Conference call scheduled for 4:30 p.m.
ET today
- Results for Phase 2 VENTURE Trial of GLP-1/GIP Agonist
VK2735 in Obesity Expected in 1Q24
- Histology Results for Phase 2b
VOYAGE Study Evaluating VK2809 for the Treatment of NASH and
Fibrosis Expected in 1H24
- Results for Phase 1 Trial of Oral VK2735 Expected in
1Q24
- Strong Year-End Cash Position of $362
Million
SAN
DIEGO, Feb. 7, 2024 /PRNewswire/ -- Viking
Therapeutics, Inc. ("Viking") (NASDAQ: VKTX), a clinical-stage
biopharmaceutical company focused on the development of novel
therapies for metabolic and endocrine disorders, today announced
its financial results for the fourth quarter and year ended
December 31, 2023, and provided an
update on its clinical pipeline and other corporate
developments.
Highlights from the Quarter Ended December 31, 2023, and Other Recent
Events:
"2023 was an event-filled year for Viking, with the company
achieving significant progress with each of our four clinical
programs," stated Brian Lian, Ph.D.,
chief executive officer of Viking. "In the first quarter, we
reported results from the first Phase 1 trial of VK2735, our newest
clinical program, for the treatment of obesity. This study
demonstrated early signals of efficacy, as well as promising safety
and tolerability. Last fall, we initiated the VENTURE Phase 2 trial
to evaluate VK2735's longer term clinical benefits and completed
enrollment in an upsized trial more rapidly than expected. In 2023
we also initiated a complementary Phase 1 clinical trial evaluating
a novel oral formulation of VK2735, which we believe may expand the
market opportunity for this therapeutic. We expect to report
topline results from both the VENTURE Phase 2 study and the Phase 1
trial of oral VK2735 in the first quarter of 2024. An additional
highlight for 2023 was the announcement of positive topline results
from our Phase 2b VOYAGE study of
VK2809 in patients with biopsy-confirmed non-alcoholic
steatohepatitis with fibrosis. This study affirmed VK2809's
best-in-class profile, demonstrating statistically significant
liver-fat reduction, unique lipid-lowering properties, and
favorable safety and tolerability profile. We look forward to
reporting the 52-week biopsy data from this study in the first half
of 2024. Importantly, we completed 2023 with a strong cash
position that will support our objectives for 2024 and beyond. We
look forward to an exciting year ahead and thank our shareholders
and partners, as well as the investigators and patients
participating in our clinical programs, for their continued
support."
Pipeline and Recent Corporate Highlights
- Results for Phase 2 VENTURE Trial of GLP-1/GIP Agonist
VK2735 in Obesity Expected in 1Q24. VK2735 is a wholly
owned dual agonist of the glucagon like peptide-1, or GLP-1
receptor, and the glucose dependent insulinotropic polypeptide, or
GIP receptor, for the potential treatment of various metabolic
disorders such as obesity, non-alcoholic steatohepatitis (NASH),
and certain rare disorders.
During the first quarter of 2023, Viking announced positive results
from a Phase 1 single ascending dose (SAD) and multiple ascending
dose (MAD) clinical trial of VK2735 following 28 days of weekly
dosing in healthy volunteers. In the MAD portion of the study,
VK2735 demonstrated encouraging safety and tolerability, and
positive signs of clinical activity. All cohorts receiving VK2735
experienced reductions in mean body weight from baseline, ranging
up to 7.8%. Cohorts receiving VK2735 also demonstrated reductions
in mean body weight relative to placebo, ranging up to 6.0%.
Statistically significant differences compared to placebo were
maintained or improved at the Day 43 follow-up time point, 21 days
after the last dose of VK2735 was administered. VK2735 also
demonstrated encouraging safety and tolerability following repeated
dosing. The majority of observed adverse events (98%) were reported
as mild or moderate, and the majority of gastrointestinal-related
adverse events (99%) were also reported as mild or moderate.
