Viking Therapeutics Inc (VKTX, Financial), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, announced its financial results for the third quarter and nine months ended September 30, 2023, on October 25, 2023. The company also provided an update on its clinical pipeline and other corporate developments.
Company Performance and Challenges
Viking Therapeutics Inc (VKTX, Financial) reported a strong quarter-end cash position of $376M. The company's net loss for Q3 2023 was $22.5 million, or $0.23 per share, compared to a net loss of $15.8 million, or $0.21 per share, in Q3 2022. The increase in net loss for the three months ended September 30, 2023, was primarily due to the increase in research and development expenses and general and administrative expenses.
Financial Achievements
The company's research and development expenses for the three months ended September 30, 2023, were $18.4 million compared to $12.0 million for the same period in 2022. The increase was primarily due to increased expenses related to pre-clinical studies, clinical studies, stock-based compensation, salaries and benefits, and third-party consultants, partially offset by decreased expenses related to manufacturing for drug candidates.
General and administrative expenses for the three months ended September 30, 2023, were $8.9 million compared to $4.2 million for the same period in 2022. The increase was primarily due to increased expenses related to legal and patent services, stock-based compensation, third-party consultants, and salaries and benefits.
Key Details from Financial Statements
For the nine months ended September 30, 2023, Viking reported a net loss of $61.3 million, or $0.66 per share, compared to a net loss of $49.3 million, or $0.64 per share, in the corresponding period in 2022. The increase in net loss for the nine months ended September 30, 2023, was primarily due to the increase in research and development expenses and general and administrative expenses, noted previously, partially offset by increased interest income compared to the same period in 2022.
At September 30, 2023, Viking held cash, cash equivalents, and short-term investments of $376 million, compared to $155.5 million as of December 31, 2022.
Company's Analysis
Viking Therapeutics Inc (VKTX, Financial) has been actively investing in research and development, which has resulted in increased expenses. However, the company's strong cash position indicates its financial stability and ability to continue investing in its clinical pipeline. The company's net loss for the quarter and nine months ended September 30, 2023, increased compared to the same periods in 2022, primarily due to increased research and development expenses and general and administrative expenses.
Other Pertinent Details
Viking Therapeutics Inc (VKTX, Financial) is currently conducting several clinical trials, including the Phase 2 VENTURE Trial of GLP-1/GIP Agonist VK2735 in Obesity, the Phase 2b VOYAGE Study Evaluating VK2809 for the Treatment of NASH and Fibrosis, and the Phase 1 Trial of Oral VK2735. Results from these trials are expected in the first half of 2024.
Explore the complete 8-K earnings release (here) from Viking Therapeutics Inc for further details.
