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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Viking Therapeutics Inc | NASDAQ:VKTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.24 | 1.64% | 77.00 | 62.22 | 80.50 | 77.68 | 72.88 | 74.40 | 3,754,256 | 05:00:07 |
SAN DIEGO, May 10, 2017 /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 first quarter ended March 31, 2017, and provided an update on its clinical pipeline and other corporate developments.
Highlights from, and Subsequent to, the Quarter Ended March 31, 2017
"We continued to make solid progress with multiple programs in the first quarter," stated Brian Lian, Ph.D., chief executive officer of Viking. "The Phase 2 trial of our selective androgen receptor modulator (SARM) VK5211 for hip fracture is nearing full enrollment, targeting up to 120 patients with recent fractures. The Phase 2 trial of our novel thyroid receptor agonist VK2809 in fatty liver disease and hypercholesterolemia is also continuing to enroll new patients. We expect to report initial results from the VK5211 study later this summer, and expect to complete the VK2809 trial in the second half of the year. In addition, we continue to advance our two orphan disease programs, both of which have the potential to produce first-in-class therapies for serious unmet medical needs. In the second half of the year we plan to file an IND and initiate a proof-of-concept study of VK2809 in glycogen storage disease, type Ia (GSD Ia). We also recently completed an extended dosing study of VK0214 in an in vivo model of X-linked adrenoleukodystrophy (X-ALD) and expect to announce the results during the second quarter of 2017. On the corporate side, we recently amended our Loan and Security Agreement with Ligand to extend the maturity date of our loan to May 2018. As a result, we are in a stronger financial position and able to focus on our important upcoming data readouts."
Pipeline and Corporate Highlights
Financial Highlights
Quarter Ended March 31, 2017 and 2016
Research and development expenses for the three months ended March 31, 2017 were $3.5 million compared to $1.9 million for the same period in 2016. The increase was primarily due to increased activities related to our clinical trials for our VK5211 and VK2809 programs, third party manufacturing of our clinical-stage drug candidates, and pre-clinical efforts for our VK0214 program.
General and administrative expenses for the three months ended March 31, 2017 were $1.4 million consistent with $1.4 million for the same period in 2016.
For the three months ended March 31, 2017, Viking reported a net loss of $5.2 million, or $0.23 per share, compared to a net loss of $3.6 million, or $0.40 per share, in the corresponding period in 2016.
Balance Sheet as of March 31, 2017
At March 31, 2017, Viking held cash, cash equivalents and investments totaling $12.3 million. As of April 30, 2017, Viking had 23,925,425 shares of common stock outstanding.
Conference Call
To participate on 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 May 17, 2017 by dialing (877) 344-7529 from the U.S. or (412) 317-0088 from outside the U.S. and entering conference ID # 10106263. Those interested in listening to the conference call live via the internet may do so by visiting the Investor Relations section of Viking's website at www.vikingtherapeutics.com. An archive of the webcast will be available for 30 days on the company's website at www.vikingtherapeutics.com.
About Viking Therapeutics, Inc.
Viking Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development of novel, first-in-class or best-in-class therapies for metabolic and endocrine disorders. The company's research and development activities leverage its expertise in metabolism to develop innovative therapeutics designed to improve patients' lives. Viking has exclusive worldwide rights to a portfolio of five therapeutic programs in clinical trials or preclinical studies, which are based on small molecules licensed from Ligand Pharmaceuticals Incorporated. The company's clinical programs include VK5211, an orally available, non-steroidal selective androgen receptor modulator, or SARM, in Phase 2 development for the treatment and prevention of lean body mass loss in patients who have undergone hip fracture surgery, VK2809, a small molecule thyroid beta agonist in Phase 2 development for hypercholesterolemia and fatty liver disease, and VK0612, a first-in-class, orally available drug candidate in Phase 2 development for type 2 diabetes. Viking is also developing novel and selective agonists of the thyroid beta receptor for GSD Ia and X-linked adrenoleukodystrophy, as well as two earlier-stage programs targeting metabolic diseases and anemia.
Forward-Looking Statements
This press release contains forward-looking statements regarding Viking Therapeutics, including statements about Viking's expectations regarding its development activities, expected timing for clinical trial screening, enrollment and completion and the announcement of clinical trial data, VK5211's, VK2809's and VK0214's potential to produce therapeutic benefits and create significant revenue opportunities for the company, and expectations regarding an IND application for VK2809. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially 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; and risks regarding regulatory requirements, among others discussed in the "Risk Factors" section of our most recent periodic reports filed with the Securities and Exchange Commission (SEC), including our most recent Form 10-K and Form 10-Q, all of which you may obtain for free on the SEC's website at www.sec.gov. These forward-looking statements speak only as of the date hereof. Viking disclaims any obligation to update these forward-looking statements.
