Viking Therapeutics, Inc. (NASDAQ:VKTX) shares are trading higher after the company reported its second-quarter financial results Wednesday. Here's a look at the key figures from the report.
The Details: Viking Therapeutics reported quarterly losses of 20 cents per share which beat the analyst consensus estimate of losses of 27 cents by 25.93%.
Viking reported a net loss of $22.3 million for the second quarter, compared to a net loss of $19.2 million in the corresponding period in 2023. The increase in net loss for the three months ended June 30, 2024, was primarily due to the increase in research and development expenses and general and administrative expenses, noted previously, partially offset by increased interest income, compared to the same period in 2023.
Research and development expenses were $23.8 million for the quarter, compared to $13.9 million for the same period in 2023. Viking said the increase was primarily due to increased expenses related to manufacturing for the company's drug candidates, clinical studies, pre-clinical studies, salaries and benefits and stock-based compensation.
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"The first half of 2024 was marked by strong momentum in the company's pipeline programs, as we reported successful outcomes from three different clinical trials, and began preparing for next steps with each program," stated Brian Lian, Ph.D., CEO of Viking.
"The Phase 2 VENTURE study of VK2735 in obesity demonstrated up to an approximately 15% reduction in body weight from baseline following 13 weeks of dosing, as well as promising safety and tolerability. Following receipt of written feedback from an FDA Type C meeting, we are advancing this compound into Phase 3 development. We are currently preparing for an end of Phase 2 meeting with the agency, which we expect to occur later this year," Lian added.
VKTX Price Action: According to Benzinga Pro, Viking Therapeutics shares are up 10.10% after-hours at $55.50 at the time of publication Wednesday.
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