Viking Therapeutics Reports First Quarter 2021 Financial Results and Provides Corporate Update
SAN DIEGO, April 28, 2021 /PRNewswire/ -- Viking Therapeutics, Inc. (Viking) (NASDAQ: VKTX), a clinical-stage biopharmaceutical company focused on the development of novel therapies for metabolic and endocrine disorders, today announced its financial results for the first quarter ended March 31, 2021, and provided an update on its clinical pipeline and other corporate developments.
Highlights from the Quarter Ended March 31, 2021:
"During the first quarter of 2021, we continued to build on the significant progress made during 2020 with both of our thyroid hormone beta receptor agonist programs," stated Brian Lian, Ph.D., chief executive officer of Viking. "We continue to enroll patients in our 52-week Phase 2b VOYAGE trial evaluating VK2809 in NASH and fibrosis, and expect to complete enrollment in the second half of 2021. With respect to our second thyroid hormone beta receptor agonist program, VK0214, we are nearing completion of a Phase 1 single ascending and multiple ascending dose study in healthy volunteers. Pending the results, we expect to initiate a Phase 1b study of VK0214 in X-ALD patients this summer. On the corporate side, our balance sheet remains solid, and we ended the first quarter with approximately $242 million in cash, providing ample runway to achieve important milestones with each of our clinical programs."
Pipeline and Corporate Highlights
7th Annual Truist Securities Life Sciences Summit
SVB Leerink CybeRx Series: Liver Disease Day
Raymond James Human Health Innovations Conference
Q1 2021 Financial Highlights
Research and development expenses for the three months ended March 31, 2021 were $11.5 million compared to $8.0 million for the same period in 2020. The increase was primarily due to increased expenses related to clinical studies, manufacturing for the company's drug candidates, salaries and benefits and stock-based compensation, partially offset by decreased expenses related to pre-clinical studies.
General and administrative expenses for the three months ended March 31, 2021 were $2.7 million compared to $3.0 million for the same period in 2020. The decrease was primarily due to decreased expenses related to stock-based compensation, legal and patent services, salaries and benefits and travel, partially offset by increased expenses related to professional fees and insurance.
For the three months ended March 31, 2021, Viking reported a net loss of $14.0 million, or $0.19 per share, compared to a net loss of $9.7 million, or $0.13 per share, in the corresponding period in 2020. The increase in net loss and net loss per share for the three months ended March 31, 2021 was primarily due to an increase in research and development expenses, partially offset by a decrease in general and administrative expenses, as noted previously, as well as decreased interest income primarily due to the decline in interest rates available throughout the first quarter of 2021 as compared to prevailing interest rates during the first quarter of 2020.
Balance Sheet as of March 31, 2021
At March 31, 2021, Viking held cash, cash equivalents and short-term investments of $241.7 million, compared to $248.4 million as of December 31, 2020.
Management will host a conference call to discuss the company's first quarter 2021 financial results today at 4:30 pm Eastern. To participate in the conference call, please dial (844) 850-0543 from the U.S. or (412) 317-5199 from outside the U.S. In addition, following the completion of the call, a telephone replay will be accessible until May 5, 2021 by dialing (877) 344-7529 from the U.S. or (412) 317-0088 from outside the U.S. and entering conference ID #10153769. Those interested in listening to the conference call live via the internet may do so by visiting the Webcasts page of Viking's website at http://ir.vikingtherapeutics.com/webcasts. An archive of the webcast will also be available on the Webcasts page of the company's website for 30 days.
About Viking Therapeutics, Inc.
Viking Therapeutics is a clinical-stage biopharmaceutical company focused on the development of novel, orally available, first-in-class or best-in-class therapies for the treatment of metabolic and endocrine disorders. Viking's research and development activities leverage its expertise in metabolism to develop innovative therapeutics designed to improve patients' lives. The company's clinical programs include VK2809, a novel, orally available, small molecule selective thyroid hormone receptor beta agonist for the treatment of lipid and metabolic disorders, which is currently being evaluated in a Phase 2b study for the treatment of biopsy-confirmed non-alcoholic steatohepatitis (NASH) and fibrosis. In a Phase 2 trial for the treatment of non-alcoholic fatty liver disease (NAFLD) and elevated LDL-C, patients who received VK2809 demonstrated statistically significant reductions in LDL-C and liver fat content compared with patients who received placebo. The company is also developing VK0214, a novel, orally available, small molecule selective thyroid hormone receptor beta agonist for the potential treatment of X-linked adrenoleukodystrophy (X-ALD). VK0214 is currently being evaluated in a Phase 1 first-in-human clinical trial. The company holds exclusive worldwide rights to a portfolio of five therapeutic programs, including those noted above, which are based on small molecules licensed from Ligand Pharmaceuticals Incorporated.
For more information about Viking Therapeutics, please visit www.vikingtherapeutics.com. Follow Viking on Twitter @Viking_VKTX.
This press release contains forward-looking statements regarding Viking Therapeutics, Inc., under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including statements about Viking's expectations regarding its development activities, timelines and milestones, including the company's expected timing for the potential initiation and completion of clinical studies in X-ALD for VK0214 and plans for completion of the company's VOYAGE Phase 2b study, as well as the company's goals and plans regarding VK0214, VK2809 and their respective prospects. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially and adversely and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: risks associated with the success, cost and timing of Viking's product candidate development activities and clinical trials, including those for VK2809 and VK0214; risks that prior clinical and preclinical results may not be replicated; risks regarding regulatory requirements; risks related to the COVID-19 pandemic; and other risks that are described in Viking's most recent periodic reports filed with the Securities and Exchange Commission, including Viking's Annual Report on Form 10-K for the year ended December 31, 2020, and subsequent Quarterly Reports on Form 10-Q, including the risk factors set forth in those filings. These forward-looking statements speak only as of the date hereof. Viking disclaims any obligation to update these forward-looking statements except as required by law.
View original content to download multimedia:http://www.prnewswire.com/news-releases/viking-therapeutics-reports-first-quarter-2021-financial-results-and-provides-corporate-update-301279460.html
SOURCE Viking Therapeutics, Inc.
Company Codes: NASDAQ-SMALL:VKTX