Viking Therapeutics, Inc. Statements of Operations and Comprehensive Loss (Unaudited) | ||||||||
Three Months Ended March 31, |
||||||||
2017 |
2016 |
|||||||
Revenues |
$ |
— |
$ |
— |
||||
Operating expenses: |
||||||||
Research and development |
3,528,150 |
1,877,178 |
||||||
General and administrative |
1,440,512 |
1,390,239 |
||||||
Total operating expenses |
4,968,662 |
3,267,417 |
||||||
Loss from operations |
(4,968,662) |
(3,267,417) |
||||||
Other income (expense): |
||||||||
Change in fair value of debt conversion feature liability |
277,698 |
96,547 |
||||||
Amortization of debt discount |
(431,227) |
(400,657) |
||||||
Amortization of financing costs |
(98,179) |
— |
||||||
Interest expense, net |
(1,530) |
(15,461) |
||||||
Total other income (expense), net |
(253,238) |
(319,571) |
||||||
Net loss |
(5,221,900) |
(3,586,988) |
||||||
Other comprehensive gain (loss), net of tax: |
||||||||
Unrealized gain (loss) on securities |
(607) |
7,175 |
||||||
Comprehensive loss |
$ |
(5,222,507) |
$ |
(3,579,813) |
||||
Basic and diluted net loss per share |
$ |
(0.23) |
$ |
(0.40) |
||||
Weighted-average shares used to compute basic and diluted net loss per share |
22,352,921 |
9,015,778 |
Viking Therapeutics, Inc. Balance Sheets | ||||||||
March 31, 2017 |
December 31, 2016 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
4,359,046 |
$ |
3,075,502 |
||||
Short-term investments – available for sale |
7,954,240 |
10,075,058 |
||||||
Prepaid clinical trial costs |
2,183,180 |
541,603 |
||||||
Prepaid expenses and other current assets |
177,451 |
282,666 |
||||||
Total current assets |
14,673,917 |
13,974,829 |
||||||
Deferred public offering and other financing costs |
439,349 |
521,538 |
||||||
Deposits |
39,341 |
39,341 |
||||||
Total assets |
$ |
15,152,607 |
$ |
14,535,708 |
||||
Liabilities and stockholders' equity |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
1,726,824 |
$ |
1,203,888 |
||||
Other accrued liabilities |
1,655,342 |
1,237,122 |
||||||
Accrued interest, current |
— |
34,894 |
||||||
Convertible notes payable, current (net of discount of $0 and $675,589 at March 31, 2017 and December 31, 2016, respectively) |
— |
3,269,582 |
||||||
Debt conversion feature liability, current |
— |
731,048 |
||||||
Total current liabilities |
3,382,166 |
6,476,534 |
||||||
Accrued interest, non-current |
47,113 |
— |
||||||
Convertible notes payable (net of discount of $244,362 and $0 at March 31, 2017 and December 31, 2016, respectively) |
3,713,029 |
— |
||||||
Debt conversion feature liability |
453,350 |
— |
||||||
Deferred rent |
10,862 |
16,307 |
||||||
Total long-term liabilities |
4,224,354 |
16,307 |
||||||
Total liabilities |
7,606,520 |
6,492,841 |
||||||
Commitments and contingencies |
||||||||
Stockholders' equity: |
||||||||
Preferred stock, $0.00001 par value: 10,000,000 shares authorized at March 31, 2017 and December 31, 2016; no shares issued and outstanding at March 31, 2017 and December 31, 2016 |
— |
— |
||||||
Common stock, $0.00001 par value: 300,000,000 shares authorized at March 31, 2017 and December 31, 2016; 23,925,425 and 20,823,873 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively. |
239 |
208 |
||||||
Additional paid-in capital |
73,052,514 |
68,326,818 |
||||||
Accumulated deficit |
(65,499,167) |
(60,277,267) |
||||||
Accumulated other comprehensive loss |
(7,499) |
(6,892) |
||||||
Total stockholders' equity |
7,546,087 |
8,042,867 |
||||||
Total liabilities and stockholders' equity |
$ |
15,152,607 |
$ |
14,535,708 |
Follow Viking on Twitter @Viking_VKTX.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/viking-therapeutics-reports-first-quarter-2017-financial-results-and-provides-corporate-update-300455553.html
SOURCE Viking Therapeutics, Inc.
Copyright 2017 PR Newswire
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