This study also demonstrated VK2735's encouraging impact on liver
fat and plasma lipids. Specifically, after four weekly subcutaneous
doses of VK2735, subjects in the Phase 1 trial reported liver fat
reductions of up to 47% from baseline. Among subjects with
non-alcoholic fatty liver disease, placebo-adjusted reductions in
liver fat reached approximately 59%. Though the sample size was
limited, these results indicate VK2735's potential benefit in
patients with various forms of fatty liver disease. With respect to
plasma lipids, treatment with VK2735 produced encouraging
reductions from baseline in total cholesterol of up to 21%, and
reductions in LDL-cholesterol of up to 23%. In addition, plasma
levels of apolipoprotein B were reduced by up to 21%. These
findings are particularly interesting in light of the fact that
these healthy volunteers began the study with normal baseline lipid
levels. The results from this trial were featured in an oral
presentation at ObesityWeek® in October 2023.
During the third quarter of 2023, Viking initiated the Phase 2
VENTURE trial, evaluating VK2735 in patients with obesity. The
VENTURE trial is a randomized, double-blind, placebo-controlled
multicenter study to evaluate the safety, tolerability,
pharmacokinetics, and weight loss efficacy of VK2735, administered
subcutaneously, once weekly for 13 weeks. The trial was designed to
enroll adults who are obese (BMI ≥30 kg/m2) or adults
who are overweight (BMI ≥27 kg/m2) with at least one
weight-related comorbid condition. Due to heightened clinician and
patient interest, the trial size was increased to 176 patients,
compared with the original target of 125 patients. The primary
endpoint of the study will assess the percent change in body weight
from baseline to Week 13 among patients treated with VK2735 as
compared with placebo, with secondary and exploratory endpoints
evaluating a range of additional safety and efficacy measures. The
doses being evaluated range from 2.5 mg to 15 mg, compared to the
10 mg top dose evaluated in the prior Phase 1 MAD study.
The company completed enrollment in VENTURE in 4Q23 and expects to
report topline results from this study in 1Q24.
- Results for Phase 1 Trial of Oral VK2735 Expected in
1Q24. Concurrent with the 1Q23 announcement of results from the
Phase 1 trial of the injectable formulation of VK2735, Viking
announced the initiation of a Phase 1 clinical study to evaluate a
novel oral formulation of VK2735. Viking believes the potential to
provide both subcutaneous and oral dosage forms may represent an
important option for patients, and may significantly expand the
market opportunity for VK2735.
This study is an extension of the SAD/MAD Phase 1 trial
described above, and is a randomized, double-blind,
placebo-controlled trial in healthy adults with a minimum BMI of 30
kg/m2. The primary objective of the study is to evaluate
the safety and tolerability of VK2735 administered as an oral
tablet once daily for 28 days. The secondary objective is to
evaluate the pharmacokinetics of orally administered VK2735 in
healthy subjects. Exploratory pharmacodynamic measures include
assessments of changes in body weight and other metrics.
The company expects to report the initial data from the oral
formulation Phase 1 study in 1Q24.
- Histology Results for Phase 2b
VOYAGE Study Evaluating VK2809 for the Treatment of NASH and
Fibrosis Expected in 1H24. VK2809 is an orally available,
small molecule agonist of the thyroid hormone receptor that is
selective for liver tissue, as well as the beta isoform of the
receptor. Viking is currently evaluating VK2809 in the Phase
2b VOYAGE study, in patients with
biopsy-confirmed NASH and fibrosis. The VOYAGE study is a
randomized, double-blind, placebo-controlled, multicenter,
international trial designed to assess the efficacy, safety and
tolerability of VK2809 in patients with biopsy-confirmed NASH and
fibrosis. Enrollment included patients with at least 8% liver fat
content as measured by magnetic resonance imaging, proton density
fat fraction (MRI-PDFF), as well as F2 and F3 fibrosis. The study
also allowed for up to 25% of enrolled patients to have F1
fibrosis, provided that they possess at least one additional risk
factor, such as diabetes, obesity or hypertension. The primary
endpoint of the study evaluated the change in liver fat content
from baseline to Week 12 in patients treated with VK2809 as
compared to patients receiving placebo. Secondary objectives
include the evaluation of histologic changes assessed by hepatic
biopsy after 52 weeks of treatment.
