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Jun 30, 2020
Viking Therapeutics Q2 2020 Earnings Report
Reported financial results for the second quarter and six months ended June 30, 2020, and provided a corporate update.
Key Takeaways
Viking Therapeutics reported a net loss of $9.6 million, or $0.13 per share, for the second quarter ended June 30, 2020. The company's cash balance remains strong, with approximately $263 million in cash, cash equivalents and short-term investments as of June 30, 2020.
Enrollment continues in Phase 2b VOYAGE study of VK2809 in NASH; new data from 12-Week Phase 2 Trial to be Highlighted at EASL.
IND Filed for VK0214 in X-ALD; Phase 1 Trial Expected to Begin Q3 2020.
Balance sheet remains strong; Quarter-End Cash Approximately $263 Million.
U.S. enrollment continuing in Phase 2b VOYAGE study of VK2809 in biopsy-confirmed non-alcoholic steatohepatitis (NASH) and fibrosis – ex-U.S. sites scheduled to open in Q3 2020.
Viking Therapeutics
Viking Therapeutics
Forward Guidance
Viking expects to initiate a Phase 1 study with VK0214 later this quarter and remains on track to open ex-U.S. sites in the coming months. The company continues to anticipate completion of enrollment in VOYAGE in the first half of next year.
Positive Outlook
- Sites continue to come back online for the Phase 2b VOYAGE clinical trial.
- Excellent progress made with VK0214 for the treatment of X-linked adrenoleukodystrophy.
- IND application filed with the FDA to initiate clinical development of VK0214.
- Plan to initiate a Phase 1 study with VK0214 later this quarter.
- Ended the quarter with $263 million in cash, providing resources to achieve multiple value-driving milestones for clinical programs.
Challenges Ahead
- Ongoing challenges due to the pandemic.
- Increased research and development expenses.
- Increased general and administrative expenses.
- Decreased interest income due to the decline in interest rates.
- The increase in net loss and net loss per share for the three months ended June 30, 2020 was primarily due to the increases in research and development and general and administrative expenses noted previously, as well as decreased interest income due to the decline in interest rates throughout the second quarter of 2020 as compared to prevailing interest rates during the second quarter of 2019.