Viking Therapeutics, Inc. VKTX reported its first-quarter financial results after the bell Wednesday. Here’s a look at the highlights. 

The Details: Viking Therapeutics reported quarterly losses of 26 cents per share which beat the analyst consensus estimate of losses of 28 cents by 7.14%.

Research and development expenses were $24.1 million for the first quarter, compared to $11 million for the same period in 2023. The increase was primarily due to increased expenses related to manufacturing for the company’s drug candidates, pre-clinical studies, clinical studies, stock-based compensation, salaries and benefits and services provided by third-party consultants.

Viking ended the first quarter with cash, cash equivalents and short-term investments of $963 million, compared to $362 million as of Dec. 31, 2023. The first quarter balance reflects the receipt of approximately $630 million in gross proceeds from the company’s public offering of common stock which closed on March 4, 2024.

“The first quarter of 2024 was an exceptional period for Viking,” stated Brian Lian, Ph.D., president and CEO of Viking. “During the quarter, the company reported positive top-line results from the Phase 2 VENTURE study of subcutaneous VK2735 in obesity and encouraging initial data from a Phase 1 study of our novel tablet formulation of this compound. We plan to meet with regulators to discuss the path forward for both programs and expect to advance each into further development later this year.” 

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VKTX Price Action: According to Benzinga Pro, Viking Therapeutics shares are down 3.95% after-hours at $62.50 at the time of publication Wednesday.

Photo: Pete Linforth from Pixabay