During the second quarter of 2023, Viking announced positive
topline results from the VOYAGE study. The trial successfully
achieved its primary endpoint, with patients receiving VK2809
experiencing statistically significant reductions in liver fat
content from baseline to Week 12 as compared with placebo. The
median relative change from baseline in liver fat as assessed by
MRI-PDFF ranged from 38% to 55% for patients receiving VK2809.
Importantly, up to 85% of patients receiving VK2809 experienced at
least a 30% relative reduction in liver fat content (p<0.0001),
a level of reduction that is associated with greater likelihood of
histologic improvement in NASH. Additionally, VK2809-treated
patients demonstrated statistically significant reductions in
LDL-cholesterol, triglycerides, and atherogenic lipoproteins, all
of which have been correlated with cardiovascular risk. These
results support prior data demonstrating that VK2809 may offer a
cardio-protective benefit through its robust reduction in plasma
lipids.
The results for the primary endpoint of the VOYAGE Phase
2b study were highlighted in a
November presentation at the annual meeting of the American
Association for the Study of Liver Diseases (AASLD). A key takeaway
from the presentation was the finding that treatment with
VK2809 led to robust and comparable liver fat reductions among
patients with or without type 2 diabetes, as well as in patients
with either F2 or F3 fibrosis. Specifically, among patients with
type 2 diabetes, reductions from baseline in liver fat were
reported for all VK2809 cohorts, ranging from 36% to 54% at Week
12. This effect size was comparable to that reported for patients
without type 2 diabetes. Among non-diabetics, reductions in liver
fat from baseline ranged from 19% to 51%. These data suggest that
activation of the thyroid hormone beta receptor remains effective
at reducing liver fat in the presence of an important
metabolic comorbidity commonly observed in patients with NASH.
Consistent efficacy was also observed in patients with F2 or F3
fibrosis. Thus, it appears that neither the presence of type 2
diabetes nor the presence of F2 or F3 fibrosis meaningfully impacts
VK2809's efficacy at reducing liver fat. As steatosis and
lipotoxicity are believed to be underlying drivers in NASH, these
data suggest benefits across important disease subgroups.
The topline VOYAGE data also confirmed previously reported results
demonstrating VK2809's encouraging safety and tolerability profile.
After 12 weeks, 94% of treatment-related adverse events among
patients receiving VK2809 were reported as mild or moderate. In
particular, as observed in prior studies, VK2809 demonstrated
excellent GI tolerability, with rates of nausea, diarrhea, stool
frequency, and vomiting similar among VK2809-treated patients
compared to placebo.
The company expects to report data from the secondary and
exploratory objectives of the VOYAGE study, including the
evaluation of histologic changes assessed by hepatic biopsy after
52 weeks of treatment, in the first half of 2024.
- Results for Phase 1b Study of
VK0214 in X-ALD Expected in 1H24. VK0214 is a novel,
orally available thyroid hormone receptor beta agonist that is
being evaluated as a potential treatment for X-linked
adrenoleukodystrophy (X-ALD), a rare neurogenerative disease for
which there are currently no pharmacologic treatment options.
Results from a prior Phase 1 study of VK0214 in healthy volunteers
successfully achieved its primary and secondary endpoints,
demonstrating encouraging safety and tolerability, dose-dependent
exposures, no evidence of accumulation, and a half-life consistent
with once-daily dosing. No serious adverse events were observed,
and no differences were reported for GI side effects such as nausea
or diarrhea among subjects treated with VK0214 compared with
placebo.
