Viking Therapeutics Reports Financial Results for Q3 2024, Net Loss Increases Amid Increased Research and Development Expenses

Viking Therapeutics, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in its financial position and operational performance compared to the previous fiscal period. As of September 30, 2024, the company had cash and cash equivalents of $50.3 million, a decrease from $55.5 million at the end of 2023. However, short-term investments surged to $880.1 million from $306.6 million, contributing to total current assets of $936.6 million, up from $367.2 million.

Operating expenses for the three months ended September 30, 2024, increased to $36.6 million from $27.3 million in the same period in 2023. This rise was driven by higher research and development expenses, which grew to $22.8 million from $18.4 million, and general and administrative expenses, which rose to $13.8 million from $8.9 million. The net loss for the quarter was $24.9 million, compared to a loss of $22.5 million in the prior year, while the basic and diluted net loss per share improved slightly to $(0.22) from $(0.23).

For the nine-month period, the net loss increased to $74.5 million from $61.3 million in 2023, with total operating expenses reaching $104.7 million, up from $71.5 million. The company reported a significant increase in other income, which rose to $30.1 million for the nine months ended September 30, 2024, compared to $10.3 million in 2023, primarily due to net interest income that increased to $11.5 million from $4.7 million.

Strategically, Viking Therapeutics has made notable advancements in its clinical programs. The Phase 2 VENTURE study for VK2735, targeting obesity, completed enrollment in October 2023, with promising results announced in February 2024. Additionally, VK2809, currently in a Phase 2b trial for non-alcoholic steatohepatitis, has shown significant efficacy in reducing liver fat content. The company is also advancing VK0214 for X-linked adrenoleukodystrophy, which recently completed a Phase 1b trial.

The company has been active in capital raising, with net proceeds from a March 2024 public offering totaling $597.1 million, following a previous offering in April 2023 that raised $270 million. As of September 30, 2024, Viking Therapeutics reported total financial assets valued at $915.9 million, positioning it to fund operations through at least December 2025. The company continues to anticipate significant operating losses as it progresses its drug development initiatives.