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, advancing VK2735 (subcutaneous and oral), VK2809 for NASH/fibrosis, and VK0214 for XALD, all meeting key endpoints.

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

• Initiated preparations for phase 3 trials and expanded staff across regulatory, clinical, and manufacturing functions.

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

Financial highlights

• Q3 2024 net loss: $24.9M ($0.22/share) vs. $22.5M ($0.23/share) in Q3 2023; nine-month 2024 net loss: $74.5M ($0.69/share) vs. $61.3M ($0.66/share) in 2023.

• R&D expenses: $22.8M in Q3 2024 (up 24% YoY), $70.7M for nine months (up 63% YoY), mainly due to manufacturing, compensation, and regulatory costs.

• G&A expenses: $13.8M in Q3 2024 (up 55% YoY), $34M for nine months (up 20.5% YoY), driven by compensation, legal, consulting, and insurance.

• Interest income boosted other income to $11.6M in Q3, up 145.5% YoY.

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

Outlook and guidance

• Preparing for end-of-phase 2 FDA meetings for VK2735 (subcutaneous) and VK2809, with phase 3 trials planned.

• Oral VK2735 phase 2 study to initiate later in 2024; additional data to be presented at Obesity Week.

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

• Cash position expected to fund operations through at least December 31, 2025.

• Confident in financial resources to reach key clinical milestones, but anticipates continued losses as R&D and clinical trial activity expand.