Following completion of the Phase 1 study, Viking initiated a Phase
1b study of VK0214 in patients with
the adrenomyeloneuropathy, or AMN, form of X-ALD, which is the most
common form of the disorder. The Phase 1b trial is a randomized, double-blind,
placebo-controlled multi-center study in adult male patients with
AMN. The primary objectives of the study are to evaluate the safety
and tolerability of VK0214 administered orally, once daily for 28
days. The study also includes an evaluation of the pharmacokinetics
of VK0214 in AMN patients, as well as an exploratory assessment of
changes in plasma levels of very long chain fatty acids.
The company expects to announce results from the Phase 1b study of VK0214 in adrenomyeloneuropathy in
1H24.
- Strong Year-End Cash Position of $362
Million. As of the end of the fourth quarter and year
ended December 31, 2023, the company
held approximately $362 million in
cash, cash equivalents, and marketable securities. These funds will
support the ongoing expansion of Viking's development pipeline,
allowing advancement of these programs through important clinical
milestones.
- Upcoming Investor Events. Viking management will
participate in the following upcoming investor event:
Oppenheimer 34th Annual Healthcare Life Sciences
Conference
Virtual
February 13 – 14, 2024
Fourth Quarter and Full-Year 2023 Financial
Highlights
Fourth Quarter Ended December 31,
2023 and 2022
Research and development expenses for the three months ended
December 31, 2023, were $20.5 million compared to $16.2 million for the same period in 2022.
The increase was primarily due to increased expenses related to
clinical studies, pre-clinical studies, manufacturing for our drug
candidates, stock-based compensation, salaries and benefits and
third-party consultants.
General and administrative expenses for the three months ended
December 31, 2023, were $8.8 million compared to $4.1 million for the same period in 2022.
The increase was primarily due to increased expenses related to
legal and patent services, stock-based compensation and third-party
consultants, partially offset by decreased expenses related to
salaries and benefits.
For the three months ended December 31,
2023, Viking reported a net loss of $24.6 million, or $0.25 per share, compared to a net loss of
$19.6 million, or $0.26 per share, in the corresponding period in
2022. The increase in net loss for the three months ended
December 31, 2023, 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 2022.
Year Ended December 31, 2023
and 2022
Research and development expenses for the year ended
December 31, 2023, were $63.8 million compared to $54.2 million for the same period in 2022. The
increase was primarily due to increased expenses related to
pre-clinical studies, stock-based compensation, manufacturing for
our drug candidates, salaries and benefits, and services provided
by third-party consultants, partially offset by decreased expenses
related to clinical studies.
General and administrative expenses for the year ended
December 31, 2023, were $37.0 million compared to $16.1 million for the same period in 2022. The
increase was primarily due to increased expenses related to legal
and patent services, stock-based compensation, third-party
consultants and salaries and benefits.
For the year ended December 31,
2023, Viking reported a net loss of $85.9 million, or $0.91 per share, compared to a net loss of
$68.9 million, or $0.90 per share, in the corresponding period in
2022. The increase in net loss for the year ended December 31, 2023, 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 2022.
Balance Sheet as of December 31,
2023
At December 31, 2023, Viking held
cash, cash equivalents and short-term investments of $362.1 million, compared to $155.5 million as of December 31, 2022.
Conference Call
Management will host a conference call to discuss Viking's
fourth quarter and full-year 2023 financial results today at
4:30 pm Eastern. To participate
in the conference call, please dial (844) 850-0543 from the U.S. or
(412) 317-5199 from outside the U.S. In addition, following
the completion of the call, a telephone replay will be accessible
until February 14, 2024, by dialing
(877) 344-7529 from the U.S. or (412) 317-0088 from outside the
U.S. and entering conference ID #5763805. Those interested in
listening to the conference call live via the internet may do so by
visiting the Webcasts page of Viking's website at
http://ir.vikingtherapeutics.com/webcasts. An archive of the
webcast will also be available on the Webcasts page of Viking's
website for 30 days.
