demonstrated up to 15% weight reduction over 13 weeks with good safety and tolerability, prompting plans to move into Phase 3 development. An end-of-Phase 2 meeting with the FDA is expected later this year. Additionally, an oral tablet formulation of VK2735 showed promising results in a Phase 1 study, including a mean weight loss of up to 5.3% over 28 days. The Phase 2 trial for this oral version is expected to begin in the fourth quarter of 2024.

Viking reported positive histology data from its Phase 2b VOYAGE study of VK2809, a thyroid hormone beta receptor agonist, in patients with NASH and fibrosis. The study showed significant reductions in liver fat and improvements in plasma lipids, suggesting potential cardiovascular benefits. An end-of-Phase 2 meeting with the FDA for VK2809 is scheduled for the fourth quarter of 2024.

The Phase 1b study of VK0214, another thyroid hormone beta receptor agonist, for the treatment of X-linked adrenoleukodystrophy (X-ALD), has completed enrollment. Results are expected in the second half of 2024. Viking is also developing a new series of dual amylin and calcitonin receptor agonists (DACRAs) for obesity treatment, with promising preclinical data presented at the American Diabetes Association conference. An investigational new drug (IND) application for this program is planned for 2025.

Financially, Viking reported increased research and development expenses due to manufacturing, clinical studies, and stock-based compensation. General and administrative expenses also rose, mainly due to stock-based compensation and third-party consultant services. The company reported a net loss of $22.3 million for the second quarter, compared to $19.2 million in the same period in 2023. For the first half of 2024, the net loss was $49.6 million, up from $38.8 million in the same period in 2023. As of June 30, 2024, Viking held $942 million in cash, cash equivalents, and short-term investments, compared to $362 million at the end of 2023.

Viking's clinical programs leverage its expertise in metabolism to develop therapies aimed at improving patients' lives. The company's pipeline includes VK2735 for metabolic disorders, VK2809 for lipid and metabolic disorders, and VK0214 for X-ALD. Viking is also exploring DACRAs for obesity.

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