Viking Therapeutics (VKTX) Q3 2024 earnings summary

Executive summary

• Delivered positive data from four clinical programs and promising preclinical results in the first three quarters of 2024.

• Advanced VK2735 (subcutaneous and oral), VK2809 for NASH/fibrosis, and VK0214 for X-ALD, all meeting key study endpoints.

• Ended Q3 2024 with a strong cash position of $930 million, supporting future clinical milestones.

• No revenue generated to date; operations funded by equity offerings and investments.

Financial highlights

• Q3 2024 net loss was $24.9M ($0.22/share) vs. $22.5M ($0.23/share) in Q3 2023, driven by higher R&D and G&A expenses, partially offset by increased interest income.

• Nine-month 2024 net loss was $74.5M ($0.69/share) vs. $61.3M ($0.66/share) in 2023.

• R&D expenses rose to $22.8M in Q3 2024 (from $18.4M) and $70.7M for nine months (from $43.3M) year-over-year.

• G&A expenses increased to $13.8M in Q3 2024 (from $8.9M), mainly due to compensation, legal, consulting, and insurance.

• Cash, cash equivalents, and short-term investments totaled $930M at September 30, 2024, up from $362M at year-end 2023.

Outlook and guidance

• Preparing for end-of-phase 2 FDA meeting for subcutaneous VK2735 in Q4 2024, with phase 3 initiation planned thereafter.

• Oral VK2735 phase 2 obesity study to begin in Q4 2024; additional data to be presented at Obesity Week.

• VK2809 phase 3 planning underway following FDA feedback; partnership opportunities being considered.

• VK0214 next steps to be determined after full data review; registration study likely next.

• IND filing for the amylin agonist program anticipated in 2025.