About Viking Therapeutics, Inc.
Viking Therapeutics is a clinical-stage biopharmaceutical
company focused on the development of novel first-in-class or
best-in-class therapies for the treatment of metabolic and
endocrine disorders, with three compounds currently in clinical
trials. Viking's research and development activities leverage
its expertise in metabolism to develop innovative therapeutics
designed to improve patients' lives. The company's clinical
programs include VK2809, a novel, orally available, small molecule
selective thyroid hormone receptor beta agonist for the treatment
of lipid and metabolic disorders, which is currently being
evaluated in a Phase 2b study for the treatment of
biopsy-confirmed non-alcoholic steatohepatitis (NASH) and fibrosis.
In a Phase 2a trial for the treatment of non-alcoholic fatty liver
disease (NAFLD) and elevated LDL-C, patients who received VK2809
demonstrated statistically significant reductions in LDL-C and
liver fat content compared with patients who received placebo. The
company is also developing VK2735, a novel dual agonist of the
glucagon-like peptide 1 (GLP-1) and glucose-dependent
insulinotropic polypeptide (GIP) receptors for the potential
treatment of various metabolic disorders. Data from a Phase 1 trial
evaluating VK2735 (dosed subcutaneously) for metabolic disorders
demonstrated an encouraging safety and tolerability profile as well
as positive signs of clinical benefit. The company recently
initiated a Phase 2 study to evaluate VK2735 in patients with
obesity. The company also recently initiated a Phase 1 study
to evaluate an oral formulation of VK2735. In the rare disease
space, the company is developing VK0214, a novel, orally available,
small molecule selective thyroid hormone receptor beta agonist for
the potential treatment of X-linked adrenoleukodystrophy
(X-ALD). VK0214 is currently being evaluated in a
Phase 1b clinical trial in patients with the
adrenomyeloneuropathy (AMN) form of X-ALD. The company holds
exclusive worldwide rights to a portfolio of five therapeutic
programs, including VK2809 and VK0214, which are based on small
molecules licensed from Ligand Pharmaceuticals Incorporated.
For more information about Viking Therapeutics, please
visit www.vikingtherapeutics.com.
Forward-Looking Statements
This press release contains forward-looking statements
regarding Viking Therapeutics, Inc., under the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, including statements about Viking's expectations regarding
its clinical and preclinical development programs, anticipated
timing for reporting clinical data and cash resources.
Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
and adversely and reported results should not be considered as an
indication of future performance. These risks and
uncertainties include, but are not limited to: risks associated
with the success, cost and timing of Viking's product candidate
development activities and clinical trials, including those for
VK2735, VK0214, VK2809, and the company's other incretin receptor
agonists; risks that prior clinical and preclinical results may not
be replicated; risks regarding regulatory requirements; and other
risks that are described in Viking's most recent periodic reports
filed with the Securities and Exchange Commission, including
Viking's Annual Report on Form 10-K for the year
ended December 31, 2023, and subsequent Quarterly Reports on
Form 10-Q, including the risk factors set forth in those filings.
These forward-looking statements speak only as of the date
hereof. Viking disclaims any obligation to update these
forward-looking statements except as required by law.
