Summary by Moomoo AI
Viking Therapeutics reported a net loss of $24.9 million for Q3 2024, compared to a $22.5 million loss in Q3 2023. Research and development expenses increased 24% to $22.8 million, while general and administrative expenses rose 55% to $13.8 million. The company ended the quarter with cash, cash equivalents and investments of $930.4 million.The company made significant progress across its clinical programs, including positive Phase 2 VENTURE trial results for VK2735 in obesity and Phase 2b VOYAGE trial results for VK2809 in MASH/NASH. Based on FDA feedback, Viking plans to advance subcutaneous VK2735 into Phase 3 development. Additionally, the company reported positive results from its Phase 1b trial of VK0214 in X-ALD patients.Management strengthened the company's financial position through a successful public offering in March 2024, raising net proceeds of $597.1 million. The company believes its current cash position will fund operations through at least December 2025. Viking continues to advance its pipeline while maintaining a strong balance sheet to support ongoing clinical development programs.