Viking Therapeutics,
Inc. Consolidated Statements of Operations and
Comprehensive Loss
(In thousands, except per share amounts)
|
|
|
|
Year Ended
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
Revenues
|
|
$
|
—
|
|
|
$
|
—
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and
development
|
|
|
63,806
|
|
|
|
54,234
|
|
General and
administrative
|
|
|
37,021
|
|
|
|
16,121
|
|
Total operating
expenses
|
|
|
100,827
|
|
|
|
70,355
|
|
Loss from
operations
|
|
|
(100,827)
|
|
|
|
(70,355)
|
|
Other income
(expense):
|
|
|
|
|
|
|
Amortization of
financing costs
|
|
|
(88)
|
|
|
|
(59)
|
|
Interest income,
net
|
|
|
15,020
|
|
|
|
1,589
|
|
Realized loss on
investments, net
|
|
|
—
|
|
|
|
(42)
|
|
Foreign exchange
gain
|
|
|
—
|
|
|
|
—
|
|
Total other income,
net
|
|
|
14,932
|
|
|
|
1,488
|
|
Net loss
|
|
|
(85,895)
|
|
|
|
(68,867)
|
|
Other comprehensive
loss, net of tax:
|
|
|
|
|
|
|
Unrealized gain (loss)
on securities
|
|
|
742
|
|
|
|
(295)
|
|
Foreign currency
translation loss
|
|
|
(29)
|
|
|
|
(258)
|
|
Comprehensive
loss
|
|
$
|
(85,182)
|
|
|
$
|
(69,420)
|
|
Basic and diluted net
loss per share
|
|
$
|
(0.91)
|
|
|
$
|
(0.90)
|
|
Weighted-average shares
used to compute basic
and diluted net loss per share
|
|
|
94,347
|
|
|
|
76,834
|
|
Viking Therapeutics,
Inc. Consolidated Balance Sheets
(In thousands, except share and per share
amounts)
|
|
|
|
December 31,
2023
|
|
|
December 31,
2022
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
55,516
|
|
|
$
|
36,632
|
Short-term investments
– available-for-sale
|
|
|
306,563
|
|
|
|
118,853
|
Prepaid clinical trial
and preclinical study costs
|
|
|
2,624
|
|
|
|
8,144
|
Prepaid expenses and
other current assets
|
|
|
2,522
|
|
|
|
3,411
|
Total current
assets
|
|
|
367,225
|
|
|
|
167,040
|
Right-of-use
assets
|
|
|
1,126
|
|
|
|
1,418
|
Deferred financing
costs
|
|
|
106
|
|
|
|
38
|
Deposits
|
|
|
33
|
|
|
|
33
|
Total
assets
|
|
$
|
368,490
|
|
|
$
|
168,529
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$
|
7,512
|
|
|
$
|
8,529
|
Other accrued
liabilities
|
|
|
11,299
|
|
|
|
13,114
|
Lease liability,
current
|
|
|
324
|
|
|
|
304
|
Total current
liabilities
|
|
|
19,135
|
|
|
|
21,947
|
Lease liability, net
of current portion
|
|
|
936
|
|
|
|
1,260
|
Total long-term
liabilities
|
|
|
936
|
|
|
|
1,260
|
Total
liabilities
|
|
|
20,071
|
|
|
|
23,207
|
Commitments and
contingencies
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
Preferred stock,
$0.00001 par value: 10,000,000 shares authorized at December 31,
2023
and 2022; no shares issued and outstanding at December 31, 2023 and
2022
|
|
|
—
|
|
|
|
—
|
Common stock, $0.00001
par value: 300,000,000 shares authorized at December 31, 2023
and 2022; 100,113,770 shares issued and outstanding at December 31,
2023 and
78,257,258 shares issued and outstanding at December 31,
2022
|
|
|
1
|
|
|
|
1
|
Treasury stock at
cost, 2,193,251 shares at December 31, 2023 and 2022
|
|
|
(6,795)
|
|
|
|
(6,795)
|
Additional paid-in
capital
|
|
|
733,546
|
|
|
|
445,267
|
Accumulated
deficit
|
|
|
(377,944)
|
|
|
|
(292,049)
|
Accumulated other
comprehensive loss
|
|
|
(389)
|
|
|
|
(1,102)
|
Total stockholders'
equity
|
|
|
348,419
|
|
|
|
145,322
|
Total liabilities and
stockholders' equity
|
|
$
|
368,490
|
|
|
$
|
168,529
|
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SOURCE Viking Therapeutics, Inc